Document:

Form of Sprague Resources 2011 Long-Term Incentive Compensation Plan

 Exhibit 10.3 
 FORM OF 
 SPRAGUE RESOURCES LP 

LONG TERM INCENTIVE PLAN 
 Section 1. Purpose of the Plan. The Sprague Resources LP Long-Term Incentive Plan (the “Plan”) has been adopted on
[            ] (the “Effective Date”) by Sprague Resources GP LLC, a Delaware limited liability company, the general partner (“General
Partner”) of Sprague Resources LP, a Delaware limited partnership (the “Partnership”). The Plan is intended to promote the interests of the General Partner, the Partnership and their Affiliates by providing to
Employees, Consultants and Directors incentive compensation awards to encourage superior performance. The Plan is also contemplated to enhance the ability of the General Partner, the Partnership and their Affiliates to attract and retain the
services of individuals who are essential for the growth and profitability of the Partnership and to encourage them to devote their best efforts to advancing the business of the Partnership. 

Section 2. Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

(a) “409A Award” means an Award that constitutes a “deferral of compensation” within the meaning of the
409A Regulations, whether by design, due to a subsequent modification in the terms and conditions of such Award or as a result of a change in applicable law following the date of grant of such Award, and that is not exempt from Section 409A of
the Code pursuant to an applicable exemption. 
 (b) “409A Regulations” means the applicable Treasury
regulations and other interpretive guidance promulgated pursuant to Section 409A of the Code. 
 (c)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used
herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

 (d) “Award” means an Option, Unit Appreciation Right, Restricted Unit, Phantom Unit, Unit Award,
Substitute Award, Other Unit Based Award or Cash Award granted under the Plan or Performance Awards and includes, as appropriate, any tandem DERs granted with respect to an Award (other than a Restricted Unit or Unit Award). 

(e) “Award Agreement” means the written or electronic agreement by which an Award shall be evidenced. 

(f) “Board” means the Board of Directors of the General Partner. 

(g) “Cash Award” means an award denominated in cash. 

(h) “Change of Control” means, and shall be deemed to have occurred upon one or more of the following events:

 (i) any “person” or “group” within the meaning of those
terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than members of the General Partner, the Partnership, or an Affiliate of either the General Partner or the Partnership, shall become the beneficial owner, by way of merger,
consolidation, recapitalization, reorganization or otherwise, of 50% or more of the voting power of the voting securities of the General Partner or the Partnership; 

(ii) the limited partners of the General Partner or the Partnership approve, in one transaction or a series of
transactions, a plan of complete liquidation of the General Partner or the Partnership; 
 (iii) the sale or
other disposition by either the General Partner or the Partnership of all or substantially all of its assets in one or more transactions to any Person other than an Affiliate; 

(iv) the General Partner or an Affiliate of the General Partner or the Partnership ceases to be the general partner of the
Partnership; 
 (v) any other event specified as a “Change of Control” in an applicable
Award Agreement. 
 Notwithstanding the above, with respect to a 409A Award, a “Change of Control” shall not occur
unless that Change of Control also constitutes a “change in the ownership of a corporation,” a “change in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a
corporation’s assets,” in each case, within the meaning of 1.409A-3(i)(5) of the 409A Regulations, as applied to non-corporate entities. 
 (i) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 (j) “Committee” means the Board or such committee as may be appointed by the Board to administer the Plan, which alternative committee may be the board of directors or managers of
any Affiliate or a committee therefore. 
 (k) “Consultant” means an individual who renders consulting
or advisory services to the General Partner, the Partnership or an Affiliate of either. 
 (l)
“Director” means a member of the Board or the board of directors of an Affiliate of the General Partner who is not an Employee or a Consultant (other than in that individual’s capacity as a Director). 

(m) “Distribution Equivalent Right” or “DER” means a contingent right, granted alone or
in tandem with a specific Award (other than a Restricted Unit or Unit Award), to receive with respect to each Unit subject to the Award an amount in cash, Units and/or Phantom Units, as determined by the Committee in its sole discretion, equal in
value to the distributions made by the Partnership with respect to a Unit during the period such Award is outstanding. 
 (n)
“Effective Date” has the meaning set forth in Section 1. 

  
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 (o) “Employee” means an employee of the General Partner or an
Affiliate of the General Partner. 
 (p) “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 (q) “Fair Market Value” means, on any relevant date, the closing sales price of a Unit on
the principal national securities exchange or other market in which trading in Units occurs on the last market trading day prior to the applicable day (or, if there is no trading in the Units on such date, on the next preceding day on which there
was trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee). If Units are not traded on a national securities exchange or other market at the time a determination of Fair Market Value is required to be
made hereunder, the determination of Fair Market Value shall be made by the Committee in good faith using a “reasonable application of a reasonable valuation method” within the meaning of the 409A Regulations (specifically,
Section 1.409A-l(b)(5)(iv)(B) of the 409A Regulations). 
 (r) “General Partner” has the meaning
set forth in Section 1. 
 (s) “Option” means an option to purchase Units granted under the Plan.

 (t) “Other Unit Based Award” means an Award granted to an Employee, Director or Consultant pursuant
to Section 6(f). 
 (u) “Participant” means an Employee, Consultant or Director granted an Award
under the Plan. 
 (v) “Partnership” has the meaning set forth in Section 1. 

(w) “Performance Award” means a right granted to an Employee, Director or Consultant pursuant to
Section 6(i), to receive an Award based upon performance criteria specified by the Committee. 
 (x)
“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, governmental agency or political subdivision thereof or other entity.

 (y) “Phantom Unit” means a notional Unit granted under the Plan which upon vesting entitles the
Participant to receive, at the time of settlement, a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its sole discretion. 
 (z) “Plan” has the meaning set forth in Section 1. 

(aa) “Qualified Member” means a member of the Committee who is a “nonemployee director” within the
meaning of Rule 16b-3(b)(3). 
 (bb) “Restricted Period” means the period established by the Committee
with respect to an Award during which the Award remains subject to forfeiture and is either not exercisable by or payable to the Participant, as the case may be. 
 (cc) “Restricted Unit” means a Unit granted under the Plan that is subject to a Restricted Period. 
 (dd) “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act or any successor rule or regulation thereto as in effect from time to time. 

  
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 (ee) “SEC” means the Securities and Exchange Commission, or any
successor thereto. 
 (ff) “Substitute Award” means an award granted pursuant to Section 6(h) of
the Plan. 
 (gg) “Unit Distribution Right” or “UDR” means a distribution made
by the Partnership with respect to a Restricted Unit. 
 (hh) “Unit” means a common unit of the
Partnership. 
 (ii) “Unit Appreciation Right” means a contingent right granted under the Plan that
entitles the holder to receive, in cash or Units, as determined by the Committee in its sole discretion, an amount equal to the excess of the Fair Market Value of a Unit on the exercise date of the Unit Appreciation Right (or another specified date)
over the exercise price of the Unit Appreciation Right. 
 (jj) “Unit Award” means a grant of a Unit
that is not subject to a Restricted Period. 
 Section 3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee. A majority of the Committee shall constitute a
quorum, and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the
terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the
type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award, consistent with the terms of the Plan, which terms may include any
provision regarding the acceleration of vesting or waiver of forfeiture restrictions or any other condition or limitation regarding an Award, based on such factors as the Committee shall determine, in its sole discretion; (v) determine whether,
to what extent, and under what circumstances Awards may be vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan;
(vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to such extent as the
Committee deems necessary or appropriate. The determinations of the Committee on the matters referred to in this Section 3(a) shall be final and conclusive. 
 (b) Manner and Exercise of Committee Authority. At any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to a
Participant who is then subject to Section 16 of the Exchange Act in respect of the Partnership may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii) by the
Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal the Committee remains composed solely of two or more
Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for all purposes of the Plan. Unless otherwise expressly
provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of 

  
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the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including, without limitation, the General Partner, the Partnership, any Affiliate, any
Participant, and any beneficiary of a Participant. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting the power or authority of the Committee. Subject to the
Plan and any applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan, including the power to grant Awards under the Plan, to the Chief Executive Officer of the General Partner, subject
to such limitations on such delegated powers and duties as the Committee may impose, if any, and provided that the Committee may not delegate its duties where such delegation would violate state corporate law, or with respect to making Awards to, or
otherwise with respect to Awards granted to, Participants who are subject to Section 16(b) of the Exchange Act. Upon any such delegation, all references in the Plan to the “Committee,” other than in Section 7, shall be deemed to
include the Chief Executive Officer. Any such delegation shall not limit the Chief Executive Officer’s right to receive Awards under the Plan; provided, however, the Chief Executive Officer may not grant Awards to himself, a Director or any
executive officer of the General Partner or an Affiliate, or take any action with respect to any Award previously granted to himself, an individual who is an executive officer or a Director. Under no circumstances shall any such delegation result in
the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Partnership. 
 (c) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or
employee of the General Partner, the Partnership or their Affiliates, the General Partner’s or the Partnership’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan. Members of
the Committee and any officer or employee of the General Partner, the Partnership or any of their Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good
faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the General Partner with respect to any such action or determination. 

(d) Exemptions from Section 16(b) Liability. It is the intent of the General Partner that the grant of any Awards to, or
other transaction by, a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 or another applicable exemption (except for transactions acknowledged by the
Participant in writing to be non-exempt). Accordingly, if any provision of the Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 or such other exemption as then applicable to any such transaction, such provision shall
be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the Exchange Act. 

