Document:

exv10w22

Exhibit 10.22

PACKAGING CORPORATION OF AMERICA

RESTRICTED STOCK AWARD AGREEMENT

FEBRUARY 2011 RETENTION AWARDS

     RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) dated as of—, 2011, by and between
Packaging Corporation of America, a Delaware corporation (the “Company”), and [—] (the
“Executive”).

     NOW, THEREFORE, in consideration of the mutual promises contained herein and of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows:

     1. RETENTION AWARD. Upon the date of this Agreement (the “Effective Date”), the
Company has awarded the Executive a restricted stock award (the “Retention Award”) under
the Company’s Amended and Restated 1999 Long-term Equity Incentive Plan (the “Plan”) (i)
for [—] shares of the Company’s common stock, (ii) with one-third of the award to become vested
on each of the first three anniversary dates of the Effective Date (subject to continued employment
on each applicable vesting date and as otherwise required under the terms of the Plan), and (iii)
with such other terms and conditions as are set forth in a restricted stock award agreement
consistent with the Company’s standard form of restricted stock award agreement customarily used
for other awards under the Plan, as attached hereto as Exhibit A.

     2. COVENANTS OF EXECUTIVE.

     (a) CONFIDENTIALITY. During the course of the Executive’s employment with the Company, the
Executive will learn confidential information regarding the Company. The Executive agrees that the
Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise
communicate to any person, other than in the course of the Executive’s assigned duties and for the
benefit of the Company, either during the period of the Executive’s employment or at any time
thereafter, any business and technical information or trade secrets, nonpublic, proprietary or
confidential information, knowledge or data relating to the Company or any of its affiliates, or
received from third parties subject to a duty on the Company’s and its affiliates’ part to maintain
the confidentiality of such information and to use it only for certain limited purposes, in each
case which shall have been obtained by the Executive during the Executive’s employment by the
Company. The foregoing shall not apply to information that (i) was known to the public prior to
its disclosure to the Executive; (ii) becomes generally known to the public subsequent to
disclosure to the Executive through no wrongful act of the Executive or any representative of the
Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal
process (provided that the Executive provides the Company with prior notice of the
contemplated disclosure and cooperates with the Company at its expense in seeking a protective
order or other appropriate protection of such information).

     (b) NONCOMPETITION. The Executive acknowledges that the Executive performs services of a
unique nature for the Company that are irreplaceable, and that the Executive’s performance of such
services to a competing business will result in irreparable harm

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to the Company. Accordingly, until the earlier of (i) the date that is two (2) years after
the date of termination of the Executive’s employment with the Company (howsoever such termination
occurs) and (ii) the third anniversary of the Effective Date (the period between the Effective Date
and such earlier date being the “Restricted Period”), the Executive agrees that the
Executive will not, directly or indirectly, own, manage, operate, control, be employed by (whether
as an employee, consultant, independent contractor or otherwise, and whether or not for
compensation) or render services to any person, firm, corporation or other entity, in whatever
form, engaged in competition with any material business of the Company or any affiliate or in any
other material business in which the Company or any affiliate has taken material steps and has
material plans, on or prior to the date or termination, to be engaged in on or after such date, in
any locale of any country in which the Company or such affiliate conducts business.
Notwithstanding the foregoing, nothing herein shall prohibit the Executive from being a passive
owner of not more than one percent (1%) of the equity securities of a publicly traded corporation
engaged in a business that is in competition with the Company or any of its affiliates, so long as
the Executive has no active participation in the business of such corporation.

     (c) NONSOLICITATION; NONINTERFERENCE. During the Restricted Period, the Executive agrees that
the Executive shall not, except in the furtherance of the Executive’s duties hereunder, directly or
indirectly, individually or on behalf of any other person, firm, corporation or other entity, (i)
solicit, aid or induce any customer of the Company or an affiliate to purchase goods or services
then sold by the Company or any affiliate from another person, firm, corporation or other entity or
assist or aid any other person or entity in identifying or soliciting any such customer, (ii)
solicit, aid or induce any employee, representative or agent of the Company or any affiliate to
leave such employment or retention or, in the case of employees, to accept employment with or
render services to or with any other person, firm, corporation or other entity unaffiliated with
the Company or any affiliate, or hire or retain any such employee, or take any action to materially
assist or aid any other person, firm, corporation or other entity in identifying, hiring or
soliciting any such employee, or (iii) interfere, or aid or induce any other person or entity in
interfering, with the relationship between the Company or any affiliate and any of their respective
vendors, joint venturers or licensors. An employee, representative or agent shall be deemed
covered by this Section 2(c) while so employed or retained and for a period of six (6)
months thereafter. Notwithstanding the foregoing, the provisions of this Section 2(c)
shall not be violated by general advertising or solicitation not specifically targeted at Company
or affiliate-related individuals or entities.

     (d) NONDISPARAGMENT. The Executive agrees not to make negative comments or otherwise
disparage the Company or its officers, directors, employees, shareholders, agents or products other
than in the good faith performance of the Executive’s duties to the Company while the Executive is
employed by the Company. The Company agrees to direct its executive officers and members of its
board of directors not to, while employed by the Company or serving as a director of the Company,
as the case may be, make negative comments about the Executive or otherwise disparage the Executive
in any manner that is likely to be harmful to the Executive’s business or personal reputation. The
foregoing shall not be violated by truthful statements in response to legal process, required
governmental testimony or filings, or administrative or arbitral proceedings (including, without
limitation, depositions in connection with such proceedings), and the foregoing limitation on the
Company’s executive officers and

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directors shall not be violated by statements that they in good faith believe are necessary or
appropriate to make in connection with performing their duties and obligations to the Company.

     (e) REASONABLENESS OF COVENANTS. In signing this Agreement, the Executive gives the Company
assurance that the Executive has carefully read and considered all of the terms and conditions of
this Agreement, including the restraints imposed under this Section 2. The Executive
agrees that these restraints are necessary for the reasonable and proper protection of the Company
and its affiliates and their trade secrets and confidential information and that each and every one
of the restraints is reasonable in respect to subject matter, length of time and geographic area,
and that these restraints, individually or in the aggregate, will not prevent the Executive from
obtaining other suitable employment during the period in which the Executive is bound by the
restraints. The Executive acknowledges that each of these covenants has a unique, very substantial
and immeasurable value to the Company and its affiliates and that the Executive has sufficient
assets and skills to provide a livelihood while such covenants remain in force. The Executive
further covenants that the Executive will not challenge the reasonableness or enforceability of any
of the covenants set forth in this Section 2, other than in response to an attempt by the
Company or an affiliate to enforce such covenants against the Executive. It is also agreed that
the affiliates will have the right to enforce all of the Executive’s obligations to such affiliates
under this Agreement, including without limitation pursuant to this Section 2.

     (f) REFORMATION. If it is determined by a court of competent jurisdiction in any state that
any restriction in this Section 2 is excessive in duration or scope or is unreasonable or
unenforceable under applicable law, it is the intention of the parties that such restriction may be
modified or amended by the court to render it enforceable to the maximum extent permitted by the
laws of that state.

     (g) TOLLING. In the event of any violation of the provisions of this Section 2, the
Executive acknowledges and agrees that the post-termination restrictions contained in this
Section 2 shall be extended by a period of time equal to the period of such violation, it
being the intention of the parties hereto that the running of the applicable post-termination
restriction period shall be tolled during any period of such violation.

     (h) SURVIVAL OF PROVISIONS. The obligations contained in this Section 2 hereof shall
survive the termination of the Executive’s employment with the Company and shall be fully
enforceable thereafter.

     3. EQUITABLE RELIEF AND OTHER REMEDIES. The Executive acknowledges and agrees that the
Company’s remedies at law for a breach or threatened breach of any of the provisions of Section
2 hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in
the event of such a breach or threatened breach, in addition to any remedies at law, the Company,
without posting any bond or other security, shall be entitled to obtain equitable relief in the
form of specific performance, a temporary restraining order, a temporary or permanent injunction or
any other equitable remedy which may then be available. In the event that a court of competent
jurisdiction determines that Executive has breached any of the provisions of Section 2, the
Retention Award shall be forfeited.

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     4. NO ASSIGNMENTS. This Agreement is personal to each of the parties hereto. Except as
provided in this Section 4, no party may assign or delegate any rights or obligations
hereunder without first obtaining the written consent of the other party hereto. The Company shall
assign this Agreement to any successor to all or substantially all of the business and/or assets of
the Company, provided that the Company shall require such successor 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 it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company and any successor to all or substantially all of its
business and/or assets, which assumes and agrees to perform the duties and obligations of the
Company under this Agreement by operation of law or otherwise.

     5. NOTICES. For purposes of this Agreement, notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date
of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed
facsimile or electronic mail, (c) on the first business day following the date of deposit, if
delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the
date delivered or mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

	 	 	 	 	 

	 

	 	If to the Executive:	 	 
	 
	 	 	 	 
	 

	 	To the address shown in the books and records of the Company.
	 	 
	 
	 	 	 	 
	 

	 	If to the Company:	 	 
	 
	 	 	 	 
	 

	 	Packaging Corporation of America	 	 
	 

	 	1900 West Field Court	 	 
	 

	 	Lake Forest, Illinois 60045	 	 
	 

	 	Attention: General Counsel	 	 

or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

     6. SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included
solely for convenience and shall not affect, or be used in connection with, the interpretation of
this Agreement. In the event of any inconsistency between the terms of this Agreement (including
the Exhibits hereto) and any form, award, plan or policy of the Company, the terms of this
Agreement shall govern and control.

