Document:

exv4w1

 

EXHIBIT 4.1

AMENDMENT NO. 3

TO

FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

OF

HOLLY ENERGY PARTNERS, L.P.

     This Amendment No. 3 (this “Amendment No. 3”) to the First Amended and Restated
Agreement of Limited Partnership of Holly Energy Partners, L.P. (the “Partnership”), dated
as of July 13, 2004, as amended as of February 28, 2005 and July 6, 2005 (as so amended, the
“Partnership Agreement”) is hereby adopted by HEP Logistics Holdings, L.P., a Delaware
limited partnership (the “General Partner”), as general partner of the Partnership.
Capitalized terms used but not defined herein are used as defined in the Partnership Agreement.

     WHEREAS, the General Partner desires to amend the Partnership Agreement to make certain
adjustments to certain allocation provisions and the definitions related thereto, which adjustments
shall be effective in accordance with Section 761(c) of the Code as of January 1, 2007; and

     WHEREAS, acting pursuant to the power and authority granted to it under Section 13.1(d) of the
Partnership Agreement, the General Partner has determined that the following amendment to the
Partnership Agreement does not require the approval of any Limited Partner.

     NOW THEREFORE, the General Partner does hereby amend the Partnership Agreement as follows:

     Section 1. Amendment.

          (a) Section 1.1 is hereby amended to add or amend and restate the following definitions:

     (i) “Disposed of Adjusted Property” has the meaning assigned to such
term in Section 6.1(d)(xii)(B).

     (ii) “Net Termination Gain” means, for any taxable year, the sum, if
positive, of all items of income, gain, loss or deduction recognized by the
Partnership (a) after the Liquidation Date or (b) upon the sale, exchange or other
disposition of all or substantially all of the assets of the Partnership Group,
taken as a whole, in a single transaction or a series of related transactions
(excluding any disposition to a member of the Partnership Group). The items
included in the determination of Net Termination Gain shall be determined in
accordance with Section 5.5(b) and shall not include any items of income, gain or
loss specially allocated under Section 6.1(d).

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     (iii) “Net Termination Loss” means, for any taxable year, the sum, if
negative, of all items of income, gain, loss or deduction recognized by the
Partnership (a) after the Liquidation Date or (b) upon the sale, exchange or other
disposition of all or substantially all of the assets of the Partnership Group,
taken as a whole, in a single transaction or a series of related transactions
(excluding any disposition to a member of the Partnership Group). The items
included in the determination of Net Termination Loss shall be determined in
accordance with Section 5.5(b) and shall not include any items of income, gain or
loss specially allocated under Section 6.1(d).

          (b) Section 5.5(d) is hereby amended and restated in its entirety as follows:

     (i) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), on an
issuance of additional Partnership Interests for cash or Contributed Property, the
issuance of Partnership Interests as consideration for the provision of services or
the conversion of the General Partner’s Combined Interest to Common Units pursuant
to Section 11.3(b), the Capital Accounts of all Partners and the Carrying Value of
each Partnership property immediately prior to such issuance shall be adjusted
upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to
such Partnership property, as if such Unrealized Gain or Unrealized Loss had been
recognized on an actual sale of each such property for an amount equal to its fair
market value immediately prior to such issuance and had been allocated to the
Partners at such time pursuant to Section 6.1(c) in the same manner as any item of
gain or loss actually recognized following an event giving rise to the dissolution
of the Partnership would have been allocated. In determining such Unrealized Gain or
Unrealized Loss, the aggregate cash amount and fair market value of all Partnership
assets (including cash or cash equivalents) immediately prior to the issuance of
additional Partnership Interests shall be determined by the General Partner using
such method of valuation as it may adopt; provided, however, that the General
Partner, in arriving at such valuation, must take fully into account the fair market
value of the Partnership Interests of all Partners at such time. The General Partner
shall allocate such aggregate value among the assets of the Partnership (in such
manner as it determines) to arrive at a fair market value for individual properties.

     (ii) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f),
immediately prior to any actual or deemed distribution to a Partner of any
Partnership property (other than a distribution of cash that is not in redemption or
retirement of a Partnership Interest), the Capital Accounts of all Partners and the
Carrying Value of all Partnership property shall be adjusted upward or downward to
reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership
property, as if such Unrealized Gain or Unrealized Loss had been recognized on an
actual sale of each such property immediately prior to such distribution for an
amount equal to its fair market value, and had been allocated to the Partners, at
such time, pursuant to Section 6.1(c) in the same manner as any item of gain or loss
actually recognized following an event giving rise to the dissolution of the
Partnership would have been allocated. In

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determining such Unrealized Gain or Unrealized Loss the aggregate cash amount
and fair market value of all Partnership assets (including cash or cash equivalents)
immediately prior to a distribution shall (A) in the case of an actual distribution
that is not made pursuant to Section 12.4 or in the case of a deemed distribution,
be determined and allocated in the same manner as that provided in Section 5.5(d)(i)
or (B) in the case of a liquidating distribution pursuant to Section 12.4, be
determined and allocated by the Liquidator using such method of valuation as it may
adopt.

