Document:

Exhibit

Exhibit 10.28

TRANSPORTATION AND LOGISTICS AGREEMENT
This Transportation and Logistics Agreement (“Agreement”), dated June 24, 2015, is made and entered into by and between Bridger Marketing, LLC (hereinafter designated as “Marketing”) and Bridger Logistics, LLC (hereinafter designated as “Carrier”).  Marketing and Carrier are sometimes referred to herein solely as a “Party,” or collectively as the “Parties.”
WHEREAS, Marketing requires transportation and logistics services for the movement of Crude Petroleum from one or more Receipt Point(s) to one or more Delivery Point(s) by truck transportation, pipeline terminals, pipelines, rail transportation and marine movements;
WHEREAS, Carrier (or its subsidiary or contractor) is engaged in the business of transporting Crude Petroleum and providing related logistics services and expertise with respect to such transportation; and
WHEREAS, certain capitalized terms used in this Agreement are defined in Section 24.
NOW, THEREFORE, Marketing desires to use Carrier’s Services and expertise, and Carrier desires to provide such Services and expertise to Marketing, in each case subject to the following terms and conditions and (with respect to any specific Services) the applicable Statement of Work.
		
	1.
	TERM

The term of this Agreement shall become effective on the date hereof and terminate on the tenth (10th) anniversary hereof, unless otherwise expressly specified in this Agreement or terminated earlier by mutual written agreement between the Parties.  Termination or expiration of this Agreement will not relieve any Party from any obligation accruing, or accrued, prior to the date of such termination, and notwithstanding any such termination or expiration each Party will continue to be bound by the provisions of this Agreement that reasonably require some action or forbearance after such termination or expiration, including those related to confidentiality, indemnities, addresses for giving notice, governing law and audit rights.
		
	2.
	EXCLUSIVITY; RIGHT OF FIRST OFFER

		
	(a)
	For purposes of this Agreement, “Services” means any transportation and logistics services (including transportation and logistics services by truck, pipeline terminal, pipeline, rail and/or marine assets) for any Crude Petroleum with respect to any Marketing Arrangements.  Services shall be deemed to include transportation and logistics services indirectly provided to Marketing in connection with exchange agreements or buy/sell transactions between Marketing and a third party in which Marketing sells Crude Petroleum to a third party and then purchases Crude Petroleum from the same third party, with the price differential reflecting the cost of transportation and logistics along the mode of transport between the sale and purchase.  Notwithstanding the foregoing, any sales (including by means of an exchange) of Crude Petroleum by Marketing to third parties where the sale is for the sole purpose of marketing or credit, rather than for transportation of such Crude Petroleum, shall not be considered Services.

		
	(b)
	For purposes of this Agreement, “Marketing Arrangements” means any arrangement to which Marketing or any of its Affiliates is a party pursuant to which Crude Petroleum is marketed, traded or owned by Marketing or any of its Affiliates in the United States; provided that arrangements in which Crude Petroleum is owned by or sold to others and with respect to which Marketing has no right or ability to cause or permit Services to be rendered with respect thereto by Carrier shall not be deemed Marketing Arrangements.

		
	(c)
	Exclusivity Provision.  During the term of this Agreement, Marketing agrees that Carrier will be the sole and exclusive provider of Services with respect to any Marketing Arrangements for Crude Petroleum that Carrier then has sufficient and proper assets and personnel to perform such Services required to be provided hereunder.

		
	(d)
	[***]

		
	(e)
	ROFO for Non-Offered Services. If Carrier does not then have sufficient and proper assets and personnel to perform any particular Services, Marketing shall not engage or contract (or enter into any other arrangement or agreement) with any other Person to provide such Services with respect to any Marketing Arrangements without first strictly complying with this Section 2(e). 

		
	(i)
	Marketing shall provide to Carrier written notice (a “ROFO Notice”) of such proposed new Marketing Arrangement and the proposed Services with respect thereto, which notice shall include a reasonably detailed description thereof, including the proposed commencement, term, price and volume for such proposed Services and specific information regarding the nature and quality of Crude Petroleum for which such proposed Services are contemplated and the region in which such Services are to be performed.

		
	(ii)
	If, within five (5) days following the date of its receipt of a ROFO Notice (the “ROFO Discussion Period”), Carrier delivers written notice (a “ROFO Agreement Notice”) to Marketing that it will provide the Services proposed within the ROFO Notice, then the Parties will use commercially reasonable efforts to execute and deliver a Statement of Work covering such Services promptly but no event later than ten (10) days after the delivery of such notice to Marketing.

		
	(iii)
	If Carrier does not deliver a ROFO Agreement Notice to Marketing before the end of the ROFO Discussion Period, then Marketing shall be permitted, during the thirty (30) days immediately succeeding the ROFO Discussion Period, to enter into a written contract with a Person other than Carrier (a “Substitute Provider”) of Services with respect to such new Marketing Arrangement; provided, however, that Marketing shall not enter into any arrangement or agreement with any Substitute Provider if such arrangement or agreement is on terms more favorable to the Substitute Provider than those set forth in the ROFO Notice. If Marketing enters into any arrangement or agreement with a Substitute Provider, Marketing shall disclose in writing to Carrier the identity of such Substitute Provider and provide Carrier such details of the arrangement or agreement as Carrier may reasonably request (it being agreed that any request relating to the price terms, volume terms, and duration of any arrangement or agreement are details that are reasonable for Carrier to request), all of which Carrier agrees to keep confidential using such confidentiality restrictions that are no less restrictive than those Carrier uses to protect its own confidential information.

		
	(iv)
	With respect to any ROFO Notice where Carrier has not delivered a ROFO Agreement Notice before the end of the ROFO Discussion Period, if Marketing does not enter into a written contract with a Substitute Provider for Services with respect to such new Marketing Arrangement within the thirty (30) day-period immediately succeeding the ROFO Discussion Period, then Carrier shall not engage or contract (or enter into any other arrangement or agreement) with any other Person to provide Services with respect to such New Marketing Arrangement without first strictly complying again with this Section 2(e).

Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.

		
	3.
	RECEIPT/DELIVERY OF CRUDE PETROLEUM

With respect to any specific Services to be provided hereunder, Carrier’s obligations hereunder shall be contingent upon the execution and delivery by both Parties of one or more Statements of Work
 substantially in the form attached as Exhibit A (each, a “Statement of Work”) specifying, among other things, each receipt point applicable to such Services (the “Receipt Point(s)”), each delivery point applicable to such Services (the “Delivery Point(s)”), the rate(s) applicable to such Services and the term therefor.  Pursuant to the terms of each effective Statement of Work, Carrier shall, load, unload, handle and transport (including services by truck, pipeline terminals, pipelines, rail and marine transportation) Crude Petroleum from the applicable Receipt Point(s) to the applicable Delivery Point(s) as may be tendered for transportation by or on behalf of Marketing. Carrier shall provide (or shall cause to be provided) the proper and necessary equipment to perform Services under this Agreement and each applicable Statement of Work.
		
	4.
	FACILITY ACCESS

In connection with Carrier (or its Affiliate or contractor) performing Services hereunder, Marketing shall provide Carrier (or its Affiliate or contractor) with any necessary access to facilities belonging to Marketing, its Affiliates and/or the facilities of third parties.  Carrier shall cause its employees or agents to comply with all the terms, provisions, rules, regulations and instructions supplied by the owner or operator of any such facility in the loading, unloading or transportation of Crude Petroleum or its equipment.  Each Party agrees that its agents and employees will comply with all known safety regulations of the other when such agents or employees are on the premises of the other in connection with the performance of this Agreement.  Marketing shall have no liability or responsibility for delay, detention, or demurrage; provided, however, that if delay, detention, or demurrage is incurred at loading as a result of the acts or omissions of Marketing or its Affiliate, Marketing will pay Carrier the actual, out-of-pocket demurrage charges incurred by Carrier.
		
	5.
	PERMITS/COMPLIANCE WITH LAWS

Carrier shall be responsible for securing, at Carrier’s cost, any permits and operating authorities’ consents necessary for the Services provided by or on behalf of Carrier hereunder.  Each Party agrees to comply with all Applicable Laws.  Each Party agrees that all financial settlements, billings and reports rendered to the other Party as provided for in this Agreement will, to the best of its knowledge, reflect properly the facts about all activities and transactions related to this Agreement.
		
