Document:

Exhibit
10.2

CONFIDENTIAL

As of July 31,
2006

Mr. Thomas E. Fish

110 Corporate Drive, Suite 10

Portsmouth, NH 03801

Dear Tom:

Confirming our recent discussions, we are pleased that you will be
continuing as President of the Anvil Segment (Anvil) of the business of Mueller
Water Products, Inc. (Mueller Water Products or the Company).  The following outlines the terms of your
employment.  This document supersedes all
previous agreements you had with Mueller Water Products or any of its
affiliates, including, Mueller Group, LLC, Anvil International, LP, the
predecessors of either of these entities or any business units of any of them;
and this will be final and binding on the date you sign.

1.                                       You
will serve as President of Anvil, reporting to Dale Smith, the Chief Operating
Officer of Mueller Water Products and Chief Executive Officer of Mueller Group,
LLC.  You will be responsible for the
management of the P&L for the Anvil Segment including managing the business
unit’s growth and return objectives.

2.                                       Your
compensation package will be as follows:

(a)                                  Your
base salary will be $286,000 per year. 
Your salary and performance will be reviewed annually consistent with
the practices of Mueller Water Products and shall be increased each year by an
amount that is at least equal to the greater of (i) four (4%) percent of your
base salary in effect immediately prior to such annual adjustment or
(ii) the product of (A) the cost of living increase (as defined in
the immediately subsequent sentence) and (B) your base salary in effect
immediately prior to such annual adjustment.  The “cost of living increase” shall mean the
difference, expressed as a percentage, between (i) the Consumer Price
Index most recently published by the Bureau of Labor Statistics of the U.S.
Department of Labor, Chicago-Gary-Kenosha, for urban wage earners and clerical
workers, prior to the date of such annual adjustment and (ii) such 

 

 

index as so published at the commencement of the
immediately proceeding twelve-month period.

(b)                                 Effective
October 1, 2005, you will participate in the Mueller Water Products Executive
Incentive Plan (EIP) with a bonus target level of $380,000 to a maximum of 2
times target.  The amount of your
incentive will fluctuate based upon actual performance under the performance
metrics associated with the EIP. Currently these metrics include Consolidated
Net Income, Anvil Segment Operating Income and Anvil Segment RONA (return on
net assets), but metrics are subject to change from time to time. In situations
other than those described in section 3 of this agreement, a bonus will not be
paid or payable in the event you are not employed by the Company on the last
day of the respective fiscal year.

(c)                                  You
will receive a stock award under the Mueller Water Products, Inc. 2006 Stock
Incentive Plan of non-qualified stock options vesting one-third per year over
three years and restricted stock units (RSUs) vesting after seven years
(subject to accelerated vesting), in each case in accordance with the terms of the
Mueller Water Products, Inc. 2006 Stock Incentive Plan. The number of options
and RSUs will be based on the price of the stock when granted and the adjusted
Black-Scholes calculated value.  The
value of your grant is $230,000.  As an
example, if the $230,000 was granted at an average price of $49.00, you would
have received approximately 4,041 non-qualified options and 4,535 restricted
stock units.  The actual number of shares
will be based on the date this agreement is executed.

(d)                                 You
will receive a vehicle allowance of $1,500 per month, subject to usual
withholding taxes.

(e)                                  You
will receive the following additional benefits:

·                  Reimbursement
for all reasonable and customary business-related travel and entertainment
expenses in accordance with the terms of the policy generally applicable to the
executives in the location in which you are primarily based, as it may change
from time to time.

·                  Participation
in the group life and health insurance benefit programs, generally applicable
to executives employed in the location in which you are primarily based, in
accordance with their terms, as they may change from time to time.

·                  Participation
in the Company’s retirement plan, as it may change from time to time and in
accordance with its terms.

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·                  Participation
in the Employee Stock Purchase Plan, as it may change from time to time and in
accordance with its terms.

·                  Eligibility
for five weeks of annual vacation to be used each year in accordance with
policy generally applicable to executives employed in the location in which you
are primarily based, as it may change from time to time.