          (c) Section 6.1(d)(xii) is hereby amended and restated in its entirety as follows:

          Corrective and Other Allocations. In the event of any allocation of Additional Book
Basis Derivative Items or any Book-Down Event or any recognition of a Net Termination Loss, the
following rules shall apply:

     (A) Except as provided in Section 6.1(d)(xii)(B), in the case of any
allocation of Additional Book Basis Derivative Items (other than an
allocation of Unrealized Gain or Unrealized Loss under Section 5.5(d)
hereof) with respect to any Partnership property, the General Partner shall
allocate such Additional Book Basis Derivative Items (1) to (aa) the holders
of Incentive Distribution Rights and (bb) the General Partner in the same
manner that the Unrealized Gain or Unrealized Loss attributable to such
property is allocated pursuant to Section 5.5(d)(i) or Section 5.5(d)(ii)
and (2) to all Unitholders, Pro Rata, to the extent that the Unrealized Gain
or Unrealized Loss attributable to such property is allocated to any
Unitholders pursuant to Section 5.5(d)(i) or Section 5.5(d)(ii).

     (B) In the case of any allocation of Additional Book Basis Derivative
Items (other than an allocation of Unrealized Gain or Unrealized Loss under
Section 5.5(d) hereof or an allocation of Net Termination Gain or Net
Termination Loss pursuant to Section 6.1(c) hereof) as a result of a sale or
other taxable disposition of any Partnership asset that is an Adjusted
Property (“Disposed of Adjusted Property”), the General Partner
shall allocate (1) additional items of income and gain (aa) away from the
holders of Incentive Distribution Rights and the General Partner and (bb) to
the Unitholders, or (2) additional items of deduction and loss (aa) away
from the Unitholders and (bb) to the holders of Incentive Distribution
Rights and the General Partner, to the extent that the Additional Book Basis
Derivative Items allocated to the Unitholders exceed their Share of
Additional Book Basis Derivative Items with respect to such Disposed of
Adjusted Property. For this purpose, the Unitholders shall be treated as
being allocated Additional Book Basis Derivative Items to the extent that
such Additional Book Basis Derivative Items have reduced the amount of
income that would otherwise have been allocated to the Unitholders under
this Agreement (e.g., Additional Book Basis

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Derivative Items taken into account in computing cost of goods sold
would reduce the amount of book income otherwise available for allocation
among the Partners). Any allocation made pursuant to this Section
6.1(d)(xii)(B) shall be made after all of the other Agreed Allocations have
been made as if this Section 6.1(d)(xii) were not in this Agreement and, to
the extent necessary, shall require the reallocation of items that have been
allocated pursuant to such other Agreed Allocations.

     (C) In the case of any negative adjustments to the Capital Accounts of
the Partners resulting from a Book-Down Event or from the recognition of a
Net Termination Loss, such negative adjustment (1) shall first be allocated,
to the extent of the Aggregate Remaining Net Positive Adjustments, in such a
manner, as determined by the General Partner, that to the extent possible
the aggregate Capital Accounts of the Partners will equal the amount that
would have been the Capital Account balance of the Partners if no prior
Book-Up Events had occurred, and (2) any negative adjustment in excess of
the Aggregate Remaining Net Positive Adjustments shall be allocated pursuant
to Section 6.1(c) hereof.

     (D) In making the allocations required under this Section 6.1(d)(xii),
the General Partner may apply whatever conventions or other methodology it
determines will satisfy the purpose of this Section 6.1(d)(xii).

     Section 2. General Authority. The appropriate officers of the General Partner are
hereby authorized to make such further clarifying and conforming changes to the Partnership
Agreement as they deem necessary or appropriate, and to interpret the Partnership Agreement, to
give effect to the intent and purpose of this Amendment No. 3.

     Section 3. Ratification of Partnership Agreement. Except as expressly modified and
amended herein, all of the terms and conditions of the Partnership Agreement shall remain in full
force and effect.

     Section 4. Governing Law. This Amendment No. 3 will be governed by and construed in
accordance with the laws of the State of Delaware.

