Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”) is made as of June 28, 2018 (the “Effective Date”) by and between Voyager Therapeutics, Inc. (the “Company”) and Gaetan Andre Turenne (the “Executive”).

 

1.                                      Employment.  The Company and the Executive desire that their employment relationship be governed by this Agreement commencing as of the Effective Date and continuing in effect until terminated by either party in accordance with this Agreement.  The Executive’s first day of employment shall be July 16, 2018 or such earlier date as may be mutually agreed upon by the Company and the Executive (the “Commencement Date”).  At all times, the Executive’s employment with the Company will be “at-will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason, subject to the terms of this Agreement.

 

2.                                      Duties.  The Executive will serve as the President and Chief Executive Officer of the Company with the traditional power and duties of such office in companies similar in size to the Company and such additional other executive level duties reasonably assigned by the Company’s Board of Directors (the “Board”).   Promptly following the execution of this Agreement, the Executive shall be appointed to the Board, in conjunction with his commencement as the Company’s Chief Executive Officer, effective as of the Commencement Date. The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company and not engage in any other business activities without prior written approval by the Board and provided that such activities do not create a conflict of interest or otherwise interfere with the Executive’s performance of the Executive’s duties to the Company.  Notwithstanding the foregoing, the Executive may serve in religious or charitable activities as long as such services and activities do not create a conflict of interest or otherwise interfere with the Executive’s performance of the Executive’s duties to the Company.  The normal place of work is Cambridge, MA.  It is understood and agreed that the Executive will generally be on site in Cambridge, unless the Executive is traveling on behalf of the Company.

 

3.                                      Compensation and Related Matters.

 

(a)                     Base Salary.  The Executive’s annual base salary is $520,000, which is subject to review and redetermination by the Company from time to time.  The annual base salary in effect at any given time is referred to herein as “Base Salary.”  The Base Salary will be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives.

 

(b)                     Bonus.  The Executive is eligible to participate in the Company’s Senior Executive Cash Incentive Bonus Plan, as approved by the Board or its Compensation Committee from time to time.  The terms of the Incentive Bonus Plan shall be established and altered by the Board or its Compensation Committee in its or their sole discretion.  For calendar year 2018, the Executive’s target bonus under this Section 3(b) shall be 50% of the Executive’s annual Base Salary, pro-rated to reflect the Executive’s 2018 service.  To earn any bonus, the Executive must be employed by the Company on the day such bonus is paid, except as provided to the contrary in either Section 6 or 7 below, because such Bonus serves as an 

 

 

incentive for the Executive to remain employed with the Company.  Both parties acknowledge and agree that any Bonus is not intended and shall not be deemed a “wage” under any state or federal wage-hour law.

 

(c)                      Equity.  Subject to approval by the Company’s Compensation Committee and a majority of the Company’s Independent Directors as defined in NASDAQ Listing Rule 5605(a)(2), and as a material inducement to the Executive entering into employment with the Company, on or about the Commencement Date, the Executive shall be granted an option to purchase 650,000 shares of Common Stock (“Common Stock”) of the Company, such option to (a) have an exercise price per share equal to the closing price per share of the Company’s Common Stock on the NASDAQ Global Select Market on the date of grant, (b) vest and become exercisable, subject to the Executive’s continued employment on each applicable vesting date, at a rate of 25% of the total shares underlying the option on the first anniversary of the date of grant and, following that, as to an additional 2.0833% of the total shares underlying the grant on a monthly basis in arrears, (c) be awarded outside of the Company’s stock incentive plans as an “inducement grant” within the meaning of NASDAQ Listing Rule 5635(c)(4), (d) be a nonqualified stock option and (e) be subject to the terms and conditions of a nonqualified stock option agreement between the Executive and the Company.  The Executive’s rights in and eligibility for restricted stock and stock options (as applicable) will be governed by the applicable equity documents.

 

(d)                     Employee Benefits.  The Executive will be entitled to participate in the Company’s employee benefit plans, subject to the terms and the conditions of such plans and to the Company’s ability to amend and modify such plans.  The benefits made available by the Company, and the rules, terms, and conditions for participation in such benefit plans, may be changed by the Company at any time and from time to time without advance notice and without recourse by the Executive.

 

(e)                      Reimbursement of Business Expenses.  The Company shall reimburse the Executive for travel, entertainment, business development and other expenses reasonably and necessarily incurred by the Executive in connection with the Company’s business.  Expense reimbursement shall be subject to such policies that the Company may adopt from time to time, including with respect to pre-approval.

 

4.                                      Certain Definitions.

 

(a)                                 “Cause” means (A) the commission by the Executive of (i) any felony; or (ii) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud or (B) a good faith finding by the Company of: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) any conduct by the Executive that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries and affiliates if the Executive were retained in the Executive’s position but, provided that the Company reasonably determines that such conduct is capable of being cured, only after receipt of written notice by the Company reasonably describing such conduct and if the Executive fails to cease 

 

 

and cure such conduct within fifteen (15) days of receipt of said written notice; (iii) continued non-performance by the Executive of the Executive’s responsibilities hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) but, provided that the Company reasonably determines that such conduct is capable of being cured, only after receipt of written notice by the Company reasonably describing such non-performance and the Executive’s failure to cure such non-performance within fifteen (15) days of receipt of said written notice; (iv) a breach by the Executive of any confidentiality or restrictive covenant obligations to the Company, including under the Confidentiality, Non-Competition and Assignment Agreement (the “Confidentiality Agreement”); (v) a material violation by the Executive of any of the Company’s written employment policies communicated to the Executive; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities as provided under Section 13 of this Agreement, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

 

(b)                                 “Disabled” means the Executive is unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any twelve (12) month period.  If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.  The Executive shall cooperate with any reasonable request of the physician in connection with such certification.  If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive.  Nothing in this Section 4(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(c)                                  “Good Reason” means that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events without the Executive’s consent: (A) a material diminution in the Executive’s responsibilities, authority or duties; (B) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company; (C) the relocation of the Executive’s principal place of business more than fifty (50) miles other than in a direction that reduces the Executive’s daily commuting distance; or (D) the material breach of this Agreement by the Company, which shall include a change in the Executive’s reporting relationship described in Section 2 above or a failure to timely grant the Option described in Section 3(c) above.  “Good Reason Process” means that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing 

 

 

of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates the Executive’s employment within 60 days after the end of the Cure Period.  If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

(d)                                 “Sale Event” means the consummation of (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), (iii) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person or group of Persons, or (iv) any other acquisition of the business of the Company, as determined by the Board; provided, however, that the Company’s Initial Public Offering, any subsequent public offering or another capital raising event, or a merger effected solely to change the Company’s domicile shall not constitute a “Sale Event.”  Notwithstanding the foregoing, where required to avoid extra taxation under Section 409A of the Internal Revenue Code, a Sale Event must also satisfy the requirements of Treas. Reg. Section 1.409A-3(a)(5).

 

(e)                                  “Sale Event Period” means the period ending twelve (12) months following the consummation of a Sale Event.

 

(f)                                   “Terminating Event” means termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason.  A Terminating Event does not include: (i) the termination of the Executive’s employment due to the Executive’s death or a determination that the Executive is Disabled; (ii) the Executive’s resignation for any reason other than Good Reason, or (iii) the Company’s termination of the Executive’s employment for Cause.

 

5.                                      Compensation in Connection with a Termination for any Reason.  If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) any earned but unpaid Base Salary, unpaid expense reimbursements, accrued but unused vacation and accrued and vested employee benefits.

 

6.                                      Severance and Accelerated Vesting if a Terminating Event Occurs within the Sale Event Period.  In the event a Terminating Event occurs within the Sale Event Period, subject to the Executive signing and complying with a separation agreement in a form and manner satisfactory to the Company containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement and reaffirmation of the Confidentiality Agreement (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination or by an earlier date as determined by the Company, the following shall occur:

 

 

(a)                                 the Company shall pay to the Executive an amount equal to eighteen (18) months of the Executive’s Base Salary in effect immediately prior to the Terminating Event (or the Executive’s Base Salary in effect immediately prior to the Sale Event, if higher), determined in each case immediately before any event that constitutes Good Reason;

 

(b)                                 the Company shall pay to the Executive an amount equal to 100% of the prorata annual bonus target for the current year, based on the Date of Termination;

 

(c)                                  if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the “COBRA” law, the Company will, until the earlier of (x) the date that is eighteen (18) months following the Date of Termination, and (y) the date on which the Executive obtains alternative coverage (as applicable, the “COBRA Contribution Period”), continue to pay the share of the premiums for such coverage to the same extent it was paying such premiums on the Executive’s behalf immediately prior to the Date of Termination.  The remaining balance of any premium costs during the COBRA Contribution Period, and all premium costs thereafter, shall be paid by the Executive monthly for as long as, and to the extent that, the Executive remains eligible for COBRA continuation.  The Executive agrees that, should the Executive obtain alternative medical and/or dental insurance coverage prior to the date that is eighteen (18) months following the Date of Termination, the Executive will so inform the Company in writing within five (5) business days of obtaining such coverage.  Notwithstanding anything to the contrary herein, in the event that the Company’s payment of the amounts described in Section 6(c) would subject the Company to any tax or penalty under the Patient Protection and Affordable Care Act (as amended from time to time, the “ACA”) or Section 105(h) of the Internal Revenue Code of 1986, as amended (“Section 105(h)”), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree to work together in good faith to restructure such benefit.

 

(d)                                 100% of all time-based equity awards held by the Executive shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination and the provisions of this Section 6(d) shall be deemed to be incorporated by reference into the agreements governing all such awards.

