Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDED AND RESTATED 

INVESTMENT ADVISORY MANAGEMENT AGREEMENT  

BETWEEN  

PENNANTPARK INVESTMENT CORPORATION  

AND  
 PENNANTPARK
INVESTMENT ADVISERS, LLC  
 Agreement made this 2nd day of February 2016, by and between PENNANTPARK INVESTMENT CORPORATION, a
Maryland corporation (the “Corporation”), and PENNANTPARK INVESTMENT ADVISERS, LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Corporation operates as a closed-end management investment company that has elected to be treated as a business development
company under the Investment Company Act of 1940, as amended (the “Investment Company Act”); 
 WHEREAS, the Adviser is registered
as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); 
 WHEREAS, the Corporation
and the Adviser are parties to that certain investment advisory management agreement dated April 17, 2007 by and between the Corporation and the Adviser (the “Prior Agreement”); 

WHEREAS, the Corporation and the Adviser desire to amend and restate the Prior Agreement to set forth the terms and conditions for the
continued provision by the Adviser of investment advisory services to the Corporation; and 
 WHEREAS, the Corporation’s board of
directors has determined that such amendment and restatement clarifies the intent of the Prior Agreement in a manner that is consistent with the Corporation’s public disclosures and is not detrimental to the Corporation. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows: 

1. Duties of the Adviser. 
 (a)
The Corporation hereby employs the Adviser to act as the investment adviser to the Corporation and to manage the investment and reinvestment of the assets of the Corporation, subject to the supervision of the Board of Directors of the Corporation,
for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the Registration Statement, dated April 18, 2007, as the same may be amended from time to
time, (ii) in accordance with the Investment Company Act and (iii) during the term of this Agreement in accordance with all other applicable federal and state laws, rules and regulations, and the Corporation’s charter and by-laws.
Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Corporation, the nature and timing of the changes
therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Corporation; (iii) close and monitor the Corporation’s investments; determine the securities and
other assets that the Corporation will purchase, retain, or sell; perform due diligence on prospective portfolio companies; and (vi) provide the Corporation with such other investment advisory, research and related services as the Corporation
may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Corporation to effectuate its investment decisions for the Corporation, including the execution and delivery
of all documents relating to the Corporation’s investments and the placing of orders for other purchase or sale transactions on behalf of the Corporation. In the event that the Corporation determines to acquire debt financing, the Adviser will
arrange 

 
for such financing on the Corporation’s behalf, subject to the oversight and approval of the Corporation’s Board of Directors. If it is necessary for the Adviser to make investments on
behalf of the Corporation through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle in accordance with
the Investment Company Act. 
 (b) The Adviser hereby accepts such employment and agrees during the term hereof to render the services
described herein for the compensation provided herein. 
 (c) Subject to the requirements of the Investment Company Act, the Adviser is
hereby authorized to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its
responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Corporation’s investment objective and policies, and work, along with the Adviser, in
structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Corporation, subject to the oversight of the Adviser and the Corporation. The Adviser, and not the
Corporation, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and
state law. 
 (d) The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly
provided or authorized herein, shall have no authority to act for or represent the Corporation in any way or otherwise be deemed an agent of the Corporation. 

(e) The Adviser shall keep and preserve, in the manner and for the period that would be applicable to investment companies registered under the
Investment Company Act any books and records relevant to the provision of its investment advisory services to the Corporation and shall specifically maintain all books and records with respect to the Corporation’s portfolio transactions and
shall render to the Corporation’s Board of Directors such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Corporation are the property of the Corporation and will
surrender promptly to the Corporation any such records upon the Corporation’s request, provided that the Adviser may retain a copy of such records. 