Section 4. Units. 
 (a) Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c) and Section 7, the number of Units that may initially be delivered with respect to Awards under the Plan
is [            ]. On January 1 of each calendar year occurring after the second anniversary of the effective date and prior to the expiration of the Plan, the total number of
Units reserved and available for issuance under this Plan shall increase by [            ] Units. Units withheld from an Award or surrendered by a Participant to satisfy the
Partnership’s or an Affiliate’s tax withholding obligations (including the withholding of Units with respect to Restricted Units) or to satisfy the payment of any exercise price with respect to the Award shall not be considered to be Units
delivered under the Plan for this purpose. If any 

  
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 Award is forfeited, cancelled, exercised, settled in cash, or otherwise terminates or expires without the
actual delivery of Units pursuant to such Award (the grant of Restricted Units is not a delivery of Units for this purpose), the Units subject to such Award shall again be available for Awards under the Plan (including Units not delivered in
connection with the exercise of an Option or Unit Appreciation Right). There shall not be any limitation on the number of Awards that may be granted and paid in cash. 
 (b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from any Affiliate, the Partnership
or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion. 
 (c)
Anti-dilution Adjustments. Notwithstanding anything contained in Section 7, with respect to any “equity restructuring” event that could result in an additional compensation expense to the General Partner or the Partnership
pursuant to the provisions of FASB Accounting Standards Codification, Topic 718 if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units covered by each outstanding
Award and the terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect such restructuring event and shall adjust the number and type of Units (or other securities or property) with
respect to which Awards may be granted after such event. With respect to any other similar event that would not result in an accounting charge under FASB Accounting Standards Codification, Topic 718 if the adjustment to Awards with respect to such
event were subject to discretionary action, the Committee shall have complete discretion to adjust Awards in such manner as it deems appropriate with respect to such other event. In the event the Committee makes any adjustment pursuant to the
foregoing provisions of this Section 4(c), the Committee shall make a corresponding and proportionate adjustment with respect to the maximum number of Units that may be delivered with respect to Awards under the Plan as provided in
Section 4(a) and the kind of Units or other securities available for grant under the Plan. 
 (d) Additional
Issuances. Except as hereinbefore expressly provided, the issuance by the General Partner or the Partnership of Units for cash, property, labor or services, upon direct sale, or upon the conversion of Units or obligations of the General Partner
or the Partnership convertible into such Units, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Units subject to Awards theretofore granted pursuant to
the Plan. 
 Section 5. Eligibility. Any Employee, Consultant or Director shall be eligible to be designated a
Participant and receive an Award under the Plan. If the Units issuable pursuant to an Award are intended to be registered with the SEC on Form S-8, then only Employees, Consultants, and Directors of the Partnership or a parent or subsidiary of the
Partnership (within the meaning of General Instruction A.1(a) to Form S-8) will be eligible to receive such an Award. 

Section 6. Awards. 
 (a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or
thereafter (subject to Section 7(a)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of
employment by the Participant, or termination of the Participant’s service relationship with the General Partner, the Partnership, or their Affiliates, and terms permitting a 

  
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 Participant to make elections relating to his or her Award. The Committee shall retain full power and
discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under the Plan; provided, however, that the Committee shall not have any discretion to accelerate the terms of payment of
any Award that provides for a deferral of compensation under Section 409A the Code and the 409A Regulations if such acceleration would subject a Participant to additional taxes under Section 409A the Code and the 409A Regulations.

 (b) Options. The Committee may grant Options that are intended to comply with Section 1.409A-l(b)(5)(i)(A) of the
409A Regulations only to Employees, Consultants or Directors performing services on the date of grant for the Partnership or a corporation or other type of entity in a chain of corporations or other entities in which each corporation or other entity
has a “controlling interest” in another corporation or entity in the chain, starting with the Partnership and ending with the corporation or other entity for which the Employee, Consultant or Director performs services. For purposes of
this Section 6(b), “controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation entitled to vote or at least
50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership; (iii) in the case of a sole
proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Section 1.414(c)-2(b)(2)(ii) of the 409A Regulations) of at least 50% of such trust or
estate. The Committee may grant Options that are otherwise exempt from or compliant with Section 409A of the Code to any eligible Employee, Consultant or Director. The Committee shall have the authority to determine the number of Units to be
covered by each Option, the purchase price therefore and the Restricted Period and other conditions and limitations applicable to the exercise of the Option, including the following terms and conditions and such additional terms and conditions, as
the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
 (i) Exercise
Price. The exercise price per Unit purchasable under an Option that does not provide for the deferral of compensation under the 409A Regulations shall be determined by the Committee at the time the Option is granted but, except with respect to
Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option. For purposes of this Section 6(b)(i), the Fair Market Value of a Unit shall be determined as of the date of grant. The exercise price
per Unit purchasable under an Option that does not provide for the deferral of compensation by reason of satisfying the short-term deferral rule set forth in the 409A Regulations or that is compliant with Section 409A of the Code shall be
determined by the Committee at the time the Option is granted. 
 (ii) Time and Method of Exercise. The
Committee shall determine the exercise terms and the Restricted Period with respect to an Option grant, which may include, without limitation, a provision for accelerated vesting upon the achievement of specified performance goals or other events,
and the method or methods by which payment of the exercise price with respect thereto may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the General Partner, withholding Units from an Award, a
“cashless-broker” exercise through procedures approved by the General Partner, or any combination of the above methods, having a Fair Market Value on the exercise date equal to the relevant exercise price. 

  
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 (iii) Forfeitures. Except as otherwise provided in the terms of the
Award Agreement, upon termination of a Participant’s employment or service to the General Partner and its Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for any reason during the
applicable Restricted Period, all unvested Options shall be forfeited by the Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Options; provided that the waiver
contemplated under this Section 6(b)(iii) shall be effective only to the extent that such waiver will not cause the Participant’s Options that are designed to satisfy Section 409A of the Code to fail to satisfy such Section.

 (c) Unit Appreciation Rights. The Committee may grant Unit Appreciation Rights that are intended to comply with
Section 1.409A-l(b)(5)(i)(B) of the 409A Regulations only to Employees, Consultants or Directors performing services on the date of grant for the Partnership or a corporation or other type of entity in a chain of corporations or other entities
in which each corporation or other entity has a “controlling interest” in another corporation or entity in the chain, starting with the Partnership and ending with the corporation or other entity for which the Employee, Consultant or
Director performs services. For purposes of this Section 6(c), “controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of
such corporation entitled to vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such
partnership; (iii) in the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Section 1.414(c)-2(b)(2)(ii) of the 409A
Regulations) of at least 50% of such trust or estate. The Committee may grant Unit Appreciation Rights that are otherwise exempt from or compliant with Section 409A of the Code to any eligible Employee, Consultant or Director. The Committee
shall have the authority to determine the Employees, Consultants and Directors to whom Unit Appreciation Rights shall be granted, the number of Units to be covered by each grant, whether Units or cash shall be delivered upon exercise, the exercise
price therefor and the conditions and limitations applicable to the exercise of the Unit Appreciation Rights, including the following terms and conditions and such additional terms and conditions as the Committee shall determine, that are not
inconsistent with the provisions of the Plan. 
 (i) Exercise Price. The exercise price per Unit
Appreciation Right that does not provide for the deferral of compensation under the 409A Regulations shall be determined by the Committee at the time the Unit Appreciation Right is granted but, except with respect to Substitute Awards, may not be
less than the Fair Market Value of a Unit as of the date of grant of the Unit Appreciation Right. For purposes of this Section 6(c)(i), the Fair Market Value of a Unit shall be determined as of the date of grant. The exercise price per Unit
Appreciation Right that does not provide for the deferral of compensation by reason of satisfying the short-term deferral rule set forth in the 409A Regulations or that is compliant with Section 409A of the Code shall be determined by the
Committee at the time the Unit Appreciation Right is granted. 
 (ii) Time of Exercise. The Committee
shall determine the Restricted Period and the time or times at which a Unit Appreciation Right may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified performance goals or
other events. 
 (iii) Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon
termination of a Participant’s employment with or service to the General Partner, the Partnership and their Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for any reason during the
applicable Restricted Period, all outstanding Unit Appreciation Rights awarded to the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a
Participant’s Unit Appreciation Rights. 

  
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 (d) Restricted Units and Phantom Units. The Committee shall have the authority to
determine the Employees, Consultants and Directors to whom Restricted Units or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which
the Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions as the Committee may establish with respect to such Awards. 

(i) UDRs. To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that
the distributions made by the Partnership with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the Restricted Unit and, if restricted, such distributions shall be held, without interest, until the
Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the same time, as the case may be. In addition, the Committee may provide that such distributions be used to acquire additional Restricted Units for the Participant. Such
additional Restricted Units may be subject to such vesting and other terms as the Committee may prescribe. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be paid to the holder of the Restricted Unit without restriction at
the same time as cash distributions are paid by the Partnership to its unitholders. Notwithstanding the foregoing, UDRs shall only be paid in a manner that is either exempt from or in compliance with Section 409A of the Code. 

(ii) Forfeitures. Except as otherwise provided in the terms of the applicable Award Agreement, upon termination of
a Participant’s employment with or services to the General Partner and its Affiliates or membership on the Board or the board of directors of an Affiliate, whichever is applicable, for any reason during the applicable Restricted Period, all
outstanding, unvested Restricted Units and Phantom Units awarded to the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a
Participant’s Restricted Units and/or Phantom Units; provided that the waiver contemplated under this Section 6(d)(ii) shall be effective only to the extent that such waiver will not cause the Participant’s Restricted Units and/or
Phantom Units that are designed to satisfy Section 409A of the Code to fail to satisfy such Section. 

(iii) Lapse of Restrictions. 