	6.
	MEASUREMENT

To the extent the services provided to Marketing hereunder involve the measurement of Crude Petroleum, Carrier warrants to Marketing that Carrier’s activities related to the measurement of Crude Petroleum hereunder, whether involving measurements of Crude Petroleum purchased by Marketing at the “lease level” or otherwise, shall be conducted:  (i) in a manner that results in accurate measurements; (ii) in accordance with applicable industry standards (including the then-current version of the Manual of Petroleum Measurement Standards as published by the American Petroleum Institute (“API”)) or, to the extent Marketing notifies Carrier of same, in accordance with other standards specifically agreed to by Marketing and the lease operator or other seller of the Crude Petroleum in question; and (iii) in accordance with all applicable laws, regulations and other governmental requirements.  Ticket, manifest, and invoice quantity shall be based on API tank gauging measurement procedures.  Each Party, upon such Party’s reasonable request, shall be entitled to review, audit or otherwise monitor the other Party’s measurement activities hereunder and any documents relating thereto, and each Party agrees to reasonably cooperate with the requesting Party in the course of any such review, audit or monitoring.

		
	7.
	TITLE/LOSSES

Title to the Crude Petroleum tendered by or on behalf of Marketing to Carrier for Services will remain with Marketing at all times, subject to any lien created under Applicable Law.  Carrier may, in its sole but reasonable discretion, reject any Crude Petroleum, when made available to Carrier for Services by or on behalf of Marketing, which may be involved in litigation, the title of which may be in dispute, or which may be encumbered by a lien or charge of any kind (except for customary encumbrances arising under a joint operating agreement or Applicable Law), and Carrier may require that Marketing either provide (i) satisfactory evidence of Marketing’s good, marketable and unencumbered title (other than customary encumbrances arising under a joint operating agreement or Applicable Laws, or any lien created under any obligation of Marketing for borrowed money), or (ii) a reasonably satisfactory indemnity bond to protect Carrier.  Crude Petroleum gains and losses resulting from Services will be allocated as Loss Allowance (defined below) in accordance with this Agreement.
		
	8.
	PAYMENT OBLIGATION

Exhibit B sets forth the applicable rates that Marketing shall be charged for the Services provided by Carrier hereunder as of the date hereof, except to the extent set forth to the contrary in any applicable Statement of Work.  Each month, Carrier shall deliver to Marketing, by email or facsimile, an invoice for the Services rendered during the previous month.  Marketing shall pay each such invoice by the later of the 20th day of the applicable month or the 10th day following the date such invoice was delivered to Marketing.  If the due date for payment falls on a Saturday or a New York bank holiday other than a Monday, payment shall be due on the immediately preceding New York banking day.  If the due date for payment falls on a Sunday or Monday New York bank holiday, payment shall be due on the next succeeding New York banking day.
		
	9.
	INSURANCE/TAXES

Carrier shall maintain (or cause to be maintained) insurance as required by Applicable Law.  During the term of this Agreement, any taxes assessed by any governmental authority upon or as a result of the ownership, loading, unloading, transportation or delivery of any of Marketing’s Crude Petroleum or the Services provided by Carrier to Marketing hereunder, shall be borne and paid by Marketing, except to the extent any such taxes are required under applicable law to be paid by Carrier, in which case, such taxes shall be paid by Carrier and reimbursed by Marketing.  The above notwithstanding, Carrier shall remain liable for and Marketing shall have no obligation to reimburse Carrier for (a) any taxes imposed on or calculated based upon net profits, gross or net income, profit margin or gross receipts of Carrier, (b) any taxes measured by capital value or net worth of Carrier, or (c) any ad valorem or personal property taxes on the equipment used by Carrier in performing the Services hereunder.
		
	10.
	RELATIONSHIP OF THE PARTIES

In the performance of any Services hereunder, Carrier conclusively shall be deemed an independent contractor, with the right and authority to direct and control all work being performed by the employees, contractors, agents or representatives of Carrier.  Carrier shall be permitted to engage owner-operators and subcontractors to perform all or a portion of the Services hereunder.  Any such owner-operator and subcontractor shall for purposes of this Agreement be considered to be acting on behalf of and as an agent for Carrier at all times in connection with this Agreement.  Carrier is responsible for ensuring all owner-operators and subcontractors are compliant with all terms and conditions of this Agreement.  All costs incurred in Carrier’s performance of the Agreement including payroll, fuel, tolls, and depreciation shall be borne by Carrier.  Marketing shall provide coordinates of load origination and unload destination and Carrier shall determine routing and resulting transit 

mileage.  Marketing shall be responsible for all obligations and liabilities for the payment of all persons due any proceeds derived from Marketing’s Crude Petroleum transported under this Agreement, including, without limitation, royalties, overriding royalties and similar interests.
		
	11.
	INDEMNIFICATION; LIMITATION OF LIABILITY

		
	(a)
	Except as otherwise expressly provided in this Agreement (including elsewhere in this Section 11), each Party (the “Indemnifying Party”) will be responsible for, and will release, indemnify, defend, and hold harmless the other Party (the “Indemnified Party”) and its Indemnified Group from and against any and all Losses based on the personal injury or death of any person or damage to property to the extent caused by or resulting from the negligence, gross negligence, or willful misconduct on the part of the Indemnifying Party, its employees, agents, or contractors in the performance of its obligations under this Agreement.

		
	(b)
	Notwithstanding anything to the contrary in this Agreement, each Party’s liability for Losses hereunder is limited to direct, actual damages only, and no Party or its Group shall be liable to any Person for specific performance, consequential damages, indirect damages, incidental damages, exemplary damages, or special damages, loss of profits, loss of product or production, business interruptions, or punitive damages arising out of or resulting from this Agreement (including from the performance, suspension of performance, failure to perform, or termination of the services contemplated hereby), even if caused in whole or in part by the negligence, fault, or strict liability of a Party or its employees, agents, or contractors.  CARRIER SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR EXPRESS WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

		
	(c)
	Notwithstanding anything in this Agreement to the contrary, Carrier in possession of Crude Petroleum shall not be liable for any loss thereof, damage thereto, or delay, in each case, caused by Force Majeure, any default of Marketing, or from any other cause not attributable to the negligence of Carrier.

		
	(d)
	Any liability associated with contaminated, non-conforming or hazardous Crude Petroleum or disposal of any contaminated, non-conforming or hazardous Crude Petroleum shall be borne solely by Marketing.  Carrier’s acceptance of, or failure to reject, Crude Petroleum tendered for services at any Receipt Point shall not be deemed to be a waiver by Carrier of Marketing’s obligations or liability regarding compliance with the provisions of this Agreement.  If, upon investigation, Carrier determines that any Crude Petroleum delivered by or on behalf of Marketing does not conform to the requisite quality specifications, or if the Crude Petroleum delivered by or on behalf of Marketing contains contaminated or hazardous substances, which (in Carrier’s opinion) may materially affect the quality of Crude Petroleum or Carrier’s operations, Marketing will be liable for the cost of Carrier’s investigation in addition to other remedies specified in this Agreement.

		
	12.
	FORCE MAJEURE

		
	(a)
	Neither Party shall be liable to the other Party for failure to perform any of its obligations under this Agreement, except the obligation to make monetary payments due hereunder or each Party’s indemnification obligations as set forth in this Agreement, to the extent such performance is hindered, delayed, or prevented by Force Majeure.  “Force Majeure" shall mean causes, conditions, events, or circumstances affecting either Party, either Party’s facilities, upstream facilities or transporters, or downstream facilities or transporters, which are beyond the reasonable control of the Party claiming Force Majeure.  Such causes, conditions, events, and circumstances shall include acts of God, wars (declared or undeclared), insurrections, hostilities, strikes, lockouts, riots, floods, fires, storms, storm warnings, industrial or labor disturbances, acts of the public enemy, acts of terrorism, local or national disruptions to transportation networks or operations, 

sabotage, blockades, insurrections, epidemics, landslides, lightning, earthquakes, washouts, arrests and restraints of rulers and peoples, civil disturbances, fuel shortages, explosions, breakage or accidents to machinery or lines of pipe, hydrate obstruction or blockages of any kind of lines of pipe, adverse operating conditions on any Party’s facilities or on any upstream or downstream facilities, repairs, improvements, replacement of or alterations to plants, lines of pipe or related facilities, inability of either Party to obtain necessary machinery, materials, permits, easements or rights-of-way on reasonable terms, freezing of a well or delivery facility, the act of any Governmental Authority prohibiting a Party from discharging its obligations under this Agreement or resulting in diminutions in service and conduct.  Inability of a Party to be profitable or to secure funds, arrange bank loans or other financing, obtain credit or (other than for reasons of Force Majeure) have adequate capacity on downstream facilities or transporters shall not be regarded as an event of Force Majeure.