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     IN WITNESS WHEREOF, the General Partner has executed this Amendment No. 3 as of April 11,
2008.

	 	 	 	 	 
	 	GENERAL PARTNER:

HEP LOGISTICS HOLDINGS, L.P.

 	 
	 	By:  	Holly Logistic Services, L.L.C.,
 	 
	 	 	its general partner 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	/s/ Bruce R. Shaw
 	 
	 	 	Bruce R. Shaw 	 
	 	 	Senior Vice President and
Chief Financial Officerexv10w1

 

Exhibit 10.1

ATMEL CORPORATION

STOCK OPTION FIXED DATE EXERCISE

ELECTION FORM

	 	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Date of Election:	 	 
	 

	 	 
	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	E-mail:

	 	 	 	 	 	Social Security Number:	 	 
	 

	 	 
	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	Work Phone:

	 	 	 	 	 	Employee Number:	 	 
	 

	 	 
	 	 	 	 	 	 

	 	 	 	 	 
	Option Grant Number:
	 	 	 	 
	 

	 	 

	 	 

PLEASE NOTE THAT BY YOUR SIGNATURE BELOW, YOU ARE ACKNOWLEDGING THAT YOU HAVE READ THIS ELECTION
FORM AND ALL ACCOMPANYING DOCUMENTS.

This election may be necessary to protect you from penalty taxes that may be imposed on you under
new Section 409A of the Internal Revenue Code. Under the new law, if you hold stock options that
vest after December 31, 2004 that were not granted with an exercise price equal to at least the
fair market value of the Company’s stock on the date of grant (“discount options”) the portion of
the stock options that vests after December 31, 2004 does not comply with Section 409A and, unless
the options are corrected, your gain with respect to the affected portion of your option will be
includible in your taxable income prior to exercise, and will be subject to regular state and
federal taxes plus a 20% federal penalty tax and interest charges. However, under special
transition rules designed by the IRS to protect taxpayers from such adverse tax consequences, you
are permitted to make an irrevocable election to specify the year (after 2008) in which you would
exercise your options (although this exercise date could be accelerated by any change in control of
the Company or by your termination of service).

Please select one of the Election Alternatives below and complete the required information, and
submit the form. If you do not make an Election below, you will be liable for any taxes resulting
from your discount options.

ELECTION ALTERNATIVES

	 	 	 
	o

	 	Single-Year Election: I hereby elect to exercise all of my
discount options vesting after December 31, 2004 during the
eligible exercise window in calendar year                     .
	 
	 	 
	o

	 	Multiple-Year Election: I hereby elect to exercise my discount
options vesting after December 31, 2004 indicated by grant number
above in accordance with the following schedule:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Specific Number	 	 	 	 	 	Specific Number
	 	 	of Outstanding	 	 	 	 	 	of Outstanding
	Exercise Year	 	Options to	 	Exercise Year	 	Options to
	  (or Period)	 	Exercise	 	(or Period)	 	Exercise
	2009
	 	 	 	 	 	 	2012	 	 	 	 	 
	2010
	 	 	 	 	 	 	2013	 	 	 	 	 
	2011
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

GENERAL INFORMATION APPLIED TO BOTH ALTERNATIVES

In making this election, I understand that the exercise schedule elected above will be accelerated
only upon my death, disability, termination of service, or a change in control of the Company (all
as defined under Section 409A). (The exercise procedures applicable to my elected exercise year,
and to any accelerated exercise are described below.)

Please note that your election cannot occur later than your option’s original expiration date. If
the date your option is scheduled to expire by its terms falls in your chosen exercise year you may
not exercise your amended option beyond the date on which the option expires.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Atmel Corporation
	 
	 	 	 	 	 	 	 	 
	Signed:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	Date:	 	 
	
 
	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	Name (printed):

	 	 	 	 	 	By: [
	 	            ]
	 
	 	 	 	 	 	 

IMPORTANT DEADLINE: You must ensure that this election form is received by Atmel
Corporation at the contact information below no later than 12:00 pm (Noon) April 25, 2008. If this
election form is not received by then or is improperly completed, it will be invalid. If,
within 24 hours of you sending your election form, you have not received an email confirmation that
your election form was received and properly completed, please call Patrick Reutens at
408.436.4229. If by 1:00 p.m. on April 25, 2008, you have not received an email confirmation that
your election form was received and properly completed, please call Patrick Reutens at
408.436.4229.