     7. SEVERABILITY. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof.

     8. COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall
be deemed to be an original but all of which together will constitute one and the same instrument.

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     9. GOVERNING LAW; DISPUTE RESOLUTION. This Agreement, the rights and obligations of the
parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in
accordance with the laws of the State of Illinois (without regard to its choice of law provisions).
Each of the parties agrees that any dispute between the parties shall be resolved only in the
courts of the State of Illinois, County of Lake or the United States District Court for the
Northern District of Illinois and the appellate courts having jurisdiction of appeals in such
courts. In that context, and without limiting the generality of the foregoing, each of the parties
hereto irrevocably and unconditionally (a) submits in any proceeding relating to this Agreement, or
for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”), to
the exclusive jurisdiction of the courts of the State of Illinois, County of Lake, the court of the
United States of America for the Northern District of Illinois, and appellate courts having
jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any
such Proceeding shall be heard and determined in such Illinois State court or, to the extent
permitted by law, in such federal court, (b) consents that any such Proceeding may and shall be
brought in such courts and waives any objection that the Executive or the Company may now or
thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such
Proceeding was brought in an inconvenient court and agrees not to plead or claim the same, (c)
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE PERFORMANCE UNDER, OR THE ENFORCEMENT OF, THIS
AGREEMENT, (d) agrees that service of process in any such Proceeding may be effected by mailing a
copy of such process by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such party at the Executive’s or the Company’s address as provided in
Section 5 hereof, and (e) agrees that nothing in this Agreement shall affect the right to
effect service of process in any other manner permitted by the laws of the State of Illinois. Each
party shall be responsible for its own legal fess incurred in connection with any dispute
hereunder.

     10. MISCELLANEOUS. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and signed by the Executive
and such officer or director as may be designated by the Company’s board of directors. No waiver
by either party hereto at any time of any breach by the other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time. This Agreement together with all exhibits hereto sets forth the entire agreement of the
parties hereto in respect of the subject matter contained herein and supersedes any and all prior
agreements or understandings between the Executive and the Company with respect to the subject
matter hereof, whether written or oral; except that this Agreement is not intended to supersede or
modify the Employee Agreement on Inventions, Improvements, Discoveries, and Proprietary Information
and the Employment Relationship, dated _________, between Executive and the Company, which shall
remain in full force and effect. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either party which are not
expressly set forth in this Agreement.

     11. EXECUTIVE REPRESENTATIONS. The Executive represents and warrants to the Company that (a)
the Executive has the legal right to enter into this Agreement and to

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perform all of the obligations on the Executive’s part to be performed hereunder in accordance
with its terms, and (b) the Executive is not a party to any agreement or understanding, written or
oral, and is not subject to any restriction, which, in either case, could prevent the Executive
from entering into this Agreement or performing all of the Executive’s obligations hereunder. The
Executive understands that the foregoing representations are a material inducement to the Company
entering into this Agreement.

     12. FURTHER ASSURANCES. The Company and the Executive shall cooperate with each other and do,
or procure the doing of, all acts and things, and execute, or procure the execution of, all
documents, as may reasonably be required to give full effect to this Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

	 	 	 	 	 

	 	 	PACKAGING
CORPORATION OF AMERICA

	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	EXECUTIVE

	 
	 	 	 	 
	 	 	 
	 

	 	
[               ]
	 

Retention
Agreement Signature Page

 

 

EXHIBIT A

Packaging Corporation of America

1999 Long-Term Equity Incentive Plan

Form of Restricted Stock Award Agreement

By this agreement, Packaging Corporation of America grants to [NAME] the following restricted
shares of the Company’s common stock, $.01 par value, subject to the terms and conditions set forth
below, in the attached Plan Prospectus, and in the PCA 1999 Long-Term Equity Incentive Plan, as may
from time to time be amended and/or restated, all of which are an integral part of this Agreement.
A copy of the 1999 Long-Term Equity Incentive Plan may be obtained from the Company upon request.

Grant Date

Number of Restricted Shares Awarded

Fair Market Value at Grant

Restriction expires.

Certificates representing Shares of restricted stock granted under the Plan will be held in escrow
by the Company on the participant’s behalf during any period of restriction and will bear an
appropriate legend specifying the applicable restrictions thereon, and the participant will be
required to execute a blank stock power therefore. During the period of restriction the participant
shall have all of the rights of a holder of Common Stock, including but not limited to the rights
to receive dividends and to vote, and any stock or other securities received as a distribution with
respect to such participant’s restricted stock shall be subject to the same restrictions as then in
effect for the restricted stock.

Except as otherwise provided by the Board of Directors:

	 	(1)	 	immediately prior to a Change in Control or at such time as a participant
ceases to be a director, officer, or employee of, or to otherwise perform services for, the
Company and its Subsidiaries due to death or Disability, during any period of restriction,
all restrictions on the shares granted to the participant shall lapse;
	 
	 	(2)	 	at such time as a participant ceases to be, or in the event a participant
does not become, a director, officer, or employee of, or otherwise perform services for,
the Company or its Subsidiaries for any other reason, all shares of restricted stock
granted to such participant on which the restrictions have not lapsed shall be immediately
forfeited to the Company.

Please indicate your acceptance of this Agreement by signing in the space provided below and
returning this page to Halane Young, Director of Compensation & HRIS, located in Lake Forest.

	 	 	 	 	 	 	 

	 

	 	 	 	 	 	Packaging Corporation of America
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 
	 	 	 	 	 	 
	Accepted and Agreed:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Paul T. Stecko
	 

	 	 	 	 	 	Executive Chairman
	 

	 	Dateexv10w1

Exhibit 10.1

 

 

UNIT PURCHASE AGREEMENT

by and between

BUCKEYE PARTNERS, L.P.,

VOPAK BAHAMAS B.V.

and

KONINKLIJKE VOPAK N.V.

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 

	ARTICLE I

	 
	 	 	 	 	 	 
	DEFINITIONS

	 
	 	 	 	 	 	 
	Section 1.1

	 	Definitions
	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II

	 
	 	 	 	 	 	 
	AGREEMENT TO ISSUE AND SELL

	 
	 	 	 	 	 	 
	Section 2.1

	 	Issuance and Sale
	 	 	5	 
	Section 2.2

	 	Closing
	 	 	5	 
	Section 2.3

	 	Mutual Conditions
	 	 	5	 
	Section 2.4

	 	Purchaser’s Conditions
	 	 	5	 
	Section 2.5

	 	Buckeye’s Conditions
	 	 	6	 
	Section 2.6

	 	Buckeye Deliveries
	 	 	6	 
	Section 2.7

	 	Purchaser Deliveries
	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE III

	 
	 	 	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF BUCKEYE

	 
	 	 	 	 	 	 
	Section 3.1

	 	Existence
	 	 	8	 
	Section 3.2

	 	Consideration Units; Capitalization
	 	 	8	 
	Section 3.3

	 	No Conflict
	 	 	8	 
	Section 3.4

	 	No Default
	 	 	9	 
	Section 3.5

	 	Authority
	 	 	9	 
	Section 3.6

	 	Approvals
	 	 	9	 
	Section 3.7

	 	Compliance with Laws
	 	 	10	 
	Section 3.8

	 	Due Authorization
	 	 	10	 
	Section 3.9

	 	Valid Issuance; No Options or Preemptive Rights of Units
	 	 	10	 
	Section 3.10

	 	No Registration Rights
	 	 	11	 
	Section 3.11

	 	Periodic Reports
	 	 	11	 
	Section 3.12

	 	Litigation
	 	 	11	 
	Section 3.13

	 	No Material Adverse Change
	 	 	11	 
	Section 3.14

	 	Certain Fees
	 	 	12	 
	Section 3.15

	 	No Registration
	 	 	12	 
	Section 3.16

	 	No Integration
	 	 	12	 
	Section 3.17

	 	MLP Status
	 	 	12	 
	Section 3.18

	 	Investment Company Status
	 	 	12	 
	Section 3.19

	 	Form S-3 Eligibility
	 	 	12	 

i

 

 

	 	 	 	 	 	 	 

	ARTICLE IV

	 
	 	 	 	 	 	 
	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

	 
	 	 	 	 	 	 
	Section 4.1

	 	Existence
	 	 	12	 
	Section 4.2

	 	Authorization, Enforceability
	 	 	13	 
	Section 4.3

	 	No Breach
	 	 	13	 
	Section 4.4

	 	Certain Fees
	 	 	13	 
	Section 4.5

	 	Investment
	 	 	13	 
	Section 4.6

	 	Nature of Purchaser
	 	 	14	 
	Section 4.7

	 	Restricted Securities
	 	 	14	 
	Section 4.8

	 	Legend
	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE V

	 
	 	 	 	 	 	 
	COVENANTS

	 
	 	 	 	 	 	 
	Section 5.1

	 	Taking of Necessary Action
	 	 	14	 
	Section 5.2

	 	Other Actions
	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 	 	 
	INDEMNIFICATION

	 
	 	 	 	 	 	 