		
	(b)
	If by reason of Force Majeure either Party is rendered unable, wholly or in part, to carry out its obligations under this Agreement, it is agreed that upon such Party giving notice in full particulars of such Force Majeure in writing or by other electronic means to the other Party within a reasonable time after the occurrence of the cause relied on, the Party giving such notice, so far as and to the extent that it is affected by such Force Majeure, will not be liable in damages during the continuance of any inability so caused, but for no longer period, and such cause will so far as possible be remedied with all reasonable dispatch.

		
	(c)
	A Party claiming Force Majeure shall use commercially reasonable efforts to remove the cause, condition, event, or circumstance of such Force Majeure, shall promptly give written notice to the other Party of the termination of such Force Majeure, and shall resume performance of any suspended obligation as soon as reasonably possible after termination of such Force Majeure. The foregoing sentence shall not require the settlement of strikes, lockouts, or other labor difficulty by the Party claiming Force Majeure.

		
	13.
	NOTICE OF CLAIMS

Except as may be otherwise expressly provided herein, as a condition precedent to recovery from Carrier for loss, damage, or delay to shipments, any claim must be filed in writing with Carrier within nine months after delivery of the Crude Petroleum, or, in case of failure to make delivery, then within nine months after a reasonable time for delivery has elapsed (or, in each case, if longer, nine months after Marketing discovered, or after the exercise of reasonable diligence should have discovered, such loss, damage or delay); and any suit arising out of any such claim shall be instituted against Carrier within one year from the day when notice in writing is given by Carrier to the claimant that Carrier has disallowed the claim or any part or parts thereof specified in the notice.  Where any claim is not filed or any suit is not instituted thereon in accordance with the foregoing provisions, Carrier shall not be liable therefor and such claim will not be paid.
		
	14.
	RECORDS

Each Party shall have the right, at its own expense, upon thirty (30) days written notice and during reasonable working hours to perform an audit of the other Party’s books and records (“Audit”) no more often than once in any calendar year.  A Party performing an Audit shall have the right to obtain access to and copies of the relevant portion of such books and records which shall be considered Confidential Information hereunder and includes, but is not limited to, financial information, reports, charts, calculations, measurement data, allocation support, third party support, telephone recordings, and electronic communications of the other Party to the extent reasonably necessary and available to verify performance under the terms and conditions of this Agreement, including the accuracy of any statement, allocation, charge, payment calculation, or determination made pursuant to the 

provisions contained in this Agreement for or during any calendar year within the thirty-six (36) month period preceding the calendar year in which the Audit occurs.  For the avoidance of doubt, with respect to books and records related to Services Carrier provides to third parties to the extent required to be disclosed hereunder, Carrier shall only be required to provide Marketing with summary records that provide volume, rate and quality information relating to Services Carrier provides to such third parties to the extent that such information is required to determine compliance with this Agreement, but which exclude such third parties’ names or other personal or confidential information.  The Party subject to the Audit shall respond to all exceptions and claims of discrepancies within 90 days of receipt thereof.  Except as otherwise provided in Section ý13, the accuracy of any statement, allocation, charge, payment calculation, or determination made pursuant to the provisions of this Agreement shall be conclusively presumed to be correct after the end of the thirty-six (36) month period next following the end of the calendar year in which the statement, allocation, charge, payment calculation, or determination was generated or prepared, if not challenged (claimed) in writing prior thereto.  Except as otherwise provided in Section ý13, each Party agrees that all claims and rights to adjustments are irrevocably waived and released unless a claim is made in writing within the thirty-six (36) month period next following the end of the calendar year in which the statement, allocation, charge, payment calculation, or determination was generated or prepared, notwithstanding any longer period that may be permitted by any applicable statute of limitations or other applicable law.
		
	15.
	ENTIRE AGREEMENT

This Agreement constitutes the complete and entire agreement between the Parties and incorporates all of their prior negotiations, discussions and understandings with respect to the subject matter herein.  Although there may be other written contracts between the Parties, there are no private understandings or side agreements between the Parties relating to their respective rights and duties under this Agreement.  This Agreement may be executed by the Parties in separate counterparts and all such counterparts shall together constitute one and the same instrument.  In the event that any signature is delivered by e-mail or facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or the Party on whose behalf the signature is executed) the same with the same force and effect as if such e-mail or facsimile signature page were an original thereof.
		
	16.
	ASSIGNMENT

This Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the Parties; provided that neither this Agreement, nor any interest therein, shall be assigned, transferred, or conveyed by Marketing or Carrier, in whole or in part, without the prior written consent of the other, which consent shall not be unreasonably withheld, conditioned or delayed, except that (a) Carrier may pledge or assign its rights and interests in this Agreement to any lender as security in connection with any financing transaction for the benefit of itself or any of its affiliates and (b) Carrier may assign its rights and interests in this Agreement to an Affiliate of Carrier.  Any purported assignment in violation of the foregoing shall be null and void.
		
	17.
	RULES/CLASSIFICATIONS

All Services provided hereunder shall be governed by and subject to Applicable Law.  To the extent permitted by Applicable Law, in the event of a conflict between the terms, conditions and provision of any bill of lading or Applicable Law and this Agreement, the terms of this Agreement shall govern.
		
	18.
	CONFIDENTIALITY; RESTRICTIVE COVENANTS

The Parties agree that any confidential, proprietary or non-public material information communicated to or received by a Party from the other Party in connection herewith is confidential (with respect to such receiving Party, “Confidential Information”) and each receiving Party shall (i) hold such Confidential Information in confidence, exercising a degree of care not less than the care used by 

each respective Party to protect its own proprietary or confidential information, (ii) restrict disclosure of such Confidential Information solely to those of its and its affiliates’ directors, officers, employees, contractors, legal advisors and consultants with a “need to know” and not to disclose it to any other Person, (iii) advise those Persons to whom such Confidential Information is disclosed of their confidentiality and use obligations hereunder, and (iv) use such Confidential Information for the sole purpose of meeting obligations contained herein; provided, however, that either Party or its affiliates may make any public disclosure that it believes in good faith is required by applicable law or any listing or trading agreement applicable to or concerning it or its affiliates or to any of their publicly traded securities.  The Parties acknowledge that in the event of an unauthorized disclosure, the damages incurred by a Party due to the disclosure may be difficult to ascertain, and that such damaged Party may seek injunctive relief as well as monetary damages against a Party that breaches this Agreement and causes such damages.  In the event of a conflict between this Agreement and the terms of any confidentiality agreement or other similar agreement between the Parties, the terms, conditions and provisions of this Agreement related to confidentiality or nondisclosure shall control.  The provisions of this section shall survive the expiration or termination of this Agreement.
During the first four (4) years of the term of this Agreement, Marketing covenants and agrees that it shall not, directly or indirectly, whether through its respective Affiliates, representatives, agents or otherwise, provide any services to any Person in the United States that are or may be competitive with the services that Carrier provides or has provided to Marketing under this Agreement.  Marketing agrees that the restrictions on its activities contemplated by the foregoing are reasonable in light of the commercial relationship Marketing has with Carrier, and Marketing’s access to the Confidential Information of Carrier.
		
	19.
	CHOICE OF LAW; WAIVER OF JURY TRIAL

This Agreement shall be governed by and interpreted in accordance with the laws of the State of Texas (without regard to any principles of conflicts of laws which would direct application of the substantive laws of another jurisdiction). In the event of a dispute over the meaning or application of this Agreement, it shall be construed fairly and reasonably and neither more strongly for nor against any Party.
TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE PARTIES HEREBY WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY IN ANY ACTION WHATSOEVER BETWEEN OR AMONG THEM RELATING TO THIS AGREEMENT AND THAT SUCH ACTIONS WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.
		
	20.
	ADDITIONAL TERMS

No waiver by either party hereto of a breach of an obligation owed hereunder by the other party shall be construed as a waiver of any other breach, whether of the same or a different nature.  Any provision hereof which is legally unenforceable shall be ineffective only to the extent of such unenforceability without thereby invalidating the remaining provisions hereof or affecting the validity of enforceability of this Agreement as a whole.

This Agreement shall not be modified or amended except by written instrument duly executed by officers or other duly authorized representatives of the respective parties.  Any notice required under this Agreement must be in writing and shall be effective upon receipt or refusal of delivery service to the party’s business address as set forth in this Agreement.
		
