Document:

exv10w3

 

Addendum to Severance Agreement

      Agreement made as of May 2, 2005, between Beverly Enterprises, Inc., a Delaware corporation
(the “Company”), and David R. Devereaux (the “Executive”);

      WHEREAS, the Company and the Executive desire to confirm and amend the Severance Agreement of
October 5, 2000 between them (the “Severance Agreement”);

      NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein
and for other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the Company and the Executive hereby agree as follows:

      1. The following provision is added as a new section 4(g):

               Golden Parachute Gross-Up. If, in the written opinion of a Big 4 accounting firm
engaged by either the Company or the Executive for this purpose (at the Company’s expense), or if
so alleged by the Internal Revenue Service, the aggregate of the benefit payments under Paragraph 4
above would cause the payment of one or more of such benefits to constitute an “excess parachute
payment” as defined in Section 280G(b) of the Internal Revenue Code (“Code”), then the Company will
pay to the Executive an additional amount in cash (the “Gross-Up Payment”) equal to the amount
necessary to cause the net amount retained by the Executive, after deduction of any (i) excise tax
on the payments under Paragraph 4 above, (ii) federal, state or local income tax on the Gross-Up
Payment, and (iii) excise tax on the Gross-Up Payment, to be equal to the aggregate remuneration
the Executive would have received under Section 4 above, excluding such Gross-Up Payment (net of
all federal, state and local excise and income taxes), as if Sections 280G and 4999 of the Code
(and any successor provisions thereto) had not been enacted into law. The Gross-Up Payment
provided for in this section shall be made within ten (10) days after the termination of
Executive’s employment, provided however that if the amount of the payment cannot be finally
determined at the time, the Company shall pay to Executive an estimate as determined in good faith
by the Company of such payments (together with interest at the rate provided in section
1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but in no event later
than the thirtieth (30th) day after the date of termination.

      2. The Company and Executive agree and confirm that as of the date hereof the Severance
Agreement, as amended hereby, is in full force and effect.

[signatures appear on next page]

 

 

      The parties have duly executed this Agreement to be effective as of the date first written
above.

	 	 	 	 	 
	Beverly Enterprises, Inc.
	 	Executive	 
	By:

	 	/s/ JOHN D. FOWLER, JR.	 	/s/ DAVID R. DEVEREAUX
	

	 	 
	 	 
	

	 	Chair, Nominating and Compensation Committee of the Board of Directors
	 	David R. Devereaux

	 	 	 	 
	By:
	 	/s/ WILLIAM R. FLOYD	 
	
	 	 	 
	
	 	William R. Floyd
Chairman, President and CEOexv4w5

 

Exhibit 4.5

FIRST SUPPLEMENTAL INDENTURE

     First Supplemental Indenture (this “First Supplemental Indenture”), dated as of
March 10, 2005, among HEP Fin-Tex/Trust-River, L.P., a Texas limited partnership (the “Guaranteeing
Subsidiary”), Holly Energy Partners, L.P., a Delaware limited partnership (“Holly Energy
Partners”), and Holly Energy Finance Corp. (“Finance Corp.” and, together with Holly Energy
Partners, the “Issuers”), the other Guarantors (as defined in the Indenture referred to below) and
U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

     WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an indenture
(the “Indenture”), dated as of February 28,
2005 providing for the issuance of 6 1/4% Senior Notes due
2015 (the “Notes”);

     WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this First Supplemental Indenture.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

     1. Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee
and in the Indenture including but not limited to Article 10 thereof.

     4. No Recourse Against Others. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have
any liability for any obligations of the Issuers or any Guaranteeing Subsidiary under the Notes,
any Note Guarantees, the Indenture or this First Supplemental Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a waiver is against
public policy.

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     5. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO
CONSTRUE THIS FIRST SUPPLEMENTAL INDENTURE.

     6. Counterparts. The parties may sign any number of copies of this First
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

     7. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

     8. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect
of the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary and the Issuers.

