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TWENTY-FIFTH AMENDMENT TO
FIRST LIEN ISDA 2002 MASTER AGREEMENT
This TWENTY-FIFTH AMENDMENT TO FIRST LIEN ISDA 2002 MASTER AGREEMENT (this “Amendment”) is entered into as of June 28, 2022, by and among U.S. OIL & REFINING CO., a Delaware corporation (“Party B”) and MERRILL LYNCH COMMODITIES, INC., a Delaware corporation (“Party A”) and is acknowledged and agreed to by the Guarantors signatory hereto.  Capitalized terms used but not defined in this Amendment have the meanings assigned to them in the First Lien ISDA Master Agreement (as defined below).
RECITALS
WHEREAS, Party A has entered into certain intermediation arrangements with Party B pursuant to the terms of that certain First Lien ISDA 2002 Master Agreement, dated as of March 17, 2016, by and between Party A and Party B (including the schedule, exhibits, attachments and annexes thereto and the transactions thereunder, and as amended by that certain First Amendment to First Lien ISDA 2002 Master Agreement, dated as of July 18, 2016, that certain Second Amendment to the First Lien ISDA 2002 Master Agreement, dated as of September 29, 2016, that certain Third Amendment to the First Lien ISDA 2002 Master Agreement, dated as of April 1, 2017, that certain Fourth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of March 13, 2018, that certain Fifth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of June 5, 2018, that certain Sixth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of September 1, 2018, that certain Seventh Amendment to the First Lien ISDA 2002 Master Agreement, dated as of October 2, 2018, that certain Eighth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of January 11, 2019, that certain Ninth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of November 1, 2019, that certain Tenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of April 21, 2020, that certain Eleventh Amendment to the First Lien ISDA 2002 Master Agreement, dated as of July 28, 2020, that certain Twelfth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of February 1, 2021, that certain Thirteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of February 11, 2021, that certain Fourteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of April 27, 2021, that certain Fifteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of August 16, 2021, that certain Sixteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of August 24, 2021, that certain Seventeenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of October 22, 2021, that certain Eighteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of December 17, 2021, that certain Nineteenth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of February 24, 2022, that certain Twentieth Amendment to the First Lien ISDA 2002 Master Agreement, dated as of March 9, 2022, that certain Twenty-First Amendment to the First Lien ISDA 2002 Master Agreement, dated as of March 25, 2022, that certain Twenty-Second Amendment to the First Lien ISDA 2002 Master Agreement, dated as of April 21, 2022, that certain Twenty-Third Amendment to the First Lien ISDA 2002 Master Agreement, dated as of May 9, 2022, that certain Twenty-Fourth Amendment to First Lien ISDA 2002 Master Agreement, dated as of May 17, 2022, and as subsequently further amended, restated, supplemented, replaced or otherwise modified from time to time, the “First Lien ISDA Master Agreement”); and
WHEREAS, the parties desire to amend the First Lien ISDA Master Agreement as set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements contained herein and in the Transaction Documents and for other good and valuable consideration, the receipt and 

sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:
SECTION 1.    Amendments.  Effective on and after the Effective Date (as defined below) the First Lien ISDA Master Agreement is hereby amended as follows:
1.1    Attachment 1 (Hydrocarbons) and Attachment 6 (Applicable Curves) to the First Lien ISDA Master Agreement are deleted in their entirety and replaced with the new Attachment 1 and the new Attachment 6 set forth on Exhibit A hereto.
1.2    Part 4 of Attachment 2 (Payments; Invoicing) to the First Lien ISDA Master Agreement shall be amended by inserting the phrase “, the Monthly WTI Fee for each Hydrocarbon Group (other than Crude and Ethanol)” immediately after the phrase “Undrawn Receivables Fee”.
1.3    Part 5 of Attachment 2 (Payments; Invoicing) to the First Lien ISDA Master Agreement is amended by inserting the following new definition in proper alphabetical order:
“Monthly WTI Fee” has the meaning set forth in the Fee Letter.
1.4     Part 20 of the ISDA Schedule shall be amended by adding the following new definition to such Part 20 in the proper alphabetical order:
““Applicable Haircut” means, for each Hydrocarbon Group, the haircut specified for such Hydrocarbon Group on Attachment 1, as modified from time to time as per Part 7(h) (which modifications, for the avoidance of doubt, need not take the form of formal amendments to Attachment 1).”
1.5    Part 7(h) of the ISDA Schedule shall be retitled as “Applicable Index; Applicable Differentials; Applicable Haircuts” and the following new paragraph (v) shall be added at the end of such Part 7(h):
“(v)    From time to time in connection with Party A’s review of the Applicable Indexes and Applicable Differentials in accordance with Part 7(h)(i) of this Schedule, Party A may review the Applicable Haircuts relating to one or more Hydrocarbon Groups and shall use good faith commercially reasonable efforts to determine what adjustments, if any, are necessary to ensure that each (x) accurately reflects Party B’s then-current Hydrocarbon slates, (y) accurately reflects then-current market values, volatility spreads and differential risks and (z) is and remains suitable for the purposes for which each is used by this Agreement.  Party A’s determinations of the adjustments to any Applicable Haircuts shall be made using a commercially reasonable methodology utilizing Relevant Information (including volatility spreads relating to one or more indices or futures contracts (including, without limitation, NYMEX RBOB and NYMEX Heating Oil)), Applicable Indices and Applicable Differentials. If Party A determines that one mor more Applicable Haircuts should be adjusted, such adjustments shall take effect (and Attachment 1 shall be deemed amended accordingly) in connection with the applicable Month-End Invoice, and shall be used for purposes of calculations in preparing such Month-End Invoice.” 
SECTION 2.    Effectiveness.  This Amendment shall become effective immediately upon (i) the satisfaction, or waiver in writing by Party A of each of the conditions set forth in this Section 2 and (ii) the parties entry into Additional TD Forward Delivery Transactions and TD Forward Return Transactions (the “July TD Forwards”) in connection with the preparation of the Month-
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End Invoice for June, 2022 pursuant to Part 9(a)(ii) of the ISDA Schedule, (the “Effective Date”):
2.1    Documentation. Party B and Party A shall have executed and delivered this Amendment.
2.2    Representations and Warranties. After giving effect to this Amendment, each of the representations and warranties contained in Section 3 hereof shall be true and correct in all material respects.
For the avoidance of doubt, the terms of this Amendment shall be effective beginning with the July TD Forwards and shall not apply to TD Forward Transactions entered into prior to the Effective Date.
SECTION 3.    Representations and Warranties of Party B. To induce Party A to grant this Amendment, Party B hereby represents and warrants as follows:
3.1    Authority; No Conflicts. The execution, delivery and performance by Party B of this Amendment is within its organizational powers, has been duly authorized by all necessary action, and does not (a) require any consent or approval of any holders of Equity Interests of Party B, other than those already obtained; (b) contravene the organizational documents of Party B; (c) violate any Applicable Law; or (d) result in or require the imposition of any Lien on any property of Party B other than Permitted Liens.
3.2    Enforceability. Party B has duly executed and delivered this Amendment. This Amendment constitutes the legal, valid and binding obligation of Party B enforceable in accordance with its terms, except as enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.
3.3    No Default. As of the date hereof, immediately prior to and after giving effect to this Amendment, no Event of Default, Potential Event of Default or Termination Event has occurred and is continuing under the First Lien ISDA Master Agreement or any other Transaction Document.
3.4    Other Representations and Warranties. All representations and warranties of Party B and the other Transaction Parties (and, as applicable, Par LLC) set forth in Section 3 of the First Lien ISDA Master Agreement (including the Additional Representations in Part 14) and any other documents and transactions entered into in connection herewith or contemplated hereby, are, after giving effect to this Amendment, true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date, except (a) to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date, and (b) to the extent that such representations and warranties are qualified as to “materiality” or “material adverse effect” (or words of like import) shall be satisfied in all respects as so qualified.
SECTION 4.      Covenants.
4.1    Expenses.  On or within ten (10) Business Days after the later of (a) the Effective Date and (b) Party B’s receipt of any invoice in respect of Permitted Fees and Expenses (as defined below) (such later date, the “Expense Payment Date”), Party B shall pay or reimburse 
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Party A for all reasonable and documented out-of-pocket expenses (including the reasonable and documented out of pocket legal fees and expenses of Stroock & Stroock & Lavan LLP, special counsel to Party A, to the extent Party B has received an invoice in respect of such fees and expenses) incurred by Party A in connection with the preparation, negotiation, execution, delivery and administration of this Amendment, any other Transaction Documents and any other Collateral Documents or any amendment, amendment and restatement, modification or waiver of the provisions thereof (collectively, the “Permitted Fees and Expenses”).
SECTION 5.    Effect on the First Lien ISDA Master Agreement and Other Transaction Documents.
5.1    Except as expressly modified hereby, the First Lien ISDA Master Agreement and other Transaction Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
5.2    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a modification to any right, power or remedy of Party A under the First Lien ISDA Master Agreement or any of the other Transaction Documents, nor constitute a waiver of any provision of the First Lien ISDA Master Agreement or any of the other Transaction Documents.
5.3    Each Grantor hereby agrees that this Amendment and the terms and conditions herein contained shall in no manner affect (other than expressly provided herein) or impair the Obligations (as defined in the Collateral Agreement) or the Liens securing the payment and performance thereof.
SECTION 6.    Miscellaneous.
6.1    Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.
6.2    Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. However, this Amendment shall bind no party until Party B and Party A have executed and delivered a counterpart. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic transmission (i.e., a “pdf” or “ tif” document) shall be effective as delivery of a manually executed counterpart of this Amendment.
6.3    GOVERNING LAW. THIS AMENDMENT AND ANY AND ALL CONTROVERSIES ARISING OUT OF OR IN RELATION TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
6.4    Headings. Any Section and paragraph headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date and year first above written.