	21.
	REPRESENTATIONS AND WARRANTIES

Marketing represents and warrants to Carrier as follows: (a) Marketing is duly organized, validly existing and in good standing under the Laws of the State of Louisiana; (b) the execution, delivery and performance of this Agreement and all documents required to be executed and delivered by Marketing in connection herewith, and the performance of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary limited liability company or similar action on the part of Marketing; (c) this Agreement has been duly executed and delivered by or on behalf of Marketing (and all documents required hereunder to be executed and delivered by Marketing in connection herewith will be duly executed and delivered by Marketing) and this Agreement (assuming that this Agreement constitutes the legal, valid and binding obligation of Carrier) constitutes, and at the time of their execution such documents will constitute, the valid and binding obligations of Marketing, enforceable in accordance with their terms except as such enforceability may be limited by applicable bankruptcy or other similar laws affecting the rights and remedies of creditors generally, as well as by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (d) the execution, delivery and performance of this Agreement and all documents required to be executed and delivered by Marketing and the transactions contemplated herein and therein, will not (i) violate any provision of the organizational documents of Marketing, (ii) result in default (with due notice or lapse of time or both) or the creation of any lien, encumbrance or adverse claim or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, license or agreement to which Marketing is a party, (iii) violate any judgment, order, ruling or decree applicable to Marketing as a party in interest, or (iv) violate any laws applicable to Marketing.
Carrier represents and warrants to Marketing as follows: (a) Carrier is duly organized, validly existing and in good standing under the Laws of the State of Louisiana; (b) the execution, delivery and performance of this Agreement and all documents required to be executed and delivered by Seller in connection herewith, and the performance of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary limited liability company or similar action on the part of Carrier; (c) this Agreement has been duly executed and delivered by or on behalf of Carrier (and all documents required hereunder to be executed and delivered by Carrier in connection herewith will be duly executed and delivered by Carrier) and this Agreement (assuming that this Agreement constitutes the legal, valid and binding obligation of Marketing) constitutes, and at the time of their execution such documents will constitute, the valid and binding obligations of Carrier, enforceable in accordance with their terms except as such enforceability may be limited by applicable bankruptcy or other similar laws affecting the rights and remedies of creditors generally, as well as by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); and (d) the execution, delivery and performance of this Agreement and all documents required to be executed and delivered by Carrier and the transactions contemplated herein and therein, will not (i) violate any provision of the organizational documents of Carrier, (ii) result in default (with due notice or lapse of time or both) or the creation of any lien, encumbrance or adverse claim or give rise to any right of termination, cancellation or acceleration under any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, license or agreement to which Carrier is a party, (iii) violate any judgment, order, ruling or decree applicable to Carrier as a party in interest, or (iv) violate any laws applicable to Carrier.

The representations and warranties in this Section 21 shall survive the execution, delivery, and performance of this Agreement. 
		
	22.
	SEVERABILITY

Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but, if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision or portion of any provision in such jurisdiction applying such law, and this Agreement shall be reformed, construed and enforced in such jurisdiction in such manner as will effect as nearly as lawfully possible the purposes and intent of such invalid, illegal or unenforceable provision.
		
	23.
	CERTAIN ADDITIONAL OBLIGATIONS OF MARKETING

[***]
[***]
Marketing acknowledges and agrees that the Monroe TLA contemplates certain obligations on behalf of Marketing in connection with the transactions contemplated therein. Accordingly, Marketing agrees to fulfil all obligations contemplated under the Monroe TLA that, pursuant to the terms thereof, are contemplated as obligations of Marketing.
Marketing agrees that it shall not, without Carrier’s prior written consent thereto, amend or modify any term or condition of the COSA or take any action in connection with the COSA, in each case, the result of which could cause and adverse effect on Carrier.
		
	24.
	CERTAIN DEFINED TERMS

The following terms shall have the following meanings in this Agreement:
“Affiliate” means, with respect to any relevant Person, any other Person controlling, controlled by, or under common control with, such relevant Person, where “control” (and its derivatives) means the ability, directly or indirectly, through one or more intermediaries, to direct or cause the direction of the management and policies of such relevant Person, whether through the ownership or control of voting securities or interest, by contract, or otherwise. 
“Applicable Law” means the laws, rules, regulations, decrees, and orders of the United States of America and all other Governmental Authorities having jurisdiction, whether such Laws now exist or hereafter come into effect.
“COSA” means the Amended and Restated Crude Oil Supply Agreement entered into on May 26, 2015, by and between Bridger Marketing, LLC and Monroe Energy LLC.
“Crude Petroleum” means crude oil and condensate.
Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any entity or administrative authority, agency, court, tribunal, commission, board or bureau exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to any nation or government.
“Indemnified Group” means, with respect to any Party in its capacity as an Indemnified Party, its officers, directors, employees, agents, contractors, subcontractors, and other representatives 
“Loss” means any loss, expense, liability, obligation, damage, demand, suit, sanction, claim, settlement, judgment, lien, civil fine, civil penalty, interest, or cost, of every kind and character (including reasonable fees and expenses of attorneys, technical experts, and expert witnesses reasonably incident to same). 
“Monroe TLA” means that certain Transportation and Logistics Services Agreement made and entered into on May 26, 2015, by and between Bridger Logistics, LLC and Monroe.
“Person” means any individual or entity, including any corporation, limited liability company, partnership (general or limited), joint venture, agency, association, joint stock company, trust, organization, Governmental Authority, or other entity.
		
	25.
	INTERPRETATION

The table of contents and headings in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any provisions hereof.  When a reference is made in this Agreement to a Section, subsection, paragraph, clause, or Exhibit or, such reference shall be to a Section, subsection, paragraph or clause of, or an Exhibit to, this Agreement unless otherwise indicated.  Whenever the word “include,” “includes” or “including” is used in this Agreement, they shall be deemed to be followed by the words “without limitation.”  The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.  All terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.  The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term.  All references to “$” or dollar amounts shall be to lawful currency of the United States of America.  Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.  References to any Person are also to its permitted successors and assigns.  Unless specifically provided for herein, the term “or” shall not be deemed to be exclusive.  The word “extent” in the phrase “to the extent” means the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”. All references to the defined term “Hydrocarbons” shall mean Crude Petroleum, natural gas, casinghead gas, drip gasoline, natural gasoline, petroleum, natural gas liquids, condensate, products, liquids and other hydrocarbons.

The undersigned parties hereto hereby agree to the terms of this Transportation Logistics Agreement, effective as of the date first written above.
	
					
	BRIDGER MARKETING, LLC
By: Bridger, LLC, its Manager
	 
	BRIDGER LOGISTICS, LLC
By: Bridger, LLC, its Manager

	By:
	/s/ James H. Ballengee
	 
	By:
	/s/ Julio E. Rios II

	Name:
	James H. Ballengee
	 
	Name:
	Julio E. Rios II

	Title:
	Chief Executive Officer
	 
	Title:
	Chief Executive Officer

EXHIBIT A

STATEMENT OF WORK
This Statement of Work dated as of _________, _________ (the “Statement of Work”), is between Bridger Logistics, LLC (“CARRIER”) and Bridger Marketing, LLC (“MARKETING”).  All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Transportation and Logistics Agreement to provide Services (the “TLA”), dated as of May [__], 2015, between CARRIER and MARKETING.
This Statement of Work is hereby incorporated into and made part of the TLA.
Pursuant to the terms of the TLA, and for good and valuable consideration, the adequacy and receipt of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:
		
	1.
	GENERAL TERMS

1.1.This is a Statement of Work under the TLA and is subject to all of the terms of the TLA.  In the event of any conflict between the terms of this Statement of Work and any terms of the TLA, the TLA’s terms shall control.  Notwithstanding the foregoing, if a provision of this Statement of Work specifically references a provision in the TLA and provides that the provision of this Statement of Work shall control in the event of a conflict, then such provision in this Statement of Work shall control with respect to the Services under this Statement of Work.
1.2.The term (“Term”) of this Statement of Work shall commence on ____________ (the “Effective Date”) and shall expire upon the earlier of (i) ________ or (ii) _________. In addition, either CARRIER or MARKETING may terminate this Statement as Work as follows: ___________________.
1.3.This Statement of Work may be executed in any number of counterparts by the parties hereto and delivered in person or transmitted by facsimile, electronic communication in portable document format (.pdf), or similar transmission, each of which, when so executed and delivered, shall be deemed an original, but such counterparts shall together constitute but one and the same Statement of Work.

