Document:

Amendment to Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract

 HECO Exhibit 10(d) 
  
 AMENDMENT TO 
 INTER-ISLAND INDUSTRIAL FUEL OIL AND DIESEL FUEL SUPPLY 
 CONTRACT 
 BY AND BETWEEN 
 CHEVRON PRODUCTS COMPANY, 
 A DIVISION OF CHEVRON U.S.A. INC. 
 AND

 HAWAIIAN ELECTRIC COMPANY, INC.; 
 MAUI ELECTRIC COMPANY, LTD.; 
 and 
 HAWAII ELECTRIC LIGHT CO., INC. 
  
 This Amendment (“Amendment”) is entered into as of April 12, 2004 by and among Chevron Products Company, A Division of Chevron U.S.A., Inc., a Pennsylvania corporation (“Chevron”) and Hawaiian Electric Company, Inc.,
(“HECO”), and its wholly-owned subsidiaries, Maui Electric Company, Ltd.(“MECO”), and Hawaii Electric Light Co., Inc.(“HELCO”), each a Hawaii corporation, (HECO, MECO and HELCO collectively referred to as
“Buyers”). 
  
 WHEREAS, Chevron and Buyers, along with
additional Buyers Hawaiian Tug & Barge Corp. and Young Brothers, Limited, each also a Hawaii corporation, entered into an Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract as of November 14, 1997, effective as of January 1, 1998
(the “Contract”); and 
  
 WHEREAS, the Contract provided
for the sale by Chevron and purchase by Buyers of Fuel Oil, Diesel, Jet and other petroleum products (collectively “Oil and Jet”) for the period from January 1, 1998 through December 31, 2004, with provision for continuation of the term
beginning each successive January 1, unless Buyers or Chevron gives written notice of termination at least 120 days before the beginning of an Extension; and 
  
 WHEREAS, by agreement dated October 29, 1999, Hawaiian Tug & Barge and Young Brothers, Limited were deleted as Buyers under the Contract; and

  
 WHEREAS, Chevron and Buyers desire to continue the arrangement
for the sale and purchase of Oil and Jet for an additional ten-year period under the terms and conditions of the Contract, subject to the amendments noted herein; 
  
 NOW THEREFORE, the parties agree as follows, effective as of January 1, 2005: 
  

 1 

	1.	New Definitions, “55,” “56,” “57” and “58” are added and the following Definitions in Article I are amended to read as follows:

  

	 	19.	“Contract” means this Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract, between Chevron and Buyers, the original term of which commenced January 1, 1998
and the amended term of which commences January 1, 2005. 

  

	 	25.	“Extension” means successive 12-Month periods in the term of this Contract in addition to and after the term of this Contract as amended, which is through December 31,
2014, each Extension beginning January 1. 

  

	 	31.	The definition of “HT&B” is deleted. 

  

	 	53.	The definition of “YB” is deleted. 

  

	 	55.	[___] 

  

	 	56.	[___] 

  

	 	57.	[___] 

  

	 	58.	[___]. 

  

	2.	All references to Hawaiian Tug & Barge Corp., HT&B, Young Brothers, Limited, and YB in the title and throughout the Contract shall be deleted. 

  

	3.	Article II “Term” is amended to read as follows: 

  
 The term of this Contract shall be extended beyond December 31, 2004, for the period commencing with January 1, 2005 and continuing through December 31,
2014, and shall continue thereafter for Extensions beginning each successive January 1, unless Buyer or Chevron gives written notice of termination at least 120 Days before the beginning of an Extension. 
  

 2 

	4.	Section 3.1, “Minimum and Maximum Annual Quantities” is hereby amended by amending the “1999-2004” portions of the tables setting forth the minimum and maximum
annual quantities for Diesel and CIFO, and the “1998-2004” portion of the table setting forth the minimum and maximum annual quantities for Jet, to read as follows below, and to replace the word “2004” in the last paragraph of
the section with “2014”: 

  

	 	i.	Diesel 

  

							
	 1999 – 2014/Extensions

	  	Minimum

	 	 	Maximum

	 
	 HECO
	  	[___	]	 	[___	]
	 HELCO
	  	[___	]	 	[___	]
	 MECO
	  	[___	]	 	[___	]
	 MECO-Molokai
	  	[___	]	 	[___	]
	 	  	
	
	 	
	

	 TOTAL
	  	[___	]	 	[___	]

  

	 	ii.	CIFO 

  

							
	 1999 – 2014/Extensions

	  	Minimum

	 	 	Maximum

	 
	 HELCO
	  	[___	]	 	[___	]
	 MECO
	  	[___	]	 	[___	]
	 	  	
	
	 	
	

	 TOTAL
	  	[___	]	 	[___	]

  

	 	iii.	Jet 

  

						
	 1998 – 2014/Extensions

	  	Minimum

	  	Maximum

	 
	 HELCO
	  	0	  	[___	]
	 MECO
	  	0	  	[___	]
	 	  	
	  	 	 
	 TOTAL
	  	0	  	[___	]

  

	5.	Section 4.1 (“CIFO Specifications”) is hereby amended by adding to ASTM Test Method “D93” an alternative laboratory test method for specification Item,
“Flash, °F”, “D6450.” 

