Document:

EX-10.7

 Exhibit 10.7 

Execution Version 

ENVIRONMENTAL INDEMNITY AGREEMENT 

THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) made as of the 1st day of June, 2015 by HAWAII INDEPENDENT
ENERGY, LLC, a Hawaii limited liability company, having an office at One Memorial City Plaza, 800 Gessner Road, Suite 875, Houston, Texas 77024 (“Indemnitor”) in favor of J. ARON & COMPANY, a New York general partnership,
having an office at 200 West Street, New York, New York 10282-2198 (together with its successors and/or assigns, “Indemnitee”) and other Indemnified Parties (defined below). 

RECITALS: 
 A. Reference
is made to the (i) Supply and Offtake Agreement dated as of June 1, 2015 (as amended, modified, renewed or extended from time to time, the “S&O Agreement”) between Indemnitor and Indemnitee, (ii) the ISDA Master
Agreement dated as of June 1, 2015 (as amended, modified, renewed or extended from time to time, the “Master Agreement”) between Indemnitor and Indemnitee, including all schedules, annexes and exhibits thereto and all
confirmations from time to time issued thereunder and subject thereto, (iii) Pledge and Security Agreement dated as of June 1, 2015 (as amended, modified, renewed or extended from time to time, the “Security Agreement”)
between Indemnitor and Indemnitee, and (iv) the Mortgage and Security Agreement dated as of June 1, 2015 (as amended, modified, renewed or extended from time to time, the “Mortgage”) by Indemnitor in favor of Indemnitee.
Capitalized terms not otherwise defined herein shall have the meaning set forth in the S&O Agreement. Indemnitee has agreed to deliver Crude Oil and purchase all Products upon and subject to the terms of the S&O Agreement and may from time
to time with Indemnitor enter into transactions subject to the Master Agreement. It is a condition precedent to Indemnitee’s obligations under the S&O Agreement and the Master Agreement that the Indemnitor enter into this Agreement.

 B. Pursuant to the requirements of the S&O Agreement, the Master Agreement, and the Mortgage, Indemnitor is providing the
indemnification, representations, warranties, covenants and other matters described in this Agreement for the benefit of the Indemnified Parties. 

C. Indemnitor is entering into this Agreement to induce Indemnitee to enter into the S&O Agreement. 

AGREEMENT 
 NOW THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor hereby represents, warrants, covenants and agrees for the benefit of the Indemnified Parties as
follows: 
 1. ENVIRONMENTAL REPRESENTATIONS AND WARRANTIES. Except as otherwise disclosed by that certain Phase I environmental
report in respect of the Property (as defined in the Mortgage) delivered to Indemnitee (referred to below as the “Environmental Report”), a copy of which has been provided to Indemnitee, or as disclosed in Schedule 1 hereto, and
subject in all respects to Indemnitor’s anticipated final binding settlement 

 
with the United States Environmental Protection Agency and the United States Department of Justice and other applicable agencies or entities, if any, regarding alleged violations of the Clean Air
Act related to the Indemnitor’s ownership and operation of the Refinery, (a) to Indemnitor’s knowledge, there are no Hazardous Substances (defined below) or underground storage tanks in, on, or under the Property, except those that
are in material compliance with all applicable Environmental Laws (defined below) and with permits issued pursuant thereto; (b) to Indemnitor’s knowledge, there are no material past, present or threatened Releases (defined below) of
Hazardous Substances in, on, under or from the Property which are reasonably anticipated to require material remedial action excepting such past Releases which have been remediated in accordance with Environmental Law; (c) to Indemnitor’s
knowledge, there is no threat of any Release of Hazardous Substances migrating to the Property that would require remedial action by Indemnitor; (d) to Indemnitor’s knowledge, there is no past or present material non-compliance with
Environmental Laws, or with permits issued pursuant thereto, in connection with the Property which has not been remediated in accordance with Environmental Law; (e) Indemnitor does not know of, and has not received, any written or oral notice
or other communication from any Person (including but not limited to a governmental entity) relating to material Releases of Hazardous Substances or Remediation (defined below) thereof, of possible material liability of any Person pursuant to any
Environmental Law, other material environmental conditions in connection with the Property, or any actual or potential administrative or judicial proceedings in connection with any of the foregoing or concerning whether any condition, use or
activity on the Property or any adjacent property (to the extent same emanated from the Property) is in material violation of any Environmental Law; (f) Indemnitor has provided to Indemnitee all material written information relating to
conditions in, on, under or from the Property that are known to Indemnitor and that are contained in files and records of Indemnitor, including but not limited to any material reports relating to Hazardous Substances in, on, under or from the
Property and/or to the environmental condition of the Property; and (g) except as otherwise noted in the Environmental Report, the Property does not appear on and to Indemnitor’s knowledge has never been on the National Priorities List, or
any active federal or state “superfund” or “superlien” list maintained by any local, state or federal agency or department. 