 

For avoidance of doubt, the Separation Agreement and Release for purposes of this Agreement shall not (i) require a waiver of any rights under the indemnification agreement between the Company and the Executive or any rights described in Section 5 above or (ii) impose duties or obligations in addition to those set out in this Agreement or the Employee Agreement.  Notwithstanding the foregoing, if the Executive’s employment is terminated in connection with a Sale Event and the Executive immediately becomes reemployed by any direct or indirect successor to the business or assets of the Company, the termination of the Executive’s employment upon the Sale Event shall not be considered a termination without Cause for purposes of this Agreement.

 

The amounts payable under Sections 6(a) and 6(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over eighteen (18) months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the severance shall begin to be paid in the second calendar year by the last day of such 60-day period; provided further, 

 

 

that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

7.                                      Severance if a Terminating Event Occurs Outside the Sale Event Period.  In the event a Terminating Event occurs at any time other than during the Sale Event Period, subject to the Executive signing the Separation Agreement and Release and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination or by an earlier date as determined by the Company, the following shall occur:

 

(a)                                 the Company shall pay to the Executive an amount equal to twelve (12) months of the Executive’s annual Base Salary in effect immediately prior to the Terminating Event (but only after disregarding any event that constitutes Good Reason);

 

(b)                                 the Company shall pay to the Executive an amount equal to 100% of the prorata annual bonus target for the current year, based on the Date of Termination; and

 

(c)                                  if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the “COBRA” law, the Company will, until the earlier of (x) the date that is twelve (12) months following the Date of Termination, and (y) the date on which the Executive obtains alternative coverage (as applicable, the “COBRA Contribution Period”), continue to pay the share of the premiums for such coverage to the same extent it was paying such premiums on the Executive’s behalf immediately prior to the Date of Termination.  The remaining balance of any premium costs during the COBRA Contribution Period, and all premium costs thereafter, shall be paid by the Executive on a monthly basis for as long as, and to the extent that, the Executive remains eligible for COBRA continuation.  The Executive agrees that, should the Executive obtain alternative medical and/or dental insurance coverage prior to the date that is twelve (12) months following the Date of Termination, the Executive will so inform the Company in writing within five (5) business days of obtaining such coverage.  Notwithstanding anything to the contrary herein, in the event that the Company’s payment of the amounts described in Section 7(c) would subject the Company to any tax or penalty under the Patient Protection and Affordable Care Act (as amended from time to time, the “ACA”) or Section 105(h) of the Internal Revenue Code of 1986, as amended (“Section 105(h)”), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree to work together in good faith to restructure such benefit.

 

The amounts payable under Section 7(a) and 7(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over twelve (12) months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the severance shall begin to be paid in the second calendar year by the last day of such 60-day period; provided further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.  Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

 

8.                                      Confidentiality, Non-Competition and Assignment Agreement.  The Executive acknowledges and agrees that he must execute the Confidentiality Agreement between the Company and the Executive, attached hereto as Exhibit A, as a condition of his employment with the Company.  The terms of the Confidentiality Agreement are incorporated by reference in this Agreement and the Executive hereby reaffirms the terms of the Confidentiality Agreement as a material term of this Agreement.

 

9.                                      Additional Limitation.

 

(a)                                 Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction.  In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code:  (i) cash payments not subject to Section 409A of the Code; (ii) cash payments subject to Section 409A of the Code; (iii) equity-based payments and acceleration; and (iv) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).

 

(b)                                 For purposes of this Section, the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

 

The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to this Section shall be made by a nationally recognized accounting firm selected by the Company prior to the Change in Control (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive.  Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

 

 

10.                               Section 409A.

 

(a)                                 Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s “separation from service” within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six months and one day after the Executive’s separation from service, or (ii) the Executive’s death.

 

(b)                                 The parties intend that this Agreement will be administered in accordance with Section 409A of the Code.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code.  The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

(c)                                  All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year.  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(d)                                 To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

 

(e)                                  The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

 

11.                               Taxes.  All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by 

 

 

law.  The Executive hereby acknowledges that the Company does not have a duty to design its compensation policies in a manner that minimizes tax liabilities.

 

12.                               Notice and Date of Termination.

 

(a)                                 Notice of Termination.  The Executive’s employment with the Company may be terminated by the Company or the Executive at any time and for any reason.  Any termination of the Executive’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

 

(b)                                 Date of Termination.  “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated on account of Executive’s Disability or by the Company for Cause or without Cause, the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Executive for any reason except for Good Reason, 30 days after the date on which a Notice of Termination is given, and (iv) if the Executive’s employment is terminated by the Executive with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period.  Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in the termination being deemed a termination by the Company for purposes of this Agreement.

 

13.                               Litigation and Regulatory Cooperation.  During and after the Executive’s employment, and at all times, so long as there is not a significant conflict with the Executive’s then employment, the Executive shall cooperate reasonably with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company.  The Executive’s reasonable cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times.  During and after the Executive’s employment, the Executive also shall cooperate reasonably with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company.  The Company shall reimburse the Executive for any reasonable out of pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section.

 

14.                               Relief.  If the Executive breaches, or proposes to breach, any portion of this Agreement, including the Confidentiality Agreement, or, if applicable, the Separation Agreement and Release, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach, and, if applicable, the Company shall have the right to suspend or terminate the payments, benefits and/or accelerated vesting, as applicable.  Such suspension or termination shall not limit the Company’s

 

 

other options with respect to relief for such breach and shall not relieve the Executive of duties under this Agreement, the Confidentiality Agreement or the Separation Agreement and Release.

 

15.                               Governing Law; Consent to Jurisdiction; Forum Selection.  The resolution of any disputes as to the meaning, effect, performance or validity of this Agreement or the Confidentiality Agreement, or arising out of, related to, or in any way connected with the Executive’s employment with the Company or any other relationship between the Executive and the Company (“Disputes”) will be governed by the law of the Commonwealth of Massachusetts, excluding laws relating to conflicts or choice of law.  The Executive and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in the Commonwealth of Massachusetts in connection with any Dispute or any claim related to any Dispute and agree that any claims or legal action shall be commenced and maintained solely in a state or federal court located in the Commonwealth of Massachusetts.

 

16.                               Integration.  This Agreement constitutes the entire agreement between the parties with respect to compensation, severance pay, benefits and accelerated vesting and supersedes in all respects all prior agreements between the parties concerning such subject matter, including without limitation any prior offer letter or discussions relating to the Executive’s employment relationship with the Company.  Notwithstanding the foregoing, the Confidentiality Agreement, and any other agreement or obligation relating to confidentiality, noncompetition, non-solicitation or assignment of inventions shall not be superseded by this Agreement, and the Executive acknowledges and agrees that any such agreements and obligations remain in full force and effect.

 

17.                               Enforceability.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any Section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

18.                               Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

19.                               Notices.  Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and (i) sent by email to the email addresses used by the Executive and the members of the Board (as applicable) in their usual course of business; (ii) delivered by hand; (iii) sent by a nationally recognized overnight courier service or (iv) sent by registered or certified mail, postage prepaid, return receipt requested, in each case ((iii) and (iv)) to the Executive at the last address the Executive has filed in writing with the Company, or (as applicable) to the Company at its main office, attention of the Vice President of Human Resources.

 

 

20.                               Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.

 

21.                               Assignment and Transfer by the Company; Successors.  The Company shall have the right to assign and/or transfer this Agreement to any entity or person, including without limitation the Company’s parents, subsidiaries, other affiliates, successors, and acquirers of Company stock or other assets, provided that such entity or person receives all or substantially all of the Company’s assets.  The Executive hereby expressly consents to such assignment and/or transfer.  This Agreement shall inure to the benefit of and be enforceable by the Company’s assigns, successors, acquirers and transferees.

 

22.                               Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

 

IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.

 

	
 
    	
VOYAGER   THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven M. Paul
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Steven M. Paul, M.D.
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
President & Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
/s/ Gaetan Andre Turenne
    
	
 
    	
 
    
	
 
    	
Gaetan Andre Turenne
    

 

 

EXHIBIT A

 

Confidentiality, Non-Competition and Assignment Agreement

 

 

VOYAGER THERAPEUTICS, INC.

 

Confidentiality, Noncompetition and Assignment Agreement

 

In consideration and as a condition of (i) my employment by, my continued employment by or my other service relationship with Voyager Therapeutics, Inc. (along with its parents, subsidiaries, affiliates, successors and assigns, the “Company”) and, (ii) the grant of stock options to which I am not otherwise entitled, I agree to the terms and conditions of this Confidentiality, Noncompetition and Assignment Agreement (this “Agreement”).  For purposes of this Agreement, references to the employment relationship shall mean any employment, co-employment, independent contractor or other service relationship, whether directly or through a third party, that I may have with the Company.

 

1.                                             Proprietary Information. I agree that all information, whether or not in writing, concerning the Company’s business, technology, business relationships or financial affairs which the Company has not released to the general public (collectively, “Proprietary Information”) is and will be the exclusive property of the Company. By way of illustration, Proprietary Information may include information or material which has not been made generally available to the public, such as: (a) corporate information, including plans, strategies, methods, policies, resolutions, negotiations or litigation; (b) marketing information, including strategies, methods, customer identities or other information about customers, prospect identities or other information about prospects, or market analyses or projections; (c) financial information, including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price lists; and (d) operational and technological information, including plans, specifications, manuals, forms, templates, pre-clinical and clinical testing  data and strategies, software, designs, methods, procedures, formulas, discoveries, inventions, improvements, concepts and ideas; and (e) personnel information obtained pursuant to my job duties and responsibilities, including personnel lists, reporting or organizational structure, resumes, personnel data, compensation structure, performance evaluations and termination arrangements or documents. Proprietary Information also includes information received in confidence by the Company from its customers or suppliers or other third parties.