2. Corporation’s Responsibilities and Expenses Payable by the Corporation. All investment professionals of the Adviser and their
respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by
the Adviser and not by the Corporation. The Corporation will bear all other costs and expenses of its operations and transactions, including (without limitation) those relating to: organization and offering; calculating the Corporation’s net
asset value (including the cost and expenses of any independent valuation firm); expenses incurred by the Adviser payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the
Corporation and in monitoring the Corporation’s investments and performing due diligence (including related legal expenses) on its prospective portfolio companies; interest payable on debt, if any, incurred to finance the Corporation’s
investments and expenses related to unsuccessful portfolio acquisition efforts; offerings of the Corporation’s common stock and other securities; investment advisory and management fees; administration fees payable under the Administration
Agreement between the Corporation and PennantPark Investment Administration, LLC (the “Administrator”), the Corporation’s administrator; fees payable to third parties, including agents, consultants or other advisors, relating to, or
associated with, evaluating and making investments, including costs associated with meeting potential financial sponsors; transfer agent and custodial fees; federal and state registration fees; all costs of registration and listing the
Corporation’s shares on any securities exchange; federal, state and local taxes; independent Directors’ fees and expenses; costs of preparing and filing reports or other documents required by the Securities and Exchange Commission; costs
of any reports, proxy statements or other notices to stockholders, including printing costs; costs associated with individual or group stockholders; the Corporation’s allocable portion of the fidelity bond, directors and officers/errors and
omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
and all other expenses incurred by the Corporation or the Administrator in connection with administering the Corporation’s business, including payments under the Administration Agreement between the Corporation and the Administrator based upon
the Corporation’s allocable portion of the 

 
Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Corporation’s chief compliance
officer and chief financial officer and their respective staffs. 
 3. Compensation of the Adviser. The Corporation agrees to pay, and
the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth. The Corporation
shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or adopt a deferred compensation plan pursuant to which it
may elect, to defer all or a portion of its fees hereunder for a specified period of time. 
 (a) The Base Management Fee shall be calculated
at an annual rate of 2.00% of the Corporation’s “average adjusted gross assets,” which equals the Corporation’s gross assets (net of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents,
repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and adjusted to exclude cash, cash equivalents and unfunded commitments, if
any). The Base Management Fee will be payable quarterly in arrears and will be calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances
or repurchases during the current calendar quarter. Base Management Fees for any partial month or quarter will be appropriately prorated. 

(b) The Incentive Fee shall consist of two parts, as follows: 
  

	 	(i)	One part will be calculated and payable quarterly in arrears based on the Corporation’s pre-Incentive Fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-Incentive Fee
net investment income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring,
diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus the Corporation’s operating expenses for the quarter (including the Base Management Fee, any expenses payable under the
Administration Agreement, and any interest expense and distribution paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee net investment income includes, in the case of investments with a deferred
interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Corporation has not yet received in cash. Pre-Incentive Fee net investment income does not include
any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee net investment income, expressed as a percentage of the value of the Corporation’s net assets at the
end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 1.75% per quarter (7.00% annualized). The Corporation will pay the Adviser an Incentive Fee with respect to the Corporation’s pre-Incentive
Fee net investment income in each calendar quarter as follows; (1) no Incentive Fee in any calendar quarter in which the Corporation’s pre-Incentive Fee net investment income does not exceed the hurdle rate of 1.75%; (2) 100% of the
Corporation’s pre-Incentive Fee net investment income with respect to that portion of such pre-Incentive Fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter (8.75% annualized); and
(3) 20% of the amount of the Corporation’s pre-Incentive Fee net investment income, if any, that exceeds 2.1875% in any calendar quarter. These calculations will be appropriately prorated for any period of less than three months and
adjusted for any share issuances or repurchases during the relevant quarter. 

  

	 	(ii)	The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below),
commencing on December 31, 2007, and will equal 20.0% of the Corporation’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and
unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be
treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee. 

 4. Covenants of the Adviser. The Adviser covenants that it is registered as an investment
adviser under the Advisers Act. The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments. 

5. Excess Brokerage Commissions. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the
Corporation to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged
for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities
of the firm and the firm’s risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in
terms of either that particular transaction or its overall responsibilities with respect to the Corporation’s portfolio, and constitutes the best net results for the Corporation. 

6. Limitations on the Employment of the Adviser. The services of the Adviser to the Corporation are not exclusive, and the Adviser may
engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured,
having investment objectives similar to those of the Corporation, so long as its services to the Corporation hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or
employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including
fees for serving as a director of, or providing consulting services to, one or more of the Corporation’s portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the
Adviser shall be the only investment adviser for the Corporation, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for
hereunder. It is understood that directors, officers, employees and stockholders of the Corporation are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or
otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Corporation as stockholders or otherwise. 