	Section 6.1

	 	Indemnification by Buckeye
	 	 	15	 
	Section 6.2

	 	Indemnification by the Purchaser
	 	 	15	 
	Section 6.3

	 	Indemnification Procedure
	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 	 	 
	MISCELLANEOUS

	 
	 	 	 	 	 	 
	Section 7.1

	 	Interpretation and Survival of Provisions
	 	 	16	 
	Section 7.2

	 	Survival of Provisions
	 	 	17	 
	Section 7.3

	 	No Waiver; Modifications in Writing
	 	 	17	 
	Section 7.4

	 	Binding Effect; Assignment
	 	 	17	 
	Section 7.5

	 	Communications
	 	 	18	 
	Section 7.6

	 	Removal of Legend
	 	 	19	 
	Section 7.7

	 	Entire Agreement
	 	 	19	 
	Section 7.8

	 	Governing Law
	 	 	19	 
	Section 7.9

	 	Execution in Counterparts
	 	 	19	 
	Section 7.10

	 	Termination
	 	 	20	 
	Section 7.11

	 	Recapitalization, Exchanges, Etc. Affecting the LP Units
	 	 	20	 

Exhibit A — Form of Opinion of Vinson & Elkins L.L.P.

ii

 

 

UNIT PURCHASE AGREEMENT

     This UNIT PURCHASE AGREEMENT, dated as of February 15, 2011 (this “Agreement”), is by
and between BUCKEYE PARTNERS, L.P., a Delaware limited partnership (“Buckeye”), VOPAK
BAHAMAS B.V., a public company with limited liability incorporated under the laws of the
Netherlands (the “Purchaser”) and KONINKLIJKE VOPAK N.V. a public company with limited
liability incorporated under the laws of The Netherlands (“Vopak Parent”).

     WHEREAS, Buckeye desires to issue and sell to the Purchaser, and the Purchaser agrees to
accept certain Class B Units and LP Units in accordance with the provisions of this Agreement as
partial consideration for the Acquisition (as defined below); and

     WHEREAS, as of the date hereof, Buckeye and the Purchaser have entered into a registration
rights agreement (the “Registration Rights Agreement”) pursuant to which Buckeye has
provided the Purchaser with certain registration rights with respect to the LP Units and Class B
Units acquired pursuant hereto, as well as the LP Units underlying the Class B Units, any Class B
Units issued to the holders of Class B Units as a distribution in kind or any LP Units issued in
lieu of cash as liquidated damages under the Registration Rights Agreement.

     NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

          Section 1.1 Definitions. As used in this Agreement, and unless the context requires a
different meaning, the following terms have the meanings indicated:

     “Acquisition” means the acquisition by Buckeye Purchaser and its designee of an
indirect interest in The Bahamas Oil Refining Company International Ltd. pursuant to the
Acquisition Agreement.

     “Acquisition Agreement” means the Sale and Purchase Agreement among the Purchaser,
Vopak Parent and Buckeye Purchaser, dated February 15, 2011.

     “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is under common control
with, the Person in question. As used herein, the term “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

     “Agreement” has the meaning set forth in the introductory paragraph.

     “Buckeye” has the meaning set forth in the introductory paragraph.

 

 

     “Buckeye Entities” and each a “Buckeye Entity” means the General Partner,
Buckeye and each of Buckeye’s Subsidiaries, other than those Subsidiaries which, individually or in
the aggregate, would not constitute a “significant subsidiary” as defined in Regulation S-X.

     “Buckeye Purchaser” means Buckeye Atlantic Holdings LLC, a Delaware limited liability
company.

     “Buckeye Related Parties” has the meaning specified in Section 6.2.

     “Buckeye SEC Documents” has the meaning specified in Section 3.8.

     “Business Day” means a day other than (i) a Saturday or Sunday or (ii) any day on
which banks located in New York, New York, U.S.A. are authorized or obligated to close.

     “Class B Units” means the Class B Units representing limited partnership interests in
Buckeye having the rights and obligations specified in the Partnership Agreement Amendment.

     “Class B Unit Purchase Agreement” means that certain Unit Purchase Agreement by and
among Buckeye and each of the Persons set forth on Schedule A thereto dated as of December 18,
2010, pursuant to which Buckeye issued Class B Units on January 18, 2011.

     “Closing” has the meaning specified in Section 2.2.

     “Closing Date” has the meaning specified in Section 2.2.

     “Commission” means the United States Securities and Exchange Commission.

     “Consideration Units” means the number of Class B Units and LP Units issued pursuant
hereto, which shall be determined as follows: (i) if the Closing Date occurs on or before the
record date for the distribution to Buckeye’s holders of LP Units with respect to the quarter
ending December 31, 2010, then 1,095,722 Class B Units and 620,861 LP Units, or (ii) if the Closing
Date occurs after the record date for the distribution to Buckeye’s holders of LP Units with
respect to the quarter ending December 31, 2010, then the number of Class B Units equal to the
quotient of (A) $62,500,000 and (B) the difference between $57.04 and the per unit amount of such
distribution and the number of LP Units equal to the quotient of (A) $37,500,000 and (B) the
difference between $60.40 and the per unit amount of such distribution.

     “Delaware LP Act” means the Delaware Revised Uniform Limited Partnership Act.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and the rules and regulations of the Commission promulgated thereunder.

     “Existing Registration Rights Agreements” means, collectively, (i) that certain
Registration Rights Agreement, by and among Buckeye, BGH GP Holdings, LLC, ArcLight Energy Partners
Fund III, L.P., ArcLight Energy Partners Fund IV, L.P., Kelso Investment Associates VII, L.P. and
KEP VI, LLC, dated as of June 10, 2010, (ii) that certain Registration
Rights Agreement by and among Buckeye, First Reserve and each of the other Persons listed on
Schedule A thereof, dated as of December 18, 2010 and (iii) that certain Registration Rights

2

 

Agreement by and among Buckeye and the purchasers in the PIPE (LP) Unit Purchase Agreement, dated
as of December 18, 2010.

     “FR Unit Purchase Agreement” means that certain Unit Purchase Agreement by and among
Buckeye and FR XI Offshore AIV, L.P., dated as of December 18, 2010, pursuant to which Buckeye
issued LP Units and Class B Units on January 18, 2011.

     “General Partner” means Buckeye GP LLC, a Delaware limited liability company.

     “Governmental Authority” means, with respect to a particular Person, any country,
state, county, city and political subdivision in which such Person or such Person’s Property is
located or that exercises valid jurisdiction over any such Person or such Person’s Property, and
any court, agency, department, commission, board, bureau or instrumentality of any of them and any
monetary authority that exercises valid jurisdiction over any such Person or such Person’s
Property. Unless otherwise specified, all references to Governmental Authority herein with respect
to Buckeye mean a Governmental Authority having jurisdiction over Buckeye, its Subsidiaries or any
of their respective Properties.

     “Indemnified Party” has the meaning specified in Section 6.3.

     “Indemnifying Party” has the meaning specified in Section 6.3.

     “Law” means any federal, state, local or foreign order, writ, injunction, judgment,
settlement, award, decree, statute, law, rule or regulation.

     “Lien” means any interest in Property securing an obligation owed to, or a claim by, a
Person other than the owner of the Property, whether such interest is based on the common law,
statute or contract, and whether such obligation or claim is fixed or contingent, and including the
lien or security interest arising from a mortgage, encumbrance, pledge, security agreement,
conditional sale or trust receipt or a lease, consignment or bailment for security purposes. For
the purpose of this Agreement, a Person shall be deemed to be the owner of any Property that it has
acquired or holds subject to a conditional sale agreement, or leases under a financing lease or
other arrangement pursuant to which title to the Property has been retained by or vested in some
other Person in a transaction intended to create a financing.

     “LP Units” means units representing limited partnership interests in Buckeye other
than the Class B Units.

     “Material Adverse Effect” has the meaning specified in Section 3.1.

     “NYSE” means The New York Stock Exchange, Inc.

     “Operative Documents” means, collectively, this Agreement, the Registration Rights
Agreement and the Partnership Agreement Amendment, or any amendments, supplements, continuations or
modifications thereto.

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     “Partnership Agreement” means the Amended and Restated Agreement of Limited
Partnership of Buckeye dated November 19, 2010, as amended by the Partnership Agreement Amendment.

     “Partnership Agreement Amendment” means Amendment No. 1, dated January 18, 2011, to
the Amended and Restated Agreement of Limited Partnership of Buckeye dated November 19, 2010.

     “Person” means an individual or a corporation, limited liability company, partnership,
joint venture, trust, unincorporated organization, association, government agency or political
subdivision thereof or other form of entity.

     “PIPE (LP) Unit Purchase Agreement” means that certain LP Unit Purchase Agreement by
and among Buckeye and the purchasers specified therein, dated December 18, 2010, pursuant to which
Buckeye issued LP Units on January 18, 2011.

     “Property” means any interest in any kind of property or asset, whether real, personal
or mixed, or tangible or intangible.

     “Purchaser” has the meaning set forth in the introductory paragraph.

     “Purchaser Related Parties” has the meaning specified in Section 6.1.

     “Registration Rights Agreement” has the meaning set forth in the recitals hereto.

     “Representatives” of any Person means the Affiliates, officers, directors, managers,
employees, agents, counsel, accountants, investment bankers and other representatives of such
Person.