2.SERVICES PROVIDED
2.1.Listed below are descriptions and/or specifications of the Services to be performed.
Summary of Services
	
					
	RECEIPT POINT(S)
	EST. BARRELS PER DAY
	RATE ($/Barrel)

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

2.2.Listed below is the name and address of an authorized representative for each of CARRIER and MARKETING.

	
					
	CARRIER Authorized Representative
	 
	MARKETING Authorized Representative

	Name:
	 
	 
	Name:
	 

	Address:
	 
	 
	Address:
	 

	 
	 
	 

	Telephone:
	 
	 
	Telephone:
	 

	Fax:
	 
	 
	Fax:
	 

2.3.All Services performed pursuant to this Statement of Work shall be performed at the rates set forth above.  In addition to the rates set forth above, additional charges may also apply with respect to the Services as specified in the Rate Schedule (as amended, supplemented or modified from time to time) which is included as Exhibit C to the TLA.

CARRIER shall be authorized to commence the Services described in this Statement of Work once this Statement of Work is signed and delivered by MARKETING and CARRIER.

IN WITNESS WHEREOF, the parties have executed this Statement of Work as of __________________, _____ by their duly authorized representatives.
	
			
	CARRIER
	 
	MARKETING

	BRIDGER LOGISTICS, LLC
	 
	BRIDGER MARKETING, LLC

	By:
Name:
Title:
	 
	By:
Name:
Title:

Exhibit B
Rate Schedule 
($ per barrel)

		
	1.
	Truck Transportation Rates

		
	a.
	North Dakota (attached)

		
	b.
	Louisiana / Texas (attached)

		
	c.
	DJ Basin (attached)

		
	2.
	Pipeline Terminals

		
	a.
	North Dakota Pipeline System terminals

		
	i.
	[***]

		
	ii.
	[***]

		
	b.
	Karnack terminal

		
	i.
	[***]

		
	c.
	LaBarge terminal

		
	i.
	[***]

		
	d.
	Permian terminals

		
	i.
	[***]

		
	ii.
	[***]

		
	3.
	Pipelines

		
	a.
	NDPL Pipeline Shipper Management

		
	i.
	[***]

		
	ii.
	[***]

		
	b.
	Platte Pipeline Shipper Management

		
	i.
	[***]

		
	c.
	Cline Shale Pipeline Shipper Management

		
	i.
	[***]

		
	d.
	Bridger Lake

		
	i.
	[***]

		
	4.
	Rail Terminals

		
	a.
	North Dakota rail terminals

		
	i.
	Berthold Rail Terminal

		
	1.
	[***]

		
	2.
	[***]

		
	3.
	[***]

		
	4.
	[***]

Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.

		
	ii.
	Van Hook Rail Terminal

		
	1.
	[***]

		
	2.
	[***]

		
	3.
	[***]

		
	4.
	[***]

		
	iii.
	Pioneer Rail Terminal

		
	1.
	[***]

		
	2.
	[***]

		
	3.
	[***]

		
	4.
	[***]

		
	*
	[***]

Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.

	
		
	 
	Trucking Rates Prepared
Exclusively for
Bridger Marketing, LLC

	
	
	Region:  North Dakota
Effective Date:  OCTOBER 1, 2013*
*Rates are subject to change upon 30 days' notice

	
											
	Loaded Miles
	Rate
	 
	Loaded Miles
	Rates
	 
	Loaded Miles
	Rates

	1
	5
	[***]
	 
	151
	155
	[***]
	 
	301
	305
	[***]

	6
	10
	[***]
	 
	156
	160
	[***]
	 
	306
	310
	[***]

	11
	15
	[***]
	 
	161
	165
	[***]
	 
	311
	315
	[***]

	16
	20
	[***]
	 
	166
	170
	[***]
	 
	316
	320
	[***]

	21
	25
	[***]
	 
	171
	175
	[***]
	 
	321
	325
	[***]

	26
	30
	[***]
	 
	176
	180
	[***]
	 
	326
	330
	[***]

	31
	35
	[***]
	 
	181
	185
	[***]
	 
	331
	335
	[***]

	36
	40
	[***]
	 
	186
	190
	[***]
	 
	336
	340
	[***]

	41
	45
	[***]
	 
	191
	195
	[***]
	 
	341
	345
	[***]

	46
	50
	[***]
	 
	196
	200
	[***]
	 
	346
	350
	[***]

	51
	55
	[***]
	 
	201
	205
	[***]
	 
	351
	355
	[***]

	56
	60
	[***]
	 
	206
	210
	[***]
	 
	356
	360
	[***]

	61
	65
	[***]
	 
	211
	215
	[***]
	 
	361
	365
	[***]

	66
	70
	[***]
	 
	216
	220
	[***]
	 
	366
	370
	[***]

	71
	75
	[***]
	 
	221
	225
	[***]
	 
	371
	375
	[***]

	76
	80
	[***]
	 
	226
	230
	[***]
	 
	376
	380
	[***]

	81
	85
	[***]
	 
	231
	235
	[***]
	 
	381
	385
	[***]

	86
	90
	[***]
	 
	236
	240
	[***]
	 
	386
	390
	[***]

	91
	95
	[***]
	 
	241
	245
	[***]
	 
	391
	395
	[***]

	96
	100
	[***]
	 
	246
	250
	[***]
	 
	396
	400
	[***]

	101
	105
	[***]
	 
	251
	255
	[***]
	 
	401
	405
	[***]

	106
	110
	[***]
	 
	256
	260
	[***]
	 
	406
	410
	[***]

	111
	115
	[***]
	 
	261
	265
	[***]
	 
	411
	415
	[***]

	116
	120
	[***]
	 
	266
	270
	[***]
	 
	416
	420
	[***]

	121
	125
	[***]
	 
	271
	275
	[***]
	 
	421
	425
	[***]

	126
	130
	[***]
	 
	276
	280
	[***]
	 
	426
	430
	[***]

	131
	135
	[***]
	 
	281
	285
	[***]
	 
	431
	435
	[***]

	136
	140
	[***]
	 
	286
	290
	[***]
	 
	436
	440
	[***]

	141
	145
	[***]
	 
	291
	295
	[***]
	 
	441
	445
	[***]

	146
	150
	[***]
	 
	296
	300
	[***]
	 
	446
	450
	[***]

	
	
	Above rates are based on retail diesel @$[***]/gallon - If retail diesel exceeds $[***]/gallon, see fuel surcharge calculation below
Fuel Surcharge (FSC) Reimbursement = Gallons x FSC Reimbursement Rate
Gallons = Loaded Miles x 2 / Fuel Mileage per Gallon (which is set at 3.0)
FSC Reimbursement Rate = [***]
Wait Time = After first hour of Wait Time, $[***] per hour for each subsequent hour of Wait Time
Rejects = Upon submission of Carrier-numbered reject run ticket, $[***]
Splits Loads = $[***] per run that involves Split Loads (as defined in the ICOA)
Minimum Barrels = [***] netted barrels
Chain Up = $[***]

/s/ Jeremy H. Gamboa                                    10/1/13    
Jeremy H. Gamboa                                         Date
     EVP & COO

Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.

CONFIDENTIAL
	
		
	 
	Trucking Rates Prepared
Exclusively for
Bridger Marketing, LLC

	
	
	Region:  DJ Basin
Effective Date:  February 1, 2015*
*Rates are subject to change upon 30 days' notice

	
											
	Loaded Miles
	Rate
	 
	Loaded Miles
	Rates
	 
	Loaded Miles
	Rates

	1
	5
	[***]
	 
	151
	155
	[***]
	 
	301
	305
	[***]

	6
	10
	[***]
	 
	156
	160
	[***]
	 
	306
	310
	[***]

	11
	15
	[***]
	 
	161
	165
	[***]
	 
	311
	315
	[***]

	16
	20
	[***]
	 
	166
	170
	[***]
	 
	316
	320
	[***]

	21
	25
	[***]
	 
	171
	175
	[***]
	 
	321
	325
	[***]

	26
	30
	[***]
	 
	176
	180
	[***]
	 
	326
	330
	[***]

	31
	35
	[***]
	 
	181
	185
	[***]
	 
	331
	335
	[***]

	36
	40
	[***]
	 
	186
	190
	[***]
	 
	336
	340
	[***]

	41
	45
	[***]
	 
	191
	195
	[***]
	 
	341
	345
	[***]

	46
	50
	[***]
	 
	196
	200
	[***]
	 
	346
	350
	[***]

	51
	55
	[***]
	 
	201
	205
	[***]
	 
	351
	355
	[***]

	56
	60
	[***]
	 
	206
	210
	[***]
	 
	356
	360
	[***]