7. Responsibility of Dual Directors, Officers and/or Employees. If any person who is a manager, partner, officer or employee of the
Adviser or the Administrator is or becomes a director, officer and/or employee of the Corporation and acts as such in any business of the Corporation, then such manager, partner, officer and/or employee of the Adviser or the Administrator shall be
deemed to be acting in such capacity solely for the Corporation, and not as a manager, partner, officer or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the
Adviser or the Administrator. 
 8. Limitation of Liability of the Adviser; Indemnification. The Adviser (and its officers, managers,
partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner and the Administrator) shall not be liable to the Corporation for any action taken
or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation, except to the extent specified in Section 36(b) of the
Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Corporation shall indemnify, defend and
protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner and the Administrator, each of
whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts
reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Corporation or its
security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation. Notwithstanding the preceding sentence of this
Paragraph 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or 

 
entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation or its security holders to which the Indemnified Parties would otherwise
be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be
determined in accordance with the Investment Company Act and any interpretations or guidance by the Securities and Exchange Commission or its staff thereunder). 

9. Effectiveness, Duration and Termination of Agreement. This Agreement shall become effective as of the first date above written. This
Agreement shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Corporation’s Board of Directors, or by the vote of a majority of the
outstanding voting securities of the Corporation and (b) the vote of a majority of the Corporation’s Directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the
Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a
majority of the outstanding voting securities of the Corporation, or by the vote of the Corporation’s Directors or by the Adviser. This Agreement will automatically terminate in the event of its “assignment” (as such term is defined
for purposes of Section 15(a)(4) of the Investment Company Act). The provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any
termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and
Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable. 
 10.
Notices. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office. 

11. Amendments. This Agreement may be amended by mutual consent, but the consent of the Corporation must be obtained in conformity with
the requirements of the Investment Company Act. 
 12. Entire Agreement; Governing Law. This Agreement contains the entire agreement
of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of
the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. 

[The remainder of this page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date
above written. 
  

			
	PENNANTPARK INVESTMENT CORPORATION
		
	By:	 	 /s/ Arthur Penn

	Name:	 	Arthur Penn
	Title:	 	Chief Executive Officer and Chairman of the Board of Directors
	
	PENNANTPARK INVESTMENT ADVISERS, LLC
		
	By:	 	 /s/ Arthur Penn

	Name:	 	Arthur Penn
	Title:	 	Managing MemberExhibit

Exhibit 10.1

FIRST AMENDMENT
TO
AMENDED AND RESTATED STOCKHOLDER AGREEMENT

This First Amendment, dated as of January 29, 2016 (this “First Amendment”), is entered into by and between Alon USA Energy, Inc., a Delaware corporation (the “Company”), and Delek US Holdings, Inc., a Delaware corporation (“Delek”). This First Amendment is an amendment to that certain Amended and Restated Stockholder Agreement, dated as of April 14, 2015 (the “Agreement”), by and between the Company and Delek. 
WHEREAS, the Company and Delek desire to amend the Agreement with respect to the matters set forth herein; and
WHEREAS, in reliance on the Company’s covenants and agreements made in this First Amendment, Delek has decided not to submit a written notice of nominations of persons for election as directors of the Company at the 2016 annual meeting of Company stockholders as provided in Section 13 of the Amended and Restated Bylaws of the Company.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the Company and Delek hereby agree as follows: 
Section 1.  Amendments. 
(a) The parenthetical in Section 1.06(a) of the Agreement is hereby amended and restated to read in its entirety as follows: 
(and, for purposes of satisfying this requirement, the Additional Directors shall be considered Independent Directors until the 2016 annual meeting of Company stockholders)
(b) The second parenthetical in Section 1.06(c) of the Agreement is hereby amended and restated to read in its entirety as follows: 
(and, for purposes of satisfying this requirement, the Additional Directors shall be considered Independent Directors until the 2016 annual meeting of Company stockholders)
(c) The Agreement is hereby amended to add a new Section 1.07(e) (and a new Exhibit F, which is attached hereto as Exhibit F and incorporated by reference in new Section 1.07(e)) to read in its entirety as follows: 
(e)    The Company represents and warrants to Delek that the Board of Directors has adopted the resolution(s) attached as Exhibit F pursuant to which it determined that the Delek Directors serving on 