(A) Phantom Units. No later than the
15th calendar day following the vesting of each Phantom
Unit, subject to the provisions of Section 8(b), the Participant shall be entitled to settlement of such Phantom Unit and shall receive one Unit or an amount in cash equal to the Fair Market Value of a Unit (for purposes of this
Section 6(f)(iii), as calculated on the last day of the Restricted Period), as determined by the Committee in its discretion. 
 (B) Restricted Units. Upon the vesting of each Restricted Unit, subject to satisfying the tax withholding obligations of Section 8(b), the Participant shall be entitled to have the
restrictions removed from his or her Award so that the Participant then holds an unrestricted Unit. 
 (e) Unit Awards.
The Committee shall have the authority to grant a Unit Award under the Plan to any Employee, Consultant or Director in a number determined by the Committee in its discretion, as a bonus or additional compensation or in lieu of cash compensation the
individual is otherwise entitled to receive, in such amounts as the Committee determines to be appropriate. 

  
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 (f) Other Unit Based Awards. The Committee is authorized, subject to limitations
under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Units, as deemed by the Committee to be consistent with the
purposes of this Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Units, purchase rights for Units, Awards with value and payment contingent upon performance of the
Partnership or any other factors designated by the Committee, and Awards valued by reference to the book value of Units or the value of securities of or the performance of specified Affiliates of the General Partner or the Partnership. The Committee
shall determine the terms and conditions of such Awards. Units delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(f) shall be purchased for such consideration, paid for at such times, by such methods,
and in such forms, including, without limitation, cash, Units, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to, or independent of any other Award under this Plan, may also be granted
pursuant to this Section 6(f). 
 (g) DERs. To the extent provided by the Committee, in its discretion, an Award
(other than a Restricted Unit or Unit Award) may include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be reinvested into additional Awards, be credited to a bookkeeping account (with or without
interest in the discretion of the Committee) subject to the same vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Absent a contrary provision in the
Award Agreement, DERs shall be paid to the Participant without restriction at the same time as ordinary cash distributions are paid by the Partnership to its unitholders. Notwithstanding the foregoing, DERs shall only be paid in a manner that is
either exempt from or in compliance with Section 409A of the Code. 
 (h) Substitute Awards. Awards may be granted
under the Plan in substitution for similar awards held by individuals who become Employees, Consultants or Directors as a result of a merger, consolidation or acquisition by the Partnership or an Affiliate of another entity or the assets of another
entity. Such Substitute Awards that are Options or Unit Appreciation Rights may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with Section 409A of the Code and the
409A Regulations and other applicable laws and exchange rules. 
 (i) Performance Awards. The right of a Participant to
receive a grant, and the right of a Participant to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such
business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions.

 (i) Performance Goals Generally. The performance goals for such Performance Awards shall consist of one
or more business criteria or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 6(i). The Committee may determine that
such Performance Awards shall be granted, exercised, and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to 

  
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 grant, exercise and/or settlement of such Performance Awards. The Committee shall establish
any such performance conditions and goals based on one or more business criteria for the General Partner and/or the Partnership, on a consolidated basis, and/or for specified Affiliates or business or geographical units of the Partnership, as
determined by the Committee in its discretion, which may include (but are not limited to) one or more of the following: (A) earnings per Unit, (B) increase in revenues, (C) increase in cash flow, (D) increase in cash flow from
operations, (E) increase in cash flow return, (F) return on net assets, (G) return on assets, (H) return on investment, (I) return on capital, (J) return on equity, (K) economic value added, (L) operating
margin, (M) contribution margin, (N) net income, (O) net income per Unit, (P) pretax earnings, (Q) pretax earnings before interest, depreciation and amortization, (R) pretax operating earnings after interest expense and
before incentives, service fees, and extraordinary or special items, (S) total unitholder return, (T) debt reduction, (U) market share, (V) change in the Fair Market Value of the Units, (W) operating income,
(X) distributable cash flow, (Y) minimum quarterly distributions, and (Z) any of the above goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the
Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of comparable companies. Performance goals may differ for Performance Awards granted to any one Participant or to different Participants.

 (ii) Performance Periods. Achievement of performance goals in respect of such Performance Awards shall
be measured over a performance period of up to ten years, as specified by the Committee. Performance goals shall be established by the Committtee not later than 90 days after the beginning of any performance period applicable to such Performance
Awards. 
 (iii) Settlement. At the end of each performance period, the Committee shall determine the
amount, if any, of the amount of the potential Performance Award otherwise payable to each Participant and such amount shall be paid to the Participant no later than March 15 of the year following the year that included the last day of the
performance period. Settlement of such Performance Awards shall be in cash, Units, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce or increase the amount of a settlement otherwise to
be made in connection with such Performance Awards. The Committee shall specify the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of a
performance period or settlement of Performance Awards. 
 (j) Certain Provisions Applicable to Awards. 

(i) Stand-Alone, Additional, Tandem and Substitute Awards. Awards may, in the discretion of the Committee, be
granted either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Partnership or any Affiliate. Awards granted in addition to, in substitution for,
or in tandem with other Awards or awards granted under any other plan of the Partnership or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. If an Award is granted in
substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award. Awards under the Plan may be granted in lieu of cash compensation, including in lieu of cash
amounts payable under other plans of the General Partner, the Partnership, or any Affiliate, in which the value of Units subject to the Award is equivalent in value to the cash compensation, or in which the exercise price, grant price, or purchase
price of the Award in the nature of a right that 

  
 11 

 
may be exercised is equal to the Fair Market Value of the underlying Units minus the value of the cash compensation surrendered. Awards granted pursuant to the preceding sentence shall be
designed, awarded and settled in a manner that does not result in additional taxes under Section 409A the Code and the 409A Regulations. 
 (ii) Limits on Transfer of Awards. 
 (A) Except as provided
in Section 6(j)(ii)(C) below, each Option and Unit Appreciation Right shall be exercisable only by the Participant during the Participant’s lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws of
descent and distribution. 
 (B) Except as provided in Section 6(j)(ii)(C) below, no Award and no right
under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the General Partner, the Partnership or any Affiliate. 
 (C) To the extent specifically
provided by the Committee with respect to an Option or Unit Appreciation Right, an Option or Unit Appreciation Right may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships
or similar entities or on such terms and conditions as the Committee may from time to time establish. 
 (iii)
Term of Awards. The term of each Award shall be for such period as may be determined by the Committee. 

(iv) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award
agreement, payments to be made by the General Partner, the Partnership, or any Affiliate upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including without limitation
cash, Units, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis; provided, however, that any such deferred payment will be set forth in the agreement evidencing such Award and/or
otherwise made in a manner that will not result in additional taxes under Section 409A the Code and the 409A Regulations. Except as otherwise provided herein, the settlement of any Award may be accelerated, and cash paid in lieu of Units in
connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change of Control). Installment or deferred payments may be required by the Committee (subject to
Section 7(a) of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions
established by the Committee and in compliance with Section 409A the Code and the 409A Regulations. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or
the grant or crediting of DERs or other amounts in respect of installment or deferred payments denominated in Units. This Plan shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended. 

  
 12 

 (v) Issuance of Units. The Units or other securities of the
Partnership delivered pursuant to an Award may be evidenced in any manner deemed appropriate by the Committee in its sole discretion, including, but not limited to, in the form of a certificate issued in the name of the Participant or by book entry,
electronic or otherwise and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such
Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. 

(vi) Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee
shall determine. 
 (vii) Exemptions from Section 16(b) Liability. It is the intent of the General
Partner that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from such Section pursuant to an applicable exemption (except for transactions acknowledged in
writing to be non-exempt by such Participant). Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such transaction, such provision shall be construed or
deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the Exchange Act. 

(viii) Delivery of Units or other Securities and Payment by Participant of Consideration. Notwithstanding anything
in the Plan or any Award Agreement to the contrary, delivery of Units pursuant to the exercise, vesting and/or settlement of an Award may be deferred for any period during which, in the good faith determination of the Committee, the General Partner
is not reasonably able to obtain Units to deliver pursuant to such Award without violating applicable law or the applicable rules or regulations of any governmental agency or authority or securities exchange. No Units or other securities shall be
delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the General Partner.

 (ix) Additional Agreements. Each Employee, Consultant or Director to whom an Award is granted under
this Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Person’s termination of services with the General Partner, the Partnership or
their Affiliates to a general release of claims and/or a noncompetition agreement in favor of the General Partner, the Partnership, and their Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the
Committee. 
 (x) Termination of Employment. Except as provided herein, the treatment of an Award upon a
termination of employment or any other service relationship by and between a Participant and the General Partner, the Partnership, or any Affiliate shall be specified in the Award Agreement controlling such Award. 

Section 7. Amendment and Termination. Except to the extent prohibited by applicable law: 

  
 13 

 (a) Amendments to the Plan and Awards. Except as required by applicable law or the
rules of the principal securities exchange, if any, on which the Units are traded, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number of Units available for Awards
under the Plan, without the consent of any partner, Participant, other holder or beneficiary of an Award, or any other Person. Notwithstanding the foregoing, the Committee may waive any conditions or rights under, amend any terms of, or alter any
Award theretofore granted, provided that no change, other than pursuant to Section 7(b), 7(c), 7(d), 7(e), or 7(g) below, in any Award shall materially reduce the rights or benefits of a Participant with respect to an Award without the consent
of such Participant. 
 (b) Subdivision or Consolidation of Units. The terms of an Award and the number of Units
authorized pursuant to Section 4 for issuance under the Plan shall be subject to adjustment from time to time, in accordance with the following provisions: 
 (i) If at any time, or from time to time, the Partnership shall subdivide as a whole (by reclassification, by a Unit split, by the issuance of a distribution on Units payable in Units, or otherwise) or in
the event the Partnership distributes an extraordinary cash dividend the number of Units then outstanding into a greater number of Units, then, as appropriate, (A) the maximum number of Units available for the Plan or in connection with Awards
as provided in Sections 4 shall be increased proportionately, and the kind of other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind of securities) that may be acquired under any then
outstanding Award shall be increased proportionately, and (C) the price (including the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be reduced proportionately, without changing the
aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

(ii) If at any time, or from time to time, the Partnership shall consolidate as a whole (by reclassification, by reverse
Unit split, or otherwise) the number of Units then outstanding into a lesser number of Units, (A) the maximum number of Units for the Plan or available in connection with Awards as provided in Sections 4 shall be decreased proportionately, and
the kind of other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind of securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and
(C) the price (including the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding
Awards remain exercisable or subject to restrictions. 
 (iii) Whenever the number of Units subject to
outstanding Awards and the price for each Unit subject to outstanding Awards are required to be adjusted as provided in this Section 7(b), the Committee shall promptly prepare a notice setting forth, in reasonable detail, the event requiring
adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the change in price and the number of Units, other securities, cash, or property purchasable subject to each Award after giving effect to the
adjustments. The Committee shall promptly provide each affected Participant with such notice. 
 (iv) Adjustments
under Sections 7(b)(i) and (ii) shall be made by the Committee, and its determination as to what adjustments shall be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on
account of any such adjustments. 