     “Securities Act” means the Securities Act of 1933, as amended from time to time, and
the rules and regulations of the Commission promulgated thereunder.

     “Subsidiary” means, with respect to any Person, (a) a corporation of which more than
50% of the voting power of shares entitled (without regard to the occurrence of any contingency) to
vote in the election of directors or other governing body of such corporation is owned, directly or
indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such
Person or a combination thereof, (b) a partnership (whether general or limited) in which such
Person or a Subsidiary of such Person is, at the date of determination, a general or limited
partner of such partnership, but only if more than 50% of the partnership interests of such
partnership (considering all of the partnership interests of the partnership as a single class) is
owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person, or a combination thereof, or (c) any other Person (other than a
corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a
combination thereof, directly or indirectly, at the date of determination, has (i) at least a
majority ownership interest or (ii) the power to elect or direct the election of a majority of the
directors or other governing body of such Person. Subsidiaries acquired by Buckeye Purchaser on
January 18, 2011 pursuant to that certain Sale and Purchase Agreement by and among FR XI Offshore
AIV,

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L.P., FR Borco GP Ltd., and Buckeye Purchaser, shall be deemed not to be Subsidiaries of
Buckeye for purposes of this Agreement.

     “Vopak Parent” has the meaning set forth in the introductory paragraph.

ARTICLE II

AGREEMENT TO ISSUE AND SELL

          Section 2.1 Issuance and Sale. Subject to the terms and conditions hereof, Buckeye
hereby agrees to issue and sell to the Purchaser and the Purchaser hereby agrees to accept from
Buckeye as partial consideration for the Acquisition, the Consideration Units.

          Section 2.2 Closing. Subject to the terms and conditions hereof, the consummation of
the purchase and issuance and sale of the Consideration Units hereunder (the “Closing”)
shall take place at the offices of Vinson & Elkins L.L.P., 666 Fifth Avenue, 26th Floor, New York,
New York, or such other location as mutually agreed by the parties, and concurrently with the
closing of the Acquisition provided that the conditions set forth in Sections 2.3, 2.4 and 2.5 have
been satisfied or waived at or prior to the time thereof (other than those conditions that are by
their terms to be satisfied at the Closing) (the date of such closing, the “Closing Date”).

          Section 2.3 Mutual Conditions. The respective obligations of each party to consummate
the purchase and issuance and sale of the Consideration Units shall be subject to the satisfaction
on or prior to the Closing Date of each of the following conditions (any or all of which may be
waived by a party on behalf of itself in writing, in whole or in part, to the extent permitted by
applicable Law):

     (a) no Law shall have been enacted or promulgated, and no action shall have been taken, by any
Governmental Authority of competent jurisdiction that temporarily, preliminarily or permanently
restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions
contemplated hereby or makes the transactions contemplated hereby illegal; and

     (b) the closing of the Acquisition shall occur concurrently with the Closing and all
conditions set forth in Section 7.3 (Conditions to Obligations of Purchaser) of the Acquisition
Agreement shall have been satisfied in all material respects or the fulfillment of any such
conditions to Buckeye Purchaser’s obligations shall have been waived, except for those conditions
which, by their nature, will be satisfied concurrently with the Closing.

          Section 2.4 Purchaser’s Conditions. The obligation of the Purchaser to accept the
Consideration Units shall be subject to the satisfaction on or prior to the Closing Date of each of
the following conditions (any or all of
which may be waived by the Purchaser in writing, in whole or in part, to the extent permitted
by applicable Law):

     (a) Buckeye shall have performed and complied with the covenants and agreements contained in
this Agreement that are required to be performed and complied with by Buckeye on or prior to the
Closing Date;

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     (b) (i) The representations and warranties of Buckeye (A) set forth in Sections 3.1, 3.2
and 3.5 and (B) contained in this Agreement that are qualified by materiality or a Material
Adverse Effect shall be true and correct when made and as of the Closing Date and (ii) all other
representations and warranties of Buckeye shall be true and correct in all material respects when
made and as of the Closing Date, in each case as though made at and as of the Closing Date (except
that representations and warranties made as of a specific date shall be required to be true and
correct as of such date only, it being expressly understood and agreed that representations and
warranties made “As of the date hereof” or “As of the date of this Agreement”, or a similar phrase,
are made as of February 15, 2011, and will not be required to be true and correct as of the Closing
Date);

     (c) Buckeye shall have filed with the NYSE a supplemental listing application to list the LP
Units issued pursuant hereto and the LP Units underlying those Consideration Units that are Class B
Units;

     (d) No notice of delisting from the NYSE shall have been received by Buckeye with respect to
the LP Units;

     (e) The Partnership Agreement Amendment shall have be in full force;

     (f) Buckeye shall have delivered, or caused to be delivered, to the Purchaser at the Closing,
Buckeye’s closing deliveries described in Section 2.6; and

     (g) The execution and delivery by Buckeye of the Registration Rights Agreement.

          Section 2.5 Buckeye’s Conditions. The obligation of Buckeye to consummate the
issuance and sale of the Consideration Units to the Purchaser shall be subject to the satisfaction
on or prior to the Closing Date of each of the following conditions (any or all of which may be
waived by Buckeye in writing, in whole or in part, to the extent permitted by applicable Law):

     (a) The representations and warranties of the Purchaser contained in this Agreement that are
qualified by materiality shall be true and correct when made and as of the Closing Date and all
other representations and warranties of the Purchaser shall be true and correct in all material
respects as of the Closing Date (except that representations of the Purchaser made as of a specific
date shall be required to be true and correct as of such date only); and

     (b) The Purchaser shall have delivered, or caused to be delivered, to Buckeye at the Closing,
the Purchaser’s closing deliveries described in Section 2.7.

          Section 2.6 Buckeye Deliveries. At the Closing, subject to the terms and conditions
hereof, Buckeye will deliver, or cause to be delivered, to the Purchaser (or, at the Purchaser’s
direction, to any other Person):

     (a) Evidence of the issuance of the Consideration Units, represented by book-entry on the
books and records of the applicable transfer agent (i.e. Computershare Trust Company N.A., with
respect to the LP Units, and the General Partner, with respect to the Class B Units) of the
Consideration Units (bearing the restrictive notation set forth in Section 4.8) and meeting
the

6

 

requirements of the Partnership Agreement, free and clear of any Liens, other than transfer
restrictions under the Partnership Agreement and applicable federal and state securities laws;

     (b) A certificate of the Secretary of State of the State of Delaware, dated a recent date, to
the effect that each of the General Partner and Buckeye is in good standing;

     (c) An opinion addressed to the Purchaser from Vinson & Elkins L.L.P., legal counsel to
Buckeye, dated as of the Closing Date, in the form and substance attached hereto as Exhibit
A;

     (d) A certificate, dated the Closing Date and signed by the Chief Executive Officer and the
Chief Financial Officer of the General Partner, on behalf of Buckeye, in their capacities as such,
stating that:

     (i) Buckeye has performed and complied with the covenants and agreements contained in
this Agreement that are required to be performed and complied with by Buckeye on or prior to
the Closing Date; and

     (ii) The representations and warranties of Buckeye contained in this Agreement that are
qualified by materiality or Material Adverse Effect are true and correct as of the Closing
Date and all other representations and warranties of Buckeye are, individually and in the
aggregate, true and correct in all material respects as of the Closing Date (except that
representations and warranties made as of a specific date shall be required to be true and
correct as of such date only); and

     (e) A certificate of the Secretary or Assistant Secretary of the General Partner, on behalf of
Buckeye, certifying as to (1) the Amended and Restated Certificate of Limited Partnership of
Buckeye, as amended, and the Partnership Agreement, as amended, (2) board resolutions authorizing
the execution and delivery of the Operative Documents and the consummation of the transactions
contemplated thereby, including the issuance of the Consideration Units and (3) its incumbent
officers authorized to execute the Operative Documents, setting forth the name and title and
bearing the signatures of such officers.

          Section 2.7 Purchaser Deliveries. At the Closing, subject to the terms and conditions
hereof, the Purchaser will deliver, or cause to be delivered, to Buckeye a certificate from the
Purchaser, dated the Closing Date and signed by an appropriate officer of the Purchaser, in his or
her capacity as such, stating that:

     (a) The Purchaser has performed and complied with the covenants and agreements contained in
this Agreement that are required to be performed and complied with by it on or prior to the Closing
Date; and

     (b) The representations and warranties of the Purchaser contained in this Agreement that are
qualified by materiality are true and correct as of the Closing Date and all other representations
and warranties of the Purchaser are true and correct in all material respects as of the Closing
Date (except that representations and warranties made as of a specific date shall be required to be
true and correct as of such date only).