  

	6.	Section 4.2 (“Diesel Specifications”) is hereby amended by adding to ASTM Test Method “D93” an alternative laboratory test method for specification Item,
“Flash Point, PM”, “D6450.” 

  

	7.	 Section 5.1 (“Diesel, CIFO and Jet Prices’), part (i) (“No. 2 Diesel Fuel”), is hereby amended by replacing the phrase “1999 –
2004” in the table setting forth the per gallon values of [___] and [___] of price formula component [___] with the phrase “1999 – 2014/Extensions”; and also by replacing the phrase “2002-2004” in 

  

 3 

	 	 
the table defining per gallon values price formula components [___] [___] and [___] with the phrase “2002-2014/Extensions”.

  

	8.	Section 5.1 (“Diesel, CIFO and Jet Prices”), part (ii) (“CIFO”), is hereby amended by replacing the phrase “1999 – 2004” in the table setting
forth the per barrel values of [___] and [___] of price formula component [___] with the phrase “1999 – 2014/Extensions”. 

  

	9.	Addendum No. 1 (“Illustrative Schedule of Prices”) is hereby amended to clarify and update information and is replaced in its entirety by the Addendum No. 1 attached
hereto and incorporated herein by reference. 

  

	10.	Section 6.1 (“Delivery of Diesel and CIFO to MECO and HELCO”), part “iii” is hereby updated by deleting part of the fifth sentence after “disposal” and
by deleting the sixth and seventh sentences. 

  

	11.	Section 6.2, “Delivery of Diesel to HT&B and YB” and all references to it otherwise in the Contract are hereby deleted. 

  

	12.	Section 9.1, “Invoices,” is hereby amended by replacing it in its entirety to read as follows: 

  
 Invoices, which will show the price per physical barrel of Oil and Jet sold will be prepared and dated following Delivery;
and for the services provided by Chevron as outlined in Article XI, shall be rendered promptly to Buyer. Invoices shall include full documentation, as approved by both parties including Certificate of Quality, report of the Independent Inspector,
and price calculation; such documentation may, however, be provided by Chevron to Buyer separately. 
  
 Chevron will transmit an original of the invoice to Buyer by first class mail to the address in Section 23.3 or as otherwise instructed. A copy of the
invoice shall also be sent to Buyer by facsimile or electronic mail on the same day. 
  

	13.	Section 9.2., “Payment Terms,” part “i” is hereby amended by replacing it in its entirely to read as follows:. 

  
 Payments of Chevron’s invoices shall be made by Buyer in U.S. dollars.
Subject to Section 8.3 herein, payments shall be due [___] days from Buyer’s first receipt of Chevron’s invoice and full documentation. Due dates are dates payments are to be received by Chevron. 
  

	14.	Section 9.2., “Payment Terms,” part “ii” is hereby deleted. 

  

	15.	Section 9.2., “Payment Terms,” part “iii” is hereby amended by replacing it in its entirety to read as follows: 

  

 4 

 If an invoice is found to be in error or is otherwise disputed by Buyer, then Buyer shall pay the
undisputed portion of such invoice when due and thereupon have the option to withhold payment of the disputed portion of said invoice without penalty until such error or dispute is resolved and Buyer shall have received a corrected invoice, debit or
credit. Buyer shall notify Chevron’s designated representatives as soon as any such error or item of dispute is discovered to expedite resolution and correction. Buyer shall make payment for such corrected invoice or debit in accordance with
Section 9.2.i. 
  

	16.	A new Section 9.2.iv, [___] shall be added to Article XI, “Invoicing and Payment,” which shall read as follows: 

  
 [___] 
  
 [___] 
 [___]

 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
  
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
  
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
  

 5 

 [___] 
 [___] 
 [___] 
 [___] 
  
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
  

	17.	Part “ii.” of Section 9.3, “Method of Payment,” is hereby deleted and Part “i.” of this same Section 9.3 is amended to read as follows:.

  
 Payments of Chevron’s invoices shall be
tendered by Buyer to Chevron by means of [___] 
 [___] 
 [___] 
 [___] 
 [___] 
 [___], Buyer shall make immediate payment in full to Chevron by Fedwire funds transfer of immediately
available funds to: 
  
 Chevron U.S.A. Inc. 
 Account Number 59-51755 
 First National Bank of
Chicago, Chicago, IL 
 ABA Ref. No. 071000013 
  
 for credit to the account of the payee. Such Fedwire funds transfer shall reference the relevant customer account number [___] 
  
 [___] Buyer shall by email or fax provide Chevron’s designated
representatives written documentation evidencing the specific invoices being paid. 
  