  
 14 

 (c) Recapitalizations. If the Partnership recapitalizes, reclassifies its equity
securities, or otherwise changes its capital structure (a “recapitalization”) without a Change of Control, the number and class of Units covered by an Award theretofore granted shall be adjusted so that such Award shall
thereafter cover the number and class of Units and securities to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of record of the
number of Units then covered by such Award and the Unit limitations provided in Section 4 shall be adjusted in a manner consistent with the recapitalization. 
 (d) Additional Issuances. Except as expressly provided herein, the issuance by the Partnership of units of any class or securities convertible into units of any class, for cash, property, labor or
services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of units or obligations of the Partnership convertible into such units or other securities, and in any case whether or not for fair value,
shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Units subject to Awards theretofore granted or the purchase price per Unit, if applicable. 

(e) Change of Control. Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, upon a Change of
Control the Committee, acting in its sole discretion without the consent or approval of any holder, may affect one or more of the following alternatives, which may vary among individual holders and which may vary among Awards: (i) remove any
applicable forfeiture restrictions on any Award; (ii) accelerate the time of exercisability or the time at which the Restricted Period shall lapse to a specific date, before or after such Change of Control, specified by the Committee;
(iii) require the mandatory surrender to the General Partner or the Partnership by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then subject to a Restricted Period or
other restrictions pursuant to the Plan) as of a date, before or after such Change of Control, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each holder an amount of cash per Unit equal to the
amount calculated in Section 7(f) (the “Change of Control Price”) less the exercise price, if any, applicable to such Awards; provided, however, that to the extent the exercise price of an Option or a Unit Appreciation
Right exceeds the Change of Control Price, no consideration will be paid with respect to that Award; (iv) cancel Awards that remain subject to a Restricted Period as of the date of a Change of Control without payment of any consideration to the
Participant for such Awards; or (v) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change of Control (including, but not limited to, the substitution of Awards for new awards); provided,
however, that the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. 

(f) Change of Control Price. The “Change of Control Price” shall equal the amount determined in clause
(i), (ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the per Unit price offered to Unit holders in any merger or consolidation, (ii) the per Unit value of the Units immediately before the Change of Control without
regard to assets sold in the Change of Control and assuming the General Partner or the Partnership, as applicable, has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per Unit in
a dissolution transaction, (iv) the price per Unit offered to Unit holders in any tender offer or exchange offer whereby a Change of Control takes place, or (v) if such Change of Control occurs other than pursuant to a transaction
described in clauses (i), (ii), (iii), or (iv) of this Section 7(f), the Fair Market Value per Unit of the Units that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of
the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to unitholders of the Partnership in any transaction described in this Section 7(f) or
Section 7(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash. 

  
 15 

 (g) Impact of Corporate Events on Awards Generally. In the event of changes in the
outstanding Units by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization occurring after the date of the grant of any Award and not otherwise provided for by this
Section 7, any outstanding Awards and any Award Agreements evidencing such Awards shall be subject to adjustment by the Committee at its discretion, which adjustment may, in the Committee’s discretion, be described in the Award Agreement
and may include, but not be limited to, adjustments as to the number and price of Units or other consideration subject to such Awards, accelerated vesting (in full or in part) of such Awards, conversion of such Awards into awards denominated in the
securities or other interests of any successor Person, or the cash settlement of such Awards in exchange for the cancellation thereof. In the event of any such change in the outstanding Units, the aggregate number of Units available under this Plan
may be appropriately adjusted by the Committee, whose determination shall be conclusive. 
 Section 8. General
Provisions. 
 (a) No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and
there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 
 (b) Tax Withholding. Unless other arrangements have been made that are acceptable to the General Partner or an Affiliate, the Partnership or Affiliate is authorized to deduct, withhold, or cause to
be deducted or withheld, from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in cash, Units, Units that would otherwise be issued pursuant to such Award or
other property) of any applicable taxes payable in respect of the grant or settlement of an Award, its exercise, the lapse of restrictions thereon, or any other payment or transfer under an Award or under the Plan and to take such other action as
may be necessary in the opinion of the General Partner or Affiliate to satisfy its withholding obligations for the payment of such taxes. Notwithstanding the foregoing, with respect to any Participant who is subject to Rule 16b-3, such tax
withholding automatically shall be effected by the General Partner either by (i) “netting” or withholding Units otherwise deliverable to the Participant on the vesting or payment of such Award, or (ii) requiring the Participant
to pay an amount equal to the applicable taxes payable in cash. 
 (c) No Right to Employment or Services. The grant of
an Award shall not be construed as giving a Participant the right to be retained in the employ of the General Partner or any Affiliate, to continue providing consulting services, or to remain on the Board, as applicable. Furthermore, the General
Partner or an Affiliate may at any time dismiss a Participant from employment or his or her service relationship free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other
agreement. 
 (d) Governing Law. The validity, construction, and effect of the Plan and any rules and regulations
relating to the Plan shall be determined in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles. 
 (e) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify
the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or 

  
 16 

 
deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the
Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict
with the requirements of Rule 16b-3 (as those terms or provisions are applied to Participants who are subject to Section 16(b) of the Exchange Act), then those conflicting terms or provisions shall be deemed inoperative to the extent they so
conflict with the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3). 

(f) Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole
discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle the
Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the General Partner by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be
promptly refunded to the relevant Participant, holder or beneficiary. 
 (g) No Trust or Fund Created. Neither the Plan
nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the General Partner or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right
to receive payments from the General Partner or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the General Partner or such Affiliate. 

(h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee
shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise
eliminated with or without consideration. 
 (i) Headings. Headings are given to the Sections and subsections of the Plan
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

(j) Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the General Partner
shall be relieved of any further liability for payment of such amounts. 
 (k) Allocation of Costs. Nothing herein shall
be deemed to override, amend, or modify any cost sharing arrangement, omnibus agreement, or other arrangement between the General Partner, the Partnership, and any Affiliate regarding the sharing of costs between those entities. 

(l) Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and
the singular shall include the plural. 
 (m) Compliance with Section 409A. Nothing in the Plan or any Award
Agreement shall operate or be construed to cause the Plan or an Award to fail to comply with the requirements of Section 409A of the Code. The applicable provisions of Section 409A the Code and the 409A Regulations are hereby incorporated
by reference and shall control over any Plan or Award Agreement provision in conflict therewith. All 409A Awards shall be designed to comply with Section 409A of the Code. 

  
 17 

 (n) Specified Employee under Section 409A of the Code. Subject to any other
restrictions or limitations contained herein, in the event that a “specified employee” (as defined under Section 409A of the Code and the Treasury Regulations thereunder) becomes entitled to a payment under an Award which is a 409A
Award on account of a “separation from service” (as defined under Section 409A of the Code and the Treasury Regulations thereunder), to the extent required by the Code, such payment shall not occur until the date that is six months
plus one day from the date of such separation from service. Any amount that is otherwise payable within the six month period described herein will be aggregated and paid in a lump sum without interest. 

(o) No Guarantee of Tax Consequences. None of the Board, the Committee, the Partnership nor the General Partner makes any
commitment or guarantee that any federal, state or local tax treatment will (or will not) apply or be available to any Participant. 
 Section 9. Term of the Plan. The Plan shall be effective on the date on which it is adopted by the Board and shall continue until the earliest of (i) the date terminated by the Board,
(ii) all Units available under the Plan have been delivered to Participants, or (iii) the 10th anniversary of the date the Plan is adopted by the Board. However, any Award granted prior to such termination, and the authority of the Board
or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 

  
 18Form of Terminal Operating Agreement

 Exhibit 10.6 
 TERMINAL OPERATING AGREEMENT 
 This TERMINAL OPERATING AGREEMENT
(“Operating Agreement”), dated as of                      , 2011, is by and among SPRAGUE MASSACHUSETTS PROPERTIES LLC (“SPRAGUE
MASSACHUSETTS”), a Delaware limited liability company, having its principal place of business at 2 International Drive, Suite 200, Portsmouth, New Hampshire 03801, SPRAGUE RESOURCES HOLDINGS LLC (“SPRAGUE HOLDINGS”), a Delaware
limited liability company, having its principal place of business at 2 International Drive, Suite 200, Portsmouth, New Hampshire 03801, and SPRAGUE OPERATING RESOURCES LLC (“SPRAGUE OPERATING RESOURCES”), a Delaware limited liability
company, having its principal place of business at 2 International Drive, Suite 200, Portsmouth, New Hampshire, 03801. SPRAGUE RESOURCES, SPRAGUE HOLDINGS and SPRAGUE MASSACHUSETTS are collectively referred to herein as the “Parties.”