 

2.                                             Recognition of Company’s Rights.  Except as otherwise permitted by Section 13, I will not, at any time, without the Company’s prior written permission, either during or after my employment, disclose any Proprietary Information to anyone outside of the Company, or use or permit to be used any Proprietary Information for any purpose other than the performance of my duties as an employee of the Company. I will cooperate with the Company and use my best efforts to prevent the unauthorized disclosure of all Proprietary Information. I will deliver to the Company all copies of Proprietary Information in my possession or control upon the earlier of a request by the Company or termination of my employment.

 

3.                                             Rights of Others. I understand that the Company is now and may hereafter be subject to non-disclosure or confidentiality agreements with third persons which require the Company to protect or refrain from use of proprietary information. I agree to be bound by the terms of such agreements in the event I have access to such proprietary information.

 

4.                                             Commitment to Company; Avoidance of Conflict of Interest. While an employee of the Company, I will devote my full-time efforts to the Company’s business and I will not engage in any other business activity that conflicts with my duties to the Company. I will advise the president of the Company or his or her nominee at such time as any activity of either the Company or another business presents me with a conflict of interest or the appearance of a conflict of interest as an employee of the Company. I will take whatever action is requested of me by the Company to resolve any conflict or appearance of conflict which it finds to exist.

 

5.                                             Developments. I will make full and prompt  disclosure to the Company of all inventions, discoveries, designs, developments, methods,  modifications, improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics or images, and audio or visual works and other works of authorship (collectively “Developments”), whether or not patentable or copyrightable, that are created, made, conceived or reduced to practice by me (alone or jointly with others) or under my direction during the period of my employment. I acknowledge that all work performed by me is on a “work for hire” basis, and I hereby do assign and transfer and, to the extent any such assignment cannot be made at present, will assign and transfer, to the Company and its successors and assigns all my right, title and interest in all Developments that (a) relate to the business of the Company or any of the products or services being researched, developed, manufactured or sold by the Company or which may be used with such products or services; or (b) result from tasks assigned to me by the Company; or (c) result from the use of premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Company (“Company- Related Developments”), and all related patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual property rights in all countries and territories worldwide and under any international conventions (“Intellectual Property Rights”).

 

To preclude any possible uncertainty, I have set forth on Exhibit A attached hereto a complete list of Developments that I have, alone or jointly with others, conceived, developed or reduced to practice prior to the commencement of my employment with the Company that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement (“Prior Inventions”). If disclosure of any such Prior Invention would cause me to violate any prior confidentiality agreement, I understand that I am not to list such Prior Inventions in

 

 

Exhibit A but am only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to such inventions has not been made for that reason. I have also listed on Exhibit A all patents and patent applications in which I am named as an inventor, other than those which have been assigned to the Company (“Other Patent Rights”). If no such disclosure is attached, I represent that there are no Prior Inventions or Other Patent Rights. If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine or other work done for the Company, I hereby grant to the Company a nonexclusive, royalty-free, paid-up, irrevocable, worldwide license (with the full right to sublicense) to make, have made, modify, use, sell, offer for sale and import such Prior Invention. Notwithstanding the foregoing, I will not incorporate, or permit to be incorporated, Prior Inventions in any Company- Related Development without the Company’s prior written consent.

 

This Agreement does not obligate me to assign to the Company any Development which, in the sole judgment of the Company, reasonably exercised, is developed entirely on my own time and does not relate to the business efforts or research and development efforts in which, during the period of my employment, the Company actually is engaged or plans to be engaged in the future, and does not result from the use of  premises or equipment owned or leased by the Company. However, I will also promptly disclose to the Company enough information regarding any such Developments to enable the Company to determine whether they qualify for such exclusion.  I understand that to the extent this Agreement is required to be construed in accordance with the laws of any state which precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, this paragraph 5 will be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such classes. I also hereby waive all claims to any moral rights or other special rights which I may have or accrue in any Company-Related Developments.

 

6.                                             Documents and Other Materials. I will keep and maintain adequate and current records of all Proprietary Information and Company-Related Developments developed by me during my employment, which records will be available to and remain the sole property of the Company at all times.

 

All files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets, or other written, photographic or other tangible material containing Proprietary Information, whether created by me or others, which come into my custody or possession, are the exclusive property of the Company to be used by me only in the performance of my duties for the Company. Any property situated on the Company’s premises and owned by the Company, including without limitation computers, disks and other storage media, filing cabinets or other work areas, is subject to inspection by the Company at any time with or without notice. In the event of the termination of my employment for any reason or at any time upon the Company’s request, I will deliver to the Company all files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets, or other  written, photographic or other tangible material containing Proprietary Information, and other materials of any nature pertaining to the Proprietary Information of the Company and to my work, and will not take or keep in my possession any of the foregoing or any copies.

 

7.                                             Enforcement of Intellectual Property Rights.  I will cooperate fully with the Company, both during and after my employment with the Company, with respect to the procurement, maintenance and enforcement of Intellectual Property Rights in Company-Related Developments. I will sign, both during and after the term of this Agreement, all papers, including without limitation copyright applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related Development. If the Company is unable, after reasonable effort, to secure my signature on any such papers, I hereby irrevocably designate and appoint each officer of the Company as my agent and attorney-in-fact to execute any such papers on my behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related Development.

 

8.                                             Non-Competition and Non-Solicitation.

 

In order to protect the Company’s Proprietary Information and good will, during my employment and for a period of one (1) year following the termination of my employment for any reason (the “Restricted Period”), I will not directly or indirectly, whether as owner, partner, shareholder, director, manager, consultant, agent, employee, co-venturer or otherwise, engage, participate or invest in any business  activity anywhere in the United States that develops, manufactures or markets any products, or performs any services that involve gene therapy for central nervous system disorders; provided that this shall not prohibit any possible investment in publicly traded stock of a company representing less than one percent of the stock of such company. In addition, during the Restricted Period, I will not, directly or indirectly, in any manner, other than for the benefit of the Company, (a) call upon, solicit, divert, take away, accept or conduct any business from or with any of the customers or prospective customers of the Company or any of its suppliers, and/or (b) solicit, entice, or attempt to persuade any other employee or consultant of the Company to leave the Company for any reason or otherwise participate in or facilitate the hire, directly or through another entity, of any person who is employed or engaged by the Company or who was employed or engaged by the Company within six months of any attempt to hire such person. I acknowledge and agree that if I violate any of the provisions of this paragraph 8, the running of the Restricted Period will be extended by the time during which I engage in such violation(s).

 

9.                                             Government Contracts. I acknowledge that the Company may have from time to time agreements with other persons or with the United States Government or its agencies 

 

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which impose obligations or restrictions on the   Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. I agree to comply with any such obligations or restrictions upon the direction of the Company. In addition to the rights assigned under paragraph 5, I also assign to the Company (or any of its nominees) all rights which I have or acquired in any Developments, full title to which is required to be in the United States under any contract between the Company and the United States or any of its agencies.

 

10.                                      Prior Agreements. I hereby represent that, except as I have fully disclosed previously in writing to the Company, I am not bound by the terms of any agreement with any  previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of my employment with the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or any  other party. I further represent that my performance of all the terms of this Agreement as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or others.

 

11.                                      Remedies Upon Breach. I understand that the restrictions contained in this Agreement are necessary for the protection of the business and goodwill of the Company and I consider them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the event of such breach, the Company, in addition to such other remedies which may be available, will be entitled to specific performance and other injunctive relief, without the posting of a bond. If I violate this Agreement, in addition to all other remedies available to the Company at law, in equity, and under contract, I agree that I am obligated to pay all the Company’s costs of enforcement of this Agreement, including attorneys’ fees and expenses.

 

12.                                      Publications and Public Statements. I will obtain the Company’s written approval before publishing or submitting for publication any material that relates to and/or incorporates any Proprietary Information.

 

13.                                      Scope of Disclosure Restrictions.  I understand and acknowledge that nothing in this Agreement or elsewhere prohibits me from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings.  I understand that I am not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information I obtained through a communication that was subject to the attorney-client privilege.  Further, notwithstanding my confidentiality and nondisclosure obligations, I understand that I am hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

 

14.                                      No Employment Obligation. I understand that this Agreement does not create an obligation on the Company or any other person to continue my employment. I acknowledge that, unless otherwise agreed in a formal written employment agreement signed on behalf of the Company by an authorized officer, my employment with the Company is at will and therefore may be terminated by the Company or me at any time and for any reason, with or without cause.

 

15.                                      Survival and Assignment by the Company. I understand that my obligations under this Agreement will continue in accordance with its express terms regardless of any changes in my title, position, duties, salary, compensation or benefits or other terms and conditions of employment. I further understand that my obligations under this Agreement will continue following the termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors and administrators. The Company will have the right to assign this Agreement to its affiliates, successors and assigns. I expressly consent to be bound by the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or affiliate to whose employ I may be transferred without the necessity that this Agreement be resigned at the time of such transfer.

 

16.                                      Exit Interview. If and when I depart from the Company, I may be required to attend an exit interview. For twelve (12) months following termination of my employment, I will notify the Company of any change in my address and of each subsequent employment or business activity, including the name and address of my employer or other post-Company employment plans and the nature of my activities.

 

17.                                      Disclosure to Future Employers. During the Restricted Period, I will provide a copy of this Agreement to any prospective employer, partner or coventurer prior to entering into an employment, partnership or other business relationship with such person or entity.

 

18.                                      Severability. In case any provisions (or portions thereof) contained in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If, moreover, any 

 

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one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

 

19.                                      Interpretation. This Agreement will be deemed to be made and entered into in the Commonwealth of Massachusetts, and will in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts. I hereby agree to consent to personal jurisdiction of the state and federal courts situated within Suffolk County, Massachusetts for purposes of enforcing this Agreement, and waive any objection that I might have to personal jurisdiction or venue in those courts.