Exhibit 10.1

the Board of Directors at the time such resolutions were adopted are “independent directors” (as defined in NYSE rules and regulations).
(d) The Agreement is hereby amended to add a new Section 3.01(f) to read in its entirety as follows:
(f)    The Company represents and warrants to Delek that the Board of Directors has duly adopted the 2016 Amendment Resolutions.
(e) The Agreement is hereby amended to add to Section 4 a new definition of the term “2016 Amendment Resolutions” (and a new Exhibit G, which is attached hereto as Exhibit G and incorporated by reference in the new definition of 2016 Amendment Resolutions) to read in its entirety as follows:
“2016 Amendment Resolutions” means the duly adopted resolutions of the Board of Directors in the form attached hereto as Exhibit G.
(f) Section 6.09(c) of the Agreement is hereby amended and restated to read in its entirety as follows: 
(c)    This Agreement shall terminate automatically, and without any further action, upon the first anniversary of the Closing.
(g) The Agreement is hereby amended (i) to renumber Section 6.14 as Section 6.15 and (ii) to add a new Section 6.14 (and a new Exhibit H, which is attached hereto as Exhibit H and incorporated by reference in new Section 6.14) to read in its entirety as follows: 
SECTION 6.14    2016 Annual Meeting Matters.
Notwithstanding any other provision in this Agreement to the contrary:
(a)    In connection with the 2016 annual meeting of Company stockholders, the number of directorships constituting the Board of Directors shall be 11, and the Company and the Board of Directors shall nominate as the slate of 11 directors of the Company for election as directors at the 2016 annual meeting of Company stockholders (and shall recommend the stockholders vote in favor of) the persons listed or selected in accordance with the procedures described herein or on Exhibit H (the “2016 Director Nominees”).
(b)    If any of the 2016 Director Nominees become unavailable to stand for election or serve as a director of the Company prior to the 2016 annual meeting of stockholders, his or her replacement shall be selected as follows:

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Exhibit 10.1

(i)    the person or persons to replace any of the persons identified in 1 through 4 on Exhibit H shall be selected by the Independent Nominating Committee, shall qualify to be Independent Directors and shall be reasonably acceptable to Delek;
(ii)    the person or persons to replace any of the persons identified in 5 through 9 on Exhibit H shall be selected by Delek and shall be reasonably acceptable to the Independent Nominating Committee in its good faith judgment to serve as a director of the Company; provided that the fact that a person is serving or has served as an officer or director of Delek or its Affiliates, in and of itself, shall not cause such person to be unacceptable to the Independent Nominating Committee; and
(iii)    the person or persons identified or to be identified in 10 and 11 on Exhibit H and any person or persons selected to replace any of such persons identified in 10 and 11 on Exhibit H shall be a person submitted to the Independent Nominating Committee by Delek who qualifies as an Independent Director and is reasonably acceptable to the Independent Nominating Committee in its good faith judgment to serve as a director of the Company.
(c)    The Company shall include the 2016 Director Nominees in the notice of the 2016 annual meeting of Company stockholders and in the proxy statement and on the proxy card distributed by the Company to Company stockholders in connection therewith, and shall recommend that the Company stockholders vote in favor of the 2016 Director Nominees.
(d)    The Company shall take all steps necessary for the due and proper noticing and calling at the 2016 annual meeting of the Company stockholders and the holding of such meeting on or about May 3, 2016 including, without limitation, the establishment of an appropriate record date for such meeting, and the distribution of the notice of and the proxy statement for such meeting all in each case consistent with the Company’s past practices.
Section 2.  Authorization, etc. 
(a) The Company represents and warrants to Delek that (i) the execution and delivery of this First Amendment by the Company have been duly authorized by all necessary corporate action on the part of the Company (including, without limitation, advance Independent Director Approval and advance approval of the Board of Directors) and no other corporate proceedings on the part of the Company are necessary to authorize this First Amendment and (ii) this First Amendment has been duly executed and delivered by the Company and constitutes a valid and 

