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Exhibit 10.3    
    

 

GLOBAL PARTNERS LP  

 CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT  

 

CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT  

        This Contribution, Conveyance and Assumption Agreement, dated as of September  [    ], 2005, is entered into by and
among GLOBAL GP LLC, a Delaware
limited liability company ("GP LLC"), GLOBAL PARTNERS LP, a Delaware limited partnership
("MLP"), GLOBAL OPERATING LLC, a Delaware limited liability company
("OLLC"), GLOBAL COMPANIES LLC, a Delaware limited liability company
("Global"), GLOBAL MONTELLO GROUP LLC, a Delaware limited liability company
("GMG"), CHELSEA SANDWICH LLC, a Delaware limited liability company ("Chelsea
LLC"), GLOBAL PETROLEUM CORP., a Massachusetts corporation ("GPC"),  LAREA HOLDINGS
LLC, a Delaware limited liability company ("Larea"), LAREA
HOLDINGS II LLC, a Delaware limited liability company ("Larea II"), CHELSEA TERMINAL LIMITED
PARTNERSHIP, a Massachusetts limited partnership ("Chelsea LP"), SANDWICH TERMINAL,
L.L.C., a Massachusetts limited liability company ("Sandwich") and MONTELLO OIL
CORPORATION, a New Jersey corporation ("Montello"). The above-named entities are sometimes referred to in this Agreement each as
a "Party" and collectively as the "Parties." Capitalized terms used herein shall have the meanings
assigned to such terms in Section 1.1. 

RECITALS:  

        WHEREAS, GPC and GP LLC have formed MLP pursuant to the Delaware Revised Uniform Limited Partnership Act (the
"Delaware LP Act") for the purpose of engaging in any business activity that is approved by GP LLC and that lawfully may be conducted by a limited
partnership organized pursuant to the Delaware LP Act. 

        WHEREAS, in order to accomplish the objectives and purposes in the preceding recital, each of the following actions have been taken prior
to the date hereof: 

        1.     GPC
formed GP LLC under the terms of the Delaware Limited Liability Company Act (the "Delaware LLC Act") and contributed
$1,000 to GP LLC in exchange for all of the member interests in GP LLC. 

        2.     GP
LLC and GPC formed MLP under the terms of the Delaware LP Act to which GP LLC contributed $40 to MLP in exchange for a 2% general partner interest in MLP and GPC
contributed $1,960 to MLP in exchange for a 98% limited partner interest in MLP. 

        3.     MLP
formed OLLC under the terms of the Delaware LLC Act to which MLP contributed $1,000 to OLLC in exchange for all of the member interests in OLLC. 

        WHEREAS, concurrently with the consummation of the transactions contemplated hereby, each of the following shall occur: 

        1.     Global
will distribute approximately [$37,000,000]
in cash and receivables ("Working Capital Assets"), to GPC, Montello, Larea, Larea II, Chelsea LP and Sandwich (the
"Owners") as follows: 

	(a)
	GPC
will receive $[13,320,000];

	(b)
	Montello
will receive $[18,130,000];

	(c)
	Larea
will receive $[3,700,000]; and

	(d)
	Larea
II will receive $[1,850,000]. 

        2.     GPC,
Montello, Larea and Larea II will convey a  [36]%,  [49]%, [10]% and  [5]%, respectively, member interest in Global to GP LLC in exchange for a  [36]%,  [49]%, [10]% and  [5]%,
respectively, member interest in GP LLC. Such member interests in Global
have an aggregate value equal to 2% of the equity value of MLP at the closing of the transactions contemplated by this Agreement and shall be referred to herein as the "Global
Interests." 

        3.     GMG
will convey all its right, title and interest in the Qualifying Income Assets to Global as a capital contribution on behalf of GPC, Montello, Larea and Larea II. 

 

        4.     GP
LLC will convey the Global Interests to MLP in exchange for (a) [230,303] General Partner Units, which represents a continuation of its
2% general partner interest in MLP, and (b) the issuance of the IDRs. 

        5.     The
Owners will convey their member interests in Global, GMG and Chelsea LLC (the "Operating Subsidiaries") to MLP in
exchange for (a) [742,423] Common Units representing a  [6.4]% limited partner interest in MLP, of which (i) GPC will receive  [226,825] Common Units, (ii) Montello will receive
[308,734] Common Units, (iii) Larea will receive  [74,424] Common Units, (iv) Larea II will receive  [37,121] Common Units, (v) Chelsea LP will receive  [94,378] Common Units and (vi) Sandwich will receive  [1,124] Common Units,
(b) [5,642,423] Subordinated Units representing a  [49.0]% limited partner interest in MLP, of which (i) GPC will receive  [1,723,869] Subordinated Units, (ii) Montello will receive  [2,346,378] Subordinated Units, (iii) Larea will receive  [564,242]
Subordinated Units, (iv) Larea II will receive  [282,121] Subordinated Units, (v) Chelsea LP will receive  
[717,274] Subordinated Units and (vi) Sandwich will receive
[8,539] Subordinated Units, and (c) the assumption by MLP of the GPC Term
Loan. 