Please return your completed form by facsimile to:

Patrick Reutens

Fax: 408.436.4111

Representations Regarding the Terms and Conditions of this Election and Amendment of Eligible
Options

Voluntary Participation. The election made by me on this form is entirely voluntary. I understand
that the Company is not making, nor has it made, any recommendations on whether I should make an
election, and that the Company in applying the program under

 

 

which these options were granted, has provided the flexibility to permit me to make the election
voluntarily as I deem appropriate. I acknowledge that I understand that the Company’s stock plans
provide that, after I properly complete and deliver this election, all of my discount options
covered by a valid election will be amended automatically as described in this election form.

Irrevocable Election. I acknowledge that once I make an election under this procedure, it is
deemed to be irrevocable as of April 25, 2008 and thus I may not later change my decision with
respect to any portion of this election. However, the Company does reserve the right to cancel or
replace, or allow employees to cancel or replace, this election to the extent permitted or required
by subsequent changes in the tax law.

Amendment to Stock Option. I acknowledge that my election selected above will serve as an
amendment to my discount options to the extent required to implement such election. By my
execution of this election, I agree to be bound by all the terms and conditions of this election as
described in this election form and its instructions. I further authorize the Company to apply all
provisions of my option agreement to prevent taxation under Section 409A. Other than as amended by
the terms and conditions of this election, my discount options remain subject to all of the terms
and conditions of the applicable stock plan and stock option agreement(s) memorializing my discount
options.

Special Rules Applicable to Exercise Date Accelerations Triggered by Termination Of Service. My
option exercise date will be accelerated if I experience a termination of service due to my death,
disability, or separation from service. In case of such event, I acknowledge that the period for
exercising my options covered by this election will commence immediately after my termination of
service, and will extend until the end of that calendar year (or, if later, until the
15th day of the third month after the month in which my services terminate), subject to
three exceptions.

	 	•	 	First, in the event that I am a “specified employee” (as defined in Code Section
409A(a)(2)(B)(i) and the underlying regulations) as of the date of my separation from
service, the period within which I may exercise my options covered by this election
does not commence until the date that is six (6) months and one day after my
separation date, and extends until the end of that calendar year (or, if later, until
the 15th day of the third month after the month in which my services
terminate), except as limited by the second and third exceptions.
	 
	 	•	 	Second, no option exercise period can extend any longer than the post-termination
exercise period allowed under the option plan or my option agreement.
	 
	 	•	 	Third, if my option first becomes exercisable due to my termination of service and
I am considered a “specified employee” as of the date of my separation of service, and
if the term of my option or the post-termination exercise period does not extend past
the date that is six (6) months after my separation date, I may exercise my options
following my separation date no later than the earlier of the expiration of the
original maximum term of the option or the expiration of the post-termination exercise
period. However, any option proceeds will not be paid to me until the date that is six
(6) months after my termination of service (in compliance with Section
409A(a)(2)(B)(i)).

 

 

No Guarantee of Vesting or Continued Status as a Service Provider. I acknowledge and agree that my
election hereunder does not alter the vesting schedule of my discount options. I also acknowledge
and agree that my election hereunder does not constitute an express or implied promise of continued
status as a Service Provider for the applicable discount option vesting period, and that any
election I may make shall not interfere with my right or the Company’s right to terminate my status
as a Service Provider at any time, with or without cause.

Tax and Financial Consultation. I acknowledge and represent that I have consulted with such tax
and legal advisors and consultants, if any, as I deemed advisable in connection with this election.
I acknowledge that the information provided to me about the IRS regulations by the Company is
based on the Company’s current reasoned interpretation of complicated proposed regulations and
other IRS guidance based on the advice of various tax and legal experts, that I am not relying on
the Company in, and I am solely responsible for, making any election hereunder and that I am not
relying upon the Company for any such tax or legal advice.

Execution and Agreement to Terms and Conditions. Before signing this election form, I have
received, read and understood this election form and its instructions. By submitting this election
to the Company, I agree that my discount options have been amended, to the extent necessary, to
reflect this election, and that my discount options are governed by the terms and conditions of
this election, the applicable stock plan and my stock option agreement(s).

Administration. The Company will determine, in its sole and absolute discretion, all questions as
to the form of election and the validity, eligibility and time of receipt of any election. Our
determination of these matters will be final and binding on all parties.

THE COMPANY IS NOT MAKING ANY RECOMMENDATION TO ANY PERSON REGARDING WHETHER OR WHEN TO TAKE ANY
ACTION IN RESPONSE TO SECTION 409A. EVERY AFFECTED OPTION HOLDER MUST DECIDE WHETHER AND HOW TO
IMPLEMENT THESE POTENTIAL ACTIONS BASED ON HIS OR HER OWN PERSONAL TAX AND FINANCIAL POSITION AND
OTHER FACTORS.

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