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF BUCKEYE

     Buckeye represents and warrants to the Purchaser as follows:

          Section 3.1 Existence. Each of the Buckeye Entities has been duly incorporated or
formed, as the case may be, and is validly existing as a limited liability company, limited
partnership or corporation, as the case may be, in good standing under the Laws of its jurisdiction
of incorporation or formation, as the case may be, and has the full limited liability company,
limited partnership or corporate, as the case may be, power and authority, and has all governmental
licenses, authorizations, consents and approvals, necessary to own, lease or hold its Properties
and assets and to conduct the businesses in which it is engaged, and is duly registered or
qualified to do business and in good standing as a foreign limited liability company, limited
partnership or corporation, as the case may be, in each jurisdiction in which its ownership or
lease of Property or the conduct of its business requires such qualification, except where the
failure to so register or qualify could not reasonably be expected to (i) have, individually or in
the aggregate, a material adverse effect on the condition (financial or other), results of
operations, securityholders’ equity, Properties or business of the Buckeye Entities taken as a
whole, the ability of the Buckeye Entities to meet their obligations under the Operative Documents
or the ability of the Buckeye Entities to consummate the transactions under any Operative Document
on a timely basis (a “Material Adverse Effect”) or (ii) subject the limited partners of
Buckeye to any material liability or disability.

          Section 3.2 Consideration Units; Capitalization.

     (a) On the Closing Date, the Consideration Units shall have those rights, preferences,
privileges and restrictions governing the LP Units or Class B Units, as applicable, as set forth in
the Partnership Agreement.

     (b) The General Partner is the sole general partner of Buckeye, with a non-economic general
partner interest in Buckeye; such general partner interest is the only general partner interest of
Buckeye that is issued and outstanding; and such general partner interest has been
duly authorized and validly issued and is owned by the General Partner free and clear of any
Liens.

     (c) The limited partners of Buckeye hold LP Units in Buckeye, represented as of the date
hereof by approximately 80.3 million LP Units and 5.7 million Class B Units; such LP Units and
Class B Units are the only limited partner interests of Buckeye that are issued and outstanding;
all of such LP Units and Class B Units have been duly authorized and validly issued pursuant to the
Partnership Agreement and are fully paid and nonassessable (except to the extent such
nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware LP Act).

          Section 3.3 No Conflict. None of (i) the offering, issuance and sale by Buckeye of
the Consideration Units and the application of the proceeds therefrom, (ii) the execution, delivery
and performance of the Operative Documents by Buckeye, or (iii) the

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consummation of the
transactions contemplated hereby or thereby conflicts or will conflict with, or results or will
result in a breach or violation of or imposition of any Lien upon any Property or assets of the
Buckeye Entities pursuant to, (A) the formation or governing documents of any of the Buckeye
Entities, (B) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement,
loan agreement or other agreement, obligation, condition, covenant or instrument to which any of
the Buckeye Entities is a party, by which any of them is bound or to which any of their respective
Properties or assets is subject, or (C) any Law applicable to any of the Buckeye Entities or
injunction of any court or governmental agency or body to which any of the Buckeye Entities of any
court, regulatory body, administrative agency, governmental body, arbitrator or other authority
having jurisdiction over any of the Buckeye Entities or any of their Properties, except in the case
of clause (B) for such conflict, breach, violation or default that would not, individually or in
the aggregate, have a Material Adverse Effect.

          Section 3.4 No Default. None of the Buckeye Entities is in violation or default of
(i) any provision of its respective formation or governing documents, (ii) the terms of any
indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other
agreement, obligation, condition, covenant or instrument to which it is a party, by which it is
bound or to which its property is subject, or (iii) any Law of any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority having jurisdiction over
the Buckeye Entities or any of their Properties, as applicable, except, in the case of clauses (ii)
or (iii), as could not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

          Section 3.5 Authority. On the Closing Date, Buckeye will have all requisite power and
authority to issue, sell and deliver the Consideration Units, in accordance with and upon the terms
and conditions set forth in this Agreement and the Partnership Agreement. On the Closing Date, all
partnership or limited liability company action, as the case may be, required to be taken by the
General Partner and Buckeye for the authorization, issuance, sale and delivery of the Consideration
Units, the
execution and delivery of the Operative Documents and the consummation of the transactions
contemplated hereby and thereby shall have been validly taken. No approval from the holders of
outstanding LP Units is required under the Partnership Agreement or the rules of the NYSE in
connection with Buckeye’s issuance and sale of the Consideration Units to the Purchaser.

          Section 3.6 Approvals. Except as required by the Commission in connection with
Buckeye’s obligations under the Registration Rights Agreement, no authorization, consent, approval,
waiver, license, qualification or written exemption from, nor any filing, declaration,
qualification or registration with, any Governmental Authority or any other Person is required in
connection with the execution, delivery or performance by Buckeye of any of the Operative Documents
to which it is a party or Buckeye’s issuance and sale of the Consideration Units, except (i) as may
be required under the state securities or “Blue Sky” Laws, or (ii) where the failure to receive
such authorization, consent, approval, waiver, license, qualification or written exemption or to
make such filing, declaration, qualification or registration would not, individually or in the
aggregate, reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect

9

 

          Section 3.7 Compliance with Laws. As of the date hereof, neither Buckeye nor any of
its Subsidiaries is in violation of any Law applicable to Buckeye or its Subsidiaries, except as
would not, individually or in the aggregate, have a Material Adverse Effect. Buckeye and its
Subsidiaries possess all certificates, authorizations and permits issued by the appropriate
regulatory authorities necessary to conduct their respective businesses, except where the failure
to possess such certificates, authorizations or permits would not, individually or in the
aggregate, have a Material Adverse Effect, and neither Buckeye nor any such Subsidiary has received
any notice of proceedings relating to the revocation or modification of any such certificate,
authorization or permit, except where such potential revocation or modification would not,
individually or in the aggregate, have a Material Adverse Effect.

          Section 3.8 Due Authorization. Each of the Operative Documents has been duly and
validly authorized and has been or, with respect to the Operative Documents to be delivered at the
Closing Date, will be, validly executed and delivered by Buckeye or the General Partner, as the
case may be, and constitutes, or will constitute, the legal, valid and binding obligations of
Buckeye or the General Partner, as the case may be, enforceable in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other
laws of general applicability relating to or affecting creditors’ rights and by general principles
of equity.

          Section 3.9 Valid Issuance; No Options or Preemptive Rights of Units.

     (a) The Consideration Units to be issued and sold by Buckeye to the Purchaser hereunder have
been duly authorized in accordance with the Partnership Agreement and, when issued and delivered
against payment therefor pursuant to this Agreement, will be validly issued
in accordance with the Partnership Agreement, fully paid (to the extent required under the
Partnership Agreement) and non-assessable (except as such nonassessability may be affected by
matters described in Sections 17-303, 17-607 and 17-804 of the Delaware LP Act).

     (b) Those Consideration Units that are Class B Units shall have those rights, preferences,
privileges and restrictions governing the Class B Units, which shall be reflected in the
Partnership Agreement Amendment.

     (c) The LP Units issuable upon conversion of those Consideration Units that are Class B Units,
those Class B Units issuable to holders of Class B Units as a distribution in kind in lieu of cash
distributions on the Class B Units and those LP Units issuable in lieu of cash as liquidated
damages under the Registration Rights Agreement and, in each case, the limited partner interests
represented thereby, upon issuance in accordance with the terms of the Class B Units as reflected
in the Partnership Agreement Amendment have been duly authorized in accordance with the Partnership
Agreement and will be validly issued, fully paid (to the extent required by applicable law and the
Partnership Agreement) and nonassessable (except as such nonassessability may be affected by
matters described in Sections 17-303, 17-607 and 17-804 of the Delaware LP Act).

     (d) The holders of outstanding LP Units are not entitled to statutory, preemptive or other
similar contractual rights to subscribe for LP Units or Class B Units; and no options, warrants or
other rights to purchase, agreements or other obligations to issue, or rights to convert

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any
obligations into or exchange any securities for, partnership securities or ownership interests in
Buckeye are outstanding.

          Section 3.10 No Registration Rights. Except as contemplated by this Agreement, the
Registration Rights Agreement and the Existing Registration Rights Agreements, there are no
contracts, agreements or understandings between Buckeye and any Person granting such Person the
right to require Buckeye to file a registration statement under the Securities Act with respect to
any securities of Buckeye or to require Buckeye to include such securities in any securities
registered or to be registered pursuant to any registration statement filed by or required to be
filed by Buckeye under the Securities Act.

          Section 3.11 Periodic Reports. Buckeye’s forms, registration statements, reports,
schedules and statements required to be filed by it under the Exchange Act or the Securities Act
(all such documents filed prior to the date hereof, collectively the “Buckeye SEC
Documents”) have been filed with the Commission on a timely basis. The Buckeye SEC Documents,
including, without limitation, any audited or unaudited financial statements and any notes thereto
or schedules included therein, at the time filed (or in the case of registration statements, solely
on the dates of effectiveness) (except to the extent corrected by a subsequent Buckeye SEC
Document) (a) did not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading, (b) complied in all material
respects with the applicable
requirements of the Exchange Act and the Securities Act, as the case may be, (c) complied as
to form in all material respects with applicable accounting requirements and with the published
rules and regulations of the Commission with respect thereto, (d) were prepared in accordance with
GAAP applied on a consistent basis during the periods involved (except as may be indicated in the
notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the
Commission), and (e) fairly present (subject in the case of unaudited statements to normal and
recurring audit adjustments) in all material respects the consolidated financial position of
Buckeye and its consolidated subsidiaries as of the dates thereof and the consolidated results of
its operations and cash flows for the periods then ended. Deloitte & Touche LLP is an independent
registered public accounting firm with respect to Buckeye and the General Partner and has not
resigned or been dismissed as independent registered public accountants of Buckeye as a result of
or in connection with any disagreement with Buckeye on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or procedures.