 WITNESSETH: 
 WHEREAS SPRAGUE HOLDINGS owns a certain oil terminal located at Cannon Street in New Bedford, mailing address 30 Pine Street, New Bedford, Massachusetts, 02740, which is more fully described below
(the “Oil Terminal”); 
 WHEREAS SPRAGUE HOLDINGS desires to enter into this Operating Agreement covering the
Oil Terminal with SPRAGUE OPERATING RESOURCES and SPRAGUE OPERATING RESOURCES desires to operate and maintain said Oil Terminal; and 
 WHEREAS SPRAGUE MASSACHUSETTS is the owner of that certain real estate on which the Oil Terminal is located, and acknowledges that SPRAGUE HOLDINGS desires to enter into this Operating Agreement
covering the Oil Terminal with SPRAGUE OPERATING RESOURCES and SPRAGUE OPERATING RESOURCES desires to operate and maintain said Oil Terminal. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, SPRAGUE HOLDINGS, SPRAGUE OPERATING RESOURCES and SPRAGUE MASSACHUSETTS agree as follows: 

1.      DEFINITIONS. 
 Each term or expression set forth below in this Section 1 has the meaning stated immediately after it. 
 Authorizations. All franchises, licenses, permits and other governmental consents issued by Governmental Authorities pursuant to Legal Requirements which are or may be required for the
ownership, use and occupancy of the Oil Terminal and for the operation, maintenance, repair and reconstruction of facilities thereon, including, without limitation, the purchase, sale, transportation, storage, loading and off-loading of petroleum
products (hereinafter, “Oil”). 
 Governmental Authority. The United States of America, the Commonwealth of
Massachusetts, the City of New Bedford, Massachusetts, and any political subdivision thereof and any agency, department, commission, court, board, bureau or instrumentality of any of them. 
 Insurance Requirements. All terms of any policy of insurance maintained by SPRAGUE OPERATING RESOURCES and applicable to the Oil Terminal and any building, structure or

  
 1 

 
improvement thereon and all requirements of the issuer of any such policy and all orders, rules, regulations and other requirements of the National Board of Fire Underwriters (or any other body
exercising similar functions) applicable to or affecting any condition, operation, use of occupancy of the Oil Terminal (including, without limitation, the purchase, sale, transportation, storage, loading and off-loading of Oil) and any building,
structure or improvement thereon, or any part or parts of either. 
 Legal Requirements. All statutes, codes, ordinances (and all
rules and regulations thereunder), all executive orders and other administrative orders, judgments, decrees, injunctions and other Judicial orders of or by any Governmental Authority which may at any time be applicable to parts or appurtenances of
the Oil Terminal or to any condition or use thereof including, without limitation, the purchase, sale, transportation, storage, loading and off-loading of Oil, and the provisions of all Authorizations. 

Oil Terminal. The premises described in Exhibit A hereto, as well as all property, facilities and activities associated with the receipt,
storage, processing, transfer and dispensing of Oil by SPRAGUE OPERATING RESOURCES. 
 Taxes. All taxes, including but not limited
to real estate and personal property taxes, petroleum storage license fees, and registration fees, special and general assessments, water rents, rates and charges, sewer rents, and other impositions imposed by any Governmental Authority and charges
of every kind and nature whatsoever, extraordinary as well as ordinary and each and every installment thereof which shall during and with respect to the period of the term of this Operating Agreement be charged, levied, laid, assessed, imposed,
become due and payable or become liens upon or for or with respect to the Oil Terminal or any part thereof, appurtenances or equipment owned by SPRAGUE OPERATING RESOURCES thereon or therein or any part thereof or on this Operating Agreement,
together with all interest and penalties thereon under or by virtue of all present or future Legal Requirements and any sales tax, gross receipt tax or tax of a similar nature based on a percentage fraction or capitalized value of the Operating
Fees, as said Operating Fees is defined in Section 4 hereunder. Provided, however, Taxes shall not be construed to include inheritance, estate, excise, succession, transfer, gift, franchise, income, gross receipt, or profit taxes that are or
may be imposed upon SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS, their respective successors or assigns. 
 2.
     OPERATING AGREEMENT OF OIL TERMINAL AND RECITATION OF GENERAL CONTRACT FRAMEWORK. 
 2.1     
Operating Agreement of Oil Terminal and Term. 
  

	 	(i)	Initial Term. SPRAGUE MASSACHUSETTS and SPRAGUE HOLDINGS do hereby enter into this Operating Agreement with SPRAGUE OPERATING RESOURCES upon the terms herein
contained for a term of five (5) years, commencing                      , 2011 (the “Initial Term”), as such Initial Term may be
extended pursuant to the provisions of Section 2.3 hereof, and subject to earlier termination as is set forth herein. 

  

	 	(ii)	 Early Termination By SPRAGUE OPERATING RESOURCES or SPRAGUE HOLDINGS. In addition to the rights of early

  
 2 

	 	
termination as described in Articles 17, 19 and 20 hereof, SPRAGUE OPERATING RESOURCES or SPRAGUE HOLDINGS shall have the right to terminate this Operating Agreement at any point during the
Extension Term, by giving notice to the other party. Upon the giving of such notice, this Operating Agreement shall terminate sixty (60) days from the date of said notice without recourse to the parties and specifically not subject to
reimbursement of any costs by either party to any of the Parties. 

  

	 	(iii)	Early Termination By SPRAGUE MASSACHUSETTS and SPRAGUE HOLDINGS. SPRAGUE MASSACHUSETTS and SPRAGUE HOLDINGS shall also have the right to terminate this Operating
Agreement during the Initial Term or the Extension Term upon sixty (60) days notice to SPRAGUE OPERATING RESOURCES in writing, without recourse to SPRAGUE OPERATING RESOURCES, if such termination is necessary, in the sole discretion of SPRAGUE
MASSACHUSETTS and SPRAGUE HOLDINGS, to facilitate the sale, (except for the purposes of a lease associated with continued oil terminal operations by another party) or development of the Oil Terminal. Upon the giving of such notice, this Operating
Agreement shall terminate sixty (60) days from the date of said notice without recourse to the Parties and specifically not subject to reimbursement of any costs by either party to any of the Parties. 

2.2      Consideration. SPRAGUE OPERATING RESOURCES shall compensate SPRAGUE HOLDINGS for the use and benefit of this
Operating Agreement by (i) performing the operation and maintenance obligations described herein; and (ii) paying all Operating Fees due pursuant to Article 4 hereof. 
 2.3      Extension of Term. Provided SPRAGUE OPERATING RESOURCES is not in default of any of its duties or obligations under this Operating Agreement, SPRAGUE OPERATING
RESOURCES shall have the right to extend the Term of this Operating Agreement for an additional five (5) year period following the expiration of the Initial Term hereof (such additional period, the “Extension Term”, and, together with
the Initial Term, the “Term”). The terms and conditions of this Operating Agreement shall govern the rights and obligations of the parties during such Extension Term. 
 3.      COST DEFINITION AND DETERMINATION. 

Costs shall be determined in accordance with generally accepted accounting principles, consistently applied, and shall include operating
and maintenance costs (“O & M Costs”). O & M Costs will normally be incurred by SPRAGUE OPERATING RESOURCES, but may also include O & M Costs incurred by SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS to the extent that SPRAGUE
OPERATING RESOURCES requests assistance by SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS or to the extent that SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS undertakes to perform operation and maintenance not being satisfactorily undertaken by SPRAGUE
OPERATING RESOURCES, SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS, as applicable, shall give SPRAGUE OPERATING RESOURCES notice of the unsatisfactory nature of SPRAGUE OPERATING RESOURCES’ operation and maintenance activity and a reasonable
opportunity to cure same. SPRAGUE OPERATING RESOURCES will provide SPRAGUE HOLDINGS with a Monthly Throughput Report. “Throughput” shall mean the total volume of Oil sold or otherwise dispensed from of the Oil Terminal. 

  
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 4.      OPERATING FEES. 

SPRAGUE OPERATING RESOURCES shall satisfy its obligation to pay Operating Fees to SPRAGUE HOLDINGS (i) by paying to SPRAGUE
MASSACHUSETTS the sum of $15,200.00 per month (subject to adjustment as provided below) (the “Operating Fees”); (ii) by being responsible for ordinary maintenance and repairs to the Oil Terminal; and, (iii) by paying to SPRAGUE
MASSACHUSETTS the amount of real estate taxes levied against the Oil Terminal. The Operating Fees specified in item (i) above shall be subject to adjustment as follows: Commencing on July 1, 2013, and thereafter on July 1 of each year
during the Term of this Operating Agreement, the aforementioned sum shall be increased in accordance with the percentage increase of the Consumer Price Index, All Urban Consumers (CPI-U) Region I, Boston Index, for the previous year (July 1,
2012-June 30). Provided, however, to the extent such increase in any one year (as calculated as described in the immediately preceding sentence) exceeds 6%, SPRAGUE OPERATING RESOURCES shall have the right, but not the obligation, to request
renegotiation of this Operating Agreement. In the event such renegotiation fails to result in the establishment of new terms acceptable to SPRAGUE OPERATING RESOURCES, SPRAGUE OPERATING RESOURCES may terminate this Operating Agreement upon the
provision of twelve (12) months advance written notice to SPRAGUE HOLDINGS. 
 It is understood that this Operating
Agreement is in the nature of a net Operating Agreement and that such Operating Fees is to be net to SPRAGUE MASSACHUSETTS and, accordingly, SPRAGUE OPERATING RESOURCES shall bear all costs relating to the Oil Terminal whether or not specified
expressly herein, including, without by way of limitation, Taxes. In the event SPRAGUE OPERATING RESOURCES holds over following the expiration or termination of this Operating Agreement, SPRAGUE OPERATING RESOURCES shall be a tenant at sufferance
subject to all the terms of this Operating Agreement. SPRAGUE OPERATING RESOURCES shall also pay all public, special or betterment assessments levied or assessed by any municipality or other governmental authority associated with the Oil Terminal
during the Term. 
 5.      UTILITIES. 

All utilities will be secured and paid for by SPRAGUE OPERATING RESOURCES for its own account. 