3.                                    (a)                                     In
the event of your involuntary termination before June 1, 2009, other than for “Cause”
(defined below), or in the event of your Constructive Termination (also defined
below) before June 1, 2009, in each case, other than as a result of death of
disability, you will be entitled to (i) payment of base salary for 18 months, (ii)
payment of an amount equal to your cash bonus for the last completed fiscal
year multiplied by 2.25, ratably paid over 18 months (unless such termination
occurs before your bonus for the 2006 fiscal year is determined, in which case
you will be entitled to your cash bonus for the 2006 fiscal year multiplied by
1.5, ratably paid over 18 months), and (iii) continued participation in
benefits until the earlier of the 18-month anniversary of the termination date
or until you are eligible to receive comparable benefits from subsequent
employment.

(b)                                 In
the event of your involuntary termination on or after June 1, 2009, other than
for Cause, or in the event of your Constructive Termination on or after June 1,
2009, in each case, other than as a result of death of disability, you will be
entitled to (i) payment of base salary for 18 months, (ii) payment of an amount
equal to your cash bonus for the last completed fiscal year multiplied by 1.5, ratably
paid over 18 months, and (iii) continued participation in benefits until the
earlier of the 18-month anniversary of the termination date or until you are
eligible to receive comparable benefits from subsequent employment.

(c)                                  In
the event that your employment is terminated as a result of your death or
disability, you or your heirs or estate, as applicable, will be entitled to
receive your base salary through the end of the Company fiscal year in which
the termination occurs, reimbursement of expenses incurred prior to such
termination and any cash bonus payment payable to you for the fiscal year in
which the termination due to death or disability occurs, prorated through the
date of such termination.

4.                                       You
agree that all inventions, improvements, trade secrets, reports, manuals,
computer programs, systems, tapes and other ideas and materials developed or
invented by you during the period of your employment with the Company, either
solely or in collaboration with others, which relate to the actual or
anticipated business or research of the Company, which result from or are
suggested by any work you may do for the Company, or which result from use of
the Company’s 

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premises or the Company’s or its customers’ property (collectively, the
“Developments”) shall be the sole and exclusive property of the Company.  You hereby assign to the Company your entire
right and interest in any Developments and will hereafter execute any documents
in connection therewith that the Company may reasonably request.  This section does not apply to any inventions
that you made prior to your employment by the Company or any of its
predecessors or affiliates, or to any inventions that you develop entirely on
your own time without using any of the Company’s equipment, supplies,
facilities or the Company’s or its customers’ confidential information and
which do not relate to the Company’s business, anticipated research and
developments or the work you have performed for the Company.

5.                                       Non-Compete/Non-Solicit.
It is understood and agreed that the Company and its subsidiaries
(collectively, the Employer) are in the water transmission products
business.  The nature and methods
employed in the Employer’s business are such that you will have substantial
relationships with specific businesses and personnel, prospective and existing,
vendors, contractors, customers, and employees of the Employer that result in
the creation of customer goodwill. 
Therefore, following the termination of employment under this agreement
for any reason that results in the payment of severance and continuing for a
period of eighteen (18) months from the date of such termination, so long as
the Employer or any affiliate, successor or assigns thereof carries on the name
or like business within the Restricted Area (defined below), including the
states that Mueller Co. Ltd., Mueller Group, LLC and U.S. Pipe operate in as of
the date of your separation, you shall not, directly or indirectly, for yourself
or on behalf of, or in conjunction with, any other person, persons, company,
partnership, corporation, business entity or otherwise:

(a)                                  Call
upon, solicit, write, direct, divert, influence, or accept business (either
directly or indirectly) with respect to any account or customer or prospective
customer of the Employer or any corporation controlling, controlled by, under
common control with, or otherwise related to Employer, including but not
limited to Mueller Co. Ltd., Mueller Group, LLC, U.S. Pipe or any other
affiliated companies; or

(b)                                 Hire
away any independent contractors or personnel of Employer and/or entice any
such persons to leave the employ of Employer or its affiliated entities without
the prior written consent of Employer.

Notwithstanding the foregoing, following the termination of employment
under this agreement for any reason and continuing for a period of twelve (12)
months from the date of such termination, you shall not, directly or
indirectly, for yourself or on behalf of, or in conjunction with, any other
person, persons, company, partnership, corporation, business entity or
otherwise, hire away any independent contractors or personnel of Employer
and/or entice any such persons to leave the 

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employ of Employer or its affiliated entities without the prior written
consent of Employer.