          Section 3.12 Litigation. As of the date hereof, except as described in the Buckeye
SEC Documents, there are no legal or governmental proceedings pending to which any Buckeye Entity
is a party or to which any Property or asset of any Buckeye Entity is subject that could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect or which
challenges the validity of any of the Operative Documents or the right of any Buckeye entity to
enter into any of the Operative Documents or to consummate the transactions contemplated hereby and
thereby and, to the knowledge of Buckeye, no such proceedings are threatened by Governmental
Authorities or others.

          Section 3.13 No Material Adverse Change. As of the date hereof, except as set forth
in the Buckeye SEC Documents filed with the Commission on or prior to the date

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hereof, since
September 30, 2010, there has not occurred any material adverse change in the condition (financial
or other), results of operations, securityholders’ equity, Properties, prospects or business of the
Buckeye Entities, taken as a whole.

          Section 3.14 Certain Fees. No fees or commissions are or will be payable by Buckeye
to brokers, finders, or investment bankers with respect to the sale of any of the Consideration
Units or the consummation of the transaction contemplated by this Agreement. Buckeye agrees that
it will indemnify and hold harmless the Purchaser from and against any and all claims, demands, or
liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by
Buckeye in connection with the sale of the Consideration Units or the consummation of the
transactions contemplated by this Agreement.

          Section 3.15 No Registration. Assuming the accuracy of the representations and
warranties of the Purchaser contained in Section 4.5 and Section 4.6, the issuance
and sale of the Consideration Units pursuant to this Agreement is exempt from registration
requirements of the Securities Act, and neither Buckeye
nor, to the knowledge of Buckeye, any authorized Representative acting on its behalf has taken
or will take any action hereafter that would cause the loss of such exemption.

          Section 3.16 No Integration. Neither Buckeye nor any of its Subsidiaries have,
directly or indirectly through any agent, sold, offered for sale, solicited offers to buy or
otherwise negotiated in respect of, any “security” (as defined in the Securities Act of 1933, as
amended) that is or will be integrated with the sale of the Consideration Units in a manner that
would require registration under the Securities Act.

          Section 3.17 MLP Status. Buckeye is properly treated as a partnership for United
States federal income tax purposes and more than 90% of Buckeye’s current gross income is
qualifying income under 7704(d) of the Internal Revenue Code of 1986, as amended.

          Section 3.18 Investment Company Status. Buckeye is not an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

          Section 3.19 Form S-3 Eligibility. As of the date hereof, Buckeye has been, since the
time of filing its most recent Form S-3 Registration Statement, and continues to be eligible to use
Form S-3.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

     The Purchaser represents and warrants to Buckeye that:

          Section 4.1 Existence. The Purchaser is duly organized and validly existing and in
good standing under the Laws of its jurisdiction of organization, with all requisite power and
authority to own, lease, use and operate its Properties and to conduct its business as currently
conducted.

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          Section 4.2 Authorization, Enforceability. The Purchaser has all necessary corporate
power and authority to execute, deliver and perform its obligations under this Agreement and the
Registration Rights Agreement and to consummate the transactions contemplated thereby, and the
execution, delivery and performance by the Purchaser of this Agreement and the Registration Rights
Agreement has been duly authorized by all necessary action on the part of the Purchaser; and this
Agreement and the Registration Rights Agreement constitute the legal, valid and binding obligations
of the Purchaser, enforceable in accordance with their terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’
rights generally or by general principles of equity, including principles of commercial
reasonableness, fair dealing and good faith.

          Section 4.3 No Breach. The execution, delivery and performance of this Agreement and
the Registration Rights Agreement by the Purchaser and the consummation by the Purchaser of the
transactions contemplated hereby and thereby will not (a) conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, any material
agreement to which the Purchaser is a party or by which the Purchaser is bound or to which any of
the property or assets of the Purchaser is subject, (b) conflict with or result in any violation of
the provisions of the organizational documents of the Purchaser, or (c) violate any statute, order,
rule or regulation of any court or governmental agency or body having jurisdiction over the
Purchaser or the property or assets of the Purchaser, except in the cases of clauses (a) and (c),
for such conflicts, breaches, violations or defaults as would not prevent the consummation of the
transactions contemplated by this Agreement and the Registration Rights Agreement.

          Section 4.4 Certain Fees. No fees or commissions are or will be payable by the
Purchaser to brokers, finders, or investment bankers with respect to the purchase of any of the
Consideration Units or the consummation of the transaction contemplated by this Agreement. The
Purchaser agrees that it will indemnify and hold harmless Buckeye from and against any and all
claims, demands, or liabilities for broker’s, finder’s, placement, or other similar fees or
commissions incurred by the Purchaser in connection with the purchase of the Consideration Units or
the consummation of the transactions contemplated by this Agreement.

          Section 4.5 Investment. The Consideration Units are being acquired for the
Purchaser’s own account and with no intention of distributing the Consideration Units or any part
thereof, and the Purchaser has no present intention of selling or granting any participation in or
otherwise distributing the same in any transaction in violation of the securities laws of the
United States or any state, without prejudice, however, to the Purchaser’s right at all times to
sell or otherwise dispose of all or any part of the Consideration Units under a registration
statement under the Securities Act and applicable state securities laws or under an exemption from
such registration available thereunder (including, without limitation, if available, Rule 144
promulgated thereunder). If the Purchaser should in the future decide to dispose of any of the
Consideration Units, the Purchaser understands and agrees (a) that it may do so only in compliance
with the Securities Act and applicable state securities law, as then in effect, including a sale
contemplated by any registration statement pursuant to which such securities are being offered, or
pursuant to an exemption from the Securities Act, and (b) that stop-transfer instructions to that
effect will be in effect with respect to such securities.

13

 

          Section 4.6 Nature of Purchaser. The Purchaser represents and warrants to, and covenants
and agrees with, Buckeye that, (a)
it is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated by the
Commission pursuant to the Securities Act and (b) by reason of its business and financial
experience it has such knowledge, sophistication and experience in making similar investments and
in business and financial matters generally so as to be capable of evaluating the merits and risks
of the prospective investment in the Consideration Units, is able to bear the economic risk of such
investment and, at the present time, would be able to afford a complete loss of such investment.

          Section 4.7 Restricted Securities. The Purchaser understands that the Consideration
Units are characterized as “restricted securities” under the federal securities Laws inasmuch as
they are being acquired from Buckeye in a transaction not involving a public offering and that
under such Laws and applicable regulations such securities may be resold without registration under
the Securities Act only in certain limited circumstances. In this connection, the Purchaser
represents that it is knowledgeable with respect to Rule 144 of the Commission promulgated under
the Securities Act.

          Section 4.8 Legend. The Purchaser understands that the books and records of the
transfer agents for the Consideration Units will include, as a restrictive notation, the legend
required by the Partnership Agreement as well as the following legend: “These securities have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”). These
securities may not be sold or offered for sale except pursuant to an effective registration
statement under the Securities Act or pursuant to an exemption from registration thereunder, in
each case in accordance with all applicable securities laws of the states or other jurisdictions,
and in the case of a transaction exempt from registration, such securities may only be transferred
if the transfer agent for such securities has received documentation satisfactory to it that such
transaction does not require registration under the Securities Act.”

ARTICLE V

COVENANTS

          Section 5.1 Taking of Necessary Action. Each of the parties hereto shall use its
commercially reasonable efforts promptly to take or cause to be taken all action and promptly to do
or cause to be done all things necessary, proper or advisable under applicable Law and regulations
to consummate and make effective the transactions contemplated by this Agreement. Without limiting
the foregoing, Buckeye and the Purchaser shall use their commercially reasonable efforts to make
all filings and obtain all consents of Governmental Authorities that may be necessary or, in the
reasonable opinion of the other parties, as the case may be, advisable for the consummation of the
transactions contemplated by the Operative Documents.

          Section 5.2 Other Actions. Buckeye shall file prior to the issuance of any
Class B Units as a distribution in kind in
lieu of cash distributions on the Class B Units a supplemental listing application with the NYSE to
list the LP Units underlying such Class B Units issued as a distribution in kind.

14

 

ARTICLE VI

INDEMNIFICATION

          Section 6.1 Indemnification by Buckeye. Buckeye agrees to indemnify the Purchaser and
its Representatives (collectively, “Purchaser Related Parties”) from, and hold each of them
harmless against, any and all actions, suits, proceedings (including any investigations, litigation
or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon
demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of
any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements
of counsel and all other reasonable expenses incurred in connection with investigating, defending
or preparing to defend any such matter that may be incurred by them or asserted against or involve
any of them as a result of, arising out of, or in any way related to the breach of any of the
representations, warranties or covenants of Buckeye contained herein, provided that such claim for
indemnification relating to a breach of the representations or warranties is made prior to the
expiration of such representations or warranties; and provided further, that no Purchaser Related
Party shall be entitled to recover special, consequential (including lost profits or diminution in
value) or punitive damages. Notwithstanding anything to the contrary, consequential damages shall
not be deemed to include diminution in value of the Consideration Units, which is specifically
included in damages covered by Purchaser Related Parties’ indemnification.