	18.	A new Section 12.7, “Renegotiation,” shall be added to Article XII, “Contingencies,” which shall read as follows: 

  
 Section 12.7 Renegotiation 
  
 It is understood and agreed that both parties entered into this Contract in
reliance on [___] in existence or in effect on the Effective Date of this Contract and on the execution date of any subsequent amendments hereto, to the extent that they directly or indirectly affect the terms under which Oil, Jet or the services
provided by Chevron as outlined in Article XI 

  

 6 

 
are sold by Chevron or purchased by Buyers hereunder. If at any time any [___] come into existence and become effective after the Effective Date of this
Contract and after the execution date of any subsequent amendment hereto, and such [___] significantly affects a party’s ability to continue to perform under this Contract or such [___] have a material and adverse financial effect upon either
party or upon a party’s ability to perform its obligations under this Contract, then the affected party shall have the option to call for renegotiation of the price for Oil, Jet or the services provided by Chevron as outlined in Article XI sold
to Buyers, or renegotiation of any other provision of this Contract the performance of which by the affected party would be affected. Such option shall be exercised by the affected party no later than one hundred eighty (180) days after such [___]
comes into existence and becomes effective, by giving written notice to the other party of the call to renegotiate. Within ten (10) days after the date of such notice, the parties shall enter into negotiations and in the event that the parties do
not agree upon a new price of Oil, Jet or the services provided by Chevron as outlined in Article XI or other provision satisfactory to both parties within forty (40) days after the date of such notice, the affected party shall have the right to
terminate this Contract effective thirty (30) Days after giving written notice of termination to the other party. Such notice of termination shall be given within thirty (30) days immediately following the forty (40) day negotiation period. Until a
mutually satisfactory new price of Oil, Jet or the services provided by Chevron as outlined in Article XI or other provision has been agreed upon, or until this Contract is terminated as provided herein, the price of Oil, Jet or the services
provided by Chevron as outlined in Article XI or other provision that was in effect when the request for renegotiation was made shall continue in full force and effect. 
  

	19.	Section 23.2 (“Notification”) is hereby updated by amending the address and other contact information of “Chevron” and “Buyer” to read as follows:

  

			
	Chevron:	  	 Chevron Products Company,
 A Division of
Chevron U.S.A. Inc
 Attention: Manager, Hawaii Refinery
 91-480
Malakole Street
 Kapolei, Hawaii 96707
 Facsimile: (808)
682-2214

		
	Buyer:	  	 Hawaiian Electric Company, Inc.
 Attention:
Vice President Power Supply
 P.O. Box 2750
 Honolulu, HI
96840-0001
 Facsimile: (808) 543-4366

  

	20.	Other than the amendments noted herein, the provisions of the Contract shall remain in full force and effect. 

  

 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Contract as of the day and year first written
above. 
  
 “Chevron” 
  
 CHEVRON PRODUCTS COMPANY, A DIVISION OF CHEVRON U.S.A. INC 
  

			
		
	 BY:
	 	/s/    MARTHA A. GILLES        
	 	 	

	 	 	Martha A. Gilles
	 	 	(Printed or Typed Name)
		
	 TITLE:
	 	Hawaii Refinery Manager

  
 “Buyers” 
  
 HAWAIIAN ELECTRIC COMPANY, INC.

  

			
		
	 BY:
	 	/s/    THOMAS C. SIMMONS        
	 	 	

	 	 	Thomas C. Simmons
	 	 	(Printed or Typed Name)
		
	 TITLE:
	 	Vice President, Power Supply

  

			
	 
		
	 BY:
	 	/s/    RICHARD A. VON GNECHTEN        
	 	 	

	 	 	Richard A. von Gnechten
	 	 	(Printed or Typed Name)
		
	 TITLE:
	 	Financial Vice President

  

 8 

 MAUI ELECTRIC COMPANY, LTD. 
  

			
		
	 BY:
	 	/s/    EDWARD L. REINHARDT        
	 	 	

	 	 	Edward L. Reinhardt
	 	 	(Printed or Typed Name)
		
	 TITLE:
	 	President

  

			
		
	 BY:
	 	/s/    RICHARD A. VON GNECHTEN        
	 	 	

	 	 	Richard A. von Gnechten
	 	 	(Printed or Typed Name)
		
	 TITLE:
	 	Financial Vice President

  
 HAWAII ELECTRIC LIGHT COMPANY, INC.

  

			
		
	 BY:
	 	/s/    WARREN H. W. LEE        
	 	 	

	 	 	Warren H. W. Lee
	 	 	(Printed or Typed Name)
		
	 TITLE:
	 	President

  

			
		
	 BY:
	 	/s/    RICHARD A. VON GNECHTEN        
	 	 	

	 	 	Richard A. von Gnechten
	 	 	(Printed or Typed Name)
		
	 TITLE:
	 	Financial Vice President

  

 9 

 ADDENDUM NO. 1 
  
 ILLUSTRATIVE SCHEDULE OF PRICES 
  
 Illustrative Product Price Calculation for October 2003 
  

	I.	NO. 2 DIESEL FUEL 

  
 For HECO, MECO or HELCO FOB point of Delivery as per Section 6.3 and Section 6.1, respectively: 
  
 [___] 
  
 where PD1 is equal to the price per physical gallon for the Month of Delivery for No. 2 Diesel Fuel purchased by HECO, MECO or HELCO in U.S. Dollars (“$”) per (“/”) gallon. 
  

	i.	[___] 

 [___] 
 [___] 
 [___] 
 [___] 
 [___] 
  

 10 

							
	 Date of Price

	 	 Price in $/gallon

	 	 	 Low

	 	 High

	 	 Average

	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]
	[___]	 	[___]	 	[___]	 	[___]

  
 [___] = USD [___] per gallon

  

	ii.	[___] 

	    	[___] 

	    	[___] 

	    	[___] 

  
 Assume [___] per gallon premium values apply: 
  

	    	[___] 

	    	[___] 

	    	[___] 

  

	    	[___] 

	    	[___] 

	    	[___] 

	    	[___] 

  
 [___] = [___] 
  

 11 

	iii.	TD1/TD2/TD3/TD4/TD5 = Taxes applicable to the sale of Diesel pursuant to Section 5.3 herein. 