        6.     In
connection with MLP's initial public offering (the "Offering"), the public, through the Underwriters, will contribute  [$98,000,000] in cash to MLP, less the Underwriters' discount of
$[6,500,000], in exchange for  [4,900,000] Common Units
representing a  [42.6]% limited partner interest in MLP.
 

        7.     The
New Credit Facility will be entered into by and among the parties thereto at which time borrowings under the New Credit Facility will be used to repay any outstanding
borrowings under the Old Credit Facility. 

        8.     MLP
will convey all of its member interests in the Operating Subsidiaries to OLLC as a capital contribution. 

        9.     MLP
will (a) pay or cause to be paid approximately
$[3,500,000] of offering expenses (excluding the Underwriters' discount) in
connection with the Offering of the Common Units, (b) repay approximately
$[51,000,000] of outstanding
indebtedness under the GPC Term Loan and (c) contribute its remaining cash of approximately
$[37,000,000] to OLLC as a capital contribution. 

        10.   OLLC
will convey approximately $[37,000,000] to
Global as a capital contribution, which will use the funds to repay approximately
$[37,000,000] of outstanding borrowings under the New Credit Facility. 

        11.   Global
will convey all of its right, title and interest in the Non-Qualifying Income Assets to GMG as a capital contribution on behalf of OLLC. 

        12.   GMG
will, pursuant to the terms of the Delaware LLC Act and the Delaware General Corporation Law (the "Delaware GCL"),
convert to Global Montello Group Corp., a Delaware corporation ("GMGC"). 

        13.   To
the extent the Underwriters exercise their over-allotment option to purchase up to [735,000] Common Units (the
"Over-Allotment Option"), MLP will use the net proceeds to redeem from the Owners a number of Common Units equal to those sold pursuant to
the Over-Allotment Option. 

        14.   The
organizational documents of the Parties will be amended and restated as necessary to reflect the applicable matters set forth above and as contained in this
Agreement. 

2

 

        NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the Parties undertake and agree as follows: 

ARTICLE I

DEFINITIONS  

        Section 1.1    Terms.    The following defined terms shall have the meanings given
below: 

        "Agreement" means this Contribution, Conveyance and Assumption Agreement. 

        "Assets" means [all right, title and interest of GMG and Global in and to the
Qualifying Income Assets and the Non-Qualifying Income Assets, respectively, whether tangible or intangible, whether real, personal or mixed, whether accrued or contingent, and wherever
located]. 

        "Chelsea LLC" has the meaning as set forth in the opening paragraph of this Agreement. 

        "Chelsea LP" has the meaning as set forth in the opening paragraph of this Agreement. 

        "Code" means Internal Revenue Code of 1986, as amended. 

        "Common Units" has the meaning as set forth in the Partnership Agreement. 

        "Delaware GCL" has the meaning as set forth in the Recitals of this Agreement. 

        "Delaware LLC Act" has the meaning as set forth in the Recitals of this Agreement. 

        "Delaware LP Act" has the meaning as set forth in the Recitals of this Agreement. 

        "Effective Time" means  [8:00 a.m.] Eastern Daylight Time on  
[            ], 2005. 

        "General Partner Units" has the meaning as set forth in the Partnership Agreement. 

        "Glen Hes" means Glen Hes Corp., a Delaware corporation. 

        "Global" has the meaning as set forth in the opening paragraph of this Agreement. 

        "Global Interests" has the meaning as set forth in the Recitals of this Agreement. 

        "GMG" has the meaning as set forth in the opening paragraph of this Agreement. 

        "GMGC" has the meaning as set forth in the Recitals of this Agreement. 

        "GP LLC" has the meaning as set forth in the opening paragraph of this Agreement. 

        "GPC" has the meaning as set forth in the opening paragraph of this Agreement. 

        "GPC Term Loan" means that Term Loan Agreement dated as of July 2, 2004 by and among GPC, as the borrower, those entities
identified as guarantors and Bank of America, N.A. and the other lending institutions listed on Schedule 1 thereto and Bank of America, N.A., as agent. 

        "IDR" has the same meaning as "Incentive Distribution Right" as set forth in the Partnership Agreement. 

        "Larea" has the meaning as set forth in the opening paragraph of this Agreement. 

        "Larea II" has the meaning as set forth in the opening paragraph of this Agreement. 

        "MLP" has the meaning as set forth in the opening paragraph of this Agreement. 

        "Montello" has the meaning as set forth in the opening paragraph of this Agreement. 

        "New Credit Facility" means that Credit Agreement dated as of September  [    ], 2005, among OLLC, Global, GMG, GMGC, Glen Hes and Chelsea LLC,
as borrowers, MLP and GP LLC as 

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initial
guarantors, each lender from time to time party thereto and Bank of America, N.A., as administrative agent. 

        "Non-Qualifying Income Assets" means those assets set forth on  Schedule A and such other assets that do not generate "qualifying income" as defined in
Section 7704 of the Code. 

