Document:

Document

Exhibit 10.3

Seventh Amendment to the Third Amended and Restated Terminal Services Agreement

This Seventh Amendment to the Third Amended and Restated Terminal Services Agreement ("Amendment") is dated as of May 20,2022, by and between Marathon Petroleum Company LP, a Delaware limited partnership with an address of 539 South Main Street, Findlay, Ohio 45840 ("MPC"), and MPLX Terminals LLC, a Delaware limited liability company with an address of 200 East Hardin Street, Findlay, Ohio 45840 ("Terminal Owner"). Each of MPC and Terminal Owner shall be referred to herein individually as a "Party" or collectively as the "Parties."

    WHEREAS, MPC and Terminal Owner are Parties to that certain Third Amended and Restated Terminal Services Agreement, dated March 1, 2017, as amended on September 1, 2017, October 31, 2017, March 20, 2018, July 1, 2019, December 13, 2019, and September 28, 2020 (as amended, the “Agreement”); and

WHEREAS, MPC and Terminal Owner desire to amend the Agreement to update Schedule 3.1 and Schedule 5.1.

NOW, THEREFORE, in consideration of the forgoing and for other goods and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the foregoing recitals are incorporated herein by reference and as follows:

1.    Except for the provisions of the Agreement specifically addressed in this Amendment, all other provisions of the Agreement shall remain in full force and effect.

2.    Capitalized terms used but not defined in this Amendment shall have the meaning ascribed to such terms in the Agreement.

3.    Schedule 3.1 of the Agreement is hereby deleted in its entirety and replaced with the attached Schedule 3.1.

4.    Schedule 5.1 of the Agreement is hereby deleted in its entirety and replaced with the attached Schedule 5.1.

5.    The Minimum Quarterly Terminal Volume Commitments for the Charlotte (East), Jacksonville, Florida, Mt. Prospect, Illinois and Rockford, Illinois terminals for the second quarter of 2022 will be prorated to the effective date of this Amendment.  

6.    The effective date of this Amendment is May 20,2022.

7.    This Amendment constitutes the entire agreement among the Parties regarding this subject matter and may be amended or modified only by a written instrument signed by each of the Parties and supersedes any other prior agreements or understandings of the Parties relating to this subject matter and the Parties are not relying on any statement, representation, promise or inducement not expressly set forth herein.

8.    This Amendment may be executed in one or more counterparts, and in both original form and one or more photocopies, each of which shall be deemed to be an original, but all of which together shall be deemed to constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their respective authorized representatives.

															
	Marathon Petroleum Company LP
		MPLX Terminals LLC

	By: MPC Investment LLC, its General Partner
		
					
	By:
	 /s/ P. A. Melton
		By:
	/s/ L. A. Wilkins

	

			

	
	Name:
	 P. A. Melton
		Name:
	L. A. Wilkins

					
	Title:
	Vice President
		Title:
	President

					