2. ENVIRONMENTAL COVENANTS. Indemnitor covenants and agrees that: (a) its uses and operations of the Property shall comply in all
material respects with all applicable Environmental Laws and permits issued pursuant thereto; (b) there shall be no Hazardous Substances known to Indemnitor in, on, or under the Property, except those that are in material compliance with
applicable Environmental Laws and with permits issued pursuant thereto or that are being appropriately and timely addressed in accordance with Environmental Laws; (c) Indemnitor shall, at its sole cost and expense, comply with all reasonable
written requests of the relevant authorities to (i) effectuate Remediation of any condition (including but not limited to a Release of a Hazardous Substance) in, on, under or from the Property; (ii) comply with any Environmental Law; and
(iii) take any other reasonable action necessary or appropriate for protection of human health or the environment; and (d) Indemnitor shall immediately notify Indemnitee in writing of (A) any material Releases or threatened Releases
of Hazardous Substances in, on, under, from or migrating towards the Property and (B) any material non-compliance with any Environmental Laws related in any way to the Property. 

  
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 3. INDEMNIFICATION. Indemnitor covenants and agrees, at its sole cost and expense, to
protect, defend, indemnify, release and hold Indemnified Parties harmless from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any
way relating to any one or more of the following: (a) any presence of any Hazardous Substances in, on, above, or under the Property; (b) any past, present or threatened Release of Hazardous Substances in, on, above, under or from the
Property; (c) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence, disposition or
other Release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from the Property of any Hazardous Substances at any time located in, under, on or above
the Property; (d) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in connection with any actual or proposed Remediation of any Hazardous Substances at any time located in, under,
on or above the Property, whether or not such Remediation is voluntary or pursuant to court or administrative order, including but not limited to any removal, remedial or corrective action; (e) any past, present or threatened non-compliance or
violations of any Environmental Laws (or permits issued pursuant to any Environmental Law) in connection with the Property or operations thereon, including but not limited to any failure by Indemnitor, any Person affiliated with Indemnitor, and any
tenant or other user of the Property to comply with any order of any governmental authority in connection with any Environmental Laws; (f) any administrative processes or proceedings or judicial proceedings in any way connected with any matter
addressed in this Agreement; (g) any past, present or threatened injury to, destruction of or loss of natural resources in any way connected with the Property, including but not limited to costs to investigate and assess such injury,
destruction or loss; (h) any acts of Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property in arranging for disposal or treatment, or arranging with a transporter for transport for disposal or
treatment, of Hazardous Substances at any facility or incineration vessel containing such or similar Hazardous Substances; (i) any acts of Indemnitor, any Person affiliated with any Indemnitor, and any tenant or other user of the Property
(excepting any acts of any Indemnified Party) in accepting any Hazardous Substances for transport to disposal or treatment facilities, incineration vessels or sites from which there is a Release, or a threatened Release of any Hazardous Substance
which causes the incurrence of costs for Remediation; (j) any personal injury, wrongful death, or property or other damage arising under any statutory or common law or tort law theory, including but not limited to damages assessed for private
or public nuisance or for the conducting of an abnormally dangerous activity on or near the Property; (k) the filing or imposition of any environmental lien against the Property, because of, resulting from, in connection with, or arising out of
any of the matters referred to in subparagraphs (a) through (j) above; and (l) any misrepresentation or inaccuracy in any representation or warranty or material breach or failure to perform any covenants or other obligations pursuant
to this Agreement, the S&O Agreement or the Mortgage, in each case, related to environmental matters. Notwithstanding the foregoing, Indemnitor shall not have any indemnification obligations to Indemnitee under this Agreement with respect to any
Losses that have been adjudicated as final (and are not subject to appeal) as having arisen solely out of, or that Indemnitor can prove to the satisfaction of Indemnitee (determined in Indemnitee’s sole and absolute discretion) arose solely out
of, Hazardous Substances in, on, under or about the Property that were not (i) present prior to 