        "Non-Qualifying Income Liabilities" means all liabilities arising out of or related to the ownership of the
Non-Qualifying Income Assets to the extent arising or accruing on and after the Effective Time, whether known or unknown, accrued or contingent, and whether or not reflected on the books
and records of Global or its affiliates. 

        "Offering" has the meaning as set forth in the Recitals of this Agreement. 

        "Old Credit Facility" means that Eighth Amended and Restated Revolving Credit Agreement dated as of July 1, 2003 by and among
Global, GMG, Glen Hes, Chelsea LLC and Fleet National Bank and the other lending institutions listed on Schedule 1 thereto and Fleet National Bank, as agent, as amended. 

        "OLLC" has the meaning as set forth in the opening paragraph of this Agreement. 

        "Operating Subsidiaries" has the meaning as set forth in the Recitals of this Agreement. 

        "Over-Allotment Option" has the meaning as set forth in the Recitals of this Agreement. 

        "Owners" has the meaning as set forth in the Recitals of this Agreement. 

        "Party" or "Parties" has the meaning as set forth in the opening paragraph of this
Agreement. 

        "Qualifying Income Assets" means those assets set forth on Schedule B and such
other assets that generate "qualifying income" as defined in Section 7704 of the Code. 

        "Qualifying Income Liabilities" means all liabilities arising out of or related to the ownership of the Qualifying Income Assets to the
extent arising or accruing on and after the Effective Time, whether known or unknown, accrued or contingent, and whether or not reflected on the books and records of GMG or its affiliates. 

        "Sandwich" has the meaning as set forth in the opening paragraph of this Agreement. 

        "Subordinated Units" has the meaning as set forth in the Partnership Agreement. 

        "Underwriters" means Lehman Brothers Inc., KeyBanc Capital Markets, a Division of McDonald Investments Inc., Raymond
James & Associates, Inc., RBC Capital Markets Corporation and Banc of America Securities LLC. 

        "Working Capital Assets" has the meaning as set forth in the Recitals of this Agreement. 

ARTICLE II

CONTRIBUTIONS, ACKNOWLEDGMENTS AND DISTRIBUTIONS  

        Section 2.1    Distribution and Assignment of Working Capital Assets to the
Owners.    The Parties hereby acknowledge the distribution and assignment by Global of the Working Capital Assets to GPC, Montello, Larea and Larea II and the receipt
by GPC, Montello, Larea and Larea II of $[13,320,000],
$[18,130,000],
$[3,700,000] and
$[1,850,000], respectively, in cash and value associated with the Working
Capital Assets. 

        Section 2.2    Contribution of Global Interests by GPC, Montello, Larea and Larea II to GP
LLC.    GPC, Montello, Larea and Larea II hereby grant, contribute, bargain, convey, assign, transfer, set over and deliver to GP LLC, its successors and assigns, for
its and their own use forever, the Global 

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Interests
in exchange for a [36]%,  [49]%, [10]% and  [5]%, respectively, member interest in GP LLC, and GP LLC hereby accepts the
Global Interests as a contribution to the capital of GP LLC. 

        Section 2.3    Contribution of Qualifying Income Assets by GMG to Global.    GMG hereby
grants, contributes, bargains, conveys, assigns, transfers, sets over and delivers to Global, its successors and assigns, for its and their own use forever, all of its right, title and interest in and
to the Qualifying Income Assets, and Global hereby accepts such assets as a contribution to the capital of Global on behalf of GPC, Montello, Larea and Larea II. 

TO
HAVE AND TO HOLD the Qualifying Income Assets unto Global, its successors and assigns, together with all and singular the rights and appurtenances thereto in any way belonging, subject, however, to
the terms and conditions stated in this Agreement, forever. 

        Section 2.4    Contribution of Global Interests by GP LLC to MLP.    GP LLC hereby
grants, contributes, bargains, conveys, assigns, transfers, sets over and delivers to MLP, its successors and assigns, for its and their own use forever, the Global Interests in exchange for
(a) [230,303] General Partner Units, which represent a continuation of its 2% general partner interest in MLP, and (b) the issuance of the IDRs, and MLP hereby
accepts the Global Interests as a contribution to the capital of MLP. 

        Section 2.5    Contribution of Interests in Operating Subsidiaries by the Owners to
MLP.    The Owners hereby grant, contribute, bargain, convey, assign, transfer, set over and deliver to MLP, its successors and assigns, for its and their own use
forever, all remaining member interests in the Operating Subsidiaries in exchange for
(a) [742,423] Common Units representing a  [6.4]% limited
partner interest in MLP, of which (i) GPC receives  [226,825] Common Units, (ii) Montello receives  [308,734] Common Units, (iii) Larea receives  [74,242] Common Units, (iv) Larea II receives
 [37,121] Common Units, (v) Chelsea LP receives  [94,378]
Common Units and (vi) Sandwich receives
[1,124] Common Units,
(b) [5,642,423] Subordinated Units representing a  [49.0]% limited partner interest in MLP, of which (i) GPC receives  [1,723,869] Subordinated Units, (ii) Montello receives  [2,346,378] Subordinated Units, (iii) Larea receives  [564,242]
Subordinated Units, (iv) Larea II receives  [282,121] Subordinated Units, (v) Chelsea LP receives
[717,274] Subordinated Units and (vi) Sandwich receives  [8,539] Subordinated Units, and (c) agreement by MLP to assume and repay
any outstanding indebtedness under the GPC Term Loan, and MLP hereby accepts such member interests in Operating Subsidiaries as a contribution to the capital of MLP. 