2

Schedule 3.1 - Terminals and Minimum Quarterly Terminal Volume Commitments

																											
	Terminal Name	State	Region	Facility Type	Loading Hours	Gallons	RC Assets
	Lanes	Docks	Shell Capacity
	Bay City	MI	MW	Pipeline	24/7	71,625,000	3		437,600
	Bellevue	OH	MW	Pipeline	24/7	5,664,000	1		-
	Belton	SC	SE	Pipeline	24/7	74,949,000	3		370,500
	Birmingham	AL	SE	Pipeline	24/7	58,131,000	2		251,000
	Brecksville	OH	MW	Pipeline	24/7	30,912,000	2		454,800
	Canton	OH	MW	Refinery	24/7	159,134,000	6		48,500
	Champaign	IL	MW	Pipeline	24/7	96,441,000	4		554,500
	Charleston	WV	MW	Barge	24/7	36,360,000	2	1	165,700
	Charlotte (East)	NC	SE	Pipeline	24/7	110,751,000	4		451,800
	Cincinnati	OH	MW	Barge	24/7	54,021,000	2	1	438,700
	Columbus (East & West)	OH	MW	Pipeline	24/7	197,481,000	4		749,700
	Columbus (GA)	GA	SE	Pipeline	24/7	22,335,000	1		132,600
	Covington	KY	MW	Barge	24/7	100,056,000	4	1	342,100
	Detroit	MI	MW	Refinery	24/7	260,460,000	6		-
	Doraville	GA	SE	Pipeline	24/7	52,626,000	2		217,100
	Evansville	IN	MW	Barge	24/7	37,686,000	2	1	104,100
	Flint	MI	MW	Pipeline	24/7	37,401,000	2		223,800
	Ft. Lauderdale (Eisenhower)	FL	SE	Marine	24/7	112,170,000	4	1	559,900
	Ft. Lauderdale (Spangler)	FL	SE	Marine	24/7	107,451,000	3	1	473,800
	Garyville	LA	SE	Refinery	24/7	61,788,000	2		96,700
	Greensboro (Guilford County)	NC	SE	Pipeline	24/7	78,170,000			414,700
	Hammond	IN	MW	Pipeline	24/7	117,831,000	3		1,193,800
	Heath	OH	MW	Pipeline	24/7	49,524,000	2		11,100
	Huntington	IN	MW	Pipeline	24/7	35,220,000	2		187,000
	Indianapolis	IN	MW	Pipeline	24/7	64,806,000	3		951,600
	Jackson	MI	MW	Pipeline	24/7	21,828,000	2		263,700
	Kenova/Catlettsburg Docks	WV/KY	MW	Marine Docks	24/7	712,500,000		4	1,421,100
	Knoxville	TN	SE	Pipeline	24/7	77,520,000	4		332,800
	Lansing	MI	MW	Pipeline	24/7	59,682,000	3		174,700
	Lexington	KY	MW	Pipeline	24/7	79,470,000	3		205,300
	Lima	OH	MW	Pipeline	24/7	92,961,000	2		819,100
	Louisville (Algonquin)	KY	MW	Barge	24/7	202,890,000	6	1	1,215,400
	Louisville (Kramers)	KY	MW	Barge	24/7	115,401,000	4	1	558,300
	Macon	GA	SE	Pipeline	24/7	79,296,000	3		294,200
	Marietta	OH	MW	Barge	24/7	46,947,000	3	2	170,700
	Midland	PA	MW	Barge	24/7	54,573,000	2	1	390,400
	Montgomery	AL	SE	Pipeline	24/7	53,745,000	2		191,700
	Mt. Vernon	IN	MW	Barge	24/7	105,945,000	1	1	595,000
	Muncie	IN	MW	Pipeline	24/7	42,747,000	2		232,600
	Nashville (Bordeaux)	TN	SE	Pipeline	24/7	64,008,000	3	1	233,800
	Nashville (Downtown)	TN	SE	Barge	24/7	44,289,000	2	1	250,800
	Nashville (51st)	TN	SE	Pipeline	24/7	60,903,000	3		331,100
	Niles	MI	MW	Pipeline	24/7	74,589,000	2		631,100
	North Muskegon	MI	MW	Pipeline	24/7	113,175,000	5		440,200
	Oregon	OH	MW	Pipeline	24/7	53,250,000	2		247,800

3

																											
	Paducah	KY	MW	Barge	24/7	30,654,000	2	1	208,300
	Powder Springs	GA	SE	Pipeline	24/7	78,300,000	3		338,300
	Robinson	IL	MW	Refinery	24/7	74,736,000	4		7,300
	Romulus	MI	MW	Pipeline	24/7	27,309,000	3		268,400
	Selma (Buffalo)	NC	SE	Pipeline	24/7	123,750,000	3		549,000
	Selma (West Oak)	NC	SE	Pipeline	24/7	99,537,000	4		355,000
	Speedway	IN	MW	Pipeline	24/7	124,647,000	5		526,300
	Steubenville	OH	MW	Pipeline	24/7	16,599,000	2		128,100
	Tampa	FL	SE	Marine	24/7	334,203,000	10	1	1,231,700
	Viney Branch	KY	MW	Refinery	24/7	114,474,000	6		57,100
	Youngstown	OH	MW	Pipeline	24/7	28,176,000	2		131,000

Terminal Complexes:

1.    Brecksville and Canton
2.    Cincinnati and Covington
3.    Evansville and Mt. Vernon
4.    Ft. Lauderdale (Spangler) and Ft. Lauderdale (Eisenhower)
5.    Indianapolis and Speedway
6.    Louisville (Kramers) and Louisville (Algonquin)
7.    Nashville (Bordeaux), Nashville (Downtown) and Nashville (51st)
8.    Selma (Buffalo) and Selma (West Oak)