  
 Hawaii General Excise Tax = 4.166% of pre-HGET price 
 [___] 
  
 Taxes after application of HGET [___] 
  
 Hawaii Environmental Response Tax = $0.05 per barrel, $0.0012 per gallon 
  
 Hawaii Liquid Fuel Tax = $0.01 per gallon, $0.42 per barrel 
  

	iv.	LP1, LP2, LP3, and LP4 are [___] for Deliveries in bulk to the respective Buyer at [___] 

  
 [___], respectively, during the period indicated and expressed in $ per gallon, as follows: 
  

			
	 	 	 2005-2014/Extensions

	 LP1
	 	[___]
	 LP2
	 	[___]
	 LP3
	 	[___]
	 LP4
	 	[___]

  

	A.	Product Price Computation for [____] Delivery of No. 2 Diesel Fuel purchased by HECO, MECO or HELCO Having A Standard BTU Content Of [____] [____] BTU Per Gallon

  
 Per gallon 
  
 [___] = [___] 
  
  = [___] 
  
 where TD1 = sum of: 
  
 HGET = 4.166% of Diesel Index [___] = 0.04166*[___] = [___]/gallon 
  
 [___] 
 [___]

  
 Hawaii Environmental Response Tax = $0.0012/gallon

  
 Hawaii Liquid Fuel Tax = $0.0100/gallon 
  
 TD1 = [___]/gallon 
  

 12 

 [___] = [___] 
  
 = [___] per gallon 
  
 Per barrel 
  
 [___] = [___] 
  
 = [___]

  
 = [___] 
  
 where TD1 = sum of: 
  
 HGET = 4.166% of Diesel Index [___] = 0.04166*[___] = [___]/bbl 
  
 [___] 
 [___] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 Hawaii Liquid Fuel Tax = $0.42/bbl 
  
 TD1 = [___]/bbl 
  
 [___] = [___] 
  
 =
[___] per barrel 
  

	B.	Product Price Computation for [_____] Delivery of No. 2 Diesel Fuel purchased by HECO, MECO or HELCO Having Other Than A Standard BTU Content 

  
 Assume the weighted average BTU content per gallon of the representative
samples of Diesel purchased by a respective Buyer during a calendar quarter was [___]. The price charged for the Diesel sold and Delivered to that respective Buyer during each Month of the calendar quarter in question shall be adjusted by
multiplying the Diesel price by the ratio of the actual heat content to a standard of [___] BTU. 
  

 13 

 Per gallon 
  
 [___] = [___] 
  
 = [___] 
  
 = [___] 
  
 where TD1 = sum of: 
  
 HGET =
4.166% of Diesel Index [___] = 0.04166*[___] = [___]/gallon 
  
 [___] 
 [___] 
  
 Hawaii Environmental Response Tax = $0.0012/gallon 
  
 Hawaii Liquid Fuel Tax = $0.0100/gallon 
  
 TD1 = [___]/gallon 
  
 [___] = [___] 
  
 =
[___] per gallon 
  
 Per barrel 
  
 [___] = [___] 
  
 = [___] 
  
 = [___] 
  
 where TD1 = sum of: 
  
 HGET =
4.166% of Diesel Index [___] = 0.04166*[___] = [___]/bbl 
  
 [___] 
 [___] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 Hawaii Liquid Fuel Tax = $0.42/bbl 
  

 14 

 TD1 = [___]/bbl 
  
 [___] = [___] 
  
 = [___] per barrel 
  

	C.	Product Price Computation for [___] Delivery of No. 2 Diesel Fuel purchased by MECO and HELCO to BUYER’s Nominated Marine Terminal at [___] Having

 A Standard BTU Content Of [___] BTU Per Gallon 
  

	1.	For [___]: 

  
 [___] 
  
 Where PD2 is equal to the price per physical gallon for the Month of Delivery for No. 2 Diesel purchased by [___], in $/gallon. 
  