        Section 2.6    Public Cash Contribution.    The Parties acknowledge a cash contribution
by the public through the Underwriters to MLP of $[98,000,000]
($[91,500,000] after the Underwriters' discount of
$[6,500,000]) in exchange for  [4,900,000] Common Units
representing a  [42.6]% interest in MLP. 

        Section 2.7    Contribution of Interests in Operating Subsidiaries by MLP to
OLLC.    MLP hereby grants, contributes, bargains, conveys, assigns, transfers, sets over and delivers to OLLC, its successors and assigns, for its and their own use
forever, all member interests in the Operating Subsidiaries, and OLLC hereby accepts such member interests in Operating Subsidiaries as a contribution to the capital of OLLC. 

        Section 2.8    Payment of Transaction Expenses and Outstanding Indebtedness by MLP; Cash Contribution by MLP to
OLLC.    The Parties acknowledge (a) the payment by MLP, in connection with the transactions contemplated hereby, of transaction expenses in the amount of
approximately $[3,500,000] (exclusive of the Underwriters' discount),
(b) the repayment by MLP of approximately $[51,000,000] of outstanding
indebtedness under the GPC Term Loan and (c) the contribution by MLP of its remaining cash of approximately
$[37,000,000] to OLLC as a capital contribution. 

5

   
        Section 2.9    OLLC Cash Contribution to Global.    The Parties acknowledge the
contribution by OLLC to Global and the receipt by Global of approximately
$[37,000,000] in cash. 

        The
above contribution has been made to repay approximately
$[37,000,000] of outstanding borrowings under the New Credit Facility. Global
acknowledges that the amounts acknowledged as being contributed under this Section 2.9 have been used to repay approximately
$[37,000,000] of outstanding borrowings under the New Credit Facility. 

        Section 2.10    Contribution of Non-Qualifying Income Assets by Global to
GMG.    Global hereby grants, contributes, bargains, conveys, assigns, transfers, sets over and delivers to GMG, its successors and assigns, for its and their own use
forever, all of its right, title and interest in and to the Non-Qualifying Income Assets, and GMG hereby accepts such assets as a contribution to the capital of GMG. 

TO
HAVE AND TO HOLD the Non-Qualifying Income Assets unto GMG, its successors and assigns, together with all and singular the rights and appurtenances thereto in any way belonging,
subject, however, to the terms and conditions stated in this Agreement, forever. 

        Section 2.11    Conversion of GMG.    GMG has adopted a certificate of conversion
pursuant to Section [265] of the Delaware GCL and Section  [18-216] of the Delaware LLC Act and has filed a certificate of
conversion and certificate of incorporation with the Secretary of State of the State of Delaware which filings shall convert (upon such filing or the effective time stated therein) GMG into GMGC,
having Global as its sole stockholder. 

ARTICLE III

ASSUMPTIONS OF CERTAIN LIABILITIES  

        Section 3.1    Assumption of Qualifying Income Liabilities by Global.    In connection
with the contribution and transfer by GMG of the Qualifying Income Assets to Global, as set forth in Section 2.3 above, Global
hereby assumes and agrees to duly and timely pay, perform and discharge the Qualifying Income Liabilities, to the full extent that GMG has been heretofore or would have been in the future obligated to
pay, perform and discharge the Qualifying Income Liabilities were it not for the execution and delivery of this Agreement; provided, however, that said assumption and agreement to duly and timely pay,
perform and discharge the Qualifying Income Liabilities shall not (a) increase the obligation of Global with respect to the Qualifying Income Liabilities beyond that of GMG, (b) waive
any valid defense that was available to GMG with respect to the Qualifying Income Liabilities or (c) enlarge any rights or remedies of any third party, if any, under any of the Qualifying
Income Liabilities. 

        Section 3.2    Assumption of GPC Term Loan by MLP.    In connection with the
contribution and transfer by the Owners of interests in the Operating Subsidiaries to MLP, as set forth in Section 2.5 above, MLP hereby assumes and agrees to duly and timely pay, perform and
discharge the GPC Term Loan, to the full extent that the parties thereto have been heretofore or would have been in the future obligated to pay, perform and discharge the GPC Term Loan were it not for
the execution and delivery of this Agreement; provided, however, that said assumption and agreement to duly and timely pay, perform and discharge the GPC Term Loan shall not (a) increase the
obligation of MLP with respect to the GPC Term Loan beyond that of the parties thereto, (b) waive any valid defense that was available to the parties thereto with respect to the GPC Term Loan
or (c) enlarge any rights or remedies of any third party, if any, under the GPC Term Loan. 