U.S. OIL & REFINING CO.

By: /s/ Thor A. Nielsen
Name: Thor A. Nielsen
Title: VP & Treasurer

[Signature Page to Twenty-Fifth Amendment to First Lien ISDA 2002 Master Agreement]

MERRILL LYNCH COMMODITIES, INC.

By: /s/ Don W Ellithorpe 
Name: Don W Ellithorpe
Title: Vice President
NY [Signature Page to Twenty-Fifth Amendment to First Lien ISDA 2002 Master Agreement]

			
	Acknowledged and Agreed:

PAR PETROLEUM, LLC

By: /s/ Thor A. Nielsen
Name: Thor A. Nielsen
Title: VP & Treasurer

MCCHORD PIPELINE CO.

By: /s/ Thor A. Nielsen
Name: Thor A. Nielsen
Title: VP & Treasurer

NY [Signature Page to Twenty-Fifth Amendment to First Lien ISDA 2002 Master Agreement]Document

March 28, 2022

Richard L. Creamer
1848 N Paddock Green Street
Wichita, Kansas 67206

Dear Richard:

On behalf of Par Pacific Holdings, Inc. (“Par Pacific” or the “Company”), I am pleased to extend this letter as confirmation of the terms of your offer of employment with the Company as further described below.

1.  Position and Organization. Commencing as soon as you are available, you will start in a full-time position as Executive Vice President of Refining and Logistics with a work location of Houston, Texas, reporting directly to William Pate, President & CEO.  By signing this letter, you confirm with the Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties with the Company.

2.  Compensation. And Employee Benefits.  Based on the exempt status of this position, you will be paid a starting base salary at the rate of $420,000 per year, pro-rated based on your Commencement Date, payable on the Company's regular payroll date and in accordance with the Company’s standard payroll practice.  This offer includes benefits uniformly provided to other full-time, regular, non-represented employees of the Company.  Please refer to the summary of our benefits program provided separately for details. You will also be eligible for relocation benefits under the Par Pacific Executive Relocation Plan.  Further detail of the benefits will be provided upon commencement of your employment.

3.  Sign-on Cash Bonus. As part of the employment offer, the Company agrees to pay you a sign-or bonus of $296,515.54 once employment commences that will be reflected on your first paycheck. Should you leave Company employment prior to completing 12 consecutive months of employment for any reason other than layoff, you agree to repay the gross amount of the bonus, which shall be due immediately and which may, at the Company’s option, be deducted from any compensation payment(s) made to you.  Should you leave Company employment after completing 12 consecutive months but before completing 24 consecutive months, you agree to repay 50% of the gross amount of the bonus in the same manner.   You agree that if you fail to repay the Company pursuant to the terms of this Agreement and Par Pacific is required to put the matter into collections or otherwise institute legal action, you will be required to pay Par Pacific its costs and reasonable attorneys’ fees.