  
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the date that Indemnitee or its nominee acquired title to the Property (and in no event resulting from or relating to a condition existing or which may have existed prior to the date that
Indemnitee or its nominee acquired title to the Property), whether by foreclosure, exercise of power of sale, acceptance of a deed-in-lieu of foreclosure, or otherwise and (ii) the result of any act or negligence of Indemnitor or any of
Indemnitor’s affiliates, agents or contractors. Additionally, notwithstanding any other provision hereof, Indemnitor shall have no indemnification obligations to any Indemnified Party pursuant to this Agreement for any Losses caused by the
gross negligence or willful misconduct of any Indemnified Party. 
 4. DUTY TO DEFEND AND ATTORNEYS AND OTHER FEES AND EXPENSES. Upon
written request by any Indemnified Party, Indemnitor shall defend same (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals approved by the Indemnified Parties with respect to matters
that are indemnified pursuant to this Agreement. Notwithstanding the foregoing, any Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals to defend or assist them, and, at the option of
Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding, providing that no compromise or settlement shall be entered without Indemnitor’s consent, which consent shall not be unreasonably withheld. Upon
demand, Indemnitor shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories
and other professionals in connection therewith. 
 5. DEFINITIONS. As used in this Agreement, the following terms shall have the
following meanings: The term “Environmental Law” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like relating to protection of occupational health or the environment,
relating to Hazardous Substances, relating to liability for or costs of other actual or threatened danger to occupational health or the environment, including Hawaii Revised Statutes Chapters 342B to 342J, 342L and 342P (all as amended and including
all regulations, permits and orders as issued thereunder). The term “Environmental Law” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto,
and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous
Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances
Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and
the River and Harbors Appropriation Act. The term “Environmental Law” also includes, but is not limited to, any present and future federal, state and local laws, statutes ordinances, rules, regulations and the like: conditioning
transfer of property upon a negative declaration or other approval of a governmental authority of the environmental condition of the Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition
of the Property to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in property; imposing conditions or requirements in connection with permits or

  
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other authorization for lawful activity; relating to nuisance, trespass or other causes of action related to the Property; and relating to wrongful death, personal injury, or property or other
damage in connection with any physical condition or use of the Property. 
 The term “Hazardous Substances” includes but is
not limited to any and all substances (whether solid, liquid or gas) defined, regulated, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar
meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human health or the environment, including but not limited to petroleum and petroleum products, asbestos and asbestos-containing
materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives. The foregoing shall be deemed to exclude substances of kinds and in amounts ordinarily and customarily used or stored in similar properties for the
purposes of cleaning or other maintenance or operations, provided the same (i) have been and continue to be in compliance with all Environmental Laws, (ii) have not and do not result in contamination of the Property and (iii) have not
had and do not otherwise have a Material Adverse Change. 
 The term “Indemnified Parties” includes Indemnitee, any Person
in whose name the encumbrance created by the Mortgage is or will have been recorded, as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates,
subsidiaries, participants, successors and assigns of any and all of the foregoing. 
 The term “Legal Action” means any
claim, suit or proceeding, whether administrative or judicial in nature. 
 The term “Losses” includes any losses, damages,
costs, fees, expenses, claims, suits, judgments, awards, liabilities (including but not limited to strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or not performed voluntarily),
amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs, attorneys’ fees, engineers’ fees, environmental consultants’ fees, and investigation costs (including but not limited to costs for
sampling, testing and analysis of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas), in the case of each of the foregoing, of whatever kind or nature and whether or not incurred in connection with
any judicial or administrative proceedings, actions, claims, suits, judgments or awards. 
 The term “Release” with respect
to any Hazardous Substance includes but is not limited to any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous
Substances. 
 The term “Remediation” includes but is not limited to any response, remedial, removal, or corrective action;
any activity to clean up, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance; any action to comply with any Environmental Laws or with any
permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances or to anything referred to herein. 

  
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 6. UNIMPAIRED LIABILITY. The liability of Indemnitor under this Agreement shall in no way
be limited or impaired by, and Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the S&O Agreement, the Mortgage or any other Transaction Document to or with Indemnitee by Indemnitor or
any Person who succeeds Indemnitor or any Person as owner of the Property. In addition, the liability of Indemnitor under this Agreement shall in no way be limited or impaired by (i) any extensions of time for performance required by the
S&O Agreement, the Mortgage or any of the other Transaction Documents, (ii) any sale or transfer of all or part of the Property, (iii) except as provided herein, any exculpatory provision in the S&O Agreement, the Mortgage, or any
of the other Transaction Documents limiting Indemnitee’s recourse to the Property, or limiting Indemnitee’s rights to a deficiency judgment against Indemnitor, (iv) the accuracy or inaccuracy of the representations and warranties made
by Indemnitor under the S&O Agreement, the Mortgage, or any of the other Transaction Documents or herein, (v) the release of Indemnitor or any other Person from performance or observance of any of the agreements, covenants, terms or
condition contained in any of the other Transaction Documents by operation of law, Indemnitee’s voluntary act, or otherwise, or (vi) Indemnitee’s failure to record the Mortgage or file any UCC financing statements (or
Indemnitee’s improper recording or filing of any thereof); and, in any such case, whether with or without notice to Indemnitor and with or without consideration. 