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Schedule 5.1 – Fees 

									
	Terminal Name	Base Throughput Fee*	Excess Throughput Fee*
	Bay City	0.01734290	0.01430226
	Bellevue	0.01407703	0.01407703
	Belton	0.01531581	0.01351395
	Birmingham	0.01587889	0.01362657
	Brecksville	0.03513627	0.01407703
	Canton	0.01407703	0.01407703
	Champaign	0.01497796	0.01407703
	Charleston	0.02432511	0.01452750
	Charlotte (East)	0.01554104	0.01385180
	Cincinnati	0.03130732	0.01452750
	Columbus (GA)
	0.02894237	0.01373918
	Columbus (OH)
	0.01317610	0.01317610
	Covington	0.01756813	0.01723029
	Detroit LP
	0.01407703	0.01407703
	Doraville	0.02083400	0.01373918
	Evansville	0.02207278	0.01475273
	Flint	0.02432511	0.01418965
	Ft. Lauderdale (Eisenhower)	0.01891953	0.01418965
	Ft. Lauderdale (Spangler)	0.01520319	0.01520319
	Garyville	0.01486534	0.01317610
	Greensboro (Friendship)	0.01351395	0.01351395

5

									
	Hammond	0.02038354	0.01328872
	Heath	0.01295087	0.01295087
	Huntington	0.02049616	0.01430226
	Indianapolis	0.02804144	0.01430226
	Jackson	0.04189324	0.01430226
	Kenova (Catlettsburg Docks)
	0.00732006	0.00732006
	Knoxville	0.01385180	0.01340133
	Lansing	0.01587889	0.01430226
	Lexington	0.01418965	0.01385180
	Lima	0.01936999	0.01295087
	Louisville (Algonquin)	0.01970784	0.01351395
	Louisville (Kramers)	0.01677982	0.01418965
	Macon	0.01497796	0.01317610
	Marietta	0.02286110	0.01452750
	Midland	0.02646482	0.01272564
	Montgomery	0.01745552	0.01362657
	Mt. Vernon	0.01790598	0.01238779
	Muncie	0.01801860	0.01407703
	Nashville (51st)	0.01858168	0.01362657
	Nashville (Bordeaux)	0.01565366	0.01362657
	Nashville (Downtown)	0.02218540	0.01362657
	Niles	0.02015831	0.01396441
	North Muskegon	0.01430226	0.01430226
	Oregon	0.01813121	0.01407703

6

									
	Paducah	0.02871714	0.01407703
	Powder Springs	0.01644197	0.01373918
	Robinson	0.01475273	0.01373918
	Romulus	0.03930307	0.01441488
	Selma (Buffalo)	0.01373918	0.01373918
	Selma (West Oak)	0.01373918	0.01373918
	Speedway	0.01430226	0.01430226
	Steubenville	0.03389749	0.01396441
	Tampa	0.01542843	0.01430226
	Viney Branch	0.01418965	0.01418965
	Youngstown	0.02455034	0.01362657

*The table above reflects the fees effective as of January 1, 2022, as adjusted per Section 5.3.

Marine Docks
Kenova/Catlettsburg Docks includes Kenova Light Product, and Catlettsburg Crude, Heavy Oil, and
Light Oil Docks

Kenova/Catlettsburg Docks - $2,815,406 per month (reflects monthly fee effective as January 1, 2022, as adjusted per Section 5.3).

Butane/Natural Gasoline/Pentane Blending

A)    Facilities with Third Party Licensed Blending Technology

From and after July 1, 2019, at facilities at which Energy Transfer Partners LP (“ETP”) licenses blending technology to MPC, Terminal Owner's fee for performing the butane blending service shall be calculated as follows:

Ninety-five percent (95%) of the difference between the Daily Gasoline Value (defined below) and the Daily Butane Value (defined below). Expressed as a formula, the Butane Blending Service Fee is:

Butane Blending Service Fee = (DGV-DBV)* 95%

NOTE: Terminal Owner will reflect an Annual True-Up, as defined in Section 4 of this Schedule 5.1, as a separate line item on any monthly invoices submitted pursuant to this Agreement.