 

20.                                      Other Agreements. This Agreement shall supplement, and shall not limit or be limited by any other restrictive covenant agreement to which the Company (or any its subsidiaries or affiliates) and I are parties, including, without limitation, any noncompetition, non-solicitation and/or assignment of inventions agreement I previously entered into with the Company, provided to the extent this Agreement is in conflict with any part of a prior restrictive covenant agreement and cannot be read in tandem, this Agreement shall control with respect to the conflicting provisions.

 

[End of Text]

 

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I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT I UNDERSTAND IT COMPLETELY.

 

IN WITNESS WHEREOF, the undersigned has executed this agreement as a sealed instrument as of the date set forth below.

 

	
Signed:
    	
/s/ Gaetan Andre   Turenne
    	
 
    
	
 
    	
 
    	
 
    
	
Type or print name:   Gaetan Andre Turenne
    
	
 
    
	
Date:
    	
6/28/2018
    	
 
    
				

 

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EXHIBIT A

 

To:                                     Voyager Therapeutics, Inc.

 

From:                       G. Andre Turenne

 

Date:                          6/28/2018

 

SUBJECT:                                     Prior Inventions

 

The following is a complete list of all inventions or improvements relevant to the subject matter of my employment by the Company that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company:

 

x                                  No inventions or improvements

 

·                                          See below:

 

 

 

·                                          Additional sheets attached

 

The following is a list of all patents and patent applications in which I have been named as an inventor:

 

·                                          None

 

·                                          See below:

 

 

 

6EX-4.2

 Exhibit 4.2 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 NUSTAR
ENERGY L.P. 
 AND 

THE PURCHASERS NAMED ON SCHEDULE A HERETO 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of June 29, 2018, by and among NuStar
Energy L.P., a Delaware limited partnership (the “Partnership”), and each of the Purchasers set forth on Schedule A to this Agreement (each, a “Purchaser” and collectively, the
“Purchasers”). 
 WHEREAS, this Agreement is entered into in connection with the closing of the issuance and sale of the
Preferred Units (as defined below), pursuant to the Series D Cumulative Convertible Preferred Unit Purchase Agreement, dated as of June 26, 2018 (the “Purchase Agreement”), by and among the Partnership and the Purchasers; 

WHEREAS, the Partnership has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers
pursuant to the Purchase Agreement; and 
 WHEREAS, it is a condition to the respective obligations of the Partnership and each of the
Purchasers to consummate the transactions contemplated by the Purchase Agreement that each of the parties hereto execute and deliver this Agreement, contemporaneously with the initial closing of the transactions contemplated by the Purchase
Agreement; 
 NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements set forth herein and for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. The terms set forth below are used herein as so defined: 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question (provided that no portfolio company of such Person shall be considered an Affiliate of such Person). As used herein, the term “control”
(including, with correlative meanings, “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise. For the avoidance of doubt, for purposes of this Agreement, (a) the General Partner or the Partnership, on the one hand, and any Purchaser, on the other, shall not be considered
Affiliates and (b) with respect to any Holder that is an investment fund, investment account or investment company, any other investment fund, investment account or investment company that is managed, advised or
sub-advised by the same investment advisor as such Holder or by an Affiliate of such investment advisor, shall be considered controlled by, and an Affiliate of, such Holder. 

 “Agreement” has the meaning specified in the introductory paragraph of this
Agreement. 
 “Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking
institutions in the State of New York or State of Texas are authorized or required by Law or other governmental action to close. 

“Common Unit Registrable Securities” means (i) the Common Units issued or issuable upon the conversion of the Preferred
Units acquired by the Purchasers pursuant to the Purchase Agreement or, in the case of Series D PIK Units, pursuant to the Partnership Agreement, and (ii) any type of ownership interest issued to the Holder as a result of
Section 3.04 of this Agreement. 
 “Common Unit Effectiveness Deadline” has the meaning specified
in Section 2.01(a) of this Agreement. 
 “Common Units” means the common units representing
limited partner interests in the Partnership and having the rights and obligations specified in the Partnership Agreement. 

“Demand Notice” has the meaning specified in Section 2.04 of this Agreement. 

“Effective Date” means, with respect to a particular Shelf Registration Statement, the date of effectiveness of such Shelf
Registration Statement. 
 “Effectiveness Deadline” has the meaning specified in Section 2.01(b)
of this Agreement. 
 “Effectiveness Period” means the period beginning on the Effective Date for the Registration
Statement and ending at the earlier of (i) the time that all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities or (ii) the fourth anniversary of the date on which all Registrable
Securities have converted into Common Units pursuant to Article XIX of the Partnership Agreement. 
 “Electing
Holders” has the meaning specified in Section 2.04(a) of this Agreement. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 

“Governmental Authority” means, with respect to any Person, any country, state, county, city and political subdivisions in
which such Person or such Person’s Property is located or which exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission, board, bureau, official or other regulatory
authority (including self-regulated organizations or other non-governmental regulatory authorities) or instrumentality of any of them and any monetary authority that exercises valid jurisdiction over any such
Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Partnership shall mean a Governmental Authority having jurisdiction over any of the Partnership Entities or their
respective Properties. 

  
 1 

 “General Partner” means Riverwalk Logistics, L.P., a Delaware limited
partnership and the general partner of the Partnership and its successors and permitted assigns as general partner of the Partnership. 

“Holder” means the record holder of any Registrable Securities under this Agreement. For the avoidance of doubt, in
accordance with Section 3.05 of this Agreement, for purposes of determining the availability of any rights and applicability of any obligations under this Agreement, including calculating the amount of Registrable
Securities held by a Holder, a Holder’s Registrable Securities shall be aggregated together with all Registrable Securities held by other Holders who are Affiliates of such Holder. 

“Holder Underwriter Registration Statement” has the meaning specified in Section 2.05(p) of this
Agreement. 
 “Included Common Unit Registrable Securities” has the meaning specified in
Section 2.02(a) of this Agreement. 
 “Initial Closing Date” means June 29, 2018, or such
other later date as the Partnership and the Purchasers shall agree to in writing. 
 “Launch” has the meaning specified in
Section 2.04(a) of this Agreement. 
 “Law” means any statute, law, ordinance, regulation, rule,
order, code, governmental restriction, decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 

“Liquidated Damages” has the meaning specified in Section 2.01(c). 

“Liquidated Damages Multiplier” means the product of (i) the Unit Purchase Price and (ii) the number of Registrable
Securities then held by the applicable Holder and included on the applicable Registration Statement. 
 “Losses” has the
meaning specified in Section 2.09(a) of this Agreement. 
 “Managing Underwriter” means, with
respect to any Underwritten Offering, the book-running lead manager or managers of such Underwritten Offering. 
 “National
Securities Exchange” means an exchange registered with the SEC under Section 6(a) of the Exchange Act (or any successor to such Section) and any other securities exchange (whether or not registered with the SEC under
Section 6(a) (or successor to such Section) of the Exchange Act) that NuStar GP shall designate as a National Securities Exchange for purposes of this Agreement. 

“NuStar GP” means NuStar GP, LLC, a Delaware limited liability company and the general partner of the General Partner. 

“NYSE” means the New York Stock Exchange. 

  
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 “Opt-Out Notice” has the meaning
specified in Section 2.02(a) of this Agreement. 
 “Other Holder” has the meaning specified in
Section 2.02(a) of this Agreement 
 “Partnership” has the meaning specified in the introductory
paragraph of this Agreement. 
 “Partnership Agreement” means the Seventh Amended and Restated Agreement of Limited
Partnership of NuStar Energy L.P., dated as of June 29, 2018, as may be amended from time to time. 
 “Partnership
Entities” means NuStar GP, the General Partner, the Partnership and the subsidiaries of the Partnership. 
 “Partnership
Indemnified Person” has the meaning specified in Section 2.09(b) of this Agreement. 

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

“Piggyback Notice” has the meaning specified in Section 2.02(a) of this Agreement. 

“Piggyback Threshold Amount” means $25 million of Common Unit Registrable Securities in the aggregate (determined by
multiplying the number of Common Unit Registrable Securities owned by the average volume weighted average price for the ten (10) Trading Days preceding the date of the Piggyback Notice), or such lesser amount if it constitutes the remaining
holdings of the Holder and its Affiliates. 
 “Preferred Unit Effectiveness Deadline” has the meaning specified in
Section 2.02(b) of this Agreement. 
 “Preferred Unit Registrable Securities” means Preferred
Units outstanding at any time after the Preferred Unit Registration Request is received by the Partnership. 
 “Preferred Unit
Registration Request” means a request of Holders holding a majority of the outstanding Preferred Units, delivered to the Partnership on a date no earlier than the two-year anniversary of the Initial
Closing Date (as defined in the Purchase Agreement), to register the resale of the Preferred Unit Registrable Securities under the Securities Act and list the Preferred Unit Registrable Securities on the NYSE (or such other National Securities
Exchange on which the Common Units are then listed and traded or such other National Securities Exchange as the Partnership and the Holders holding a majority of the outstanding Preferred Unit Registrable Securities shall agree). 

“Preferred Units” means the Series D Cumulative Convertible Preferred Units of the Partnership, including any
Series D PIK Units, issued pursuant to the Partnership Agreement. 
 “Property” or “Properties” means
any interest or interests in any kind of property or asset, whether real, personal or mixed, or tangible or intangible (including intellectual property rights). 