Assume [___] per gallon location premium value applies, thus 
  
 [___] 
  
 Per gallon 
  
 [___] = [___] 
  
 = [___] 
  
 where TD2 = sum of 
  
 HGET = 4.166% of Diesel Index [___] = 0.04166*[___] = [___]/gallon 
  
 [___] 
 [___]

  
 Hawaii Environmental Response Tax = $0.0012/gallon

  
 Hawaii Liquid Fuel Tax = $0.0100/gallon 
  
 TD2 = [___]/gallon 
  

 15 

 [___] = [___] 
  
 = [___] per gallon 
  
 Per barrel 
  
 [___] = [___] 
  
 = [___]

  
 = [___] 
  
 where TD2 = sum of: 
  
 HGET = 4.166% of Diesel Index [___] = 0.04166*[___] = [___]/bbl 
  
 [___] 
 [___] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 Hawaii Liquid Fuel Tax = $0.42/bbl 
  
 TD2 = [___]/bbl 
  
 [___] = [___] 
  
 =
[___] per barrel 
  

	2.	For [___]: 

  
 [___] 
  
 Where PD3 is equal to the price per physical gallon for the Month of Delivery for No. 2 Diesel purchased by [___], in $/gallon, 
  

Assume [___] per gallon location premium value applies, thus 
  
 [___] 
  
 Per gallon 
  

 16 

 [___] = [___] 
  
 = [___] 
  
 where TD3 = sum of 
  
 HGET =
4.166% of Diesel Index [___] = 0.04166*[___] = [___]/gallon 
  
 [___] 
 [___] 
  
 Hawaii Environmental Response Tax = $0.0012/gallon 
  
 Hawaii Liquid Fuel Tax = $0.0100/gallon 
  
 TD3 = [___]/gallon 
  
 [___] = [___] 
  
 =
[___] per gallon 
  
 Per barrel 
  
 [___] = [___] 
  
 = [___] 
  
 = [____] 
  
 where TD3 = sum of: 
  
 HGET =
4.166% of Diesel Index [___] = 0.04166*[___] = [___]/bbl 
  
 [___] 
 [___] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 Hawaii Liquid Fuel Tax = $0.42/bbl 
  
 TD3 = [___]/bbl 
  

 17 

 [___] = [___] 
  
 = [___] per barrel 
  

	3.	For [___] 

  
 [___] 
  
 Where PD4 is equal to the price per physical gallon for the Month of Delivery for No. 2 Diesel purchased by [___], in $/gallon. 
  

Assume [___] per gallon location premium value applies, thus 
  
 [___] 
  
 Per gallon 
  
 [___] = [___] 
  
 = [___] 
  
 where TD4 = sum of 
  
 HGET = 4.166% of Diesel Index [___] = 0.04166*[___] = [___]/gallon 
  
 [___] 
 [___]

  
 Hawaii Environmental Response Tax = $0.0012/gallon

  
 Hawaii Liquid Fuel Tax = $0.0100/gallon 
  
 TD4 = [______]/gallon 
  
 [___] = [___] 
  
 = [___] per gallon 
  

 18 

 Per barrel 
  
 [___] = [___] 
  
 = [___] 
 = [___] 
  
 where TD4 = sum of: 
  
 HGET = 4.166% of Diesel Index [___] = 0.04166*[___] = [___]/bbl 
  
 [___] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 Hawaii Liquid Fuel Tax = $0.42/bbl 
  

TD4 = [___]/bbl 
  
 [___] = [___] 
  
 =
[___] per barrel 
  

	4.	For [___] 

  
 [___] 
  
 Where PD5 is equal to the price per physical gallon for the Month of Delivery for No. 2 Diesel purchased by [___], in $/gallon. 
  

Assume [___] per gallon location premium value applies, thus 
  
 [___] 
  
 Per gallon 
  
 [___] = [___] 
  
 = [___] 
  

 19 

 where TD5 = sum of 
  
 HGET = 4.166% of Diesel Index [____] = 0.04166*[____] = [____]/gallon 
  
 [____] 
  
 Hawaii Environmental Response Tax = $0.0012/gallon 
  
 Hawaii Liquid Fuel Tax = $0.0100/gallon 
  
 TD5 = [____]/gallon 
  
 [____] = [____] 
  
 =
[____] per gallon 
  
 Per barrel 
  

					
	[____]	 	=	 	[____]
			
	 	 	=	 	[____]
			
	 	 	=	 	[____]

  
 where TD5 = sum of: 
  
 HGET = 4.166% of Diesel Index [____] = 0.04166*[____] = [____]/bbl

  
 [____] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 Hawaii Liquid Fuel Tax = $0.42/bbl 
  
 TD5 = [____]/bbl 
  
 [____] = [____] 
  
 = [____] 
  

 20 

	D.	Product Price Computation for [____] Delivery of No. 2 Diesel Fuel purchased by MECO and HELCO [____] Having A BTU Content Of Other Than Standard 

  
 Assume the weighted average BTU content per gallon of the representative
samples of Diesel purchased by a respective Buyer during a calendar quarter was [____]. The price charged for the Diesel sold and Delivered to that respective Buyer during each Month of the calendar quarter in question shall be adjusted by
multiplying the Diesel price by the ratio of the actual BTU content to a standard of [____] BTU. 
  
 For [____]: 
  
 [____] 
  
 Where PD2 is equal to the price per physical gallon for
the Month of Delivery for No. 2 Diesel purchased by [____], in $/gallon. 
  