6.      ALLOWED USES/ PROHIBITED CONDITIONS. 
 6.1      Allowed Use. Use of the Oil Terminal by SPRAGUE OPERATING RESOURCES shall be limited to SPRAGUE OPERATING RESOURCES receipt, storage, processing and dispensing of Oil
only in direct relationship to SPRAGUE OPERATING RESOURCES own oil distribution business. Any other use, without first obtaining the written consent of SPRAGUE HOLDINGS, is prohibited. SPRAGUE OPERATING RESOURCES use of the Oil Terminal will be in
accordance with sound petroleum industry standards as in effect from time to time. 
 6.2      Prohibited Conditions.
SPRAGUE OPERATING RESOURCES shall not commit any nuisance, nor permit the emission of any objectionable noise or odor, nor make or suffer any waste, 

  
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nor make any use of the Oil Terminal which is contrary to any law or ordinance or which would cause the cancellation of insurance coverage of any of the Parties hereto. SPRAGUE OPERATING
RESOURCES shall not use any portion of the Oil Terminal for the use, generation, treatment, storage or disposal of “oil” (except the product defined as “Oil” herein), “hazardous material”, “hazardous waste”,
or “hazardous substances”, as the same are defined under state or federal law or regulation. SPRAGUE OPERATING RESOURCES shall not place any sign or advertisement at the Oil Terminal without first obtaining the written consent of SPRAGUE
HOLDINGS. 
 7.      MAINTENANCE AND REPAIRS. 

SPRAGUE OPERATING RESOURCES accepts the Oil Terminal on an “as-is” basis. SPRAGUE OPERATING RESOURCES shall be responsible, at
its own cost and expense, subject, however, to the receipt of proceeds referred to in Section 11 to the extent available, to keep and maintain the Oil Terminal in good operating condition and repair in accordance with sound petroleum industry
standards and shall use all reasonable precaution to prevent waste, damage or injury. 
 8.      REQUIREMENTS OF
PUBLIC AUTHORITY. 
 8.1.      Legal Requirements. SPRAGUE OPERATING RESOURCES routinely shall review, be alert
to and promptly observe and comply with all applicable Legal Requirements of any Governmental Authority affecting use of the Oil Terminal at its own cost and expense including without limitation thereto all Legal Requirements in respect to
environmental or water pollution control, testing and inspection of Oil Terminal facilities at required intervals, maintaining records and reporting the results of said tests and inspections to appropriate Governmental Authorities. SPRAGUE OPERATING
RESOURCES shall keep the Oil Terminal equipped with all safety and preventive appliances required by said Legal Requirements or Insurance Requirements. SPRAGUE OPERATING RESOURCES shall pay all costs, expenses, liabilities, losses, damages, fines,
penalties, claims and demands that may in any manner arise out of or be imposed because of the failure of SPRAGUE OPERATING RESOURCES to comply with the covenants of this Section 8. SPRAGUE HOLDINGS, to the extent required by law to do so,
shall also comply with the covenants of this Section 8 relating to property of SPRAGUE HOLDINGS. 
 8.2     
Contests. SPRAGUE OPERATING RESOURCES shall have the right to contest by appropriate legal proceedings diligently conducted in good faith, in the name of SPRAGUE OPERATING RESOURCES, SPRAGUE HOLDINGS (if legally required) or SPRAGUE
MASSACHUSETTS (if legally required), or each of the Parties hereto (if legally required), without cost, expense, liability or damage to SPRAGUE MASSACHUSETTS, the validity or application of any Legal Requirement and, if by the terms of any such
Legal Requirement, compliance therewith may be delayed pending the prosecution of any such proceedings without subjecting the Oil Terminal or any other property of SPRAGUE HOLDINGS to any lien, sanction, or other encumbrance, SPRAGUE OPERATING
RESOURCES may delay such compliance therewith until the final determination of such proceedings. 

  
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 8.3      SPRAGUE HOLDINGS’ Assistance. SPRAGUE HOLDINGS shall execute and
deliver any appropriate papers or other instruments which may be necessary or proper to permit SPRAGUE OPERATING RESOURCES to so contest the validity or application of any such Legal Requirement and to fully cooperate with SPRAGUE OPERATING
RESOURCES in such contest. 
 8.4      SPRAGUE OPERATING RESOURCES’ Default. If SPRAGUE OPERATING RESOURCES
shall fail to comply as specified in the preceding subsection 8.1, SPRAGUE HOLDINGS may take such action as may be required and SPRAGUE OPERATING RESOURCES shall reimburse SPRAGUE HOLDINGS upon demand for the cost thereof. 

8.5      Alterations and Additions. If compliance with all Legal Requirements, Insurance Requirements or industry standards as
specified in subsection 8.1 requires substantial alterations, additions to, reconstruction or replacement of Oil Terminal facilities (“Alterations”), SPRAGUE OPERATING RESOURCES shall be responsible to recommend such Alterations to SPRAGUE
HOLDINGS; and such Alterations shall be made, at the direction of SPRAGUE HOLDINGS, either by SPRAGUE HOLDINGS or by SPRAGUE OPERATING RESOURCES. The costs arising under this subsection 8.5 in respect of Alterations shall be borne solely by SPRAGUE
OPERATING RESOURCES. 
 9.      PERMITS. 

SPRAGUE OPERATING RESOURCES shall be responsible for obtaining at its own expense any and all necessary Authorizations. The effectiveness
of this Operating Agreement and the terms hereof shall be subject to the obtaining of all such Authorizations and to the regulation of all Governmental Authorities having Jurisdiction in the Oil Terminal. 

10.      PAYMENT AND ACCOUNTING RECORDS. 
 10.1      Payment. SPRAGUE OPERATING RESOURCES shall pay SPRAGUE HOLDINGS its Operating Fees upon receipt of invoice, but in no event later than 10 days from date of receipt by
SPRAGUE OPERATING RESOURCES. SPRAGUE HOLDINGS will likewise pay SPRAGUE OPERATING RESOURCES any other amount due under this Operating Agreement in no event later than ten (10) days from date of receipt by SPRAGUE OPERATING RESOURCES. Any amount
not paid when due shall be subject to a late payment charge equivalent to one and one-half per cent (1.5%) per month accruing from the due date through the actual payment date. 
 10.2      Inspection and Financial Information. SPRAGUE HOLDINGS may, at any time and at its own expense, examine the accounts and records kept by SPRAGUE OPERATING RESOURCES
with respect to the Oil Terminal, either by designated accounting personnel of SPRAGUE HOLDINGS or by an independent certified public accountant, and SPRAGUE OPERATING RESOURCES shall make such accounts and records available at its offices at
reasonable times for such purposes. SPRAGUE OPERATING RESOURCES shall provide SPRAGUE HOLDINGS with a copy of its normal corporate certified annual report by its independent certified public accountant as soon as the

  
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same is available. 
 11.      INSURANCE. 

11.1      Coverage. SPRAGUE OPERATING RESOURCES shall maintain, or cause to be maintained, at SPRAGUE OPERATING RESOURCES
expense, for the entire term of this Operating Agreement, insurance from reputable insurance companies, general liability insurance coverage applicable to operations, maintenance, repair and improvement work attendant to the use of the Oil Terminal,
as well as fire and casualty coverage for the Oil Terminal, and oil pollution and environmental impairment insurance coverage for all Oil Terminal activities, as specified in Exhibit B hereto; and SPRAGUE OPERATING RESOURCES shall furnish SPRAGUE
HOLDINGS satisfactory evidence of such coverage being provided by SPRAGUE OPERATING RESOURCES upon demand, prior to the time it is due and 30 days prior to the date when renewal of same is to be effective. All such insurance shall be executed under
valid and enforceable policies issued by insurers rated at least B + VIII (or assigned a comparable rating by any successor company with similar standards) or appearing on the approved list of a reputable broker. 

11.2      Insureds and Waiver of Rights. All insurance set forth in this Section 11 shall include SPRAGUE HOLDINGS,
SPRAGUE MASSACHUSETTS and SPRAGUE OPERATING RESOURCES as insureds and a waiver of insurer’s rights of subrogation against such insureds for loss or damage even though due to the negligence of said parties or any of them. 

11.3      Settlement of Claims. The Parties hereto agree to cooperate fully in the settlement of claims under insurance
obtained by SPRAGUE OPERATING RESOURCES. 
 11.4      Contractor’s Insurance. SPRAGUE OPERATING RESOURCES shall
ensure that all contractors performing work at the Oil Terminal possess commercial liability insurance, worker’s compensation insurance, motor vehicle insurance, and such other insurance in form and amount reasonably acceptable to SPRAGUE
HOLDINGS. 
 12.      MORTGAGEE’S RIGHTS. 

This Operating Agreement shall be subject and subordinate at all times to any lien of mortgages that may hereafter be made a lien of the
Oil Terminal by SPRAGUE HOLDINGS; provided, however, that no such mortgage shall impair the use and operation of the Oil Terminal as contemplated hereby, as long as SPRAGUE OPERATING RESOURCES is not in default of the Operating Agreement. Although
no instrument or act on the part of SPRAGUE OPERATING RESOURCES shall be necessary to effectuate such subordination, SPRAGUE OPERATING RESOURCES will execute and deliver, nevertheless, such further instrument or instruments, as may be requested from
time to time by SPRAGUE HOLDINGS at its own expense, as may be reasonably required by any mortgagee of the Oil Terminal. 