  
 3 

 “Purchase Agreement” has the meaning specified in the recitals of this
Agreement. 
 “Purchaser” and “Purchasers” have the meanings specified in the introductory paragraph of
this Agreement. 
 “Registrable Securities” means, as of any date of determination, the Common Unit Registrable Securities
and the Preferred Unit Registrable Securities. Any Registrable Security shall cease to be a Registrable Security at the earliest of the following: (a) when a registration statement covering such Registrable Security becomes or has been declared
effective by the SEC and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security has been sold or disposed of (excluding transfers or assignments by a Holder
to an Affiliate) pursuant to Rule 144 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect); (c) when such Registrable Security is held by the Partnership or one of its Affiliates (other than a
Purchaser or its Affiliates); or (d) when such Registrable Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant
to Section 2.11 hereof. 
 “Registrable Securities Required Voting Percentage” means 66 2/3% of
the outstanding Registrable Securities voting together as a single class on an as-converted basis. 

“Registration Expenses” means all expenses incident to the Partnership’s performance under or compliance with this
Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01 or an Underwritten Offering covered under this Agreement, and the disposition of such Registrable
Securities, including, without limitation, all registration, filing, securities exchange listing and National Securities Exchange fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky
laws, fees of the Financial Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes, and the fees and disbursements of counsel and independent public
accountants for the Partnership, including the expenses of any special audits or “comfort” letters required by or incident to such performance and compliance, and the reasonable fees and disbursements of one counsel for all Selling Holders
participating in such Registration Statement or Underwritten Offering to effect the disposition of such Registrable Securities, selected by the Holders of a majority of the Registrable Securities initially being registered under such Registration
Statement or other registration statement as contemplated by this Agreement, subject to the reasonable consent of the Partnership. 

“Registration Statement” means a registration statement filed pursuant to Section 2.01 of this
Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and
regulations of the SEC promulgated thereunder. 
 “SEC” means the United States Securities and Exchange Commission. 

“Selling Expenses” means all underwriting discounts and selling commissions or similar fees or arrangements allocable to the
sale of the Registrable Securities, and fees and disbursements of counsel to the Selling Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders required to be paid by the Partnership pursuant to the definition
of “Registration Expenses” or Sections 2.08 and 2.09. 

  
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 “Selling Holder” means a Holder who is selling Registrable Securities under a
Registration Statement pursuant to the terms of this Agreement. 
 “Selling Holder Indemnified Person” has the meaning
specified in Section 2.09(a) of this Agreement. 
 “Series D PIK Unit” means a Preferred Unit
issued pursuant to a Preferred Unit distribution, pursuant to the terms of the Partnership Agreement. 
 “Shelf Registration
Statement” means a registration statement under the Securities Act to permit the resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by
the SEC then in effect). 
 “Trading Day” means a day on which the principal National Securities Exchange on which the
Common Units and, if applicable, Preferred Units are listed or admitted to trading is open for the transaction of business or, if such Common Units and Preferred Units are not listed or admitted to trading on any National Securities Exchange, a day
on which banking institutions in New York City generally are open. 
 “Underwritten Offering” means an offering (including
an offering pursuant to a Shelf Registration Statement) in which Registrable Securities are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more
investment banks. 
 “Unit Purchase Price” means $25.38. 

“WKSI” means a well-known seasoned issuer, as defined by the rules and regulations promulgated by the SEC. 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.01 Shelf Registration. 

(a) Common Unit Shelf Registration. Within one (1) year after the Initial Closing Date, the Partnership shall use its commercially
reasonable efforts to prepare and file a Shelf Registration Statement with the SEC to permit the resale of all Common Unit Registrable Securities on the terms and conditions specified in this Section 2.01. The Registration
Statement filed with the SEC pursuant to this Section 2.01(a) shall be on Form S-3 or, if Form S-3 is not then available to the
Partnership, on Form S-1 or such other form of registration statement as is then available to effect a registration for resale of the Common Unit Registrable Securities, and shall contain a prospectus in
such form as to permit any Selling Holder covered by such Registration Statement to sell such Common Unit Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in
effect) at any time beginning on the Effective Date for such Registration Statement, subject to the terms of this Agreement. The 

  
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Partnership shall use its commercially reasonable efforts to cause a Registration Statement filed pursuant to this Section 2.01(a) to be declared effective no later than
one (1) year after the Initial Closing Date (the “Common Unit Effectiveness Deadline”). During the Effectiveness Period, subject to the terms of this Agreement, the Partnership shall use its commercially reasonable efforts to
cause a Registration Statement filed pursuant to this Section 2.01(a) to remain continuously effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or,
if not available, that another registration statement is available for the resale of the Common Unit Registrable Securities until such Common Unit Registrable Securities have ceased to be Registrable Securities. The Partnership shall prepare and
file a supplemental listing application with the NYSE (or such other National Securities Exchange on which the Common Units are then listed and traded) to list the Common Unit Registrable Securities covered by a Registration Statement and shall have
received approval for such Common Unit Registrable Securities to be listed on the NYSE (or such other National Securities Exchange on which the Common Units are then listed and traded) by the Effective Date of such Registration Statement, subject
only to official notice of issuance. As soon as practicable following the Effective Date of a Registration Statement, but in any event within three (3) Business Days of such date, the Partnership shall notify the Selling Holders of the
effectiveness of such Registration Statement. 
 (b) Preferred Unit Shelf Registration. After the second anniversary of the Initial
Closing Date, upon the written request of Holders holding a majority of the Preferred Unit Registrable Securities, the Partnership shall use its commercially reasonable efforts to prepare and file, as soon as practicable, a Shelf Registration
Statement with the SEC to permit the resale of all Preferred Unit Registrable Securities on the terms and conditions specified in this Section 2.01(b). The Registration Statement filed with the SEC pursuant to this
Section 2.01(b) shall be on Form S-3 or, if Form S-3 is not then available to the Partnership, on
Form S-1 or such other form of registration statement as is then available to effect a registration for resale of the Preferred Unit Registrable Securities, and shall contain a prospectus in such form as
to permit any Selling Holder covered by such Registration Statement to sell such Preferred Unit Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) at
any time beginning on the Effective Date for such Registration Statement, subject to the terms of this Agreement. During the Effectiveness Period, subject to the terms of this Agreement, the Partnership shall use its commercially reasonable efforts
to (i) cause a Registration Statement filed pursuant to this Section 2.01(b) become or be declared effective as soon as practicable after, but in any event, prior to the date that is one year after, the receipt of a
request to file such Registration Statement in accordance with this Section 2.01(b) (the “Preferred Unit Effectiveness Deadline” and, each of the Common Unit Effectiveness Deadline and the Preferred Unit
Effectiveness Deadline, an “Effectiveness Deadline”), and (ii) cause a Registration Statement filed pursuant to this Section 2.01(b) to remain continuously effective, and to be supplemented and amended
to the extent necessary to ensure that such Registration Statement is available or, if not available, that another registration statement is available for the resale of the Preferred Unit Registrable Securities until such Preferred Unit Registrable
Securities have ceased to be Registrable Securities. The Partnership shall prepare and file a listing application with the National Securities Exchange on which the Common Units are then listed and traded (or such other National Securities Exchange
as the Partnership and the Holders holding a majority of the outstanding Preferred Unit Registrable Securities shall agree) to list the Preferred Unit Registrable Securities covered by a Registration Statement and shall have received approval for
such Preferred Unit 

  
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Registrable Securities to be listed on the National Securities Exchange on which the Common Units are then listed and traded (or such other National Securities Exchange as the Partnership and the
Holders holding a majority of the outstanding Preferred Unit Registrable Securities shall agree) by the Effective Date of such Registration Statement, subject only to official notice of issuance. As soon as practicable following the Effective Date
of a Registration Statement, but in any event within three (3) Business Days of such date, the Partnership shall notify the Selling Holders of the effectiveness of such Registration Statement. 

(c) Failure to Become Effective. If a Registration Statement required by Section 2.01(a) or
(b) does not become, or is not declared, effective by the applicable Effectiveness Deadline, then each Holder shall be entitled to a payment (with respect to each of the Holder’s Registrable Securities which are (or are required to
be) included in such Registration Statement), as liquidated damages and not as a penalty, (i) for each non-overlapping 30-day period for the first sixty
(60) days following such Effectiveness Deadline, an amount equal to 0.25% of the Liquidated Damages Multiplier, which shall accrue daily, and (ii) for each non-overlapping thirty (30) day period
beginning on the 61st day following such Effectiveness Deadline, an amount equal to the amount set forth in clause (i) plus an additional 0.25% of the Liquidated Damages Multiplier for each subsequent sixty (60) days
(i.e., 0.50%, for 61-120 days, 0.75% for 121-180 days, and 1.00% thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per thirty
(30) day period (the “Liquidated Damages”); provided, that, the aggregate amount of Liquidated Damages payable by the Partnership under this Agreement to the Holders shall not exceed 10.0% of the Liquidated Damages Multiplier.
Any Liquidated Damages shall be payable within fifteen (15) Business Days after the end of each such thirty (30) day period in immediately available funds to the account or accounts specified by the applicable Holders. Any amount of
Liquidated Damages shall be prorated for any period of less than thirty (30) days accruing during any period for which a Holder is entitled to Liquidated Damages hereunder. 

(d) Waiver of Liquidated Damages. If the Partnership is unable to cause a Registration Statement under
Section 2.01(a) or (b) to become effective on or before the Effectiveness Deadline, then the Partnership may request a waiver of the Liquidated Damages, which may be granted by the consent of the Holders of 66-2/3% of the Registrable Securities that remain included on such Registration Statement, in their sole discretion, and which such waiver shall apply to all the Holders of Registrable Securities included on such
Registration Statement. 
 Section 2.02 Piggyback Rights. 