 Assume [____] per barrel location premium value applies, thus 
  
 [____]

  
 Per gallon 
  

					
	[____]	 	=	 	[____]
			
	 	 	=	 	[____]
			
	 	 	=	 	[____]

  
 where TD2 = sum of 
  
 HGET = 4.166% of Diesel Index [____] = 0.04166*[____] = [____]/gallon

  
 [____] 
  
 Hawaii Environmental Response Tax = $0.0012/gallon 
  
 Hawaii Liquid Fuel Tax = $0.0100/gallon 
  
 TD2 = [____]/gallon 
  

 21 

 [____] = [____] 
  
 = [____] per gallon 
  
 Per barrel 
  
 [____] = [____] 
  
 =
[____] 
  
 = [____] 
  
 where TD2 = sum of: 
  
 HGET = 4.166% of Diesel Index [____] = 0.04166*[____] = [____]/bbl 
  
 [____] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 Hawaii Liquid Fuel Tax = $0.42/bbl 
  

[____] = [____]/bbl 
  

					
	[____]	 	=	 	[____]
			
	 	 	=	 	[____] per barrel

  
 Note on computation of other Diesel Delivered to [____]: 
  
 Price per physical gallon for the Month of Delivery for No. 2 Diesel purchased by [____] in $/gallon having a BTU content other than standard would be determined in a manner logically consistent with than computed above for [____].

  

 22 

 CIFO 
  
 For MECO or HELCO FOB their respective Nominated Barge: 
  
 [____] 
  
 Where PF is equal to the price per physical barrel for the Month of Delivery for CIFO, in $/barrel . 
  

	i.	FI = [____] 

  

							
	 Date of Price

	 	 Price in USD per Metric Tonne

	 	 	 Low

	 	 High

	 	 Average

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____] [____]

  
 [____] = [____] per metric tonne

  
 [____] 
  
 [____] 
  

 23 

 [____] = [____] per barrel 
  

	ii.	[____] 

  
 Assume [____] per barrel premium values apply: 
  
 [____] 
  
 [____] 
  
 [____] 
  
 Assume further that the barrel volume in the Delivery to be priced is [____] thus 
  
 [____] = [____] 
  

	iii.	TF = Taxes applicable to the sale of CIFO pursuant to Section 5.3 herein. 

  
 Hawaii General Excise Tax = 4.166% of pre-HGET price 
  
 [____] 
  
 Taxes after application of HGET [____]: 
  
 Hawaii Environmental Response Tax = $0.05 per barrel 
  

	E.	Product Price Computation for [____] Delivery of CIFO Purchased by MECO or HELCO Having A Standard BTU Content Of [____] BTU Per Barrel 

  
 [____] = [____] 
  
 = [____] 
  
 where TF = sum of: 
  
 HGET = 4.166% of CIFO Index [____] = 0.04166*[____] = [____]/bbl 
  

[____] 
  

 24 

 Hawaii Environmental Response Tax = $0.05/bbl 
  
 [____] = [____]/bbl 
  
 [____] = [____] 
  
 = [____] per barrel 
  

	F.	Product Price Computation for [____] Delivery of CIFO Purchased by MECO or HELCO Having Other Than A Standard BTU Content 

  
 Assume the weighted average BTU content per barrel of the representative
samples of CIFO purchased by a respective Buyer during a calendar quarter [____]. The price charged for the CIFO sold and Delivered to that respective Buyer during each Month of the calendar quarter in question shall be adjusted by multiplying the
CIFO price by the ratio of the actual BTU content to a standard of [____] BTU. 
  
 [____] = [____] 
  
 = [____] 
  
 = [____] 
  
 where TF = sum of: 
  
 HGET = 4.166% of CIFO Index [____] = 0.04166[____] = [____]/bbl 
  

[____] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 [____] = [____]/bbl 
  
 [____] = [____] 
  
 =
[____] per barrel 
  
 Note on items as
they appear on invoices 
  
 Actual invoices for sales and Deliveries of
Diesel and CIFO may include additional charges for Hawaii DOT/Harbors Div. wharfage fees applied when Buyer’s Nominated Barge is moored, all or in part, against or to State piers. 
  

 25 

 For billing purposes, certain taxes, such as the HGET [____], on the sale and Delivery of Diesel may be consolidated with
the corresponding tax charged on the sale and Delivery of CIFO. 
  
 Actual
invoices for sales and Deliveries of Diesel and CIFO may also contain comments which reference the wharfage charge per unit, and volume of Diesel and CIFO on which the wharfage fee is levied and the identifying number of the State pier for which
wharfage is being levied. 
  
 JET 
  
 For MECO or HELCO FOB [____] 
  
 PJ = JI + [____] + TJ 
  
 Where PJ is equal to the price per physical barrel for the Month of Delivery for Jet, in $/gallon. 
  
 [____] 
  
 [____] 
  

							
	 	 	 [____]

	 	 [____]

	 	 [____]

				
	 [____]
	 	 [____]
	 	 [____]
	 	 [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____]

	 [____]
	 	 [____]
	 	 [____]
	 	 [____]

  
 [____] 
  

	ii.	TJ = Taxes applicable to the sale of Jet pursuant to Section 5.3 herein. 