	61
	65
	[***]
	 
	211
	215
	[***]
	 
	361
	365
	[***]

	66
	70
	[***]
	 
	216
	220
	[***]
	 
	366
	370
	[***]

	71
	75
	[***]
	 
	221
	225
	[***]
	 
	371
	375
	[***]

	76
	80
	[***]
	 
	226
	230
	[***]
	 
	376
	380
	[***]

	81
	85
	[***]
	 
	231
	235
	[***]
	 
	381
	385
	[***]

	86
	90
	[***]
	 
	236
	240
	[***]
	 
	386
	390
	[***]

	91
	95
	[***]
	 
	241
	245
	[***]
	 
	391
	395
	[***]

	96
	100
	[***]
	 
	246
	250
	[***]
	 
	396
	400
	[***]

	101
	105
	[***]
	 
	251
	255
	[***]
	 
	401
	405
	[***]

	106
	110
	[***]
	 
	256
	260
	[***]
	 
	406
	410
	[***]

	111
	115
	[***]
	 
	261
	265
	[***]
	 
	411
	415
	[***]

	116
	120
	[***]
	 
	266
	270
	[***]
	 
	416
	420
	[***]

	121
	125
	[***]
	 
	271
	275
	[***]
	 
	421
	425
	[***]

	126
	130
	[***]
	 
	276
	280
	[***]
	 
	426
	430
	[***]

	131
	135
	[***]
	 
	281
	285
	[***]
	 
	431
	435
	[***]

	136
	140
	[***]
	 
	286
	290
	[***]
	 
	436
	440
	[***]

	141
	145
	[***]
	 
	291
	295
	[***]
	 
	441
	445
	[***]

	146
	150
	[***]
	 
	296
	300
	[***]
	 
	446
	450
	[***]

	
	
	Above rates are based on retail diesel @ $[***]/gallon - If retail diesel exceeds $[***]/gallon, see fuel surcharge calculation below
Fuel Surcharge (FSC) Reimbursement = Gallons x FSC Reimbursement Rate
Gallons = Loaded Miles x 2 / Fuel Mileage per Gallon (which is set at 3)
FSC Reimbursement Rate = [***]
Wait Time = After first hour of Wait Time, $[***] per hour for each subsequent hour of Wait Time
Rejects = Upon submission of Carrier-numbered reject run ticket, $[***]
Splits Loads = $[***] per run that involves Split Loads
Minimum Barrels = [***] netted barrels
Chain Up = $[***]

/s/ Jeremy H. Gamboa                            2/24/15        
Jeremy H. Gamboa                                Date
     EVP & COO

Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.

	
		
	 
	Customer Rate Sheet
Bridger TX/LA Rates

	
	
	Region:  LA/TX/OK
Effective Date:  October 1, 2013*
*Rates are subject to change upon 30 days' notice

	
															
	Loaded Miles
	Rate
	 
	Loaded Miles
	Rates
	 
	Loaded Miles
	Rates
	 
	Loaded Miles
	Rates

	1
	5
	[***]
	 
	151
	155
	[***]
	 
	301
	305
	[***]
	 
	451
	455
	[***]

	6
	10
	[***]
	 
	156
	160
	[***]
	 
	306
	310
	[***]
	 
	456
	460
	[***]

	11
	15
	[***]
	 
	161
	165
	[***]
	 
	311
	315
	[***]
	 
	461
	465
	[***]

	16
	20
	[***]
	 
	166
	170
	[***]
	 
	316
	320
	[***]
	 
	466
	470
	[***]

	21
	25
	[***]
	 
	171
	175
	[***]
	 
	321
	325
	[***]
	 
	471
	475
	[***]

	26
	30
	[***]
	 
	176
	180
	[***]
	 
	326
	330
	[***]
	 
	476
	480
	[***]

	31
	35
	[***]
	 
	181
	185
	[***]
	 
	331
	335
	[***]
	 
	481
	485
	[***]

	36
	40
	[***]
	 
	186
	190
	[***]
	 
	336
	340
	[***]
	 
	486
	490
	[***]

	41
	45
	[***]
	 
	191
	195
	[***]
	 
	341
	345
	[***]
	 
	491
	495
	[***]

	46
	50
	[***]
	 
	196
	200
	[***]
	 
	346
	350
	[***]
	 
	496
	500
	[***]

	51
	55
	[***]
	 
	201
	205
	[***]
	 
	351
	355
	[***]
	 
	501
	505
	[***]

	56
	60
	[***]
	 
	206
	210
	[***]
	 
	356
	360
	[***]
	 
	506
	510
	[***]

	61
	65
	[***]
	 
	211
	215
	[***]
	 
	361
	365
	[***]
	 
	511
	515
	[***]

	66
	70
	[***]
	 
	216
	220
	[***]
	 
	366
	370
	[***]
	 
	516
	520
	[***]

	71
	75
	[***]
	 
	221
	225
	[***]
	 
	371
	375
	[***]
	 
	521
	525
	[***]

	76
	80
	[***]
	 
	226
	230
	[***]
	 
	376
	380
	[***]
	 
	526
	530
	[***]

	81
	85
	[***]
	 
	231
	235
	[***]
	 
	381
	385
	[***]
	 
	531
	535
	[***]

	86
	90
	[***]
	 
	236
	240
	[***]
	 
	386
	390
	[***]
	 
	536
	540
	[***]

	91
	95
	[***]
	 
	241
	245
	[***]
	 
	391
	395
	[***]
	 
	541
	545
	[***]

	96
	100
	[***]
	 
	246
	250
	[***]
	 
	396
	400
	[***]
	 
	546
	550
	[***]

	101
	105
	[***]
	 
	251
	255
	[***]
	 
	401
	405
	[***]
	 
	551
	555
	[***]

	106
	110
	[***]
	 
	256
	260
	[***]
	 
	406
	410
	[***]
	 
	556
	560
	[***]

	111
	115
	[***]
	 
	261
	265
	[***]
	 
	411
	415
	[***]
	 
	561
	565
	[***]

	116
	120
	[***]
	 
	266
	270
	[***]
	 
	416
	420
	[***]
	 
	566
	570
	[***]

	121
	125
	[***]
	 
	271
	275
	[***]
	 
	421
	425
	[***]
	 
	571
	575
	[***]

	126
	130
	[***]
	 
	276
	280
	[***]
	 
	426
	430
	[***]
	 
	576
	580
	[***]

	131
	135
	[***]
	 
	281
	285
	[***]
	 
	431
	435
	[***]
	 
	581
	585
	[***]

	136
	140
	[***]
	 
	286
	290
	[***]
	 
	436
	440
	[***]
	 
	586
	590
	[***]

	141
	145
	[***]
	 
	291
	295
	[***]
	 
	441
	445
	[***]
	 
	591
	595
	[***]

	146
	150
	[***]
	 
	296
	300
	[***]
	 
	446
	450
	[***]
	 
	596
	600
	[***]

	
	
	Fuel Surcharge (FSC) Reimbursement = Gallons x FSC Reimbursement Rate
Gallons = Loaded Miles x 2 / Fuel Mileage per Gallon (which is 4.5)
FSC Reimbursement Rate = [***]
Wait Time = After first hour of Wait Time, $[***] per hour for each subsequent hour of Wait Time
Rejects = Upon submission of Carrier-numbered reject run ticket, $[***]
Splits Loads = $[***] per run that involves Split Loads
Minimum Barrels = [***]  netted barrels

Use for the following for Bridger Invoice:

	
			
	Whiting TX
	 
	TX Loads

	Pioneer
	 
	Apace

	Endeavor
	 
	Mewborne

	Prism
	 
	Bridger Station

Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.