(a) Participation. So long as a Holder has Common Unit Registrable Securities, if the Partnership proposes to file, in each case, for
the sale of Common Units in an Underwritten Offering either: (i) a shelf registration statement, other than a Registration Statement contemplated by Section 2.01(a), on behalf of itself or any other holder of
Partnership securities who has registration rights related to an Underwritten Offering (each such person, an “Other Holder”), or (ii) a prospectus supplement relating to the sale of Common Units by the Partnership or any Other
Holders to an effective “automatic” registration statement, so long as the Partnership is a WKSI at such time or, whether or not the Partnership is a WKSI, so long as the Common Unit Registrable Securities were previously included in the
underlying shelf registration statement or are included on an effective registration statement, or in any case in which Holders may participate in such offering without filing a post-effective amendment that must be declared effective, in each case,

  
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for the sale of Common Units by the Partnership or Other Holders in an Underwritten Offering (including an Underwritten Offering undertaken pursuant to Section 2.04),
then the Partnership shall give notice (including notification by electronic mail) following the selection of the Managing Underwriter for such Underwritten Offering, of such Underwritten Offering to each Holder (together with its Affiliates) (the
“Piggyback Notice”). The Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering the number of Common Unit Registrable Securities (the “Included Common Unit Registrable
Securities”) as each Holder may request in writing. However, the Partnership shall not be required to provide such opportunity if the Holders do not offer, in the aggregate, a minimum of the Piggyback Threshold Amount of Common Unit
Registrable Securities. Moreover, if the Partnership has been advised by the Managing Underwriter that the inclusion of Common Unit Registrable Securities for sale for the benefit of the Holders will have an adverse effect in any material respect on
the price, timing or distribution of the Common Units in the Underwritten Offering, then if (A) in the opinion of the Managing Underwriter, no Common Unit Registrable Securities can be included in the Underwritten Offering, the Partnership
shall not be required to offer such opportunity to the Holders or (B) in the opinion of the Managing Underwriter, any Common Unit Registrable Securities can be included in the Underwritten Offering, then the amount of Common Unit Registrable
Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section 2.02(b). Any notice required to be provided in this Section 2.02(a) to Holders shall be
provided on a Business Day and receipt of such notice shall be confirmed and kept confidential by the Holders unless and until such proposed Underwritten Offering has been publicly announced by the Partnership. If such proposed Underwritten Offering
has been abandoned, the Partnership shall provide notice to the Holders reasonably promptly after the final decision to abandon a proposed Underwritten Offering has been made and such action and its context shall remain confidential. Each such
Holder shall then have two (2) Business Days (or one (1) Business Day in connection with any overnight or bought Underwritten Offering) after notice has been delivered to request in writing the inclusion of Common Unit Registrable
Securities in the Underwritten Offering. If a Holder’s written request for inclusion is not received within the specified time, such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving
written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, such Underwritten Offering is terminated or delayed pursuant to the provisions of this Agreement, the Partnership
(1) shall, in the case of a determination not to undertake such Underwritten Offering, give written notice (including by electronic mail) of such determination to the Selling Holders and shall be relieved of its obligation to sell any Included
Common Unit Registrable Securities in connection with such terminated Underwritten Offering, and (2) shall, in the case of a determination to delay such Underwritten Offering, give written notice (including by electronic mail) of such
determination to the Selling Holders and shall be permitted to delay offering any Included Common Unit Registrable Securities as part of such Underwritten Offering for the same period as the delay in the Underwritten Offering. Any Selling Holder
shall have the right to withdraw its request for inclusion of its Common Unit Registrable Securities in such Underwritten Offering by giving written notice to the Partnership of its withdrawal at least one Business Day prior to the time of pricing
of such Underwritten Offering. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Partnership requesting that such Holder not receive notice from the Partnership of any
proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out
Notice from a Holder 

  
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(unless subsequently revoked), the Partnership shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no
longer be entitled to participate in Underwritten Offerings by the Partnership pursuant to this Section 2.02(a), unless such Opt-Out Notice is revoked by such Holder. 

(b) Priority. Except as provided in Section 2.04(b) of this Agreement, if the Managing Underwriter advises
the Partnership that the total amount of Common Units that the Selling Holders and any Other Holders intend to include in such offering exceeds the number of Common Units that can be sold in such offering without being likely to have an adverse
effect in any material respect on the price, timing or distribution of the Common Units offered or the market for the Common Units, then the Common Units to be included in such Underwritten Offering shall include the number of Common Units that such
Managing Underwriter advises the Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, to the Partnership unless such Underwritten Offering is initiated by any Other Holder or a Holder, in which
case it shall be to the Common Units requested to be included therein by such Other Holder or Holder, as the case may be, and (ii) second, pro rata among any Other Holders and the Holders who are exercising piggyback
registration rights pursuant to this Section 2.02 (based, for each such participant, on the percentage derived by dividing (x) the number of Common Units proposed to be sold by such participant in such Underwritten
Offering by (y) the aggregate number of Common Units proposed to be sold by all participants in such Underwritten Offering). 

Section 2.03 Delay Rights. Notwithstanding anything to the contrary contained herein, the Partnership may, upon written notice to
(i) all Holders, delay the filing of a Registration Statement required under Section 2.01 (b), or (ii) any Selling Holder whose Registrable Securities are included in a Registration Statement or other registration
statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus that is a part of such Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales of the
Registrable Securities pursuant to such Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if the Partnership (x) is pursuing an acquisition,
merger, reorganization, disposition or other similar transaction and NuStar GP determines in good faith that the Partnership’s ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure
of such transaction in such Registration Statement or other registration statement, or (y) has experienced some other material non-public event the disclosure of which at such time, in the good faith
judgment of NuStar GP, would materially adversely affect the Partnership; provided, however, that in no event shall the Selling Holders be suspended from selling Registrable Securities pursuant to such Registration Statement for a single
period that exceeds an aggregate sixty (60) days in any 180-day period or ninety (90) days in any 365-day period. Any notice provided by the Partnership
pursuant to this Section 2.03 shall be provided on a Business Day and receipt of such notice shall be confirmed and kept confidential by the Holders unless and until disclosure of such information or the termination of such
condition. Upon disclosure of such information or the termination of the condition described above, the Partnership shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement or other
registration statement and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement. 

  
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 Section 2.04 Demand Rights. 

(a) Underwritten Offerings. In the event that a Selling Holder (together with any Affiliates that are Selling Holders, the
“Electing Holders”) elects to dispose of Common Unit Registrable Securities, under a Registration Statement pursuant to an Underwritten Offering and reasonably expects gross proceeds of at least $50 million from such
Underwritten Offering, the Partnership shall, following the one year anniversary of the Initial Closing Date, upon the request of such Selling Holder (such request, a “Demand Notice”), enter into an underwriting agreement in
customary form with the Managing Underwriter or Underwriters selected by the Partnership and approved by the Holders of a majority of the Common Unit Registrable Securities proposed to be sold in such Underwritten Offering, such approval not to be
unreasonably withheld, conditioned or delayed, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.09, and shall take all such other reasonable actions as are
requested by the Managing Underwriters in order to expedite or facilitate the disposition of such Common Unit Registrable Securities; provided, however, that the Partnership shall not be required to effect more than three
(3) Underwritten Offerings during the Effectiveness Period and no more than one (1) Underwritten Offering for all Holders of Common Unit Registrable Securities during any 6-month period pursuant to
and subject to the conditions of this Section 2.04(a). In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates, each Selling Holder and the Partnership shall be
obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings of securities. No Selling Holder
may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Common Unit Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney,
indemnities and other documents reasonably required under the terms of such underwriting agreement. No Selling Holder shall be required to make any representations or warranties to, or agreements with, the Partnership or the underwriters other than
representations, warranties or agreements regarding such Selling Holder, its ownership of the Common Unit Registrable Securities and its authority to enter into an underwriting agreement, its authority to sell the securities whose offer and resale
will be registered on its behalf, the intended method of distribution and any other representation required by Law. If any Selling Holder disapproves of the terms of an Underwritten Offering, such Selling Holder may elect to withdraw therefrom by
notice to the Partnership, the Electing Holders and the Managing Underwriter; provided, however, that any such withdrawal must be made at least one Business Day prior to the time of pricing of such Underwritten Offering. If all Selling
Holders withdraw from an Underwritten Offering prior to the public announcement at launch (the “Launch”) of such Underwritten Offering, the events will not be considered an Underwritten Offering and will not decrease the number of
available Underwritten Offerings the Holders have the right and option to request under this Section 2.04(a). No such withdrawal or abandonment shall affect the Partnership’s obligation to pay Registration Expenses
pursuant to Section 2.08; provided, however, that if all Selling Holders withdraw from such Underwritten Offering after the Launch, other than as a result of the occurrence of any event that would reasonably
be expected to permit the Partnership to exercise its rights to suspend the use of a Registration Statement or other registration statement pursuant to Section 2.03(a), then such Selling Holders shall pay
(pro rata on the basis of the number of Common Unit Registrable Securities held by each such Selling Holder) for all reasonable Registration Expenses incurred by the Partnership during the period from the Launch of such
Underwritten Offering until the time all Selling Holders have withdrawn from such Underwritten Offering. 