  
 Hawaii General Excise Tax = 4.166% of pre-HGET price 
  
 [____] 
  
 Taxes after application of HGET [____]: 
  
 Hawaii Environmental Response Tax = $0.05 per barrel, $0.0012 per gallon 
  

 26 

	G.	Product Price Computation for Delivery of Jet Purchased by MECO or HELCO  

  
 Per gallon 
  
 [____] = [____] + [____] + TJ 
  
 = [____] + TJ 
  
 where TJ = sum of: 
  
 HGET =
4.166% of Jet Index [____] = 0.04166[____] = [____]/gallon 
  
 [____] 
  
 Hawaii Environmental Response Tax =
$0.0012/gallon 
  
 TJ = [____]/gallon 
  
 [____] = [____] 
  
 = [____] per gallon 
  
 Per barrel 
  

					
	[____]	 	=	 	[____]
			
	 	 	=	 	[____]
			
	 	 	 	 	= [____]

  
 where TJ = sum of: 
  
 HGET = 4.166% of Jet Index [____] = 0.04166*[____] = [____]/bbl 

 
 [____] 
  
 Hawaii Environmental Response Tax = $0.05/bbl 
  
 TJ = [____]/bbl 
  

 27 

 [____] = [____] 
  
 = [____] per barrel 
  

 28Amendment No. 2 to Rights Agreement

 EXHIBIT 4.3 
  
 AMENDMENT NO. 2 TO RIGHTS AGREEMENT 
  
 THIS AMENDMENT NO. 2 (this “Amendment”), dated as of June 4, 2004, to the Rights Agreement, dated as of
December 14, 1995, as amended January 14, 1998 (the “Rights Agreement”), between Autodesk, Inc., a Delaware corporation (the “Company”), and Harris Trust and Savings Bank, as Rights Agent (the “Rights
Agent”). 
  
 A. The Company and the Rights Agent have
heretofore executed and entered into the Rights Agreement. Pursuant to Section 27 of the Rights Agreement, the Company and the Rights Agent may from time to time supplement or amend the Rights Agreement in accordance with the provisions of Section
27 thereof. 
  
 B. The Board of Directors of the Company has
determined that the amendments to the Rights Agreement set forth below are in the best interests of the stockholders of the Company. 
  
 In consideration of the foregoing and the mutual agreements set forth herein, the parties hereto agree as follows: 
  
 1. Section l(g) of the Rights Agreement is hereby amended and restated in its
entirety to read as follows: 
  
 “(g)
[Intentionally Omitted.]” 
  
 2. Section 1(h) of the Rights
Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “(h) “Distribution Date” shall mean the earlier of (i) the Close of Business on the tenth day (or such later date as may be determined by action of the Board of Directors) after the Shares Acquisition
Date (or, if the tenth day after the Shares Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) or (ii) the Close of Business on the tenth day (or such later date as may be determined by action of the Board of
Directors) after the date that a tender or exchange offer by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company, or any Person or entity organized,
appointed or established by the Company for or pursuant to the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act, if, assuming the successful
consummation thereof, such Person would be the Beneficial Owner of 15% or more of the shares of Common Stock then outstanding.” 
  
 3. Section 1(l) of the Rights Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “(l) [Intentionally Omitted.]” 

 4. Section 11(a)(iii) of the Rights Agreement is hereby amended and restated in its entirety to read as
follows: 
  
 “(iii) [Intentionally
Omitted.]” 
  
 5. Section 13(d) of the Rights Agreement is
hereby amended and restated in its entirety to read as follows: 
  
 “(d) [Intentionally Omitted.]” 
  
 6. Section 23(a) of the Rights Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “(a) The Company may, at its option and with the approval of the Board of Directors, at any time prior to the Close of Business on
the earlier of (i) the tenth day following the Shares Acquisition Date or such later date as may be determined by action of the Board of Directors and publicly announced by the Company and (ii) the Final Expiration Date, redeem all but not less than
all the then outstanding Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being herein referred to as the
“Redemption Price”) and the Company may, at its option, pay the Redemption Price either in Common Shares (based on the current per share market price thereof (as determined pursuant to Section 11(d) hereof) at the time of redemption) or
cash. Such redemption of the Rights by the Company may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish.” 
  
 7. Section 24(a) of the Rights Agreement is hereby amended and restated in
its entirety to read as follows: 
  
 “(a)
Subject to applicable laws, rules and regulations, and subject to subsection (c) below, the Company may, at its option, by action of the Board of Directors, at any time after the occurrence of a Triggering Event, exchange all or part of the then
outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 7(e) hereof) for Common Shares at an exchange ratio of one Common Share per Right, appropriately adjusted to reflect any
stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as the “Ratio Of Exchange”). Notwithstanding the foregoing, the Board of Directors shall not be empowered
to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity holding Common Shares for or pursuant to the terms of any
such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Shares then outstanding.” 
  