EXHIBIT C

Certain Agreements

[***]

Confidential information has been omitted and separately filed with the Securities and Exchange Commission.  [***] indicates that confidential treatment has been requested with respect to this omitted information.Exhibit 10.6

 

WAIVER EXTENSION

OF REQUIRED LENDERS AND ADMINISTRATIVE AGENT

 

THIS
WAIVER EXTENSION OF REQUIRED LENDERS AND ADMINISTRATIVE AGENT (this “Waiver”), dated as of August 28,
2015, is executed and delivered by the Administrative Agent, each of the Lender signatories hereto (collectively, the “Required
Lenders”), Campus Crest Communities Operating Partnership, LP, a Delaware limited partnership (the “Borrower”),
Campus Crest Communities, Inc., a Maryland corporation (the “Parent Guarantor”) and the entities listed
on the signature pages hereof as the subsidiary guarantors (together with any Additional Guarantors (as defined in the Credit Agreement
(as hereinafter defined)) acceding thereto pursuant to Section 5.01(j) or 7.05 of the Credit Agreement, as amended hereby,
the “Subsidiary Guarantors” and, together with the Parent Guarantor, the “Guarantors”)
in connection with and pursuant to that certain Second Amended and Restated Credit Agreement dated as of January 8, 2013 (the “Original
Credit Agreement”), as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated
as of February 22, 2013 (the “First Amendment”) and by that Second Amendment to Second Amended and Restated
Credit Agreement dated as of February 25, 2015 (the “Second Amendment”; and the Original Credit Agreement,
as amended by the First Amendment and the Second Amendment and as further amended, amended and restated, supplemented and/or modified
and in effect from time to time, the “Credit Agreement”; capitalized terms used herein but undefined
shall have the respective meanings ascribed to them in the Credit Agreement or, if not therein defined, the respective meanings
ascribed to them in the May 2015 Waiver (as defined below)) among the Borrower; the Parent Guarantor; the Subsidiary Guarantors;
the banks, financial institutions and other institutional lenders listed on the signature pages thereof as the initial lenders
(the “Initial Lenders”); the Swing Line Bank; Citibank, N.A. (“Citibank”),
as the initial issuer of Letters of Credit (the “Initial Issuing Bank”); and Citibank, as administrative
agent (together with any successor administrative agent appointed pursuant to Article VIII, the “Administrative
Agent”) for the Lender Parties.

 

WITNESSETH:

 

WHEREAS, the Required
Lenders hold more than fifty and 00/100 percent (50.00%) of the sum of (a) the aggregate unpaid principal amount of the Advances
currently outstanding, (b) the aggregate Available Amount of all Letters of Credit currently outstanding, and (c) the aggregate
Unused Revolving Credit Commitments currently in effect;

 

WHEREAS, the Administrative
Agent, the Required Lenders, the Borrower and the Guarantors entered into that certain Waiver of Required Lenders and Administrative
Agent dated as of May 15, 2015 (the “May 2015 Waiver”) whereby certain reporting deadlines under the
Credit Agreement were extended as more particularly set forth therein and subject to the terms thereof (the “Extended
Reporting Dates”); and

 

WHEREAS, pursuant to
the request of the Parent Guarantor, the Required Lenders and the Administrative Agent hereby wish to grant to the Parent Guarantor
a further extension of certain of the Extended Reporting Dates, on the terms and subject to the conditions described herein.

 

NOW, THEREFORE, the
parties hereto hereby agree as follows:

 

1.          Notwithstanding
anything to the contrary in the Credit Agreement or the May 2015 Waiver, the Required Lenders and the Administrative Agent hereby
agree that, for purposes of the calendar quarter ending in June 2015, (a) the Borrower shall deliver quarterly financials for such
quarter in accordance with Section 5.03(c) of the Credit Agreement not later than September 30, 2015, and (b) the Borrower shall
deliver the quarterly Borrowing Base Certificate for such quarter in accordance with clause (i) of Section 5.03(d) of the Credit
Agreement not later than September 30, 2015.

 

     

     

    

 

2.          In
consideration of the waiver extension granted in Section 1 above, and notwithstanding any provision in the Credit Agreement to
the contrary, the Borrower agrees as follows:

 

(a)         From
and after the date of the execution and delivery of this Waiver by the Borrower (the “Execution Date”),
until all Lenders otherwise agree, the Borrower will not request any Advance or any issuance of a Letter of Credit under Article
II of the Credit Agreement; provided, however, that Letter of Credit Advances with respect to any Letters of Credit
that have been issued and remain outstanding as of the Execution Date shall be permitted.

 

(b)        If
on or prior to September 30, 2015 the Parent Guarantor (or a Subsidiary thereof) has not entered into a purchase agreement or a
merger agreement setting forth the terms and conditions whereby all of the Equity Interests in the Parent Guarantor, or all or
substantially all of the assets of the Parent Guarantor, would be sold (a “Sale Agreement”) pursuant
to the proposed transaction disclosed by the Parent Guarantor during its earnings call held on July 16, 2015 (the “Proposed
Sale Transaction”) to the purchaser (or a subsidiary thereof) with whom the Parent Guarantor has been discussing
the Proposed Sale Transaction, or an alternative purchaser approved by the Board of Directors of the Parent Guarantor (in either
case, the “Proposed Purchaser”), then commencing on September 30, 2015 and on the thirtieth (30th)
day of each calendar month thereafter, the Borrower shall prepay an aggregate amount of the Term Loan, the Revolving Credit Advances
comprising part of the same Borrowings, the Swing Line Advances and the Letter of Credit Advances in an aggregate amount equal
to all of the Unrestricted Cash (as defined below), if any, of the Parent Guarantor and its Subsidiaries on such date. To the extent
that the Unrestricted Cash of the Parent Guarantor and its Subsidiaries on such date exceeds the aggregate outstanding amount of
the Term Loan, the Revolving Credit Advances, the Swing Line Advances and the Letter of Credit Advances, then the Borrower shall
make a deposit into the L/C Cash Collateral Account in an amount equal to such excess. Amounts prepaid pursuant to this clause
(b) shall be applied in accordance with Section 2.06(b)(iii) of the Loan Agreement and shall not be refundable once paid. The Borrower’s
obligation to make such prepayments shall terminate on the date that a Sale Agreement is entered into by the Parent Guarantor (or
a Subsidiary of the Parent Guarantor) and the Proposed Purchaser in connection with the Proposed Sale Transaction. For purposes
hereof, “Unrestricted Cash” means, on any date of determination, the difference (if positive) of (i)
Cash and Cash Equivalents that are not on such date subject to any pledge, lien or control agreement, less the (ii) the sum of
(x) $15,000,000 and (y) amounts that as of such date have been placed with third parties as deposits or security for contractual
obligations.

 

(c)        If
on or prior to November 15, 2015 the Parent Guarantor (or a Subsidiary thereof) has not entered into a Sale Agreement, then the
Borrower and the Parent Guarantor will provide (or cause to be provided) on such date to the Administrative Agent, for the benefit
of the Lender Parties, first priority perfected security interests in the Equity Interests in each Subsidiary Guarantor to secure
the Obligations of the Loan Parties under the Loan Documents, pursuant to pledge and security agreements in form and substance
reasonably satisfactory to the Administrative Agent, together with opinions of counsel to the Loan Parties with respect to the
enforceability of such pledge agreements and the perfection of the security interests created thereby, in each case form and substance
reasonably satisfactory to the Administrative Agent.

 

3.          For
the avoidance of doubt, the parties hereto confirm that the Relief Period (as defined in the Second Amendment) includes the Test
Date occurring on September 30, 2015, notwithstanding that the financial reports with respect to such Test Date shall be delivered
after such date pursuant to Section 5.03(c) of the Credit Agreement.

 

4.          The
Borrower agrees that it shall pay to the Administrative Agent a waiver fee, due and payable on the earlier of (a) the date of closing
of the Proposed Sale Transaction and (b) December 31, 2015, equal to 0.10% of the sum of the outstanding principal amount of the
Advances, as of the date hereof, of those Lenders that have executed and delivered to the Administrative Agent a signature page
to this Waiver, which fee shall be for the ratable benefit of such Lenders.

 

     

     

    

 

5.          This
Waiver shall constitute one of the Loan Documents.

 

6.          Each
Loan Party hereby represents and warrants that as of the date hereof and after giving effect to this Waiver, (x) the representations
and warranties contained in each Loan Document are true and correct in all material respects (except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date) and (y)
to the best of its knowledge, no Event of Default has occurred and is continuing, and no Event of Default will occur as a result
of the execution, delivery and performance by the Loan Parties of this Waiver.

 

7.          Except
as expressly and specifically provided in Section 1 above of this Waiver, the execution, delivery and effectiveness of this Waiver
shall not operate as a waiver of any right, power or remedy of the Initial Lenders, the Administrative Agent, Citibank or the Initial
Issuing Bank under the Loan Documents, or any other documents, instruments or agreement executed and/or delivered in connection
therewith.

 

8.          Each
Loan Party acknowledges that, except as expressly and specifically provided in this Waiver, nothing herein shall be construed to
waive any covenant (including financial) or other provision of the Loan Documents, or obligation of such Loan Party under any Loan
Document.

 

9.          Each
Loan Party hereby ratifies and confirms as of the date hereof that all of the terms, covenants, indemnifications and provisions
of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect without change except as otherwise
expressly waived by this Waiver.