  
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 (b) Priority. If the Managing Underwriter of any proposed Underwritten Offering that
involves Common Unit Registrable Securities of Electing Holders pursuant to Section 2.04(a) advises the Partnership that the inclusion of all of the Common Unit Registrable Securities that the Selling Holders intend to
include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect in any material respect on the price, timing or distribution of the Common Unit Registrable Securities offered or the market
for the Common Unit Registrable Securities, then the Common Unit Registrable Securities to be included in such Underwritten Offering shall include the number of Common Unit Registrable Securities that such Managing Underwriter advises the
Partnership can be sold without having such adverse effect, with such number to be allocated (i) first, to the Selling Holders, allocated among such Selling Holders pro rata on the basis of the number of Common Unit
Registrable Securities held by each such Selling Holder or in such other manner as such Selling Holders may agree, and (ii) second, to the Partnership and any Other Holder of securities of the Partnership having rights of registration that rank
pari passu with the Holders in respect of the Common Unit Registrable Securities. 
 Section 2.05 Sale
Procedures. 
 In connection with its obligations under this Article II, the Partnership shall, as
expeditiously as possible: 
 (a) use its commercially reasonable efforts to prepare and file with the SEC such amendments and supplements
to a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act
with respect to the disposition of all Registrable Securities covered by such Registration Statement; 
 (b) if a prospectus supplement will
be used in connection with the marketing of an Underwritten Offering under a Registration Statement and the Managing Underwriter at any time shall notify the Partnership in writing that, in the sole judgment of such Managing Underwriter, inclusion
of detailed information to be used in such prospectus supplement is of material importance to the success of such Underwritten Offering, the Partnership shall use its commercially reasonable efforts to include such information in such prospectus
supplement; 
 (c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a Registration
Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto (other than reports under the Exchange Act that are deemed to be amendments or supplements), upon request, copies of reasonably
complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC), and provide each such Selling Holder the
opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing a
Registration Statement or such other registration statement or supplement or amendment thereto (other than reports under the Exchange Act that are deemed to be amendments or supplements), and (ii) such

  
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number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may
reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

(d) if applicable, use its commercially reasonable efforts to promptly register or qualify the Registrable Securities covered by a
Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall
reasonably request; provided, however, that the Partnership shall not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to
general service of process in any such jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling Holder, unless
otherwise available electronically at no additional charge via the SEC’s EDGAR system, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration
Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or
any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any written comments from the SEC with respect to any filing referred to in
clause (i) and any written request by the SEC for amendments or supplements to such Registration Statement or any other registration statement or any prospectus or prospectus supplement thereto; 

(f) immediately notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which
a statement is made); (ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any other registration statement contemplated by this Agreement, or the initiation
of any proceedings for that purpose; or (iii) the receipt by the Partnership of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any
jurisdiction. Following the provision of such notice, subject to the Partnership’s rights under Section 2.03, the Partnership agrees to as promptly as practicable amend or supplement the prospectus or prospectus
supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

  
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 (g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling
Holder copies of any and all transmittal letters or other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such
offering of Registrable Securities; 
 (h) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to
the underwriters upon request, (i) an opinion of counsel for the Partnership dated the date of the closing under the underwriting agreement and (ii) a “comfort” letter, dated the pricing date of such Underwritten Offering and a
letter of like-kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Partnership’s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Partnership and such other
matters as such underwriters and Selling Holders may reasonably request; 
 (i) make available to its security holders, as soon as
reasonably practicable, an earnings statement, covering a period of twelve months beginning within three months after the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 promulgated thereunder; 
 (j) make available to the appropriate representatives of the Managing
Underwriter and Selling Holders access to such information and Partnership and NuStar GP personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided, that the
Partnership need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with the Partnership; 

(k) use its commercially reasonable efforts to cause all Registrable Securities registered pursuant to this Agreement to be listed on each
securities exchange or nationally recognized quotation system on which the Common Units are then listed or quoted (or such other National Securities Exchange as the Partnership and the Holders holding a majority of such outstanding Registrable
Securities shall agree); 
 (l) provide a transfer agent and registrar for all Registrable Securities covered by such Registration Statement
not later than the Effective Date of such Registration Statement; 
 (m) enter into customary agreements and take such other actions as are
reasonably requested by the Selling Holders or the Underwriters, if any, in order to expedite or facilitate the disposition of Common Unit Registrable Securities (including making appropriate officers of NuStar GP available to participate in
customary marketing activities); provided, however, that the officers of NuStar GP shall not be required to dedicate an unreasonably burdensome amount of time in connection with any roadshow and related marketing activities for any
Underwritten Offering and officers of NuStar GP shall not be required to participate in more than one roadshow presentation per Underwritten Offering; 

  
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 (n) if requested by a Selling Holder, (i) incorporate in a prospectus supplement or
post-effective amendment such information as such Selling Holder reasonably requests and is customary to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of
Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and (ii) make all required filings of such prospectus supplement
or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

(o) if reasonably required by the Partnership’s transfer agent, the Partnership shall promptly deliver any authorizations, certificates
and directions required by the transfer agent which authorize and direct the transfer agent to transfer Registrable Securities without legend upon sale by the Holder of such Registrable Securities under a Registration Statement; and 

(p) if any Holder could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in
connection with a Registration Statement and any amendment or supplement thereof (a “Holder Underwriter Registration Statement”), then the Partnership will reasonably cooperate with such Holder in allowing such Holder to conduct
customary “underwriter’s due diligence” with respect to the Partnership and satisfy its obligations in respect thereof; provided, that the Partnership need not disclose any non-public
information to any such Holder, or any representative of such Holder, unless and until such representative has entered into a confidentiality agreement with the Partnership. In addition, at any Holder’s request, the Partnership will furnish to
such Holder, on the date of the effectiveness of the Holder Underwriter Registration Statement and thereafter from time to time on such dates as such Holder may reasonably request (provided that such request shall not be more frequently than
on an annual basis unless such Holder is offering Registrable Securities pursuant to a Holder Underwriter Registration Statement), (i) a “comfort letter”, dated such date, from the Partnership’s independent certified public
accountants in form and substance as has been customarily given by independent certified public accountants to underwriters in Underwritten Offerings of securities by the Partnership, addressed to such Holder, (ii) an opinion, dated as of such
date, of counsel representing the Partnership for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as has been customarily given in Underwritten Offerings of securities by the Partnership, accompanied by
standard “10b-5” negative assurance for such offerings, addressed to such Holder and (iii) a standard officer’s certificate from the chief executive officer or chief financial officer, or
other officers serving such functions, of the General Partner addressed to the Holder, as has been customarily given by such officers in Underwritten Offerings of securities by the Partnership. The Partnership will also use its reasonable efforts to
provide legal counsel to such Holder with an opportunity to review and comment upon any such Holder Underwriter Registration Statement, and any amendments and supplements thereto (other than reports under the Exchange Act that are deemed to be
amendments or supplements), prior to its filing with the Commission. 
 Notwithstanding anything to the contrary in this
Section 2.05, the Partnership shall not name a Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Registration Statement or Holder Underwriter Registration Statement, as applicable,
without such Holder’s consent. If the staff of the SEC requires the Partnership to name any Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent thereto, then such Holder’s
Registrable Securities shall not be included on the applicable Registration Statement and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by such Holder. 

  
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 Each Selling Holder, upon receipt of notice from the Partnership of the happening of any event of
the kind described in Section 2.05(e), shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of
the supplemented or amended prospectus contemplated by Section 2.05(e) or until it is advised in writing by the Partnership that the use of the prospectus may be resumed and has received copies of any additional or
supplemental filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling Holder shall, or shall request the Managing Underwriter, if any, to deliver to the Partnership (at the Partnership’s expense)
all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

Section 2.06 Cooperation by Holders. 

The Partnership shall have no obligation to include in a Registration Statement Registrable Securities of a Holder who has failed to timely
furnish, after receipt of a written request from the Partnership, such information that the Partnership determines, after consultation with its counsel, is reasonably required in order for the Registration Statement or prospectus supplement, as
applicable, to comply with the Securities Act. 
 Section 2.07 Restrictions on Public Sale by Holders of Registrable Securities.

 Each Holder of Common Unit Registrable Securities that participates in an Underwritten Offering will enter into a customary letter
agreement with the underwriters thereof providing such Holder will not cause any public sale or distribution of Registrable Securities to occur during the sixty (60) day period beginning on the date of a prospectus or prospectus supplement
filed with the SEC with respect to the pricing of any Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the
underwriters on the Partnership or the officers, directors or any other Affiliate of the Partnership, the General Partner or NuStar GP on whom a restriction is imposed, (ii) the restrictions set forth in this
Section 2.07 shall not apply to any Common Unit Registrable Securities that are included in such Underwritten Offering by such Holder and (iii) in the event that the restrictions set forth in this
Section 2.07 are waived with respect to any participant in such Underwritten Offering, such restrictions shall be deemed to have also been waived with respect to each Holder of Common Unit Registrable Securities that
participates in such Underwritten Offering, on the same terms as and with respect to the same percentage of Registrable Securities as those which are subject to such waiver. 

Section 2.08 Expenses. 

(a) Expenses. Subject to the last sentence of Section 2.04(a), the Partnership shall pay all reasonable
Registration Expenses as determined in good faith by NuStar GP, including, in the case of an Underwritten Offering, the reasonable Registration Expenses of such Underwritten 

  
 15 

 
Offering, regardless of whether any sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in
connection with any sale of its Registrable Securities hereunder. For the avoidance of doubt, each Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage derived by dividing (i) the
number of Registrable Securities sold by such Selling Holder in connection with such sale by (ii) the aggregate number of Registrable Securities sold by all Other Holders in connection with such sale. In addition, except as otherwise provided
in the definition of “Registration Expenses” or Sections 2.08 and 2.09 hereof, the Partnership shall not be responsible for legal fees incurred by Holders in connection with the exercise of such
Holders’ rights hereunder. 
 Section 2.09 Indemnification. 

(a) By the Partnership. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this
Agreement, the Partnership shall indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the
Securities Act and the Exchange Act, and its directors, officers, managers, partners, employees or agents (collectively, the “Selling Holder Indemnified Person”), against any losses, claims, damages, expenses or liabilities
(including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) (i) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of
the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) such Registration Statement or any other registration statement contemplated by this Agreement,
any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto or (ii) arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and shall reimburse each such
Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Partnership
shall not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by or on
behalf of such Selling Holder Indemnified Person in writing specifically for use in such Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. The Parties hereby designate each Seller Holder Indemnified Person who is not a
party to this Agreement as a third-party beneficiary of this Section 2.09 with the right to enforce this Section 2.09. 