4.  Sign-on Restricted Stock Incentive.  As a sign-on grant, subject to the approval of the Compensation Committee of the Board of Directors of Par Pacific Holdings, Inc., you will be granted a value of $250,000 in restricted stock of the Company.  The restricted stock will be subject to the terms and conditions of the Par Pacific Holdings, Inc. 2012 Long Term Incentive Plan.  The actual number of shares granted will be determined consistent with the current Company equity plans at the discretion of the Compensation Committee.  The terms of any restricted stock grants will be customary awards of this type and include key terms such as a vesting schedule under which shares will vest of a four (4) year period.

5.  Annual Incentive Program.  You will be eligible to participate in the Company’s Annual Incentive Program (“AIP”) with a target cash incentive equal to 75% of your base pay earned during the performance year.  Your eligibility to participate in the Company’s AIP will start with the 2022 performance year.  Potential payouts under the AIP are based on various financial and operating performance goals of the Company as well as individual performance and typically are made, if at all, in the first half of the following calendar year as business 
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conditions allow.  Annual performance goals and target percentages are subject to approval by the Compensation Committee of the Board of Directors of Par Pacific, and there is no guarantee of award payments where financial and performance goals are not met.

6.  Your Long-Term Incentive Pay Potential.  You will also be eligible to participate in equity programs approved by the Compensation Committee.  Currently, these programs include annual grants of awards under the Par Pacific Long-Term Incentive Plan (LTIP) in the form of restricted stock units (RSUs), stock options, and performance units.  Your annual LTIP target for all forms of combined equity is valued at 140% of your base salary.  Your first eligibility for an annual grant under this LTIP would be in the first quarter of 2023 and the actual number of shares or options granted would be determined consistent with Par’s equity plans and subject to terms and conditions of the Par Pacific Long-Term Incentive Plan.

An equity grant awarded in one year does not guarantee an equity grant will be awarded in subsequent years. All equity grants under the LTIP are discretionary and based on both company and individual performance and are subject to approval by the Compensation Committee of the Board of Directors of Par Pacific.  Please note that payment, administration, and eligibility of the LTIP will follow the terms established in the LTIP and any applicable stock agreements.

7.  Vacation.  Effective with your hire date, you will be eligible for unlimited hours of vacation as approved by your supervisor.

8.  Confidential Information and Invention Assignment Agreement.  Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s enclosed standard Confidential Information and Invention Assignment Agreement.

9.  Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations which may have been made to you are superseded by this offer.  This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly-authorized officer of the Company.

10.  Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company.

11. Taxes.  Withholding and Required Deductions. All forms of compensation referred to in this letter are subject to all applicable taxes, withholding and any other deductions required by applicable law.

12.  Miscellaneous.

(a)    Governing Law.  The validity, interpretation, construction and performance of this letter, and all acts and transactions pursuant hereto shall be governed, construed and interpreted in accordance with the laws of the state of Texas (US-TX), without giving effect to principles of conflicts of law.

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(b)    Entire Agreement.  This letter sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written, between them relating to the subject matter hereof. THIS LETTER IS NOT AN EMPLOYMENT CONTRACT, BUT MERELY SETS FORTH THE INITIAL TERMS OF YOUR EMPLOYMENT WITH THE COMPANY, WHICH MAY BE CHANGED FROM TIME TO TIME.

(c)    Counterparts.  This letter may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement.  Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.

(d)    Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this Agreement, securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to you by applicable securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email or any other electronic means.  You hereby consent to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

If you wish to accept this offer, please sign and date both the enclosed duplicate original of this letter and the enclosed Confidential Information and Invention Assignment Agreement and return them to me.  This offer is contingent upon completion of the pre-employment process to the satisfaction of the Company. As a condition of continuing employment with the Company, you must successfully complete a drug scree n and a background check.  As required, by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United States.  The required documents must be submitted within three (3) business days from your first date of employment, as specified by the requirements of the Immigration Reform and Control Act of 1986.

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We are excited about the prospect of you accepting this offer.  We look forward to you rejoining Par Pacific!

Sincerely,

PAR PACIFIC HOLDINGS, INC.
Matthew R. Legg, Senior Vice President & Chief Human Resources Officer

/s/ Matthew R. Legg
(Signature)

3/28/2022
Date:

ACCEPTED AND AGREED:

Richard Creamer

/s/ Richard Creamer
(Signature)

3/29/2022
Date:

Attachment A:  Confidential Information and Invention Assignment Agreement

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