        Section 3.3    Assumption of Non-Qualifying Income Liabilities by
GMG.    In connection with the contribution and transfer by Global of the Non-Qualifying Income Assets to GMG, as set forth in Section 2.9 above,
GMG hereby assumes and agrees to duly and timely pay, perform and discharge the Non-Qualifying Income Liabilities, to the full extent that Global has been heretofore or would have 

6

 

been
in the future obligated to pay, perform and discharge the Non-Qualifying Income Liabilities were it not for the execution and delivery of this Agreement; provided, however, that said
assumption and agreement to duly and timely pay, perform and discharge the Non-Qualifying Income Liabilities shall not (a) increase the obligation of GMG with respect to the
Non-Qualifying Income Liabilities beyond that of Global, (b) waive any valid defense that was available to Global with respect to the Non-Qualifying Income Liabilities
or (c) enlarge any rights or remedies of any third party, if any, under any of the Non-Qualifying Income Liabilities. 

ARTICLE IV

ADDITIONAL TRANSACTIONS  

        The Parties acknowledge that in the event the Underwriters exercise their Over-Allotment Option, MLP shall use any net proceeds therefrom to redeem
from the Owners a number of Common Units held by the Owners equal to the number of Common Units issued upon exercise of the Over-Allotment Option, at a price per Common Unit equal to the
net proceeds per Common Unit received by MLP after the Underwriters' discount but before other expenses. 

ARTICLE V

TITLE MATTERS  

        Section 5.1    Encumbrances.    

	(a)
	Except
to the extent provided in any other document executed in connection with this Agreement or the Offering, the contribution and conveyance (by operation of law or otherwise) of
the Assets as reflected in this Agreement are made expressly subject to all recorded and unrecorded liens (other than consensual liens), encumbrances, agreements, defects, restrictions, adverse claims
and all laws, rules, regulations, ordinances, judgments and orders of governmental authorities or tribunals having or asserting jurisdictions over the Assets and operations conducted thereon or in
connection therewith, in each case to the extent the same are valid and enforceable and affect the Assets, including all matters that a current survey or visual inspection of the Assets would reflect.

	(b)
	To
the extent that certain jurisdictions in which the Assets are located may require that documents be recorded in order to evidence the transfers of title reflected in this
Agreement, then the provisions set forth in Section 5.1(a) immediately above shall also be applicable to the conveyances under such documents. 

        Section 5.2    Disclaimer of Warranties; Subrogation; Waiver of Bulk Sales Laws.    

	(a)
	EXCEPT
TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES
HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER,
WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS INCLUDING THE WATER, SOIL, GEOLOGY OR ENVIRONMENTAL
CONDITION OF THE ASSETS GENERALLY OR INCLUDING THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON THE ASSETS, (B) THE INCOME TO BE DERIVED FROM THE ASSETS, (C) THE
SUITABILITY OF THE ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON, (D) THE COMPLIANCE OF OR BY THE ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING ANY ZONING, 

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ENVIRONMENTAL
PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, THE PARTIES ACKNOWLEDGE AND AGREE THAT
EACH HAS HAD THE OPPORTUNITY TO INSPECT THE RESPECTIVE ASSETS, AND EACH IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE RESPECTIVE ASSETS AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY ANY
OF THE PARTIES. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY
VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT
EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING, EACH OF THE PARTIES ACKNOWLEDGES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE CONTRIBUTION OF THE ASSETS AS PROVIDED FOR
HEREIN IS MADE IN AN "AS IS", "WHERE IS" CONDITION WITH ALL FAULTS, AND THE ASSETS ARE CONTRIBUTED AND CONVEYED SUBJECT TO ALL OF THE MATTERS CONTAINED IN THIS SECTION. THIS SECTION SHALL SURVIVE SUCH
CONTRIBUTION AND CONVEYANCE OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION
AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT
AS SET FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT OR THE OFFERING. 

	(b)
	The
contributions of the Assets made under this Agreement are made with full rights of substitution and subrogation of the respective Parties receiving such contributions, and all
persons claiming by, through and under such Parties, to the extent assignable, in and to all covenants and warranties by the predecessors-in-title of the Parties contributing
the Assets, and with full subrogation of all rights accruing under applicable statutes of limitation and all rights of action of warranty against all former owners of the Assets.

	(c)
	Each
of the Parties agrees that the disclaimers contained in this Section 5.2 are "conspicuous" disclaimers. Any covenants implied by statute or law by the use of the words
"grant," "contribute," "convey," "bargain," "assign," "transfer," "deliver," "sell" or "set over" or any of them or any other words used in this Agreement are hereby expressly disclaimed, waived or
negated.

	(d)
	Each
of the Parties hereby waives compliance with any applicable bulk sales law or any similar law in any applicable jurisdiction in respect of the transactions contemplated by this
Agreement. 