As used in this agreement, the term “Restricted Area” means North
America, Europe and China.

6.                                       Non-Disparagement.  Following the termination of employment under
this agreement for any reason and continuing for so long as the Employer or any
affiliate, successor or assigns thereof carries on the name or like business
within the Restricted Area, you shall not, directly or indirectly, for yourself
or on behalf of, or in conjunction with, any other person, persons, company,
partnership, corporation, business entity or otherwise:

(a)                                  Make
any statements or announcements or permit anyone to make any public statements
or announcements concerning your termination with Employer, or

(b)                                 Make
any statements that are inflammatory, detrimental, slanderous, or negative in
any way to the interests of the Employer or its affiliated entities.

7.                                       In
the event that the Company sells substantially all of the Anvil Segment, on the
date that the closing of such transaction shall occur all of your unvested
equity shall automatically become vested.

8.                                       As
an inducement to the Company to make this offer to you, you represent and
warrant that you are not a party to any agreement or obligation for personal
services and that there exists no impediment or restraint, contractual or
otherwise on your power, right or ability to accept this offer and to perform
the duties and obligations specified herein.

9.                                       You
acknowledge and agree that you will respect and safeguard the Company’s
property, trade secrets and confidential information.  You acknowledge that the Company’s electronic
communication systems (such as email and voicemail) are maintained to assist in
the conduct of the Company’s business and that such systems and data exchanged
or stored thereon are Company property. 
In the event that you leave the employ of the Company, you will not
disclose any trade secrets or confidential information you acquired while an
employee of the Company to any other person or entity, including without limitation,
a subsequent employer, or use such information in any manner.

10.                                 Definitions:

 “Cause” shall mean: (a) material
failure to act in accordance with the reasonable instructions of the Board of
Directors or the President and CEO of the Company, (b) conviction of a felony
arising from any act of fraud, embezzlement or willful 

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dishonesty in relation to the business or affairs of the Company or any
other felonious conduct on your part that is demonstrably detrimental to the
best interests of the Company or any subsidiary or affiliate, (c) being
repeatedly under the influence of illegal drugs or alcohol while performing
your duties, or (d) commission of any other willful act that is demonstrably
injurious to the financial condition or business reputation of the Company or
any subsidiary or affiliate.

“Constructive
Termination” shall mean, without your written consent: (a) a material failure
of the Company to comply with the provisions of this agreement, (b) a material
diminution of your position (including status, offices, title and reporting
relationships), duties or responsibilities, (c) any purported termination of
your employment other than for Cause, or (d) the failure of a successor
corporation to assume the Company’s obligations under this agreement.

For purposes of this agreement, a significant diminution in pay or
responsibility shall not have occurred if: (i) the amount of your bonus
fluctuates due to performance considerations under the EIP or other Company incentive
plan applicable to you and in effect from time to time or (ii) you are
transferred to a position of comparable responsibility and compensation with
Mueller Water Products carrying the title of President or higher, even though
that position may report to an officer who in turn reports to the Chief
Executive Officer.

11.                                 As
discussed, the Company desires to have you, as a senior executive of the
Company, make a meaningful investment in the Company.  In this regard, you have committed to invest
at least $100,000 in the Company’s common stock by the date that is twelve
months after the date of this agreement. The details of how this investment
should be made will need to be determined with input from Vic Patrick, the
Company’s Vice President, Acting General Counsel and Secretary.  Vic can be contacted at 813-871-4120.

12.                                 In the event that any portion of any payment under
this agreement, or under any other agreement with, or plan of the Company (in
the aggregate, Total Payments) would constitute an “excess parachute payment,”
such that a golden parachute excise tax is due, the Company shall provide to
you, in cash, an additional payment in an amount sufficient to cover the full
cost of any excise tax and all of your additional federal, state, and local
income, excise, and employment taxes that arise on this additional payment
(cumulatively, the Full Gross-Up Payment), such that you are in the same
after-tax position as if you had not been subject to the excise tax. For this
purpose, you shall be deemed to be in the highest marginal rate of federal,
state, and local income taxes in the state and locality of your residence on
the date of your termination. This payment shall be made as soon as possible
following the date of your termination, but in no event later than ten (10)
calendar days from such date.  For
purposes of this agreement, the term “excess parachute payment” shall have the
meaning assigned to such term in Section 280G of the Internal Revenue Code, as
amended (the Code), and the term “excise 

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tax” shall mean the tax imposed on such excess
parachute payment pursuant to Sections 280G and 4999 of the Code.