7. ENFORCEMENT. Indemnified Parties may enforce the obligations of Indemnitor without first resorting to or exhausting any security or
collateral or without first having recourse to the S&O Agreement, the Mortgage, or any other Transaction Documents or any of the Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein shall inhibit or
prevent Indemnitee from foreclosing, or exercising any power of sale under, the Mortgage, or exercising any other rights and remedies thereunder. This Agreement is not collateral or security for the Debt (as defined in the Mortgage) of Indemnitor
pursuant to the S&O Agreement, unless Indemnitee expressly elects in writing to make this Agreement additional collateral or security for the Debt of Indemnitor pursuant to the S&O Agreement, which Indemnitee is entitled to do in its sole
and absolute discretion. It is not necessary for an Event of Default to have occurred pursuant to and as defined in the Security Agreement or the S&O Agreement for Indemnified Parties to exercise their rights pursuant to this Agreement.
Notwithstanding any provision of the S&O Agreement, the obligations pursuant to this Agreement are exceptions to any non-recourse or exculpation provision of the S&O Agreement; Indemnitor is fully and personally liable for such obligations,
and such liability is not limited to original or amortized principal balance of the Debt or the value of the Property. 
 8.
SURVIVAL. The obligations and liabilities of Indemnitor under this Agreement shall fully survive indefinitely notwithstanding any termination or release of the Mortgage and any of the other Transaction Documents, assignment, entry of a
judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of the Mortgage, the payment in full of the indebtedness secured by the Mortgage, any bankruptcy or other debtor relief proceeding, and any other
event whatsoever. 

  
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 9. INTEREST. Any amounts payable to any Indemnified Parties under this Agreement shall
become immediately due and payable on demand and, if not paid within five (5) days of such demand therefor, shall bear interest at the Default Rate (as defined in the Mortgage). 

10. SUBROGATION. Indemnitor shall take any and all reasonable actions, including institution of legal action against third parties,
necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible for the presence of any Hazardous Substances at, in, on, under or near the Property or otherwise obligated by law to bear the cost. Indemnified
Parties shall be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims. 
 11. NOTICE OF LEGAL
ACTIONS. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the other party hereto of (i) any notice, advice or other communication from any governmental entity or any source whatsoever
with respect to Hazardous Substances on, from or affecting the Property, and (ii) any legal action brought against such party or related to the Property, with respect to which Indemnitor may have liability under this Agreement. Such notice
shall comply with the provisions of Section 12 hereof. 
 12. NOTICES. All notices or other written communications hereunder
shall be made in accordance with Article 27 of the S&O Agreement to the addresses noted above (or to such other addresses as may be specified in writing by any party hereto to the other parties hereto). 

13. NO ORAL CHANGE. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or
terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought. 
 14. HEADINGS, ETC. The headings and captions of various paragraphs of this Agreement are for
convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 

15. NUMBER AND GENDER/SUCCESSORS AND ASSIGNS. All pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to
each and every Person comprising an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors, administrators, legal representatives, successors and assigns of Indemnitor, all of whom shall
be bound by the provisions of this Agreement, provided that no obligation of Indemnitor may be assigned except with the written consent of Indemnitee. Each reference herein to Indemnitee shall be deemed to include its successors and assigns. This
Agreement shall inure to the benefit of Indemnified Parties and their respective successors and assigns forever. 

  
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 16. RELEASE OF LIABILITY. Any one or more parties liable upon or in respect of this
Agreement may be released without affecting the liability of any party not so released. 
 17. RIGHTS CUMULATIVE. The rights and
remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee has under the Mortgage, the S&O Agreement or the other Transaction Documents or would otherwise have at law or in equity. 

18. INAPPLICABLE PROVISIONS. If any term, condition or covenant of this Agreement shall be held to be invalid, illegal or unenforceable
in any respect, this Agreement shall be construed without such provision. 
 19. GOVERNING LAW. The governing law and related
provisions set forth in Article 25 of the S&O Agreement (including, without limitation, any authorized agent provisions thereof) are hereby incorporated by reference as if fully set forth herein and shall be deemed fully applicable to Indemnitor
hereunder. 
 20. MISCELLANEOUS. (a) Wherever pursuant to this Agreement (i) Indemnitee exercises any right given to it
approve or disapprove, (ii) any arrangement or term is to be satisfactory to Indemnitee, or (iii) any other decision or determination is to be made by Indemnitee, the decision of Indemnitee to approve or disapprove, all decisions that
arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Indemnitee, shall be in the sole and absolute discretion of Indemnitee and shall be final and conclusive, except as may be otherwise
expressly and specifically provided herein. 
 (b) Wherever pursuant to this Agreement it is provided that Indemnitor pay any costs and
expenses, such costs and expenses shall include, but not be limited to, reasonable legal fees and disbursements of Indemnitee, whether retained firms, the reimbursements for the expenses of the in-house staff or otherwise. 

(c) If Indemnitor consists of more than one person or party, the obligations and liabilities of each such person or party hereunder shall be
joint and several. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by Indemnitor and is effective as of
the day and year first above written. 
  