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Definitions:

1.   Daily Gasoline Value ("DGV"): Expressed as a formula:

DGV = (GB)*(GPV+TF)

GB: number of Gallons of butane blended on a given day at the terminal site.
GPV: daily gasoline posted value per Gallon.
TF: the transportation fee for moving spot purchased gasoline to the terminal for the gasoline grade in which the butane is blended.

a.  GPV is calculated by location as follows:

									
	Location
	Market
	GPV Price Calculation

	Bay City
	Chicago
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	Charlotte East 
	Gulf Coast
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	Lansing
	Chicago
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	Nashville 51st
	Gulf Coast
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	Selma Buffalo
	Gulf Coast
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	Selma Oak
	Gulf Coast
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	Speedway
	Chicago
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	North Muskegon
	Chicago
	Daily posted Argus 85 CBOB and 91 PREM spot prices

	Tampa
	Gulf Coast
	Daily posted Argus 85 CBOB and 91 PREM spot prices

b.  TF is the avoided MPC cost of transporting one Gallon of gasoline (in the most cost effective method possible) to a terminal blending location, as verified and provided by MPC's Supply Distribution & Planning - Light Products Project Analysis organization.

2.   Daily Butane Value ("DBV"): the daily agreed upon butane purchase price ("BPP") from ETP plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane gallons blended ("GB"). Expressed as a formula:

DBV = (GB)*(BPP+DRV)

Bay City DBV = (GB)*(BPP+1/2DRV)

a. DRV will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually or the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a 
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final rule establishing Renewable Volume Obligations for the year. OPIS daily posting for the respective RINs pricing will be used. In order to minimize the daily average RINs Cost, postings for prior year’s RINs will be used up to the maximum allowable percentage.

3.  Profit Sharing Payment: For each calendar month, a Profit Sharing Payment (“PSP”) is paid by ETP to MPC for volumes blended at the Bay City terminal.  The PSP is calculated as the volume of gallons blended (“GB”) at Bay City in such month multiplied by fifty percent multiplied by the following value: (A) the volume weighted daily average of the high and low assessments of Argus posted Chicago Cycle 1 gasoline price (85 CBOB) minus (B) the volume weighted daily average of the high and low assessments of the OPIS posted Mt. Belvieu TET normal butane price minus (C) the average supply cost.

Fee calculations pursuant to this Schedule 5.1 for butane blending services completed prior to July 1, 2019 shall not be affected by changes in the foregoing formulas.

4.  Annual True-Up: This cost or revenue is intended to cover changes in the estimated vs actual transportation costs, half of shared maintenance expenses, and estimated vs actual butane purchase costs. The cost or revenue is calculated ETP. MPC will pass ninety-five percent (95%) of this to Terminal Owner.

B)    Facilities Without Third Party Blending Technology

From and after September 1, 2018, at facilities at which no third party licensed blending technology is utilized, Terminal Owner’s fee for performing the butane or pentane blending service shall be calculated as follows:

Ninety-five percent (95%) of the difference between the Tank Daily Gasoline Value (defined below) and the Tank Daily Butane Value (defined below). Expressed as a formula, the Tank Butane Blending Service Fee is:

            Tank Butane Blending Service Fee = (TDGV-TDBV)* 95%
            Or
Ninety-five percent (95%) of the difference between the Tank Daily Gasoline Value (defined below) and the Tank Daily Pentane Value (defined below). Expressed as a formula, the Tank Pentane Blending Service Fee is:

            Tank Pentane Blending Service Fee = (TDGV-TDPV)* 95%

Definitions:

1.    Tank Daily Gasoline Value (“TDGV”): Expressed as a formula:
TDGV = (GB)*(GPV+TF)
    GB: number of Gallons of butane blended on a given day at the terminal site.
    GPV: daily gasoline posted value per gallon.
TF: the avoided transportation fee for moving spot purchased gasoline to the terminal for the gasoline grade in which the butane is blended.

a.    GPV is calculated by location using the daily posted average Argus 85 CBOB or Argus PREM spot prices for the respective blend and market derived from Schedule 3.1.

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2.    Tank Daily Butane Value (“TDBV”): the daily agreed upon tank butane purchase price (“TBPP”) from supplier, plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane Gallons blended (“GB”). Expressed as a formula:

TDBV = (GB)*(TBPP+DRV+TC)

a.    TC is the trucking cost of transporting one Gallon of butane (in the most cost effective method possible) to a terminal blending location.

b.    DRV will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually to the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a final rule establishing Renewable Volume Obligations for the year. OPIS daily posting for the respective RINs pricing will be used. In order to minimize the daily average RINs Cost, posting for prior year’s RINs will be used up to the maximum allowable percentage.