13.                                 It
is agreed and understood that this offer letter, if and when accepted, shall
constitute our entire agreement with respect to the subject matter herein and
shall supersede all prior agreements, discussions, understandings and proposals
(written or oral) relating to your employment with the Company, Mueller Group, LLC
and related business units.

Tom, your signature below
confirms your acceptance of this employment agreement. Please sign one of the
enclosed copies and return it to me in the envelope provided.

	
  

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  /s/ Gregory E.
  Hyland

  
	
   

  	
  Gregory E.
  Hyland

  
	
   

  	
  Chairman,
  President and Chief Executive Officer

  

 

GH:jtp

Enclosures

Agreed and Accepted

	
  /s/ Thomas E. Fish

  	
   

  
	
  Thomas E. Fish

  	
   

  
	
   

  	
   

  
	
  7/31/06

  	
   

  
	
  Date

  	
   

  

 

 7EXHIBIT 10.1

SECOND
AMENDMENT TO  CREDIT AGREEMENT

This Second
Amendment to Credit Agreement (this “Second
Amendment”) is made as of August 2, 2006, by and among GLOBAL
OPERATING LLC, a Delaware limited liability company (“OLLC”),
GLOBAL COMPANIES LLC, a Delaware
limited liability company (“Global”), GLOBAL
MONTELLO GROUP CORP., a Delaware corporation (“Montello”), GLEN HES CORP., a Delaware corporation (“Glen Hes”), CHELSEA
SANDWICH LLC, a Delaware limited liability company (“Sandwich”
and, collectively with OLLC, Global, Glen Hes and Montello, the “Borrowers”
and each a “Borrower”), GLOBAL PARTNERS LP,
a Delaware limited partnership (the “MLP”), GLOBAL GP LLC, a Delaware limited liability company (the “GP”
and, collectively with the MLP, the “Initial
Guarantors and each individually, an “Initial
Guarantor”), each “Lender” (as such term is defined in the Credit Agreement
referred to below) party hereto and Bank of America, N.A. as Administrative
Agent and L/C Issuer (as each such term is defined in the Credit Agreement),
amending certain provisions of that certain Credit Agreement dated as of
October 4, 2005 (as amended and in effect from time to time, the “Credit Agreement”) by and among the Borrowers,
the Initial Guarantors, the Lenders, the Administrative Agent and the L/C
Issuer.  Terms not otherwise defined in
the Credit Agreement shall have the same respective meanings herein as therein.

WHEREAS,
the Loan Parties, the Lenders, the Administrative Agent and the L/C Issuer
desire to amend certain provisions of the Credit Agreement to, among other
things, provide for an increase in the Total WC Revolver Commitment such that
the Total WC Revolver Commitment may, pursuant to the terms and conditions of
the Credit Agreement, be increased to $550,000,000 (from the $450,000,000
amount available prior to giving effect to this Second Amendment), in all cases
as provided more fully herein below;

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

§1.  Amendment to Section 1 of the Credit Agreement.  Section
1.1 of the Credit Agreement is hereby amended as follows:

(a)  The definition of “Borrowing Base” contained
in Section 1.1 of the Credit Agreement is hereby amended by deleting the amount
“$50,000,000” which appears in paragraph (j) of such definition and
substituting in place thereof the amount “$80,000,000”.

(b)  The definition of “Initial WC Revolver Total
Commitment” contained in Section 1.1 of the Credit Agreement is hereby amended
by deleting such definition in its entirety and restating it as follows:

“Initial WC
Revolver Total Commitment” means the Total WC Revolver Commitment as in
effect on July 27, 2006, as the same may be reduced in accordance with the
terms hereof.  On July 27, 2006, the
Initial WC Revolver Total Commitment is $450,000,000.