 

10.        This
Waiver shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

 

11.        This
Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart to this Waiver by facsimile, .pdf or other electronic means of communication shall be effective as delivery
of a manually executed counterpart of this Waiver.

 

[SIGNATURE PAGES FOLLOW]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Waiver to be duly executed by their duly authorized representatives, all as of the day and year first above written.

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	CITIBANK, N.A.
	 	 
	 	By:	/s/ Michael Chlopak
	 	 	Name:  Michael Chlopak
	 	 	Title:    Vice President
	 	 
	 	REQUIRED LENDERS:
	 	 
	 	CITIBANK, N.A.
	 	 	 
	 	By:	/s/ Michael Chlopak
	 	 	Name:  Michael Chlopak
	 	 	Title:    Vice President

 

[Signatures continue on next page]

 

     

     

    

 

	 	BARCLAYS BANK PLC
	 	 	 
	 	By:	/s/ Luke Syme
	 	 	Name:  Luke Syme
	 	 	Title:    Assistant Vice President

 

[Signatures continue on next
page]

 

     

     

    

 

	 	RAYMOND JAMES BANK, N.A.
	 	 	 
	 	By:	/s/ H. Fred Coble, Jr.
	 	 	Name:  H. Fred Coble, Jr.
	 	 	Title:    Senior Vice President

 

[Signatures continue on next page]

 

     

     

    

 

	 	ROYAL BANK OF CANADA
	 	 	 
	 	By:	/s/ Rina Kansagra
	 	 	Name:  Rina Kansagra
	 	 	Title:    Authorized Signatory

 

[Signatures continue on next page]

 

     

     

    

 

	 	BANK OF AMERICA, N.A.
	 	 	 
	 	By:	/s/ Kurt Mathison
	 	 	Name:  Kurt Mathison
	 	 	Title:    SVP

 

[Signatures continue on next page]

 

     

     

    

 

	 	BANK OF THE WEST,
	 	a California banking corporation
	 	 	 
	 	By:	/s/ Jeffrey C. Jones
	 	 	Name:  Jeffrey C. Jones
	 	 	Title:    Managing Director
	 	 	 
	 	By:	/s/ Chuck Weerasooriya
	 	 	Name:  Chuck Weerasooriya
	 	 	Title:    Managing Director
	 	 	 

 

[Signatures continue on next page]

 

     

     

    

 

	 	COMPASS BANK
	 	 	 
	 	By:	/s/ Brian Tuerff
	 	 	Name:  Brian Tuerff
	 	 	Title:    Senior Vice-President

 

[Signatures continue on next page]

 

     

     

    

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Kevin S. Christman
	 	 	Name:  Kevin S. Christman
	 	 	Title:    Senior Vice-President

 

[Signatures continue on next page]

 

     

     

    

 

	 	NATIONAL BANK OF ARIZONA,
	 	a national banking association
	 	 	 
	 	By:	/s/ Mark Stebbings
	 	 	Name:  Mark Stebbings
	 	 	Title:    Executive Vice-President

 

[Signatures continue on next page]

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Andrew T. White
	 	 	Name:  Andrew T. White
	 	 	Title:    Senior Vice-President

 

[Signatures continue on next page]

 

     

     

    

 

	 	CITIZENS BANK OF PENNSYLVANIA
	 	 	 
	 	By:	/s/ Diane Mullan-Cromwell
	 	 	Name:  Diane Mullan-Cromwell
	 	 	Title:    Senior Vice-President

 

[Signatures continue on next page]

 

     

     

    

 

	 	BORROWER:
	 	 
	 	CAMPUS CREST COMMUNITIES OPERATING
	 	PARTNERSHIP, LP
	 	 
	 	By:	Campus Crest Communities GP, LLC,
	 	 	Its General Partner
	 	 	 
	 	 	By:	Campus Crest Communities, Inc.
	 	 	 	Its Sole Member

 

	 	 	 	By:	/s/ John Makuch
	 	 	 	 	Name:  John Makuch
	 	 	 	 	Title:  Chief Financial Officer

 

	 	PARENT GUARANTOR:
	 	 
	 	CAMPUS CREST COMMUNITIES, INC.
	 	 	 
	 	By:	/s/ John Makuch
	 	 	Name:  John Makuch
	 	 	Title:    Chief Financial Officer

 

[Signatures continue on next page]

 

     

     

    

 

	 	SUBSIDIARY GUARANTORS:  
	 	 
	 	CAMPUS CREST AT STEPHENVILLE, LP
	 	CAMPUS CREST AT LUBBOCK, LP
	 	CAMPUS CREST AT WACO, LP
	 	CAMPUS CREST AT SAN MARCOS, LP
	 	CAMPUS CREST AT ABILENE, LP
	 	CAMPUS CREST AT NACOGDOCHES II, LP

 

	 	By:	Campus Crest GP II, LLC
	 	 	General Partner of each of the above limited partnerships
	 	 	 
	 	By: 	Campus Crest Properties, LLC
	 	 	Its Manager

 

	 	By:	/s/ Aaron S. Halfacre
	 	 	Name:  Aaron S. Halfacre
	 	 	Title:    Manager

 

[Signatures continue on next page]

 

     

     

    

 

	 	CAMPUS CREST AT CHENEY, LLC
	 	CAMPUS CREST AT TROY, LLC
	 	CAMPUS CREST AT MURFREESBORO, LLC
	 	CAMPUS CREST STEPHENVILLE LESSOR, LLC
	 	CAMPUS CREST WACO LESSOR, LLC
	 	CAMPUS CREST CHENEY LESSOR, LLC
	 	CAMPUS CREST TROY LESSOR, LLC
	 	CAMPUS CREST MURFREESBORO LESSOR, LLC
	 	CAMPUS CREST AT MOBILE PHASE II, LLC
	 	CAMPUS CREST AT MOBILE, LLC
	 	CAMPUS CREST AT AMES, LLC
	 	CAMPUS CREST AT FORT WAYNE, LLC
	 	CAMPUS CREST AT MOSCOW, LLC
	 	CAMPUS CREST AT VALDOSTA, LLC
	 	CAMPUS CREST AT TOLEDO I, LLC
	 	CAMPUS CREST AT FLAGSTAFF II, LLC
	 	CAMPUS CREST AT AUBURN, LLC
	 	CAMPUS CREST AT FLAGSTAFF, LLC
	 	CAMPUS CREST AT MT. PLEASANT, LLC
	 	CAMPUS CREST AT ORONO, LLC

 

	 	By:	Campus Crest Properties, LLC
	 	 	Manager of each of the above limited liability companies

 

	 	By:	/s/ Aaron S. Halfacre
	 	 	Name:  Aaron S. Halfacre
	 	 	Title:    Manager

 

[Signatures continue on next page]

 

     

     

    

 

	 	CAMPUS CREST AT HUNTSVILLE I, LP
	 	 	 
	 	By:	Campus Crest at Huntsville I GP, LLC
	 	 	Its General Partner
	 	 	 
	 	By: 	Campus Crest Properties, LLC
	 	 	Its Manager

 

	 	By:	/s/ Aaron S. Halfacre
	 	 	Name:  Aaron S. Halfacre
	 	 	Title:    Manager

 

[Signatures continue on next page]

 

     

     

    

 

	 	COPPER BEECH TOWNHOME COMMUNITIES SEVENTEEN, LLC
	 	COPPER BEECH TOWNHOME COMMUNITIES THIRTY FIVE, LLC 
	 	MCWHIRTER LIBERTY SQUARE, L.L.C.

 

	 	By:	Copper Beech Townhome Communities, LLC
	 	 	Manager of each of the above limited liability companies
	 	 	 
	 	By:	CB-Campus Crest, LLC
	 	 	Its Manager
	 	 	 
	 	By: 	Campus Crest Properties, LLC, 
	 	 	Its Manager

 

	 	By:	/s/ Aaron S. Halfacre
	 	 	Name:  Aaron S. Halfacre
	 	 	Title:   Manager

  

	 	COPPER BEECH TOWNHOME COMMUNITIES SIX, LLC
	 	 	 
	 	By:	Copper Beech Townhome Communities, LLC
	 	 	Its Manager 
	 	 	 
	 	By:	CB-Campus Crest PA, LLC
	 	 	Its Manager
	 	 	 
	 	By: 	Campus Crest Properties, LLC 
	 	 	Its Manager

 

	 	By:	/s/ Aaron S. Halfacre
	 	 	Name:  Aaron S. Halfacre
	 	 	Title:   Manager

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