          Section 6.2 Indemnification by the Purchaser. Vopak Parent agrees to indemnify
Buckeye, the General Partner and their respective Representatives (collectively, “Buckeye
Related Parties”) from, and hold each of them harmless against, any and all actions, suits,
proceedings (including any investigations, litigation or inquiries), demands, and causes of action,
and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all
costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever, including,
without limitation, the reasonable fees and disbursements of counsel and all other reasonable
expenses incurred in connection with investigating, defending or preparing to defend any such
matter that may be incurred by them or asserted against or involve any of them as a result of,
arising out of, or in any way related to the breach of any of the representations, warranties or
covenants of the Purchaser contained herein, provided that such claim for indemnification relating
to a breach of the representations and warranties is made prior to the expiration of such
representations and warranties; and provided further, that no Buckeye Related Party shall be
entitled to recover special, consequential (including lost profits or diminution in value) or
punitive damages.

          Section 6.3 Indemnification Procedure. Promptly after any Buckeye Related Party
or Purchaser Related Party (hereinafter, the
“Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the
commencement of any action, suit or proceeding by a third person, which the Indemnified Party
believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall
give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or
the commencement of such action, suit or proceeding, but failure to so notify the Indemnifying
Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified
Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such
failure. Such notice shall

15

 

state the nature and the basis of such claim to the extent then known.
The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own
counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the
Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party
undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to
do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all
commercially reasonable respects in the defense thereof and the settlement thereof. Such
cooperation shall include, but shall not be limited to, furnishing the Indemnifying Party with any
books, records and other information reasonably requested by the Indemnifying Party and in the
Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at
the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified
Party of its intention to undertake to defend or settle any such asserted liability, and for so
long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be
liable for any additional legal expenses incurred by the Indemnified Party in connection with any
defense or settlement of such asserted liability; provided, however, that the Indemnified Party
shall be entitled (i) at its expense, to participate in the defense of such asserted liability and
the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to
assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the
defendants in any such action include both the Indemnified Party and the Indemnifying Party and
counsel to the Indemnified Party shall have concluded that there may be reasonable defenses
available to the Indemnified Party that are different from or in addition to those available to the
Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to
conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the
right to select a separate counsel and to assume such legal defense and otherwise to participate in
the defense of such action, with the expenses and fees of such separate counsel and other expenses
related to such participation to be reimbursed by the Indemnifying Party as incurred.
Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any
indemnified claim without the consent of the Indemnified Party, unless the settlement thereof
imposes no liability or obligation on, and includes a complete release from liability of, and does
not include any admission of wrongdoing or malfeasance by, the Indemnified Party.

ARTICLE VII

MISCELLANEOUS

          Section 7.1 Interpretation and Survival of Provisions. Article, Section, Schedule,
and Exhibit references are to this Agreement, unless otherwise specified. All references to
instruments, documents, contracts, and agreements are
references to such instruments, documents, contracts, and agreements as the same may be
amended, supplemented, and otherwise modified from time to time, unless otherwise specified. The
word “including” shall mean “including but not limited to.” Whenever any party has an obligation
under the Operative Documents, the expense of complying with that obligation shall be an expense of
such party unless otherwise specified. Whenever any determination, consent, or approval is to be
made or given by the Purchaser, such action shall be in the Purchaser’s sole discretion unless
otherwise specified in this Agreement. If any provision in the Operative Documents is held to be
illegal, invalid, not binding, or unenforceable, such provision shall be fully severable and the
Operative Documents shall be construed and enforced as if such illegal, invalid, not binding, or

16

 

unenforceable provision had never comprised a part of the Operative Documents, and the remaining
provisions shall remain in full force and effect. The Operative Documents have been reviewed and
negotiated by sophisticated parties with access to legal counsel and shall not be construed against
the drafter.

          Section 7.2 Survival of Provisions. The representations and warranties set forth in
Sections 3.1, 3.2, 3.5, 3.9, 3.10, 3.13, 3.14, 3.15, 4.4, 4.6, 4.7 and 4.8 hereunder shall
survive the execution and delivery of this Agreement indefinitely, and the other representations
and warranties set forth herein shall survive for a period of twelve (12) months following the
Closing Date regardless of any investigation made by or on behalf of Buckeye or the Purchaser. The
covenants made in this Agreement or any other Operative Document shall survive the Closing of the
transactions described herein and remain operative and in full force and effect regardless of
acceptance of any of the Consideration Units and payment therefor and repayment, conversion,
exercise or repurchase thereof. All indemnification obligations of Buckeye and , Vopak Parent
pursuant to this Agreement and the provisions of Article VI shall remain operative and in full
force and effect unless such obligations are expressly terminated in a writing by the parties,
regardless of any purported general termination of this Agreement.

          Section 7.3 No Waiver; Modifications in Writing.

     (a) Delay. No failure or delay on the part of any party in exercising any right,
power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power, or remedy preclude any other or further exercise thereof or the
exercise of any other right, power, or remedy. The remedies provided for herein are cumulative and
are not exclusive of any remedies that may be available to a party at law or in equity or
otherwise.

     (b) Specific Waiver. Except as otherwise provided herein, no amendment, waiver,
consent, modification, or termination of any provision of this Agreement or any other Operative
Document (except in the case of the Partnership Agreement, for amendments adopted pursuant to the
terms thereof) shall be effective unless signed by each of the parties hereto or thereto affected
by such amendment, waiver, consent, modification, or termination. Any amendment, supplement or
modification of or to any provision of this Agreement or any other Operative Document, any waiver
of any provision of this Agreement or any other Operative Document, and any consent to any
departure by Buckeye from the terms of any provision of this Agreement or
any other Operative Document shall be effective only in the specific instance and for the
specific purpose for which made or given. Except where notice is specifically required by this
Agreement, no notice to or demand on Buckeye in any case shall entitle Buckeye to any other or
further notice or demand in similar or other circumstances.

          Section 7.4 Binding Effect; Assignment.

     (a) Binding Effect. This Agreement shall be binding upon Buckeye, the Purchaser,
Vopak Parent and their respective successors and permitted assigns. Except as expressly provided in
this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any
Person other than the parties to this Agreement and their respective successors and permitted
assigns.

17

 

     (b) Assignment of Rights. All or any portion of the rights and obligations of the
Purchaser under this Agreement may be transferred by the Purchaser to any Affiliate of the
Purchaser without the consent of Buckeye. No portion of the rights and obligations of the
Purchaser under this Agreement may be transferred by the Purchaser to a non-Affiliate without the
written consent of Buckeye (which consent shall not be unreasonably withheld by Buckeye).

          Section 7.5 Communications. All notices and demands provided for hereunder shall be
in writing and shall be given by registered or certified mail, return receipt requested, telecopy,
air courier guaranteeing overnight delivery or personal delivery to the following addresses:

     (a) If to the Purchaser or Vopak Parent:

Vopak Bahamas B.V.

Westerlaan 10, 3016 CK

P.O. Box 863

3000 AW Rotterdam

The Netherlands

Attention: Legal Department; Tjeerd Wassenaar

Facsimile: +31 10 411 2520

with a copy to:

Bracewell & Giuliani LLP

711 Louisiana St., Ste 2300

Houston, TX 77002

Attention: William D. Gutermuth

Facsimile: 713.221.2114

     (b) If to Buckeye:

Buckeye Partners, L.P.

One Greenway Plaza, Suite 600

Houston, TX 77046

Attention: General Counsel

Facsimile: 610.904.4006

with a copy to:

Vinson & Elkins L.L.P.

666 Fifth Avenue

26th Floor

New York, NY 10103

Attention: E. Ramey Layne

Facsimile: 212.237.0100

or to such other address as Buckeye or the Purchaser may designate in writing. All notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if

18

 

personally delivered; at the time of transmittal, if sent via electronic mail; upon actual receipt
if sent by certified mail, return receipt requested, or regular mail, if mailed; when receipt
acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier
guaranteeing overnight delivery.

          Section 7.6 Removal of Legend. In connection with a sale of the Consideration Units
by the Purchaser in reliance on Rule 144, the Purchaser or its broker shall deliver to the transfer
agent and Buckeye a broker representation letter providing to the transfer agent and Buckeye any
information Buckeye deems necessary to determine that the sale of the Consideration Units is made
in compliance with Rule 144, including, as may be appropriate, a certification that the Purchaser
is not an Affiliate of Buckeye and regarding the length of time the Consideration Units have been
held. Upon receipt of such representation letter, Buckeye shall promptly direct its transfer agent
to exchange unit certificates bearing a restrictive legend for unit certificates without the legend
(or a credit for such shares to book-entry accounts maintained by the transfer agent), including
the legend contained in Section 4.8, and Buckeye shall bear all costs associated therewith. After
the Purchaser or its permitted assigns have held the Consideration Units for one year, if the
certificate or book-entry accounts for such Consideration Units still bears the restrictive legend
contained in Section 4.8, Buckeye agrees, upon request of the Purchaser or permitted assignee, to
take all steps necessary to promptly effect the removal of the legend contained Section 4.8 from
the Consideration Units, and Buckeye shall bear all costs associated therewith, regardless of
whether the request is made in connection with a sale or otherwise, so long as the Purchaser or its
permitted assigns provide to Buckeye any information Buckeye deems necessary to determine that the
legend is no longer required under the Securities Act or applicable state laws, including a
certification that the holder is not an Affiliate of Buckeye (and a covenant to inform Buckeye if
it should thereafter become an Affiliate and to consent to exchange any certificates for
certificates bearing an appropriate restrictive legend) and regarding the length of time the
Consideration Units have been held.