2

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed and attested, all as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	GUARANTEEING SUBSIDIARY:
	 
	 	 	 	 	 	 	 	 
	 	 	HEP FIN-TEX/TRUST-RIVER, L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	HEP Pipeline GP, L.L.C., a Delaware limited liability
company, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners—Operating, L.P., a
Delaware limited partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics GP, L.L.C., a Delaware limited
liability company, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners, L.P., a Delaware
limited partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics Holdings, L.P., a Delaware
limited partnership, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Logistic Services, L.L.C., a Delaware
limited liability company, its General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Stephen J. McDonnell
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Stephen J. McDonnell
	

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer

S-1

 

	 	 	 	 	 	 	 	 	 
	 	 	ISSUERS:
	 
	 	 	 	 	 	 	 	 
	 	 	HOLLY ENERGY PARTNERS, L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	HEP Logistic Holdings, L.P.,

	 	 	 	 	
its general partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Logistic Services, L.L.C.,

its general partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Stephen J. McDonnell
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Stephen J. McDonnell
	

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 	 	 	 	 
	 	 	HOLLY ENERGY FINANCE CORP.
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Stephen J. McDonnell
	 	 	 	 	 
	 	 	 	 	Stephen J. McDonnell
	 	 	 	 	Vice President and Chief Financial Officer

S-2

 

	 	 	 	 	 	 	 	 	 
	 	 	OTHER GUARANTORS:
	 
	 	 	 	 	 	 	 	 
	 	 	HEP LOGISTICS GP, L.L.C., a Delaware limited liability
company
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Holly Energy Partners, L.P., a Delaware limited
partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics Holdings, L.P., a Delaware
limited partnership, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Logistic Services, L.L.C., a Delaware
limited liability company, its General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Stephen J. McDonnell
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Stephen J. McDonnell
	

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 	 	 	 	 
	 	 	HOLLY ENERGY PARTNERS-OPERATING, L.P., a Delaware limited
partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	HEP Logistics GP, L.L.C., a Delaware limited liability
company, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners, L.P., a Delaware
limited partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics Holdings, L.P., a Delaware
limited partnership, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Logistic Services, L.L.C., a Delaware
limited liability company, its General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Stephen J. McDonnell
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Stephen J. McDonnell
	

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer

S-3

 

	 	 	 	 	 	 	 	 	 
	 	 	HEP PIPELINE GP, L.L.C., a Delaware limited liability
company
	 
	 	 	 	 	 	 	 	 
	 	 	HEP REFINING GP, L.L.C., a Delaware limited liability
company
	 
	 	 	 	 	 	 	 	 
	 	 	HEP MOUNTAIN HOME, L.L.C., a Delaware limited liability
company
	 
	 	 	 	 	 	 	 	 
	 	 	HEP PIPELINE, L.L.C., a Delaware limited liability
company
	 
	 	 	 	 	 	 	 	 
	 	 	HEP REFINING, L.L.C., a Delaware limited liability
company
	 
	 	 	 	 	 	 	 	 
	 	 	HEP WOODS CROSS, L.L.C., a Delaware limited liability
company
	 
	 	 	 	 	 	 	 	 
	 	 	Each by:	 	Holly Energy Partners—Operating, L.P., a Delaware limited
partnership and its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics GP, L.L.C., a Delaware
limited liability company, its General
Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners, L.P., a Delaware
limited partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics Holdings, L.P., a Delaware
limited partnership, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Logistic Services, L.L.C., a
Delaware limited liability company, its
General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Stephen J. McDonnell
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Stephen J. McDonnell
	

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer

S-4

 

	 	 	 	 	 	 	 	 	 
	 	 	HEP NAVAJO SOUTHERN, L.P., a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	HEP PIPELINE ASSETS, LIMITED PARTNERSHIP, a Delaware

limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	Each by:	 	HEP Pipeline GP, L.L.C., a Delaware limited liability
company and its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners—Operating, L.P., a
Delaware limited partnership, its Sole
Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics GP, L.L.C., a Delaware
limited liability company, its General
Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners, L.P., a Delaware
limited partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics Holdings, L.P., a Delaware
limited partnership, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Logistic Services, L.L.C., a
Delaware limited liability company, its
General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Stephen J. McDonnell
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Stephen J. McDonnell
	

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer

S-5

 

	 	 	 	 	 	 	 	 	 
	 	 	HEP REFINING ASSETS, L.P., a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	HEP Refining GP, L.L.C., a Delaware limited liability
company and its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners—Operating, L.P., a
Delaware limited partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics GP, L.L.C., a Delaware limited
liability company, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Energy Partners, L.P., a Delaware
limited partnership, its Sole Member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	HEP Logistics Holdings, L.P., a Delaware
limited partnership, its General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Holly Logistic Services, L.L.C., a Delaware
limited liability company, its General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:
	 	/s/ Stephen J. McDonnell
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Stephen J. McDonnell
	

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer

S-6

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ Adam M. Dalmy
 	 
	 	 	Adam M. Dalmy 	 
	 	 	Vice President 	 
	 

S-7

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