  
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 13.    LIENS. 
 13.1    Covenant Against Liens. SPRAGUE OPERATING RESOURCES shall not make, allow or suffer, nor shall any person acquire through SPRAGUE OPERATING RESOURCES, any lien,
including liens of mechanics or material men for work done on behalf of SPRAGUE OPERATING RESOURCES on the Oil Terminal, mortgage or security interest in nor will SPRAGUE OPERATING RESOURCES sell, convey or assign any interest in the Oil Terminal or
in any buildings or other structures, replacements, changes, additions or improvements thereto or in fixtures thereon. Notwithstanding such restriction, if because of any act or omission of SPRAGUE OPERATING RESOURCES, any mechanic’s lien or
other lien, notice of contract, charge or order for payment of money shall be filed against any portion of the Oil Terminal, without the written consent of SPRAGUE HOLDINGS, SPRAGUE OPERATING RESOURCES shall, at its own cost and expense, cause the
same to be discharged of record within fourteen (14) days after notice of the filing thereof. 
 13.2    Right to
Discharge. Without otherwise limiting any other remedy of SPRAGUE HOLDINGS for default hereunder, if SPRAGUE OPERATING RESOURCES shall fail to cause such liens to be discharged or recorded within the aforesaid fourteen (14) day period or to
satisfy such liens within fourteen (14) days after any Judgment in favor of such lien holders from which no further appeal might be taken, then SPRAGUE HOLDINGS shall have the right to cause the same to be discharged. All amounts paid by
SPRAGUE HOLDINGS to cause such liens to be discharged shall constitute Additional Operating Fees. 

14.    INFORMATION AND ACCESS. 
 SPRAGUE OPERATING RESOURCES will render periodic reports to and keep SPRAGUE HOLDINGS fully informed in respect to the Oil Terminal including, without limitation, the level of performance, the general
condition of maintenance and reliability, qualification and training of personnel, maintenance of safety and operating records, and plans for modification of facilities or procedures in connection therewith. SPRAGUE OPERATING RESOURCES shall
promptly provide SPRAGUE HOLDINGS upon request with any and all operating manuals, records, memoranda, reports, plans, designs and other documentation or information in respect to the Oil Terminal which SPRAGUE HOLDINGS deems reasonably necessary.
SPRAGUE OPERATING RESOURCES will notify SPRAGUE HOLDINGS of any material problems or developments with respect to the operation and maintenance of the Oil Terminal. SPRAGUE HOLDINGS or its agents and designees shall have the right, but not the
obligation, to enter upon the Oil Terminal at all reasonable times and; in a reasonable manner during ordinary business hours to examine same, provided such access shall not unreasonably interfere with the efficient maintenance and operation of the
Oil Terminal as contemplated hereby. 
 15.    INDEMNITY. 

15.1    SPRAGUE OPERATING RESOURCES’ Property. Any property of any kind owned by SPRAGUE OPERATING RESOURCES that may be
on the premises of the Oil Terminal shall be at the sole risk of SPRAGUE OPERATING RESOURCES. 

  
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 15.2    Spillage. SPRAGUE OPERATING RESOURCES will defend, save SPRAGUE HOLDINGS
and its affiliates, SPRAGUE MASSACHUSETTS and Sprague Massachusetts Gas Company (the “Indemnitees”), as owners of the Oil Terminal, the real estate on which the Oil Terminal is located and the adjacent property, harmless and indemnified:
from against all loss or damage caused by SPRAGUE OPERATING RESOURCES, its agents or contractors occasioned by (a) the use or misuse or abuse of water brought in through pipes or wells for use on the Oil Terminal or of the plumbing, heating or
other apparatus, electric or other fixtures; (b) the bursting or leaking of any pipes; or (c) a nuisance, including oil leakage and spillage, made or suffered on the Oil Terminal or adjacent property of Indemnitees, or in the immediate
vicinity of the foregoing, arising out of the operation of SPRAGUE OPERATING RESOURCES, except as may have been caused by the negligence of an Indemnitee, its agents and employees. 
 15.3    SPRAGUE OPERATING RESOURCES Indemnity. SPRAGUE OPERATING RESOURCES shall indemnify, save harmless, and defend the Indemnitees from and against any and all liability,
damage, penalties or judgments and from and against any claims, actions, proceedings and expenses and costs in connection therewith, including reasonable counsel fees, arising from any injury to person or property sustained by anyone in and about
the Oil Terminal or the approaches appurtenant or adjacent thereto, or other appurtenances used in connection therewith, or associated with the operation of the Oil Terminal, resulting from any act or acts or omissions of SPRAGUE OPERATING
RESOURCES, its officers, agents, servants, employees, contractors, lessees, customers, or invitees of any nature. SPRAGUE OPERATING RESOURCES shall, at its own cost and expense, defend any and all suits or actions (just or unjust) which may be
brought against an Indemnitee or in which an Indemnitee may be impleaded with others arising from any such act or omission of SPRAGUE OPERATING RESOURCES, its officers, agents, servants, employees, contractors or invitees of any nature. The
representations, covenants and warranties contained in this paragraph 15.3 shall survive the termination of this Operating Agreement. 

15.4    SPRAGUE HOLDINGS’ and SPRAGUE MASSACHUSETTS’ Indemnity. SPRAGUE HOLDINGS and SPRAGUE MASSACHUSETTS, jointly
and severally, shall indemnify, save harmless, and defend SPRAGUE OPERATING RESOURCES from and against any and all liability, damage, penalties or judgments and from and against any claims, actions, proceedings and expenses and costs in connection
therewith, including reasonable counsel fees, arising from injury to person or property sustained by anyone in and about the Oil Terminal or the approaches appurtenant or adjacent thereto, or other appurtenances used in connection therewith,
resulting from any act or acts or omissions of SPRAGUE HOLDINGS and SPRAGUE MASSACHUSETTS, jointly and severally, their respective officers, agents, servants, employees, contractors, or invitees of any nature. SPRAGUE HOLDINGS and SPRAGUE
MASSACHUSETTS, jointly and severally, shall, at their own cost and expense, defend any and all suits or actions (just or unjust) which may be brought against SPRAGUE OPERATING RESOURCES or in which SPRAGUE OPERATING RESOURCES may be impleaded with
others upon any such act or omission of SPRAGUE HOLDINGS and SPRAGUE MASSACHUSETTS, jointly and severally, their respective officers, agents, servants, employees, contractors, or invitees of any nature. The representations, covenants and warranties
contained in this paragraph 15.4 shall survive the termination of this Operating Agreement. 
 16.    ASSIGNMENT
OR OTHER TRANSFER. 
 SPRAGUE OPERATING RESOURCES covenants that, during this Operating Agreement and for such further time
as SPRAGUE OPERATING RESOURCES shall hold the Oil Terminal or 

  
 9 

 
any part thereof, SPRAGUE OPERATING RESOURCES will not assign or encumber this Operating Agreement nor sublet the whole or any part of the Oil Terminal without first obtaining on each occasion
the written consent of SPRAGUE HOLDINGS. SPRAGUE HOLDINGS may assign the Operating Agreement or otherwise transfer its interest in the Oil Terminal with notice to SPRAGUE OPERATING RESOURCES. 
 17.    TAKINGS FOR PUBLIC USE. 
 If the Oil
Terminal, or any substantial part thereof, shall be taken by eminent domain, in pais or otherwise, this Operating Agreement and the Term shall terminate, but if upon a taking this Operating Agreement does not terminate, SPRAGUE OPERATING RESOURCES
shall assign to SPRAGUE HOLDINGS any rights for compensation for property of SPRAGUE HOLDINGS, whether real or personal, so taken. If any such taking affects SPRAGUE OPERATING RESOURCES use, SPRAGUE OPERATING RESOURCES shall have the right to
terminate and withdraw provided, however, that such taking is not de minimus or otherwise not substantial in either effect or size in the reasonable opinion of SPRAGUE HOLDINGS. 
 18.    RIGHT OF ENTRY. 
 SPRAGUE HOLDINGS may
enter the Oil Terminal to view the same, and may remove any placards or signs not otherwise approved, and to make repairs, improvements, alterations or additions thereto pursuant to provisions of this Operating Agreement. Such entry shall not
disrupt any legitimate ongoing use of the Oil Terminal. 
 19.    TERMINATION FOR DEFAULT. 

19.1    Defaults. The following shall, if any requirement for the giving of notice or lapse of time or both has not been met,
constitute Defaults, and, if such conditions have been met, constitute Events of Default hereunder (notwithstanding any license or any former breach of covenant or waiver of the benefit hereof or consent in a former instance): 

 

	 	(a)	The occurrence of any event set forth in Section 20 hereof; 

  

	 	(b)	The failure of SPRAGUE OPERATING RESOURCES to pay Operating Fees, Additional Operating Fees or any other costs due pursuant to this Operating Agreement, when same shall
be due and payable and the continuance of such failure for a period of fifteen [15] days after receipt by SPRAGUE OPERATING RESOURCES of notice in writing from SPRAGUE HOLDINGS specifying such failure; 

 

	 	(c)	The failure of SPRAGUE OPERATING RESOURCES to keep, observe or perform any of the other covenants, conditions and agreements herein contained on SPRAGUE OPERATING
RESOURCES part to be kept, observed or performed, or SPRAGUE OPERATING RESOURCES obligation under any agreement relating to the Oil Terminal and the continuance of such failure without the curing of same for a period of 30 days after receipt by
SPRAGUE OPERATING RESOURCES from any person or notice in writing specifying in reasonable detail the nature of such failure. 