8. Section 27 of the Rights Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “Supplements and Amendments. Prior to the
Distribution Date, the Company may supplement or amend this Agreement in any respect without the approval of any holders of Rights and the Rights Agent shall, if the Company so directs, execute such supplement or amendment. From 

 and after the Distribution Date, the Company and the Rights Agent may from time to time supplement or
amend this Agreement without the approval of any holders of Rights in order to (i) cure any ambiguity, (ii) correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, (iii) shorten
or lengthen any time period hereunder or (iv) to change or supplement the provisions hereunder in any manner that the Company may deem necessary or desirable and that shall not adversely affect the interests of the holders of Rights (other than an
Acquiring Person or an Affiliate or Associate of an Acquiring Person); provided, this Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed
at such time as the Rights are not then redeemable or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of, and/or the benefits to, the holders of Rights. Upon the delivery of a
certificate from an appropriate officer of the Company that states that the proposed supplement or amendment is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment. Prior to the Distribution
Date, the interests of the holders of Rights shall be deemed coincident with the interests of the holders of Common Shares.” 
  
 9. Section 29 of the Rights Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “Determinations and Actions by the Board of
Directors, etc. For all purposes of this Agreement, any calculation of the number of Common Shares outstanding at any particular time, including for purposes of determining the particular percentage of such outstanding Common Shares of which any
Person is the Beneficial Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act. The Board of Directors of the Company shall have the exclusive power and authority
to administer this Agreement and to exercise all rights and powers specifically granted to the Board, or the Company, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power to
(i) interpret the provisions of this Agreement and (ii) make all determinations deemed necessary or advisable for the administration of this Agreement (including a determination to redeem or not redeem the Rights or to amend the Agreement). All such
actions, calculations, interpretations and determinations (including, for purposes of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith, shall (x) be final, conclusive and binding on the
Company, the Rights Agent, the holders of the Rights Certificates and all other parties and (y) not subject the Board of Directors to any liability to the holders of the Rights.” 
  
 10. The section entitled “Distribution Date” in Exhibit C to the Rights Agreement is hereby amended and restated
in its entirety to read as follows: 
  
 “Rights will separate from the Common Stock and become exercisable following the tenth day (or such later date as may be determined by the Board of Directors) after a person or group (a) acquires beneficial ownership of 15% or more of
the Company’s Common Stock or (b) announces a tender or exchange offer, the consummation of which would result in ownership by a person or group of 15% or more of the Company’s Common Stock.” 

 11. The section entitled “Flip-In” in Exhibit C to the Rights Agreement is hereby amended and
restated in its entirety to read as follows: 
  
 “If an acquiror obtains 15% or more of the Company’s Common Stock, thereby becoming an “Acquiring Person”, then each Right (other than Rights owned by an Acquiring Person or its affiliates) will entitle the holder
thereof to purchase, for the exercise price, a number of shares of the Company’s Common Stock having a then current market value of twice the exercise price.” 
  
 12. The section entitled “Flip-Over” in Exhibit C to the Rights Agreement is hereby amended and restated in its
entirety to read as follows: 
  
 “If, after
the Shares Acquisition Date (defined below), (a) the Company merges into another entity, (b) an acquiring entity merges into the Company or (c) the Company sells more than 50% of the Company’s assets or earning power, then each Right (other
than Rights owned by an Acquiring Person or its affiliates) will entitle the holder thereof to purchase, for the exercise price, a number of shares of Common Stock of the person engaging in the transaction having a then current market value of twice
the exercise price.” 
  
 13. The section entitled
“Redemption of the Rights” in Exhibit C to the Rights Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “Rights will be redeemable at the Company’s option for $0.01 per Right at any time on or prior to the Distribution Date, (i.e.,
the tenth day (or such later date as may be determined by the Board of Directors) after public announcement that a person has acquired beneficial ownership of 15% or more of the Company’s Common Stock (the “Shares Acquisition
Date”)).” 
  
 14. This Amendment shall be governed by
and construed in accordance with the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with all laws of such State applicable to contracts to be made and performed entirely within such State.

  
 15. This Amendment may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument. 
  
 16. In all respects not inconsistent with the terms and provisions of this Amendment, the Rights Agreement is hereby ratified, adopted, approved and
confirmed. In executing and delivering this Amendment, the Rights Agent shall be entitled to all the privileges and immunities afforded to the Rights Agent under the terms and conditions of the Rights Agreement. 
  
 17. If any term, provision, covenant or restriction of this Amendment is held
by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment, and of the Rights Agreement, shall remain in full force and effect
and shall in no way be affected, impaired or invalidated. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed as of the date and
year first above written. 
  

									
	“COMPANY”	 	 	 	 AUTODESK, INC.

					
	 	 	 	 	 	 	By:	 	 /s/    Carol A.
Bartz        

					
	 	 	 	 	 	 	Name:	 	Carol A. Bartz
					
	 	 	 	 	 	 	 Title:
	 	President and Chief Executive Officer
			
	“RIGHTS AGENT”	 	 	 	 HARRIS TRUST AND SAVINGS BANK

					
	 	 	 	 	 	 	By:	 	 /s/    Martin J. McHale Jr.
        

					
	 	 	 	 	 	 	 Name:
	 	Martin J. McHale Jr.
					
	 	 	 	 	 	 	 Title:
	 	Vice President

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