			
	INDEMNITOR:
	
	HAWAII INDEPENDENT ENERGY, LLC
		
	By:		 /s/ William Monteleone

		
	Name:		 William Monteleone

		
	Title:		 Executive Vice President

 [Signature Page to Environmental Indemnity]EX-10.8

 Exhibit 10.8 

Execution Version 
 FIFTH
AMENDMENT TO DELAYED DRAW TERM LOAN 
 AND BRIDGE LOAN CREDIT AGREEMENT 

THIS FIFTH AMENDMENT TO DELAYED DRAW TERM LOAN AND BRIDGE LOAN CREDIT AGREEMENT (this “Amendment”) is dated as
of June 1, 2015 (the “Effective Date”) by and among Par Petroleum Corporation, a Delaware corporation (the “Borrower”), the Guarantors party hereto (the “Guarantors” and
together with the Borrower, each a “Credit Party” and collectively, the “Credit Parties”), the lenders party hereto (the “Lenders”) and Jefferies Finance LLC, as administrative
agent for the Lenders (in such capacity, the “Administrative Agent”). 
 WHEREAS, the Credit Parties, the Administrative Agent,
and the Lenders entered into that certain Delayed Draw Term Loan and Bridge Loan Credit Agreement dated as of July 11, 2014 (as amended by that certain First Amendment thereto dated as of July 28, 2014 (the “First
Amendment”), that certain Second Amendment thereto dated as of September 10, 2014 (the “Second Amendment”), that certain Third Amendment thereto dated as of March 11, 2015 (the “Third
Amendment”), that certain Fourth Amendment thereto dated as of April 1, 2015 (the “Fourth Amendment”), and as may be further amended, amended and restated, modified, supplemented, extended, renewed, restated
or replaced from time to time, the “Credit Agreement”); 
 WHEREAS, (i) HPE is a wholly-owned Subsidiary of the
Borrower, (ii) Hawaii Independent Energy is a wholly-owned Subsidiary of HPE, and (iii) HPE and Hawaii Independent Energy are each designated as Excluded Subsidiaries under the Credit Agreement; 

WHEREAS, Hawaii Independent Energy owns and operates a crude oil refinery located in Kapolei, Hawaii (the “Refinery”)
for the processing and refining of crude oil and other feedstocks and the recovery therefrom of refined petroleum products; 
 WHEREAS, the
Borrower desires that (i) Hawaii Independent Energy enter into that certain Supply and Offtake Agreement (the “S&O Agreement”), dated as of June 1, 2015, with J. Aron & Company, a New York general
partnership (“Aron”), whereby Aron will deliver crude oil to Hawaii Independent Energy for use at the Refinery and Aron will purchase refined petroleum products produced therefrom upon and subject to the terms and conditions
set forth in the S&O Agreement, (ii) Hawaii Independent Energy enter into that certain ISDA Master Agreement, dated as of June 1, 2015, with Aron in connection with the S&O Agreement, (iii) Hawaii Independent Energy enter into
that certain Pledge and Security Agreement dated as of June 1, 2015, with Aron, pursuant to which Hawaii Independent Energy will grant a Lien on substantially all of its assets and pledge its Equity Interests in all of its Subsidiaries to Aron
to secure the obligations of Hawaii Independent Energy under the S&O Transaction Documents (defined below), and (iv) HPE enter into that certain Equity Pledge Agreement, dated as of June 1, 2015, with Aron, pursuant to which HPE will
pledge its Equity Interests in Hawaii Independent Energy to Aron to secure the obligations of Hawaii Independent Energy under the S&O Transaction Documents; 

 WHEREAS, effective as of the Effective Date, the Framework Agreement, the ABL Credit Agreement
and all documents related to such foregoing agreements, respectively, will be terminated, all obligations thereunder (other than (i) contingent indemnification obligations as to which no claim has been made or notice has been given and
(ii) certain amounts being held in escrow or other arrangements made to satisfy certain contingent payment obligations arising from the termination of the inventory arrangements with Barclays Bank PLC associated with the Framework Agreement)
will be paid in full and all liens securing such obligations will be terminated, discharged and released; 
 WHEREAS, the Borrower has
informed the Lenders of the foregoing S&O Transaction Documents and transactions related thereto and, in connection therewith, has requested that the Lenders (i) amend Section 6.25 of the Credit Agreement so that such provision does
not prohibit Hawaii Independent Energy’s and HPE’s entry into the applicable S&O Transaction Documents to which each is a party and (ii) amend certain other provisions of the Credit Agreement in respect of such S&O Transaction
Documents; and 
 WHEREAS, the Lenders have agreed to such amendments, subject to the terms and conditions hereof. 

NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Defined Terms. All capitalized terms
used herein (including in the recitals hereto) shall have the respective meaning assigned to such terms in the Credit Agreement, unless otherwise defined herein. 