3.    Tank Daily Pentane Value (“TDPV”): the daily agreed upon tank pentane purchase price (“TPPP”) from supplier, plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane Gallons blended (“GB”).  Expressed as a formula:
 
TDPV = (GB) * (TPPP + DRV + TC)

a.    TC is the trucking costs of transporting one Gallon of pentane (in the most cost-effective manner) to a terminal blending location.
b.     DRV will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually or the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a final rule establishing Renewable Volume Obligations for the year.  OPIS daily posting for the respective RINs pricing will be used.  In order to minimize the daily average RINs Cost, postings for the prior year’s RINs will be used up to the maximum allowable percentage.

4.    In the event MPC requests a butane skid for temporary use at an MPC owned terminal(s), MPC shall pay an MPLX Tank Butane Blending Equipment Service Fee equal to 5% of the blending value. Expressed as a formula:

a.    MPLX Tank Butane Blending Equipment Service Fee = (TDGV-TDBV)* 5%.

5.    Annual Adjustment to Revenue: This cost or revenue is intended to cover changes in the estimated vs actual transportation costs. Annually during the month of April, MPC will issue an adjustment of revenue to MPLX. This adjustment will be the result in changes of actual vs previously estimated trucking costs associated with delivery of butane to the terminals for the previous April- March.

C)    Kenova Blending 

From and after October 31st, 2019, at the Kenova, WV terminal the Terminal Owner’s fee for performing in-line or barge loading blending service shall be calculated as follows: 

Ninety-five percent (95%) of the difference between the Marathon Daily Gasoline Value (defined below) and the Marathon Daily Butane Value (defined below) or the Marathon 
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Daily Pentane Value (defined below).  Expressed as a formula the Inline or Barge Blending Service Fee is: 

Inline or Barge Blending Service Fee = (MDGV – MDBV) * 0.95
Or
Inline or Barge Blending Service Fee = (MDGV – MDPV) * 0.95

Definitions: 
1.    Marathon Daily Gasoline Value (“MDGV”): Expressed as a formula: 
MDGV = (GB) * (GPV + KTF) 
    GB: Number of Gallons of butane/pentane blended on a given day at the terminal site. 
    GPV: daily gasoline posted value per Gallon 
    KTF: the additional transportation costs for moving the gasoline barrel produced through butane or pentane blending to the terminal of sale 

a.    GPV is calculated by the location using the daily posted averages of either Argus 85 CBOB or Argus Prem spot prices for the respective blend and market derived from Schedule 3.1

2.    Marathon Daily Butane Value (“MDBV”): the daily agreed upon Marathon butane purchase price (“MBPP”) from supplier, plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane Gallons blended (“GB”).  Expressed as a formula:
 
MDBV = (GB) * (MBPP + DRV + TC)

a.    TC is the trucking costs of transporting one Gallon of butane (in the most cost-effective manner) to a terminal blending location.
b.    DRV will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually or the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a final rule establishing Renewable Volume Obligations for the year.  OPIS daily posting for the respective RINs pricing will be used.  In order to minimize the daily average RINs Cost, postings for the prior year’s RINs will be used up to the maximum allowable percentage. 

3.    Marathon Daily Pentane Value (“MDPV”): the daily agreed upon Marathon pentane purchase price (“MPPP”) from supplier, plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane Gallons blended (“GB”).  Expressed as a formula:
 
MDPV = (GB) * (MPPP + DRV + TC)

a.    TC is the trucking costs of transporting one Gallon of pentane (in the most cost-effective manner) to a terminal blending location.
b.    DRV will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually or the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a final rule establishing Renewable Volume Obligations for the year.  OPIS daily posting for the respective RINs pricing will be used.  In order to minimize the daily average 
11

RINs Cost, postings for the prior year’s RINs will be used up to the maximum allowable percentage. 