 1
 

 
  

§2.  Amendment to Section 2 of the Credit Agreement.  Section
2.8(b) of the Credit Agreement is hereby amended by deleting the amount “$450,000,000”
which appears in the first sentence of Section 2.8(b) and substituting in place
thereof the amount “$550,000,000”.

§3.  Amendment to Schedule 2.1 to the Credit Agreement;
Reallocation.  Schedule 2.1 to the Credit
Agreement is hereby amended by deleting Schedule 2.1 in its entirety and
replacing it with the Schedule 2.1 attached hereto.  In addition, the parties hereto hereby
acknowledge and agree that to the extent any WC Revolver Loans, Acquisition
Loans or Revolver Loans, as the case may be, are outstanding on the date on
which this Second Amendment becomes effective, the Lenders with a WC Revolver
Commitment, Acquisition Commitment and Revolver Commitment, as the case may be,
shall make such allocations among themselves such that after giving effect to
this Second Amendment each such Lender’s outstanding WC Revolver Loans,
Acquisition Loans or Revolver Loans, as the case may be, shall not exceed such
Lender’s Applicable Percentage of the Total WC Revolver Commitment, the Total
Acquisition Commitment or the Total Revolver Commitment, as the case may be.

§4.  Conditions to Effectiveness.This Second
Amendment will become effective as of the date hereof upon receipt by the
Administrative Agent of the following:

(a)           the fully-executed original
counterparts of this Second Amendment executed by the Loan Parties, the
Administrative Agent and the Lenders;

(b)           receipt by the Administrative Agent
for the respective accounts of the Lenders of an amendment fee of $5,000 for
each such Lender as required by Section 2.8(d) of the Credit Agreement;

(c)           receipt by the Administrative Agent
of the fees provided for in the fee letter of even date herewith; and

(d)           evidence satisfactory to the
Administrative Agent that all necessary corporate, partnership and limited
liability company action has been taken to approve the transactions
contemplated hereby.

§5. Representations
and Warranties. 
Each of the Loan Parties hereby repeats, on and as of the date hereof, each
of the representations and warranties made by it in Article V of the Credit
Agreement, provided, that all references
therein to the Credit Agreement shall refer to such Credit Agreement as amended
hereby.  In addition, each of the Loan
Parties hereby represents and warrants that the execution and delivery by such
Loan Party of this Second Amendment and the performance by each such Loan Party
of all of its agreements and obligations under the Credit Agreement as amended
hereby and the other Loan Documents to which it is a party are within the
corporate, partnership and/or limited liability company authority of each of
the Loan Parties and have been duly authorized by all necessary corporate,
partnership and/or membership action on the part of each of the Loan Parties.

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§6. Ratification,
Etc.  Except as expressly amended hereby, the
Credit Agreement and all documents, instruments and agreements related thereto,
including, but not limited to the Security Documents, are hereby ratified and
confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Second
Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement or any
related agreement or instrument to the Credit Agreement shall hereafter refer
to the Credit Agreement as amended hereby.

§7. No Waiver.  Nothing contained herein shall constitute a
waiver of, impair or otherwise affect any Obligations, any other obligation of
the Loan Parties or any rights of the Administrative Agent, the L/C Issuer or
the Lenders consequent thereon.

§8. Counterparts.  This Second Amendment may be executed in one
or more counterparts, each of which shall be deemed an original but which
together shall constitute one and the same instrument.

§9. Governing Law.  THIS SECOND AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICT OF LAWS).

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IN
WITNESS WHEREOF, the parties hereto have executed this Second
Amendment as a document under seal as of the date first above written.

	
  

  	
  GLOBAL OPERATING LLC

  
	
   

  	
  By:

  	
  Global Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  Executive Vice President & CFO

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL COMPANIES LLC

  
	
   

  	
  By:

  	
  Global Operating LLC, its sole member

  
	
   

  	
  By:

  	
  Global Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  Executive Vice President & CFO

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL MONTELLO GROUP CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  Executive Vice President & CFO

  
	
   

  	
   

  	
   

  
	
   

  	
  GLEN HES CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  Executive Vice President & CFO

  
	
   

  	
   

  	
   

  
	
   

  	
  CHELSEA SANDWICH LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Global Operating LLC, its sole member

  
	
   

  	
  By:

  	
  Global Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  Executive Vice President & CFO

  
	
   

  	
   

  	
   

  

 

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  BANK OF AMERICA, N.A., as

  Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Todd MacNeill

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as

  a Lender and L/C Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert D. Valbona

  
	
   

  	
   

  	
  Robert D. Valbona, Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  STANDARD CHARTERED BANK, as

  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carolyn Jacobs

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Y. Ng

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A., as 

  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John M. Hariaczyi

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  SOCIETE GENERALE, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Emmanuel Chesneau

  
	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara Paulsen

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  

 

 5
 

 
  

 

	
  

  	
  CITIZENS BANK OF MASSACHUSETTS, 

  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marina Grossi

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  SOVEREIGN BANK, 

  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Lanigan

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  FORTIS CAPITAL CORP.,

  as a Lender

  
	
   

  	
  By:

  	
  /s/ Trond Rokholt

  
	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christina M. Reynolds

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBSTER BANK NATIONAL 

  ASSOCIATION, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ S. O’Brien

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION,

  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin D. Smith

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

 6
 

 
  

 

	
  

  	
  TD BANKNORTH, N.A., 

  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Mercier

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, N.A. 

  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Sweeney

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

 7
 

 
  

 

RATIFICATION OF
GUARANTY

Each of the undersigned guarantors
(each a “Guarantor”) hereby acknowledges and consents to the foregoing Second
Amendment as of August 2, 2006, and agrees that the Guaranty dated as of
October 4, 2005 (as amended and in effect from time to time, the “Guaranty”)
from each of the undersigned Guarantors remains in full force and effect, and
each of the Guarantors confirms and ratifies all of its obligations thereunder.
Notwithstanding anything to the contrary contained herein, the parties thereto
hereby acknowledge, agree and confirm that as of the date hereof, the Guaranty
remains in full force and effect.

	
  

  	
  GLOBAL PARTNERS LP

  
	
   

  	
  By:

  	
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  Executive Vice President & CFO

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  
	
   

  	
  Title:

  	
  Executive Vice President & CFO

  

 

 8

 

SCHEDULE 2.1

COMMITMENTS AND APPLICABLE
PERCENTAGES

	
  Lender

  	
   

  	
  Initial WC

  Revolver

  Commitment

  	
   

  	
  Applicable

  Percentage of the

  Initial WC

  Revolver

  Commitment

  	
   

  	
  WC Revolver

  Commitment 

  after 2.1(a)(ii)

  Increase

  	
   

  	
  Applicable

  Percentage of the

  Total WC

  Revolver

  Commitment

  after increase

  pursuant to

  Section 2.1(a)(ii)

  	
   

  	
  WC Revolver

  Commitment

  after

  2.1(a)(iii)

  Increase

  	
   

  	
  Applicable

  Percentage of the

  Total WC

  Revolver

  Commitment 

  after increase

  pursuant to

  Section 2.1(a)(iii)

  	
   

  	
  Acquisition

  Commitment

  	
   

  	
  Revolver

  Commitment

  	
   

  	
  Applicable

  Percentage of 

  Acquisition

  Commitment

  and Revolver

  Commitment

  	
   

  
	
  Bank
  of America, N.A.

  	
   

  	
  $

  	
  59,531,250

  	
   

  	
  13.229166667

  	
  %

  	
  $

  	
  66,145,833

  	
   

  	
  13.229166667

  	
  %

  	
  $

  	
  72,760,416

  	
   

  	
  13.229166667

  	
  %

  	
  $

  	
  4,630,209

  	
   

  	
  $

  	
  1,984,375

  	
   

  	
  13.229166667

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JPMorgan
  Chase Bank, N.A.