(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Partnership, the
General Partner, NuStar GP, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the 

  
 16 

 
meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents (the “Partnership Indemnified Persons”), to the same extent as the
foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in such Registration Statement or
any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto;
provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable
Securities giving rise to such indemnification. The Parties hereby designate each Partnership Indemnified Person who is not a party to this Agreement as a third-party beneficiary of this Section 2.09 with the right to
enforce this Section 2.09. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of
notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but such omission to so notify the
indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.09, except to the extent that the indemnifying party is materially prejudiced by such
failure. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake
the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election to so assume and undertake the defense thereof, the indemnifying party shall
not be liable to such indemnified party under this Section 2.09 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and
of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any
such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to
those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel
and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the
indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party is entitled to indemnification
hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnified party. 

(d) Contribution. If the indemnification provided for in this Section 2.09 is held by a court or government
agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to 

  
 17 

 
reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as
well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses)
received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by
pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the
first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this paragraph. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e) Other Indemnification. The provisions of this Section 2.09 shall be in addition to any other rights to
indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 
 Section 2.10
Rule 144 Reporting. 
 With a view to making available the benefits of certain rules and regulations of the SEC
that may permit the sale of the Registrable Securities to the public without registration, the Partnership agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Partnership available, as those terms are understood and defined in Rule 144 under the
Securities Act (or any successor or similar provision adopted by the SEC then in effect), at all times from and after the date hereof; 

(b) file with the SEC in a timely manner all reports and other documents required of the Partnership under the Securities Act and the Exchange
Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns any Registrable Securities, furnish (i) to the
extent accurate, forthwith upon request, a written statement of the Partnership that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any similar provision then in effect) and (ii) unless otherwise
available electronically at no additional charge via the SEC’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Partnership, and such other reports and documents as such Holder may
reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration. 

  
 18 

 Section 2.11 Transfer or Assignment of Registration Rights. 

The rights to cause the Partnership to register Registrable Securities granted to the Purchasers by the Partnership under this
Article II may be transferred or assigned by any Purchaser to one or more transferees or assignees of the Preferred Units or Registrable Securities, subject to the transfer restrictions set forth in Section 19.9 of the
Partnership Agreement, provided, however, that (a) the Partnership is given written notice prior to any said transfer or assignment, stating the name and address of each of the transferee or assignee and identifying the
Registrable Securities with respect to which such registration rights are being transferred or assigned and (b) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such Purchaser under this
Agreement and to be bound by all the terms and provisions of this Agreement. 
 Section 2.12 Limitation on Subsequent Registration
Rights. 
 From and after the date hereof, the Partnership shall not, without the prior written consent of the Holders of at least the
Registrable Securities Required Voting Percentage, enter into any agreement with any current or future holder of any equity securities of the Partnership that would (i) allow such current or future holder to require the Partnership to include
equity securities in any registration statement filed by the Partnership on a basis that is superior in any respect to the piggyback rights granted to the Holders pursuant to Section 2.02 or (ii) permit another holder
of securities of the Partnership to participate on a pari passu basis (in terms of priority of cut back based on advice of underwriters) with a Holder requesting registration or takedown in an Underwritten Offering pursuant to
Section 2.04(a). 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Communications. 

All notices and other communications provided for or permitted hereunder shall be made in writing by facsimile, electronic mail, courier
service or personal delivery: 
 (a) if to any Purchaser, to such Purchaser’s address listed on Schedule A
hereof or such other address as such Purchaser shall have specified by written notice to the Partnership; 
 (b) if to a transferee of a
Purchaser, to such Holder at the address provided pursuant to Section 2.11 above; and 
 (c) if to the
Partnership: 
 NuStar Energy L.P. 

19003 IH-10 West 

San Antonio, TX 78257 
 Attention:
Amy L. Perry 
 Email: Senior Vice President, General Counsel and Corporate Secretary 

  
 19 

 with a copy (which shall not constitute notice) to: 

Sidley Austin LLP 
 1000
Louisiana St. 
 Suite 6000 

Houston, TX 77002 
 Attention:
George J. Vlahakos 
 Email: gvlahakos@sidley.com 

All such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt
acknowledged, if sent via facsimile or sent via electronic mail; and when actually received, if sent by courier service or any other means. 

Section 3.02 Successor and Assigns. 

This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including
subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.03 Assignment of Rights. 

All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser only
in accordance with Section 2.11 hereof. 
 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the
Common Units. 
 The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of
the Partnership or any successor or assign of the Partnership (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be
appropriately adjusted for combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this Agreement. 

Section 3.05 Aggregation of Registrable Securities. 

All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of
determining the availability of any rights and applicability of any obligations under this Agreement. 
 Section 3.06 Specific
Performance. 
 Damages in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain,
and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, shall have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such
breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other
equitable relief. The existence of this right shall not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. 

  
 20 

 Section 3.07 Counterparts. 

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

Section 3.08 Headings. 

The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 3.09 Governing Law; Submission to Jurisdiction. 

This Agreement, including all issues and questions concerning its application, construction, validity, interpretation and enforcement, shall
be construed in accordance with, and governed by, the laws of the State of Delaware. The Parties hereby submit to the non-exclusive jurisdiction of any U.S. federal or state court located in the State of
Delaware in any action, suit or proceeding arising out of or based upon this Agreement or any of the transactions contemplated hereby. The Parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they
may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the Parties hereto agrees that a judgment in any such dispute may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 
 Section 3.10 WAIVER OF JURY
TRIAL. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS
AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 3.11 Severability of Provisions. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 

  
 21 

 Section 3.12 Entire Agreement. 

This Agreement, the Purchase Agreement and the other agreements and documents referred to herein are intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein, in the Purchase Agreement or in the other agreements and documents referred to herein with respect to the rights granted by the Partnership or any of its Affiliates or the
Purchasers or any of their respective Affiliates set forth herein or therein. This Agreement, the Purchase Agreement and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the
parties with respect to such subject matter. 
 Section 3.13 Amendment. 

This Agreement may be amended only by means of a written amendment signed by the Partnership and the Holders of at least the Registrable
Securities Required Voting Percentage; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

Section 3.14 No Presumption. 

If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or
persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.15 Obligations Limited to Parties to Agreement. 

Each of the parties hereto covenants, agrees and acknowledges that no Person other than the Purchasers (and their permitted transferees and
assignees), the Holders and the Partnership shall have any obligation hereunder. Notwithstanding that one or more of such Persons may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents
or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner,
manager, member, stockholder or Affiliate of any of such Persons or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate thereof, as such, for any obligations of such
Persons under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each case for any transferee or assignee
of a Purchaser or a Holder hereunder. 

  
 22 

 Section 3.16 Independent Nature of Purchaser’s Obligations. 

The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser
shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained herein, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a
partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this
Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including, the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose. 
 Section 3.17 Interpretation. 

Article and Section references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and
agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The words “include,” “includes” and
“including” or words of similar import shall be deemed to be followed by the words “without limitation.” Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such action
shall be in such Purchaser’s sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise (e.g., by “Business” or “Trading”), all references herein to a “day”
are deemed to be a reference to a calendar day. 
 [signature page follows] 

  
 23 

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

			
	PARTNERSHIP:
	
	NUSTAR ENERGY L.P.
		
	By:	 	 Riverwalk Logistics, L.P.,
 its
General Partner

		
	By:	 	 NuStar GP, LLC,
 its General
Partner

  

			
	By: 	 	/s/ Thomas R. Shoaf
	Name:	 	Thomas R. Shoaf
	Title:	 	Executive Vice President and Chief Financial Officer

 Signature Page to Registration Rights Agreement 

 
			
	PURCHASERS
	
	EIG NOVA EQUITY AGGREGATOR, L.P.
		
	By:	 	 EIG Nova Equity GP, LLC,
 its general
partner

		
	By:	 	 EIG Asset Management, LLC,
 its managing
member

  

					
		 	By: 	 	/s/ Richard K. Punches, II
		 	Name:	 	Richard K. Punches, II
		 	Title:	 	Managing Director

  

					
		 	By: 	 	/s/ Matthew Hartman
		 	Name:	 	Matthew Hartman
		 	Title:	 	Senior Vice President

  

			
	FS ENERGY AND POWER FUND
		
	By:	 	 FS/EIG Advisor, LLC
 its Investment
Advisor

  

					
		 	By: 	 	/s/ Richard K. Punches, II
		 	Name:	 	Richard K. Punches, II
		 	Title:	 	Authorized Person

  

					
		 	By: 	 	/s/ Matthew Hartman
		 	Name:	 	Matthew Hartman
		 	Title:	 	Authorized Person

 Signature Page to Registration Rights Agreement 

 SCHEDULE A 

Purchaser Name; Notice and Contact Information 
  

			
	 Purchaser
	  	 Contact Information

	EIG Nova Equity Aggregator, L.P.	  	 c/o EIG Management Company, LLC
 333 Clay
Street, Suite 3500
 Houston, Texas 77002
 Attn: Matthew
Hartman
 CC: Austin Pearson
 Email:
Matthew.Hartman@eigpartners.com
 CC: Austin.Pearson@eigpartners.com

Telephone (M. Hartman): (713) 615-7412

Telephone (A. Pearson): (713) 615-7431

		
	FS Energy and Power Fund	  	 c/o EIG Management Company, LLC
 1700
Pennsylvania Avenue NW, Suite 800
Washington, DC 20006
 Attn: Eric Long

CC: Andrew P. Jamison
 Email: eric.long@eigpartners.com

CC: andy.jamison@eigpartners.com
 Telephone (E. Long): (202) 600-3693
 Telephone (A. Jamison): (202) 600-3380

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