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ARTICLE VI

FURTHER ASSURANCES  

        From time to time after the date hereof, and without any further consideration the Parties agree to execute, acknowledge and deliver all such additional deeds,
assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance with applicable law, as may be
necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this
Agreement, or which are intended to be so granted, or (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to
the interests contributed and assigned by this Agreement or intended so to be and to more fully and effectively carry out the purposes and intent of this Agreement. 

ARTICLE VII

EFFECTIVE TIME  

        Notwithstanding anything contained in this Agreement to the contrary, none of the provisions of Article II or Article III of this Agreement shall be
operative or have any effect until the Effective Time,
at which time all the provisions of Article II or Article III of this Agreement shall be effective and operative in accordance with Article VIII, without further action by any
Party. 

ARTICLE VIII

MISCELLANEOUS  

        Section 8.1    Order of Completion of Transactions.    The transactions provided for in
Article II of this Agreement shall be completed immediately following the Effective Time in the order set forth in Article II of this Agreement. The transactions provided for in
Article III of this Agreement shall be completed simultaneously with the transactions provided for in Article II of this Agreement. The transactions provided for in Article IV of
this Agreement shall be completed after those provided for in Article II and Article III of this Agreement. 

        Section 8.2    Costs.    Except for the transaction expenses set forth in
Section 2.8, OLLC shall pay all expenses, fees and costs, including sales, use and similar taxes arising out of the contributions, conveyances and deliveries to be made hereunder, and shall pay
all documentary, filing, recording, transfer, deed and conveyance taxes and fees required in connection therewith. In addition, OLLC shall be responsible for all costs, liabilities and expenses
(including court costs and reasonable attorneys' fees) incurred in connection with the implementation of any conveyance or delivery pursuant to Article VI of this Agreement. 

        Section 8.3    Headings; References; Interpretation.    All Article and Section
headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words "hereof," "herein" and
"hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, and not to any particular provision of this Agreement. All references herein to Articles
and Sections shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement, respectively. All personal pronouns used in this
Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The terms "include," "includes,"
"including" or words of like import shall be deemed to be followed by the words "without limitation." 

        Section 8.4    Successors and Assigns.    The Agreement shall be binding upon and inure
to the benefit of the Parties and their respective successors and assigns. 

9

 

        Section 8.5    No Third Party Rights.    The provisions of this Agreement are intended
to bind the parties signatory hereto as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no
person is or is intended to be a third party beneficiary of any of the provisions of this Agreement. 

        Section 8.6    Counterparts.    This Agreement may be executed in any number of
counterparts, all of which together shall constitute one agreement binding on the Parties. 

        Section 8.7    Governing Law.    This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Massachusetts applicable to contracts made and to be performed wholly within such state without giving effect to conflict of law principles thereof. 

        Section 8.8    Severability.    If any of the provisions of this Agreement are held by
any court of competent jurisdiction to contravene, or to be invalid under, the laws of any political body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not
invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be
made and necessary provision added so as to give effect to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement. 

        Section 8.9    Amendment or Modification.    This Agreement may be amended or modified
from time to time only by the written agreement of all the Parties. 

        Section 8.10    Integration.    This Agreement and the instruments referenced herein
supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to its subject matter. This document and such instruments contain the entire understanding
of the Parties. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a
written amendment hereto executed by the Parties after the date of this Agreement. 

        Section 8.11    Deed; Bill of Sale; Assignment.    To the extent required and permitted
by applicable law, this Agreement shall also constitute a "deed," "bill of sale" or "assignment" of the assets and interests referenced herein. 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]  

10

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

	 	 	GLOBAL GP LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
GLOBAL PARTNERS LP
	

 	
 	

 	
By:	

GLOBAL GP LLC,

its General Partner
	

 	
 	

 	

 	

By:	

 	

 
	 	 	 	 	 	

	 	 	 	 	 	Name	 
	 	 	 	 	 	Title	 
	

 	
 	
GLOBAL OPERATING LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
GLOBAL COMPANIES LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	 	 	 	 	 	 	 

11

 

	

 	
 	
GLOBAL MONTELLO GROUP LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
CHELSEA SANDWICH LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
GLOBAL PETROLEUM CORP.
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
LAREA HOLDINGS LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
LAREA HOLDINGS II LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	 	 	 	 	 	 	 

12

 

	

 	
 	
CHELSEA TERMINAL LIMITED PARTNERSHIP
	

 	
 	

 	
By:	

CHELSEA TERMINAL CORP.,

its General Partner
	

 	
 	

 	

 	

By:	

 	

 
	 	 	 	 	 	

	 	 	 	 	 	Name	 
	 	 	 	 	 	Title	 
	

 	
 	
SANDWICH TERMINAL, L.L.C.
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
MONTELLO OIL CORPORATION
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

13

 
SCHEDULE A  

14

 
SCHEDULE B  

15

QuickLinks

Exhibit 10.3QuickLinks
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Exhibit 10.5    
    

AMENDED AND RESTATED

SERVICES AGREEMENT  

        THIS AMENDED AND RESTATED SERVICES AGREEMENT (the "Agreement") is made and entered into as of this    day
of                        , 2005, by and among
Global Petroleum Corp., a Massachusetts corporation (the "Company") and Global Companies LLC, a Delaware limited liability company ("Global LLC"), Global Montello Group LLC, a Delaware limited
liability company ("Group LLC") and Chelsea Sandwich LLC, a Delaware limited liability company ("Chelsea LLC") (Global LLC, Group LLC and Chelsea LLC are sometimes hereinafter referred to individually
as an "LLC", and collectively as the "LLCs"). The Company and the LLCs are sometimes hereinafter referred to each as a "Party" and collectively as the "Parties". 