  	
   

  	
  $

  	
  51,562,500

  	
   

  	
  11.458333333

  	
  %

  	
  $

  	
  57,291,667

  	
   

  	
  11.458333333

  	
  %

  	
  $

  	
  63,020,834

  	
   

  	
  11.458333333

  	
  %

  	
  $

  	
  4,010,416

  	
   

  	
  $

  	
  1,718,750

  	
   

  	
  11.458333333

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Societe
  Generale

  	
   

  	
  $

  	
  56,250,000

  	
   

  	
  12.500000000

  	
  %

  	
  $

  	
  62,500,000

  	
   

  	
  12.500000000

  	
  %

  	
  $

  	
  68,750,000

  	
   

  	
  12.500000000

  	
  %

  	
  $

  	
  4,375,000

  	
   

  	
  $

  	
  1,875,000

  	
   

  	
  12.500000000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Standard
  Chartered Bank

  	
   

  	
  $

  	
  54,375,000

  	
   

  	
  12.083333333

  	
  %

  	
  $

  	
  60,416,667

  	
   

  	
  12.083333333

  	
  %

  	
  $

  	
  66,458,334

  	
   

  	
  12.083333333

  	
  %

  	
  $

  	
  4,229,166

  	
   

  	
  $

  	
  1,812,500

  	
   

  	
  12.083333333

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Citizens
  Bank of Massachusetts

  	
   

  	
  $

  	
  56,250,000

  	
   

  	
  12.500000000

  	
  %

  	
  $

  	
  62,500,000

  	
   

  	
  12.500000000

  	
  %

  	
  $

  	
  68,750,000

  	
   

  	
  12.500000000

  	
  %

  	
  $

  	
  4,375,000

  	
   

  	
  $

  	
  1,875,000

  	
   

  	
  12.500000000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fortis
  Capital Corp.

  	
   

  	
  $

  	
  37,500,000

  	
   

  	
  8.333333333

  	
  %

  	
  $

  	
  41,666,666

  	
   

  	
  8.333333333

  	
  %

  	
  $

  	
  45,833,333

  	
   

  	
  8.333333333

  	
  %

  	
  $

  	
  2,916,667

  	
   

  	
  $

  	
  1,250,000

  	
   

  	
  8.333333333

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sovereign
  Bank

  	
   

  	
  $

  	
  40,781,250

  	
   

  	
  9.062500000

  	
  %

  	
  $

  	
  45,312,500

  	
   

  	
  9.062500000

  	
  %

  	
  $

  	
  49,843,750

  	
   

  	
  9.062500000

  	
  %

  	
  $

  	
  3,171,875

  	
   

  	
  $

  	
  1,359,375

  	
   

  	
  9.062500000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  KeyBank
  National Association

  	
   

  	
  $

  	
  37,500,000

  	
   

  	
  8.333333333

  	
  %

  	
  $

  	
  41,666,667

  	
   

  	
  8.333333333

  	
  %

  	
  $

  	
  45,833,333

  	
   

  	
  8.333333333

  	
  %

  	
  $

  	
  2,916,667

  	
   

  	
  $

  	
  1,250,000

  	
   

  	
  8.333333333

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Webster
  Bank National Association

  	
   

  	
  $

  	
  18,750,000

  	
   

  	
  4.166666667

  	
  %

  	
  $

  	
  20,833,333

  	
   

  	
  4.166666667

  	
  %

  	
  $

  	
  22,916,666

  	
   

  	
  4.166666667

  	
  %

  	
  $

  	
  1,458,334

  	
   

  	
  $

  	
  625,000

  	
   

  	
  4.166666667

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TD
  BankNorth, N.A.

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  3.333333333

  	
  %

  	
  $

  	
  16,666,667

  	
   

  	
  3.333333333

  	
  %

  	
  $

  	
  18,333,334

  	
   

  	
  3.333333333

  	
  %

  	
  $

  	
  1,166,666

  	
   

  	
  $

  	
  500,000

  	
   

  	
  3.333333333

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wells
  Fargo Bank, N.A.

  	
   

  	
  $

  	
  22,500,000

  	
   

  	
  5.000000000

  	
  %

  	
  $

  	
  25,000,000

  	
   

  	
  5.000000000

  	
  %

  	
  $

  	
  27,500,000

  	
   

  	
  5.000000000

  	
  %

  	
  $

  	
  1,750,000

  	
   

  	
  $

  	
  750,000

  	
   

  	
  5.000000000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  450,000,000

  	
   

  	
  100

  	
  %

  	
  $

  	
  500,000,000

  	
   

  	
  100

  	
  %

  	
  $

  	
  550,000,000

  	
   

  	
  100

  	
  %

  	
  $

  	
  35,000,000

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  100

  	
  %

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]