D) Butane Blending into Natural Gasoline at Facilities Without Third Party Licensed Blending Technology

a.   Butane Blending into Natural Gasoline  Project Service Fee: Prior to MPC requesting Terminal Owner to provide natural gasoline blending services at a Terminal that does not have butane blending into natural gasoline  service capabilities, MPC will pay a one-time fee to Terminal Owner as reimbursement for the project capital costs to be incurred by a Terminal to enable such Terminal to provide butane blending into natural gasoline  services, as well as an additional charge of 15% of such project capital costs. Prior to any Terminal incurring any project capital costs to be able to provide butane blending into natural gasoline services for MPC, the Parties will agree upon the Butane Blending into Natural Gasoline Project Services Fee for each Terminal providing such services.

b.   Butane Blending into Natural Gasoline Services Fee: From and after August 20th, 2019 at any Terminal with no third-party licensed blending technology utilized, Terminal Owner’s fee for performing butane blending into natural gasoline services shall be calculated as follows, expressed as a formula:
 
Natural Gas Blending Services Fee = $1.58 * the number of barrels of butane blended into natural gasoline

Ethanol Denaturing

$0.02 per Gallon of undenatured ethanol.

Unit Train Ethanol Receipts

Beginning on January 15, 2017 and continuing thereafter for so long as the Master Terminal Services Agreement by and between MPC and ECO Energy Distribution Services, LLC dated October 19, 2015 (the "ECO Agreement") has not terminated, been cancelled or otherwise expired pursuant to its terms or agreement of the parties thereto, each of the following shall apply:

1.     MPC shall pay Terminal Owner $0.0135 per Gallon for Unit Train Ethanol Receipts; provided that the invoice for the month ending March 31 of each year (or upon termination of the ECO Agreement, prorated according to the time of such termination) shall include an additional fee of $0.0135 per Gallon of Unit Train Ethanol Receipts that are less than 111,360,000 Gallons for the 12-month period ending on March 31 of the same year (prorated for the time period between January 15, 2017 through March 31, 2017. The $0.0135 per Gallon fee set forth in this Section shall be adjusted at the time of and in an amount equal to any adjustment to the Throughput Fees (as defined in the ECO Agreement) pursuant to Section 6.l(b) of the ECO Agreement, as may be amended from time to time.

At the end of each Calendar Quarter, Terminal Owner shall credit MPC on the monthly invoice (or upon termination of the ECO Agreement, prorated according to the time of such termination) an amount equal to the sum of (a) the Base Throughput Fee for Selma (Buffalo) set forth in Schedule 5.1 (as adjusted) multiplied by the volume (in Gallons) of ethanol redelivered by truck from the Selma (Buffalo) Terminal to the Selma (West Oak) Terminals during such Calendar Quarter; and (b) the Base Throughput Fee for Selma (Buffalo) set forth in Schedule 5.1 (as 
12

adjusted) multiplied by the volume (in Gallons) of ethanol redelivered per MPC's direction from the Selma (Buffalo) Terminal into trucks for ECO during such Calendar Quarter.

Ethanol Excess Volume Value Capture

MPC will pay Terminal Owner fees as calculated herein for EV at Terminals where sales volume is made on a temperature corrected basis.

The value will be calculated via the following method: Multiply the volume by the price per the calculations described in the following two paragraphs.

The volume will be calculated via the following method: The American Petroleum Institute’s Manual of Petroleum Measurement Standards Chapter 11.3.4 “Miscellaneous Hydrocarbon Properties – Denatured Ethanol and Gasoline Blend Densities and Volume Correction Factors” (“Chapter 11.3.4”) provides data-based equations for Blends of Gasoline and Ethanol (“BGE”). Chapter 11.3.4 addresses excess volumes of gasohol (“EV”) created when gasoline and ethanol components are blended together. EV for truck rack throughput at Terminals equipped with Terminal Automation Software (TAS) will be calculated using the equation in Chapter 11.3.4 performed by TAS for any BGE. The TAS will be programmed to calculate EV by multiplying these BGE volumes by the correction factors as calculated using the equation from Chapter 11.3.4.  This process of crediting Terminal Owner with the EV based on the technology Terminal Owner installed and maintains at its Terminals is known as “Ethanol Excess Volume Value Capture.” 

The price will be calculated via the following method: Each Terminal is assigned to the CHICAGO (Midwest-designated as ‘MW’) or US GULF COAST (Southeast-designated as ‘SE’) region based on Schedule 3.1. EV credited to Terminal Owner will be valued using the non-weighted monthly average ARGUS 85 Assessment MID CBOB price for given market based on the location of the Terminal. The Midwest (‘MW’) will be using West Shore and Gulf Coast (‘SE’) will be using Pasadena posted pricing.