W
I T N E S S E T H: 

        WHEREAS,
the Company has been providing certain services to the LLCs and the LLCs have been providing certain services to the Company; 

        WHEREAS,
the Company is willing to continue to provide such services as it has previously provided to the LLCs, and the LLCs desire to receive such services from the Company, all upon
the terms and subject to the conditions herein contained; and 

        WHEREAS,
the LLCs are willing to continue to provide such services as they have previously provided to the Company, and the Company desires to receive such services from the LLCs, all
upon the terms and subject to the conditions herein contained. 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the LLCs hereby agree as follows: 

	1.
	Services.

	(a)
	Company Services. The Company hereby agrees to provide to the LLCs services it is capable of providing during the Service Period
(defined below) similar to those which historically have been provided to the LLCs by the Company (the "Company Services"). The Company Services shall include, without limitation, terminal,
environmental and operational support services. The Company Services shall be rendered at such times as are reasonably requested by the LLCs, giving due regard to the Company's operations and other
responsibilities. The Company Services may not be expanded except in accordance with Paragraph 9 of this Agreement.

	(b)
	LLC Services. The LLCs hereby agree to provide to the Company services they are capable of providing during the Service Period (defined
below) similar to those which historically have been provided to the Company by the LLCs (the "LLC Services"). The LLC Services shall include, without limitation, accounting, treasury, legal,
information technology, human resources and financial operations support services. The LLC Services shall be rendered at such times as are reasonably requested by the Company, giving due regard to the
LLCs' operations and other responsibilities. The LLC Services may not be expanded except in accordance with Paragraph 9 of this Agreement.

	2.
	Service Period. The Company shall provide the Company Services to the LLCs, and the LLCs shall provide the LLC Services to the Company,
from the date hereof until January 1, 2008, and thereafter for such period of time as they shall mutually agree (the "Service Period"). The Company may terminate its receipt of some or all of
the LLC Services, and/or the LLCs may terminate their receipt of some or all of the Company Services, upon one hundred eighty (180) days advance written notice; provided, however, that neither
the Company nor the LLCs may 

 

terminate
their receipt of LLC Services or Company Services, respectively, prior to January 1, 2008. 

	3.
	Compensation. In order to reimburse the Company and the LLCs, on a non-profit basis, for costs incurred by it or them in
connection with providing the Company Services and the LLC Services, respectively, the LLCs shall pay to the Company, and the Company shall pay to the LLCs, promptly on receipt of quarterly invoices
reflecting for the three (3) months covered thereby, the total of (a) the hours spent by each employee in providing the Company Services or the LLC Services, as the case may be, times
such employee's compensation (expressed as an hourly rate of compensation) plus 30% of the product thereof to cover employee benefits, overhead and other indirect payroll costs, and (b) the
Company's or the LLCs' actual and documented out of pocket expenses incurred (i) in the case of the Company, in connection with the Company Services or on behalf of the LLCs, or (ii) in
the case of the LLCs, in connection with the LLC Services or on behalf of the Company. Notwithstanding the foregoing, with respect to those Company or LLC employees whose salary is greater than
$150,000.00 per year, the overhead and benefits calculation for said group of employees shall not, regardless of the "plus 30%" calculation referred to in the immediately preceding sentence, exceed
$40,000.00 per year. 

The
Company and the LLCs shall keep timekeeper reports on a monthly basis for time expended on non-Company Services or non-LLC Services, respectively, so as to accurately
monitor such Company Services provided for the benefit of the LLCs and LLC Services provided for the benefit of the Company. Invoices submitted by the Company to the LLCs, and by the LLCs to the
Company, shall be based upon such records. As an alternative to said timekeeping requirements, the President or Treasurer of the Company and the Chief Executive Officer of each LLC may agree upon a
specified monthly amount to be paid by such LLC to the Company or by the Company to the such LLC (the "Monthly Services Fee"), which Monthly Services Fee shall be subject to approval by the Conflicts
Committee and reviewed quarterly and amended in order to more accurately and equitably reflect the actual Services rendered. Upon 30 days prior written notice, either Party may elect to cancel
the Monthly Services Fee and utilize actual timekeeping records whereupon compensation shall be paid in accordance with the prior provisions of this Paragraph 3. 