2. Amendments to Credit Agreement. 

(a) The following new defined terms are hereby added to Appendix I of the Credit Agreement in their appropriate
alphabetical order: 
 ‘“Aron” means J. Aron & Company, a New York general partnership.’ 

‘“Equity Pledge Agreement” means that certain Equity Pledge Agreement, dated as of June 1, 2015, between HPE and
Aron, pursuant to which HPE pledges and grants a Lien to Aron on all of its right, title, and interest in and to all of the issued and outstanding Equity Interests issued by Hawaii Independent Energy, as may be amended, restated, supplemented or
otherwise modified from time to time.’ 
 ‘“Fifth Amendment” means that certain Fifth Amendment to Delayed Draw
Term Loan and Bridge Loan Credit Agreement, dated as of June 1, 2015, by and among the Borrower, the other Credit Parties thereto, the Lenders party thereto, and the Administrative Agent.’ 

‘“Fifth Amendment Effective Date” means June 1, 2015.’ 

  
 2 

 ‘“Fourth Amendment” means that certain Fourth Amendment to Delayed Draw
Term Loan and Bridge Loan Credit Agreement, dated as of April 1, 2015, by and among the Borrower, the other Credit Parties thereto, and the Lenders party thereto.’ 

‘“HIE Pledge and Security Agreement” means that certain Pledge and Security Agreement, dated as of June 1, 2015,
between Hawaii Independent Energy and Aron, pursuant to which Hawaii Independent Energy grants a Lien on all of its assets and pledges its Equity Interests in all of its Subsidiaries to Aron to secure the obligations of Hawaii Independent Energy
under the S&O Transaction Documents.’ 
 ‘“Master Agreement” means the ISDA Master Agreement, dated as of
June 1, 2015, between Aron and Hawaii Independent Energy, including all schedules, annexes and exhibits thereto and all confirmations from time to time issued thereunder and subject thereto, as amended, restated, supplemented or otherwise
modified from time to time.’ 
 ‘“S&O Agreement” means the Supply and Offtake Agreement dated as of
June 1, 2015, between Aron and Hawaii Independent Energy, pursuant to which Aron has agreed to deliver crude oil to and to purchase all refined petroleum products from Hawaii Independent Energy upon and subject to the terms thereof, as amended,
restated, supplemented or otherwise modified from time to time.’ 
 ‘“S&O Transaction Documents” means the
S&O Agreement, the Master Agreement, the Equity Pledge Agreement, the HIE Pledge and Security Agreement and any other agreement or instrument contemplated by any of the foregoing agreements or executed in connection with any of the foregoing
agreements, as may be from time to time be entered into by HPE, Hawaii Independent Energy or any other Excluded Subsidiary.’ 

(b) The definition of “Change in Control” in Appendix I of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “Change in Control” means that, for any reason (i) any Person or group (as defined in Sections
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934) other than a Permitted Holder shall become the direct or indirect beneficial owner (as defined in Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934) of greater than 30%
of the total voting power of all classes of capital stock then outstanding of Borrower entitled (without regard to the occurrence of any contingency) to vote in elections of directors of Borrower, (ii) any Credit Party ceases to own, either
directly or indirectly, 100% of the Equity Interest in any wholly-owned Subsidiary (other than an Excluded Subsidiary) other than as a result of a sale of assets, other Disposition or merger permitted under Section 6.4; and (iii) the
occurrence of a “Change of Control” (or similar defined term as defined in the JV Credit Agreement and/or in any of the following agreements) under the JV Credit Agreement, any of the S&O Transaction Documents, or the Bank of Hawaii
Credit Agreement; provided however that for purposes of determining whether a Change in Control has occurred, transfers of Voting Securities by any Lender or an Affiliate of any Lender to a third party shall be disregarded.” 

(c) The existing defined terms, “ABL Credit Agreement” and “Framework Agreement”, in Appendix
I of the Credit Agreement are each hereby deleted, and each 