13Exhibit 10.12

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT
AGREEMENT (the “Agreement”), is entered into as of  April 1, 2022, by and between Yi Po
International Holdings Limited, a Cayman Islands corporation (the “Company”), and Alex Chen, an
individual (the “Executive”). Except with respect to the direct employment of the Executive by the Company, the
term “Company” as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the
Company and all of its subsidiaries and affiliated entities (collectively, the “Group”).

 

RECITALS

 

A. The Company desires to employ the Executive
as its CFO to assure itself of the services of the Executive during the term of Employment (as defined below).

 

B. The Executive desires to be employed by the
Company as its CFO during the term of Employment and upon the terms and conditions of this Agreement.

 

AGREEMENT

 

The parties hereto agree as follows:

 

	1.	POSITION

 

The Executive hereby accepts a position
of CFO (the “Employment”) of the Company.

 

	2.	TERM

 

Subject to the terms and conditions
of this Agreement, the term of the Employment is from April 1, 2022 to April 1, 2025.

 

	3.	DUTIES AND RESPONSIBILITIES

 

	 	(a)	The Executive’s duties at the Company will include all jobs assigned by the Company’s Board of the Directors (the “Board”).

 

	 	(b)	The Executive shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Certificate of Incorporation and Bylaws of the Company, as amended and restated from time to time (the “Charter Documents”), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

 

	 	(c)	The Executive shall use his best efforts to perform his duties hereunder. The Executive shall not, without the prior written consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company engages (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Executive from holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities. The Executive shall notify the Company in writing of his interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

 

    

     

    

 

	4.	NO BREACH OF CONTRACT

 

The Executive hereby represents to the
Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive’s
duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive
is a party or otherwise bound, except for agreements entered into by and between the Executive and any member of the Group pursuant to
applicable law, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade
secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or
carrying out his duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other
than this) with any other person or entity except for other member(s) of the Group, as the case may be.

 

	5.	COMPENSATION AND BENEFITS

 

	 	(a)	Base
    Salary. The Executive’s base salary shall be $120,000 annually, paid in accordance with the Company’s
    regular payroll practices, and such compensation is subject to annual review and adjustment by the Board.

 

	 	(b)	Bonus. The Executive shall be eligible for Bonuses determined by the Board.

 

	 	(c)	Equity Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

 

	 	(d)	Benefits. The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

 

	 	(e)	Expenses. The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses in accordance with the Company’s policies and procedures.

 

	6.	TERMINATION OF THE AGREEMENT

 

	 	(a)	By the Company.

 

(i) For Cause. The Company
may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required
by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

(1) the Executive is convicted or pleads
guilty to a felony or to an act of fraud, misappropriation or embezzlement,

 

(2) the Executive has been grossly negligent
or acted dishonestly to the detriment of the Company,

 

(3) the Executive has engaged in actions
amounting to willful misconduct or failed to perform his duties hereunder and such failure continues after the Executive is afforded a
reasonable opportunity to cure such failure; or

 

(4) the Executive violates Section 7
or 9 of this Agreement.

 

Upon termination for cause, the Executive
shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be entitled to
receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s right to all other
benefits will terminate, except as required by any applicable law.

 

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(ii) For death and disability.
The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically
required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

(1) the Executive has died, or

 

(2) the Executive has a disability which
shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential
functions of his employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period,
unless a longer period is required by applicable law, in which case that longer period would apply.

 

Upon termination for death or disability,
the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not
be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s right
to all other benefits will terminate, except as required by any applicable law.

 

(iii) Without Cause. The
Company may terminate the Employment without cause, at any time, upon a prior written notice. Upon termination without cause, the Company
shall provide the following severance payments and benefits to the Executive: (1) a lump sum cash payment equal to 12 months of the Executive’s
base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for
the year immediately preceding the termination, if any; (3) payment of premiums for continued health benefits under the Company’s
health plans for 12 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding
equity awards held by the Executive.

 

Upon termination without, the Executive
shall be entitled to the amount of base salary earned and not paid prior to termination.

  

(iv) Change of Control Transaction.
If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all
of the assets of the Company with or to any other individual(s) or entity (the “Change of Control Transaction”), the
Executive shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash payment equal
to 12 months of the Executive’s base salary at a rate equal to the greater of his/her annual salary in effect immediate1y prior
to the termination, or his/her then current annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated
amount of his/her target annual bonus for the year immediately preceding the termination; and (3) immediate vesting of 100% of the then-unvested
portion of any outstanding equity awards held by the Executive.