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Exhibit 10.1

binding obligation of the Company, and is enforceable against the Company in accordance with its terms.
(b) Delek represents and warrants to the Company that (i) the execution and delivery of this First Amendment by Delek have been duly authorized by all necessary corporate action on the part of Delek and no other corporate proceedings on the part of Delek are necessary to authorize this First Amendment and (ii) this First Amendment has been duly executed and delivered by Delek and constitutes a valid and binding obligation of Delek, and is enforceable against Delek in accordance with its terms.
Section 3.  Status. This First Amendment amends the Agreement, but only to the extent expressly set forth herein. All other provisions of the Agreement remain in full force and effect. Unless otherwise defined herein, initially capitalized terms have the meaning given them in the Agreement.  If any provision of this First Amendment is inconsistent with any provision of the Agreement, the provision of this First Amendment shall control.
Section 4.  Governing Law. This First Amendment shall be construed in accordance with and governed by the laws of the State of Delaware. 
Section 5.  Counterparts; Effectiveness. This First Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  This First Amendment shall become effective when each party hereto shall have received counterparts thereof signed by the other party hereto. 
Section 6.  Severability.  If any term, provision, covenant or restriction of this First Amendment is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this First Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated, provided that the parties hereto shall negotiate in good faith to attempt to place the parties in the same position as they would have been in had such provision not been held to be invalid, void or unenforceable. 
Section 7.  Further Assurances.  Delek and the Company shall cooperate and take such action as may be reasonably requested by the other party in order to carry out the provisions and purposes of this First Amendment; provided, however, that neither Delek nor the Company shall be obligated to take any actions or omit to take any actions that would be inconsistent with applicable Law.
[Signature Pages Follow]

4

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Amended and Restated Stockholder Agreement to be executed as of the date first referred to above. 

DELEK US HOLDINGS, INC.

By:    /s/ Fredererc Green                
Name:    Frederec Green
Title:    EVP

By:    /s/ Kent B. Thomas                
Name:    Kent B. Thomas
Title:    General Counsel

ALON USA ENERGY, INC.

By:    /s/ Shai Even                    
Name:    Shai Even
Title:    SVP & CFO

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Exhibit F

NYSE Independence Resolutions

[Capitalized terms used in the resolution are appropriately defined in the full resolutions.]

WHEREAS, the Nominating and Corporate Governance Committee has affirmatively determined that none of the following directors have disclosed any relationship that would disqualify such directors from being found to be independent under the applicable rules of the New York Stock Exchange:

Ezra Uzi Yemin
Frederec Green
Assaf Ginzburg
Avigal Soreq
Mark Smith

(the “Considered Directors”); and 

WHEREAS, that the Nominating and Corporate Governance Committee has recommended that the Board of Directors make a determination as to the independence of each of the Considered Directors under the applicable rules of the New York Stock Exchange;

NOW THEREFORE BE IT RESOLVED, the Board has determined that the Considered Directors have no material relationship with the Company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the Company) and qualify as independent directors pursuant to Section 303A.02 of the NYSE Listed Company Manual.

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Exhibit G
2016 Amendment Resolutions
[Capitalized terms used in the resolution are appropriately defined in the full resolutions.]
RESOLVED that:
(i) effective immediately, the proviso at the end of the second sentence of Bylaw 17 of the Amended and Restated Bylaws of the Company (the “Bylaws”) is hereby amended to replace “2016 Annual Meeting of Stockholders” with “2017 Annual Meeting of Stockholders”; and
(ii) effective immediately, the proviso at the end of the second sentence of Bylaw 27 of the Bylaws is hereby amended to replace “2016 Annual Meeting of Stockholders” with “2017 Annual Meeting of Stockholders”.

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Exhibit H

Director Nominees for the 2016 Annual Meeting

1.    Ron W. Haddock 
2.    Zalman Segal
3.    Ilan Cohen
		
	4.
	David Wiessman

5.    Ezra Uzi Yemin
6.    Assaf Ginzburg
7.    Frederec Green
8.    Avigal Soreq
9.    Mark D. Smith
10.    TBD Independent
11.    TBD Independent

“TBD Independent” means a person who qualifies as an Independent Director submitted to the Independent Nominating Committee by Delek and reasonably acceptable to the Independent Nominating Committee in its good faith judgment to serve as a director of the Company.

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