  
 3 

 
reference to any such defined term in the Credit Agreement or in any other Loan Document is hereby deleted and of no further force and effect, except for any such references that are of a
historical nature and may be retained as the context may require. 
 (d) Section 6.25 of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 “Section 6.25 Negative Pledge. The Borrower shall not,
and shall not permit any of its Subsidiaries to, grant, create, assume or incur any Liens after the Closing Date, or suffer to exist any such Liens granted, created, assumed or incurred after the Closing Date, in each case, on or in respect of any
of the Equity Interests issued by the Excluded Subsidiaries (whether now owned or hereafter acquired) other than (i) in connection with any Permitted Refinancing of any Debt of the Excluded Subsidiaries existing on the Closing Date or
(ii) pursuant to the Equity Pledge Agreement and HIE Pledge and Security Agreement, in each case under this clause (ii), in effect on the Fifth Amendment Effective Date and provided that (A) none of the Credit Parties or any of their
Subsidiaries (other than Excluded Subsidiaries) (x) are party to any of the S&O Transaction Documents, (y) are liable in any respect for any obligations under the S&O Transaction Documents or (z) have granted any liens in any
of their assets to secure any of the obligations under the S&O Transaction Documents, (B) the collateral that secures the obligations under the S&O Transaction Documents is substantially the same as the collateral that secured the ABL
Credit Agreement and the Framework Agreement and (C) the ABL Credit Agreement and Framework Agreement have been terminated, all obligations thereunder (other than (1) contingent indemnification obligations as to which no claim has been
made or notice has been given and (2) certain amounts being held in escrow or other arrangements made to satisfy certain contingent payment obligations arising from the termination of the inventory arrangements with Barclays Bank PLC associated
with the Framework Agreement) have been paid in full and all liens securing the obligations thereunder have been terminated, discharged and released, in each case, concurrently with the execution and delivery of the Master Agreement, the S&O
Agreement, the Equity Pledge Agreement and HIE Pledge and Security Agreement.” 
 (e) Section 7.1(d)
of the Credit Agreement is hereby amended and restated by replacing clauses (vi), (vii) and (viii) thereof in their entirety with the following text: 

“(vi) the occurrence of an event of default under the S&O Agreement, the Master Agreement or any other S&O Transaction Document,
provided, however, that if all events of default under any such foregoing S&O Transaction Documents are cured or waived, any Event of Default arising under this Section 7.1(d)(vi) solely as a result of the occurrence of such events
of default shall be deemed to have been cured or waived, as applicable; and (vii) the occurrence of an event of default under the Bank of Hawaii Credit Agreement, provided, however, that if all events of default under the Bank of Hawaii Credit
Agreement are cured or waived, any Event of Default arising under this Section 7.1(d)(vii) solely as a result of the occurrence of such events of default shall be deemed to have been cured or waived, as applicable;” 

(f) Section 7.1(q) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“Negative Pledge. If HPE or Koko’oha Investments, Inc. shall fail to perform or observe any term, agreement or covenant set
forth in the Sections 3.1(c), 3.3(a) and/or 3.3(d) of the HPE Pledge Agreement;” 

  
 4 

 3. Effect of this Amendment. Except as expressly amended hereby, the Credit Agreement and
the other Loan Documents are ratified and confirmed in all respects and shall remain in full force and effect in accordance with their respective terms. Except as expressly set forth herein, the terms of this Amendment shall not be deemed (i) a
waiver of any Default or Event of Default, (ii) a consent, waiver or modification with respect to any term, condition, or obligation of the Borrower or any other Credit Party in the Credit Agreement or any other Loan Document, (iii) a
consent, waiver or modification with respect to any other event, condition (whether now existing or hereafter occurring) or provision of the Loan Documents or (iv) to prejudice any right or remedy which the Administrative Agent or any Lender
may now or in the future have under or in connection with the Credit Agreement or any other Loan Document. 
 4. Conditions
Precedent. This Amendment shall become effective upon the satisfaction of each of the conditions precedent set forth below unless any such condition is waived, in writing by the Lenders: 

a) Documentation. The Administrative Agent shall have received the following, duly executed by all the parties thereto, in form and
substance satisfactory to the Lenders: 
 i. this Amendment; and 

ii. such other documents, governmental certificates, agreements and lien searches as the Administrative Agent or the Lenders
may reasonably request. 
 b) Payment of Fees. On the Effective Date, Borrower shall have paid the administrative agency amendment
fee, in the amount separately agreed to between the Borrower and the Administrative Agent, to the Administrative Agent. 
 c) The ABL Credit
Agreement and Framework Agreement have been terminated, all of the obligations (other than (i) contingent indemnification obligations as to which no claim has been made or notice has been given and (ii) certain amounts being held in escrow
or other arrangements made to satisfy certain contingent payment obligations arising from the termination of the inventory arrangements with Barclays Bank PLC associated with the Framework Agreement) under the ABL Credit Agreement and Framework
Agreement have been paid in full, and the liens securing such obligations have been or will be terminated, discharged and released, in each case, substantially concurrently with the execution and delivery of the Master Agreement, the S&O
Agreement, the Equity Pledge Agreement and HIE Pledge and Security Agreement. 
 d) No Default. No event or condition exists that
would constitute a Default or Event of Default before or after giving effect to this Amendment. 
 e) Representations and Warranties.
The representations and warranties contained in Article IV of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects (except that any representation and warranty that is qualified as to

  
 5 

 
“materiality” or “Material Adverse Change” shall be true and correct in all respects) as of such date (except in the case of representations and warranties that are made
solely as of an earlier date or time, which representations and warranties shall be true and correct as of such earlier date or time). 
 5.
Miscellaneous. 
 (a) Severability. If any provision of this Amendment is held by a court of competent jurisdiction to be
invalid or unenforceable, such provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of this Amendment and the effect thereof shall be confined to the provision so held to
be invalid or unenforceable. 
 (b) Entire Agreement. This Amendment shall be deemed to be a Loan Document and, together with the
other Loan Documents and the agreements, documents and instruments contemplated hereby (excluding, for the avoidance of doubt, the S&O Transaction Documents), constitutes the entire understanding of the parties with respect to the subject matter
hereof and thereof, and any other prior or contemporaneous agreements, whether written or oral, with respect hereto or thereto are expressly superseded hereby and thereby. 