          Section 7.7 Entire Agreement. This Agreement, the other Operative Documents and the
other agreements and documents referred to herein are intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein and therein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or
referred to herein or the other Operative Documents with respect to the rights granted by Buckeye
or any of its Affiliates or the Purchaser or any of its Affiliates set forth herein or therein.
This Agreement, the other Operative Documents and the other agreements and documents referred to
herein or therein supersede all prior agreements and understandings between the parties with
respect to such subject matter.

          Section 7.8 Governing Law. This Agreement will be construed in accordance with and
governed by the laws of the State of New York.

          Section 7.9 Execution in Counterparts. This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same Agreement.

19

 

          Section 7.10 Termination.

     (a) Notwithstanding anything herein to the contrary, this Agreement may be terminated at any
time at or prior to the Closing by the written consent of the Purchaser, upon a breach in any
material respect by Buckeye of any covenant or agreement set forth in this Agreement.

     (b) Notwithstanding anything herein to the contrary, this Agreement shall automatically
terminate at any time at or prior to the Closing

     (i) if a statute, rule, order, decree or regulation shall have been enacted or
promulgated, or if any action shall have been taken by any Governmental Authority of
competent jurisdiction that permanently restrains, permanently precludes, permanently
enjoins or otherwise permanently prohibits the consummation of the transactions contemplated
by this Agreement or makes the transactions contemplated by this Agreement illegal; or

     (ii) upon the termination of the Acquisition Agreement.

     (c) In the event of the termination of this Agreement as provided in this Section
7.10, this Agreement shall forthwith become null and void. In the event of such termination,
there
shall be no liability on the part of any party hereto, except as set forth in Article
VI of this Agreement; provided that nothing herein shall relieve any party from any liability
or obligation with respect to any willful breach of this Agreement.

          Section 7.11 Recapitalization, Exchanges, Etc. Affecting the LP Units. The provisions
of this Agreement shall apply to the full extent set forth herein with respect to any and all
equity interests of Buckeye or any successor or assign of Buckeye (whether by merger,
consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for or
in substitution of, the LP Units, and shall be appropriately adjusted for combinations,
recapitalizations and the like occurring after the date of this Agreement and prior to the Closing.

[Signature pages follow.]

20

 

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

	 	 	 	 	 
	 	BUCKEYE PARTNERS, L.P.

 	 
	 	By:  	BUCKEYE GP LLC
 	 
	 	 	(its General Partner) 	 
	 	 	 	 
	 	By:  	 /s/ Keith E. St.Clair
 	 
	 	 	Keith E. St.Clair 	 
	 	 	Senior Vice President and Chief Financial Officer 	 
	 

Signature Page to Unit Purchase Agreement

(Vopak)

 

 

	 	 	 	 	 
	 	VOPAK BAHAMAS B.V.

 	 
	 	By:  	/s/
Tjeerd Wassenaar	 
	 	 	Name:  	Tjeerd Wassenaar	 
	 	 	Title:  	Managing Director	 
	 
	 	KONINKLIJKE VOPAK N.V.

 	 
	 	By:  	/s/
J.P. de Kreij	 
	 	 	Name:  	J.P. de Kreij	 
	 	 	Title:  	Vice Chairman Executive Board 
& Chief
Financial Officer	 
	 

Signature Page to Unit Purchase Agreement

(Vopak)

 

 

Exhibit A — Form of Opinion of Vinson & Elkins L.L.P.

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Unit
Purchase Agreement (the “Purchase Agreement”). Buckeye shall furnish to the Purchaser at
the Closing an opinion of Vinson & Elkins L.L.P., counsel for Buckeye, addressed to the Purchaser
and dated the Closing Date in form satisfactory to the Purchaser, stating that:

     1. Each of Buckeye and the General Partner is a validly existing limited partnership or
limited liability company, respectively, in good standing under the laws of the State of Delaware.
Buckeye has all requisite limited partnership power and authority under the laws of the State of
Delaware necessary (a) to own its properties and carry on its business as its business is now being
conducted as described in the Buckeye SEC Documents, (b) to enter into and perform its obligations
under the Operative Documents and (c) to offer, issue and sell the Consideration Units as provided
in the Purchase Agreement.

     2. To our knowledge, except as described in the Buckeye SEC Documents filed prior to the date
of the Purchase Agreement, no options, warrants or other rights to purchase, agreements or other
obligations to issue, or rights to convert any obligations into or exchange any securities for,
partnership securities or ownership interests in Buckeye are outstanding.

     3. The Consideration Units to be issued and sold to the Purchaser by Buckeye pursuant to the
Purchase Agreement and the limited partner interests represented thereby have been duly authorized
in accordance with the Partnership Agreement and, when issued and delivered to the Purchaser
against payment therefor in accordance with the terms of the Purchase Agreement, will be validly
issued in accordance with the terms of the Partnership Agreement, fully paid (to the extent
required under the Partnership Agreement) and nonassessable (except as such nonassessability may be
affected by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform
Limited Partnership Act (the “Delaware LP Act”)).

     4. The LP Units issuable upon conversion of the Consideration Units that are Class B Units,
the issuance of Class B Units as a distribution in kind in lieu of cash distributions on the Class
B Units and the issuance of any LP Units in lieu of cash as liquidated damages under the
Registration Rights Agreement and, in each case, the limited partner interests represented thereby,
upon issuance in accordance with the terms of the Class B Units as reflected in the Partnership
Agreement Amendment or the Registration Rights Agreement, as applicable, have been duly authorized
in accordance with the Partnership Agreement and will be validly issued, fully paid (to the extent
required by applicable law and the Partnership Agreement) and nonassessable (except as such
nonassessability may be affected by matters described in Sections 17-303, 17-607 and 17-804 of the
Delaware LP Act).

     5. No authorization, consent, approval, waiver, license, qualification, filing, declaration or
registration with any Governmental Authority is required for the issuance and sale by Buckeye of
the Consideration Units, the execution, delivery and performance by Buckeye of the Operative
Documents or the consummation of the transactions contemplated thereby (including issuance of LP
Units upon conversion of the Consideration Units that are Class B Units, the issuance of any Class
B Units as a distribution in kind in lieu of cash distributions on

Exhibit
A to Unit Purchase Agreement

(Vopak)

 

 

the Class B Units and the issuance of any LP Units in lieu of cash as liquidated damages under
the Registration Rights Agreement), except for (A) those that have been obtained or as may be
required under state securities or “Blue Sky” laws, as to which we do not express any opinion and
(B) the approvals required by the Commission in connection with Buckeye’s obligations under the
Registration Rights Agreement.

     6. Assuming the accuracy of the representations and warranties of the Purchaser and Buckeye
contained in the Purchase Agreement, the offer, issuance and sale of the Consideration Units by
Buckeye to the Purchaser solely in the manner contemplated by the Purchase Agreement are exempt
from the registration requirements of the Securities Act of 1933, as amended; provided that we
express no opinion as to any subsequent sale.

     7. The holders of outstanding LP Units are not entitled to statutory, preemptive or, to our
knowledge, other similar contractual rights to subscribe for the Consideration Units.

     8. Buckeye is not, and after giving effect to the use of proceeds from the sale of the
Consideration Units pursuant to the Purchase Agreement will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

     9. None of the offering, issuance and sale by Buckeye of the Consideration Units, the
execution, delivery and performance of the Operative Documents by Buckeye or the consummation of
the transactions contemplated thereby (including issuance of LP Units upon conversion of the
Consideration Units that are Class B Units, the issuance of any Class B Units as a distribution in
kind in lieu of cash distributions on the Class B Units and the issuance of any LP Units in lieu of
cash as liquidated damages under the Registration Rights Agreement) conflicts or will conflict
with, or results or will result in a breach or violation of (A) the Partnership Agreement, (B) any
agreement filed or incorporated by reference as an exhibit to Buckeye’s Annual Report on Form 10-K
for the period ended December 31, 2009 or Buckeye’s Quarterly Reports on Forms 10-Q for the
quarters ended March 31, 2010, June 30, 2010 and September 30, 2010 or (C) the Delaware LP Act, the
Delaware Limited Liability Company Act (the “Delaware LLC Act”) or U.S. federal law, which in the
case of clause (B) or (C) would be reasonably expected to have a Material Adverse Effect; provided,
however, that we express no opinion pursuant to this paragraph 9 with respect to federal or state
securities or anti-fraud statutes, rules or regulations.

     10. Each of Operative Documents has been duly authorized and validly executed and delivered by
Buckeye and the General Partner, as the case may be, and constitutes a valid and binding obligation
of Buckeye and the General Partner, as the case may be, enforceable against Buckeye and the General
Partner, as the case may be, in accordance with its terms, except as the enforceability thereof may
be limited by (A) applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies
generally and by general principles of equity (regardless of whether such principles are considered
in a proceeding in equity or at law) and (B) public policy, applicable law relating to fiduciary
duties and indemnification and an implied covenant of good faith and fair dealing.

Exhibit
A to Unit Purchase Agreement

(Vopak)

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