	4.
	Indemnification. (a) In as much as the Company is performing the Company Services on an at cost basis and not for the purpose of
making a profit, the LLCs shall indemnify and hold harmless the Company, and its officers, directors, employees, stockholders, agents and representatives (collectively, the "Company Indemnitees") from
and against any and all losses, liabilities, damages, claims, and expenses (including reasonable attorneys' fees and expenses) suffered or incurred by any Company Indemnitee which arise out of or are
related to any action of the Company or any of its employees taken while performing Company Services for the benefit of, or on behalf of, the LLCs, except to the extent that such losses, liabilities,
damages, claims, and expenses are caused by the gross negligence or willful misconduct of the Company or any of its employees or agents.

	(b)
	In
as much as the LLCs are performing the LLC Services on an at cost basis and not for the purpose of making a profit, the Company shall indemnify and hold harmless the LLCs, and
their officers, directors, employees, members, agents and representatives (collectively, the "LLC Indemnitees") from and against any and all losses, liabilities, damages, claims, and expenses
(including reasonable attorneys' fees and expenses) suffered or incurred by any LLC Indemnitee which arise out of or are related to any action of the LLCs or any of their employees taken while
performing LLC Services for the benefit of, or on behalf of, the Company, except to the extent that such losses, liabilities, damages, claims, and expenses are caused by the gross negligence or
willful misconduct of the LLCs or any of their employees or agents. 

2

 

	5.
	Relationship of the Parties. Each Party is retained by the other Party only for the purposes and to the extent set forth in this
Agreement, and shall serve such other Party solely as an independent contractor. Neither Party shall have any authority to enter into agreements or commitments on behalf of the other Party or to bind
the other Party in any respect, except as expressly authorized in writing by such other Party. Neither Party shall be entitled to receive any payments from the other Party by way of compensation,
expenses, reimbursements or otherwise in respect of the Company Services and LLC Services, except for the reimbursement to be paid as set forth herein. Nothing contained herein shall be construed as
making either Party, or any of its employees, an employee, officer, director or owner of any other Party hereto.

	6.
	Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by
a written document executed by the LLCs and the Company. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given.

	7.
	Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving
Party's address set forth below or to such other address as a Party may designate by notice hereunder, and shall be either (a) delivered by hand, (b) telexed, telecopied or made by
confirmed facsimile transmission, (c) sent by overnight courier, or (d) sent by certified or registered mail, return receipt requested, postage prepaid. 

	If to the Company:	 	Global Petroleum Corp.

800 South Street, Suite 200

P.O. Box 9161

Waltham, Massachusetts 02454-9161

Attention: President

Fax: (781) 398-4165
	

and

if to the LLCs:	
 	

Global Companies LLC

800 South Street, Suite 200

P.O. Box 9161

Waltham, Massachusetts 02454-9161

Attention: Chief Accounting Officer and General Counsel

Fax: (781) 398-4165

        All
notices, requests, consents and other communications hereunder shall be deemed to have been received: (a) if by hand, at the time of the delivery thereof to the receiving
party at the address of such party set forth above; (b) if telexed, telecopied or made by facsimile transmission, at the time that receipt thereof has been acknowledged by electronic
confirmation or otherwise; (c) if sent by overnight courier, on the next day following the day such mailing is made (or in the case that such mailing is made on a Friday, Saturday or on the day
before a legal holiday, on the immediately following business day); or (d) if sent by certified or registered mail, return receipt requested, on the date indicated as the receipt date on such
returned receipt, or on the 5th day following the time of such mailing thereof to such address (or in the case that such 5th day is a Saturday, Sunday or a legal holiday,
on the immediately following business day), if a receipt is not returned. 

	8.
	Successors and Assigns. This Agreement may not be assigned in whole or in part without the written consent of all of the
non-assigning Parties. This Agreement shall be binding upon and inure to the benefit of the LLCs and the Company, and each of their respective successors and assigns. 

3

 
	9.
	Entire Agreement/Amendment. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof
and except as otherwise provided herein, supersedes all prior agreements or understandings written or oral in respect thereof. This Agreement may be amended or modified at any time or from time to
time only by a written instrument signed by the Parties hereto.

	10.
	Enforcement. The provisions of this Agreement shall be regarded as divisible, and if any of said provisions or any part hereof are
declared invalid or unenforceable by a court of competent jurisdiction, the validity and enforceability of the remainder of such provisions or parts hereof and the applicability thereof shall not be
affected thereby.

	11.
	Governing Law. This Agreement and the rights and obligations hereunder shall be governed by and construed in accordance with the laws
of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof.

	13.
	Headings. The paragraph headings contained herein are for convenience and reference only and shall not be given effect in the
interpretation of any term or condition of this Agreement.

	14.
	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which
together shall be deemed one and the same instrument. 

4

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

	 	 	GLOBAL PETROLEUM CORP.
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
GLOBAL COMPANIES LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
GLOBAL MONTELLO GROUP LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 
	

 	
 	
CHELSEA SANDWICH LLC
	

 	
 	

 	
By:	

 	

 	

 
	 	 	 	 	

	 	 	 	 	Name	 	 
	 	 	 	 	Title	 	 

5

QuickLinks

Exhibit 10.5

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