(c) Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each
of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by facsimile or .pdf shall be
equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile or .pdf also shall deliver an original executed counterpart of this Amendment but the
failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

(d) Successors and Assigns. This Amendment shall be binding on and inure to the benefit of the parties hereto and their heirs,
beneficiaries, successors and assigns. 
 (e) Governing Law; Venue; Jury Trial. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE CHOICE OF LAW AND VENUE PROVISIONS SET FORTH IN SECTION 10.12 OF THE CREDIT AGREEMENT, AND SHALL BE SUBJECT TO THE JURY TRIAL WAIVER SET FORTH IN SECTION 10.14 OF THE
CREDIT AGREEMENT. 
 (f) Guarantors. Each Guarantor, for value received, hereby expressly consents and agrees to the Borrower’s
execution and delivery of this Amendment, to the performance by the Borrower of its agreements and obligations hereunder and to the amendments set forth herein. This Amendment, the performance or consummation of any transaction or matter
contemplated under this Amendment and all amendments set forth herein, shall not limit, restrict, extinguish or otherwise impair any Guarantor’s liability to the Administrative Agent and Lenders with respect to the payment and other performance

  
 6 

 
obligations of such Guarantor pursuant to the Guarantees. Each Guarantor hereby ratifies, confirms and approves its Guarantee and acknowledges that it is unconditionally liable to the
Administrative Agent and Lenders for the full and timely payment of the Guaranteed Obligations (on a joint and several basis with the other Guarantors). Each Guarantor hereby acknowledges that it has no defenses, counterclaims or set-offs with
respect to the full and timely payment of any or all Guaranteed Obligations. 
 [Remainder of Page Intentionally Left Blank] 

  
 7 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Fifth Amendment to Delayed
Draw Term Loan and Bridge Credit Agreement as of the date first written above. 
  

							
	BORROWER:
	
	 PAR PETROLEUM CORPORATION,
 a
Delaware corporation

		
	By:		 /s/ Christopher Micklas

	Name:		Christopher Micklas
	Title:		Chief Financial Officer
	
	GUARANTORS:
	
	 PAR PICEANCE ENERGY EQUITY LLC,
 a
Delaware limited liability company

	
	 PAR UTAH LLC,
 a Delaware limited
liability company

	
	EWI LLC, a Delaware limited liability company
	
	 PAR WASHINGTON LLC,
 a Delaware
limited liability company

	
	 PAR NEW MEXICO LLC,
 a Delaware
limited liability company

	
	 HEWW EQUIPMENT LLC,
 a Delaware
limited liability company

	
	 PAR POINT ARGUELLO LLC,
 a Delaware
limited liability company

		
			By: PAR PETROLEUM CORPORATION,
			a Delaware corporation, as Sole Member of each of the foregoing companies
				
					By:		 /s/ Christopher Micklas

					Name:		Christopher Micklas
					Title:		Chief Financial Officer

  
 [Signature Page to
Fifth Amendment] 

			
	ADMINISTRATIVE AGENT:
	
	JEFFERIES FINANCE LLC, as Administrative Agent
		
	By:		 /s/ J. Paul McDonnell

	Name:		J. Paul McDonnell
	Title:		Managing Director

  
 [Signature Page to
Fifth Amendment] 

			
	LENDERS:
	
	WB MACAU55, LTD., as a Lender
		
	By:		 /s/ Mark Strefling

	Name:		Mark Strefling
	Title:		General Counsel & Chief Operating Officer
			Whitebox Advisors LLC

  
 [Signature Page to
Fifth Amendment] 

			
	HIGHBRIDGE INTERNATIONAL, LLC, as a Lender
	
	By: Highbridge Capital Management, LLC, as trading manager
		
	By:		 /s/ Jonathan Segal

	Name:		Jonathan Segal
	Title:		Managing Director
	
	HIGHBRIDGE TACTICAL CREDIT & CONVERTIBLES MASTER FUND, L.P., as a Lender
	
	By: Highbridge Capital Management, LLC, as trading manager
		
	By:		 /s/ Jonathan Segal

	Name:		Jonathan Segal
	Title:		Managing Director

  
 [Signature Page to
Fifth Amendment]

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