 

	 	(b)	By the Executive. The Executive may terminate the Employment at any time with a prior written notice to the Company, if (1) there is a material reduction in the Executive’s authority, duties and responsibilities, or (2) there is a material reduction in the Executive’s annual salary. Upon the Executive’s termination of the Employment due to either of the above reasons, the Company shall provide compensation to the Executive equivalent to 12 months of the Executive’s base salary that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.

 

	 	(c)	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.

 

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	7.	CONFIDENTIALITY AND NON-DISCLOSURE

 

	 	(a)	Confidentiality and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment and after his termination, to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without prior written consent of the Company, any Confidential Information. The Executive understands that “Confidential Information” means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by the Executive from the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly, in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.

 

	 	(b)	Company Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his work or using the facilities of the Company are property of the Company and subject to inspection by the Company at any time. Upon termination of the Executive’s employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his termination, in his possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

 

	 	(c)	Former Employer Information. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

	 	(d)	Third Party Information. The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Executive’s employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.

 

This Section 7 shall survive the termination
of this Agreement for any reason. In the event the Executive breaches this Section 7, the Company shall have right to seek remedies permissible
under applicable law.

 

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	8.	CONFLICTING EMPLOYMENT.

 

The Executive hereby
agrees that, during the term of his employment with the Company, he or she will not engage in any other employment, occupation, consulting
or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Executive’s
employment, nor will the Executive engage in any other activities that conflict with his obligations to the Company without the prior
written consent of the Company.

 

	9.	NON-COMPETITION AND NON-SOLICITATION

 

In consideration
of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during the term of the Employment
and for a period of one (1) year following the termination of the Employment for whatever reason:

 

	 	(a)	The Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive in the Executive’s capacity as a representative of the Company for the purposes of doing business with such persons or entities which will harm the business relationship between the Company and such persons and/or entities;

 

	 	(b)	The Executive will not assume employment with or provide services as a Executive or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

 

	 	(c)	The Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination.

 

The provisions contained in
Section 9 are considered reasonable by the Executive and the Company. In the event that any such provisions should be found to be void
under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions
shall apply with such modification as may be necessary to make them valid and effective.

 

This Section 9 shall survive
the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Executive acknowledges that
there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance,
and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek
all remedies permissible under applicable law.

 

	10.	WITHHOLDING TAXES

 

Notwithstanding anything else
herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or
payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be
required to be withheld pursuant to any applicable law or regulation.

 

	11.	ASSIGNMENT

 

This Agreement is personal
in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights
or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder
to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement shall, subject
to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all
the promises, covenants, duties, and obligations of the Company hereunder.

 

	12.	SEVERABILITY

 

If any provision of this Agreement
or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can
be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable. 

 

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	13.	ENTIRE AGREEMENT

 

This Agreement constitutes
the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all
prior or contemporaneous oral or written agreements concerning such subject matter, including any prior agreements between the Executive
and a member of the Group. The Executive acknowledges that he or she has not entered into this Agreement in reliance upon any representation,
warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the
Executive and the Company.

 

	14.	GOVERNING LAW; JURISDICTION

 

This Agreement shall be governed
by and construed in accordance with the laws of the Cayman Islands.

 

	15.	AMENDMENT

 

This Agreement may not be
amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement,
which agreement is executed by both of the parties hereto.

 

	16.	WAIVER

 

Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or
of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence
be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver.

 

	17.	NOTICES

 

All notices, requests, demands
and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and
made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day
or second-day delivery to the last known address of the other party.

 

	18.	COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all
of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

 

Photographic copies of such
signed counterparts may be used in lieu of the originals for any purpose.

 

	19.	NO INTERPRETATION AGAINST DRAFTER

 

Each party recognizes that
this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity to consult with legal counsel
of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that
party being the drafter of such terms.

  

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IN WITNESS WHEREOF, this Agreement has been executed as of the date
first written above.

  

	 	
    Yi Po International Holdings Limited

    

	 	
    

	 	By:	/s/ Weiming Jin
	 	Name:	Weiming Jin
	 	Title:	CEO 

  

	 	Executive
	 	
    

	 	By:	/s/ Alex Chen
	 	Name:	Alex Chen

 

 

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