  
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 19.2    SPRAGUE HOLDINGS’ Remedies. If an Event of Default shall occur and
be continuing, SPRAGUE HOLDINGS may, at its option, give to SPRAGUE OPERATING RESOURCES a notice terminating this Operating Agreement upon a date specified in such notice, which date shall be not less than 3 days, not including any Saturday, Sunday
or other day on which commercial establishments in New Bedford, Massachusetts are authorized or required by law or executive order to remain closed (“Business Days”), after the date of receipt by SPRAGUE OPERATING RESOURCES of such notice
from SPRAGUE HOLDINGS, and upon the date specified in said notice, the term and estate hereby vested in SPRAGUE OPERATING RESOURCES shall cease and any and all other right, title and interest of SPRAGUE OPERATING RESOURCES hereunder (other than
SPRAGUE OPERATING RESOURCES rights pursuant to Section 15.4 hereof) shall likewise cease without further notice of lapse of time, as fully and with like effect as if the entire term of this Operating Agreement had elapsed, but SPRAGUE OPERATING
RESOURCES shall continue to be liable to SPRAGUE HOLDINGS as hereinafter provided. 
 19.3    Further Remedies. Upon
any termination of this Operating Agreement pursuant to Section 19.2, or at any time thereafter, SPRAGUE HOLDINGS may, in addition to and without prejudice to any other rights and remedies SPRAGUE HOLDINGS shall have at law or in equity,
lawfully enter into and upon the Oil Terminal, or any part thereof in the name of the whole, and repossess the same as of the former estate of SPRAGUE HOLDINGS and expel SPRAGUE OPERATING RESOURCES and those claiming through or under SPRAGUE
OPERATING RESOURCES and remove their effects (forcibly, if necessary) in the manner prescribed by the statute relating to summary proceedings, or similar statutes, without being deemed guilty of any manner of trespass, and without prejudice to any
remedies which might otherwise be used for arrears of Operating Fees or proceeding breach of covenant, and upon entry as aforesaid this Operating Agreement shall terminate. 
 20.    INSOLVENCY. 
 20.1    Termination
for Insolvency. In the event of any receivership, insolvency or bankruptcy proceedings instituted by or against SPRAGUE OPERATING RESOURCES under a bankruptcy, insolvency or other law relating to the relief of the adjustment of indebtedness,
rehabilitation or reorganization of debtors or the making of an assignment for the benefit of creditors by SPRAGUE OPERATING RESOURCES or if a decree or order by a court having Jurisdiction in the premises shall be entered approving a petition
seeking reorganization of SPRAGUE OPERATING RESOURCES under the Federal Bankruptcy Act or any similar statute applicable to SPRAGUE OPERATING RESOURCES or appointing a receiver or conservator or liquidator or trustee of SPRAGUE OPERATING RESOURCES
or of substantially all of the property of SPRAGUE OPERATING RESOURCES (other than a receiver, conservator, liquidator or trustee appointed in a proceeding not based upon insolvency of SPRAGUE OPERATING RESOURCES or upon its inability to pay its
debts as. they become due), or in the event any execution of attachment shall be issued against SPRAGUE OPERATING RESOURCES or all or substantially all of SPRAGUE OPERATING RESOURCES property whereby the Oil Terminal shall be taken or occupied or
attempted to be taken or occupied by some person other than SPRAGUE OPERATING RESOURCES, except as may herein be permitted, and such execution, attachment or occupation shall not be removed within 30 days from the date it first occurs, then SPRAGUE
OPERATING RESOURCES shall be deemed to be in breach of this Operating Agreement and this Operating Agreement shall immediately terminate and SPRAGUE HOLDINGS reserves all remedies for breach of this

  
 11 

 
Operating Agreement. 
 20.2    Bankruptcy Proceedings. In the
event of involuntary bankruptcy or corporate reorganization proceedings against SPRAGUE OPERATING RESOURCES, SPRAGUE HOLDINGS may terminate this Operating Agreement by written election to SPRAGUE OPERATING RESOURCES but not before the earlier of
(a) 30 days after the service upon SPRAGUE OPERATING RESOURCES of the initial petition in connection with such proceedings, or (b) the adjudication of insolvency of SPRAGUE OPERATING RESOURCES, but said right to terminate shall not be
exercised if such petition shall have been denied and such denial shall not have been reversed; provided, that if such petition or commencement is involuntarily made against SPRAGUE OPERATING RESOURCES and is dismissed within [60] days of the date
of such filing of commencement such events shall not constitute an insolvency hereunder. 
 21.    DAMAGES ON
DEFAULT. 
 21.1    Surrender. Upon expiration, forfeiture, surrender or termination of this Operating Agreement,
SPRAGUE OPERATING RESOURCES shall peaceably surrender and deliver up the Oil Terminal together with all personal property attached thereto or customarily used in connection therewith, all as the absolute property of SPRAGUE HOLDINGS, broom clean and
in good condition and repair, reasonable wear and tear and casualties not required to be insured against excepted. In addition, upon said expiration, forfeiture, surrender or termination, SPRAGUE OPERATING RESOURCES agrees to waive and release any
right or claim to the Oil Terminal or otherwise associated with this Operating Agreement, including, without limitation, any right or claim pursuant to Mass. Gen. Laws c 91 or the regulations promulgated thereunder relating to the displacement of
“water dependent uses”. SPRAGUE OPERATING RESOURCES shall provide such documentation as SPRAGUE HOLDINGS may request stating that such expiration, forfeiture, surrender or termination is in the context of a “voluntary
arrangement” as that term is in 310 C.M.R. 9.36 (4)(b). Provided, however, the foregoing shall not be construed to affect any indemnity, right or claim of SPRAGUE OPERATING RESOURCES relating to personal injury or damage to property as provided
in Article 15.4 hereof. It is agreed between SPRAGUE HOLDINGS and SPRAGUE OPERATING RESOURCES that any and all structures, buildings, additions, improvements, equipment, apparatus, alterations and replacements constructed by or for SPRAGUE OPERATING
RESOURCES on the Oil Terminal or placed thereon by or for SPRAGUE OPERATING RESOURCES including by way of illustration but without limitation thereto, the items hereinafter specified, as well as all items of the type specified, shall be deemed to be
and shall be affixed to and be a part of the Oil Terminal, and shall not be removed therefrom except upon written order of SPRAGUE HOLDINGS: oil storage tanks; fuel oil heaters; fuel oil pumps and drivers; oil piping, steam, water and other piping
and valves; electrical conduits, wiring and motors; instruments and controls; buildings including all portions and the contents thereof; roadways; fencing; and (also including all appurtenances and all items attached to the foregoing). For the
purposes of this Section 21, the term “Improvements” shall include all buildings, replacement, changes, additions, fixtures and improvements now existent or at any time constructed upon the Oil Terminal, including by way of
illustration and not limitation, oil storage and pumping facilities and pipelines, with all equipment in or appurtenant thereto. Notwithstanding the foregoing, SPRAGUE OPERATING RESOURCES shall have the option of removing any equipment of their
installation which will not impair the use by SPRAGUE HOLDINGS of the Oil Terminal in a 

  
 12 

 
manner consistent with its original condition; to the extent SPRAGUE HOLDINGS has an interest in purchasing any such equipment installed by SPRAGUE OPERATING RESOURCES, SPRAGUE OPERATING
RESOURCES shall make a proposal for such purchase by SPRAGUE HOLDINGS upon the request of SPRAGUE HOLDINGS. 

21.2    SPRAGUE HOLDINGS’ Operation of Oil Terminal. In the event of any dispute between the Parties as to the
termination of this Operating Agreement or as to possession of or title to the Improvements, SPRAGUE HOLDINGS shall, pending final determination of such dispute, have the right subject to subsection 18.3 to make entry on the Oil Terminal and use any
and all facilities. 
 21.3    Right to Relet. At any time or from time to time after any such expiration or
termination, SPRAGUE HOLDINGS may contract for the use of the Oil Terminal, or any part thereof, in the name of SPRAGUE HOLDINGS or otherwise, for such term or terms (which may be greater or less than the period which would otherwise have
constituted the balance of the term of this Operating Agreement) and on such conditions (which may include concessions or free Operating Fees) as SPRAGUE HOLDINGS, in its reasonable discretion, may determine and may collect and receive the Operating
Fees therefor. SPRAGUE HOLDINGS shall in no way be responsible or liable for any failure to contract for the use of the Oil Terminal or any part thereof, or for any failure to collect any Operating Fees due upon any such contracting, but agrees to
use reasonable efforts to mitigate damages. 
 21.4    Survival of Covenants. No such expiration or termination of
this Operating Agreement shall relieve SPRAGUE HOLDINGS, SPRAGUE OPERATING RESOURCES or SPRAGUE MASSACHUSETTS of their respective liabilities and obligations under this Operating Agreement and such liability. 

21.5    Right to Equitable Relief. In the event of any breach or threatened breach by any of the Parties of any of the
covenants, agreements, terms or conditions contained in this Operating Agreement, the other party shall be entitled to enjoin such breach or threatened breach and shall have the right to invoke any right and remedy allowed at law or in equity or by
statute or otherwise as though re-entry, summary proceedings, and other remedies were not provided for in this Operating Agreement. 

22.    INVALID PROVISIONS. 
 If any term, covenant, condition or provision of this Operating Agreement or the application thereof to any person or circumstance shall, at any time or to any extent, be invalid or unenforceable, the
remainder of this Operating Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term, covenant, condition and
provision of this Operating Agreement shall be valid and be enforced to the fullest extent permitted by law. 

  
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 23.    NO WAIVERS. 

Failure of SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS to complain of any act or omission by SPRAGUE OPERATING RESOURCES, no matter how long
the same may continue, shall not be deemed to be a waiver by SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS of any of their respective rights hereunder. No waiver by SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS at any time, expressed or implied, of any
breach of any provision of this Operating Agreement shall be deemed a waiver of a breach of any other provision of this Operating Agreement or a consent to any subsequent breach of the same or any other provision. No acceptance by SPRAGUE HOLDINGS
or SPRAGUE MASSACHUSETTS or by SPRAGUE OPERATING RESOURCES of any partial payment shall constitute an accord or satisfaction but shall only be deemed a partial payment on account. 
 24.    NOTICES AND COMMUNICATIONS. 
 All notices,
demands, requests and other communications provided for or permitted under this Operating Agreement shall be in writing and shall be delivered either in person, by prepaid telegram, or other telecommunication device, or by registered or certified
mail, return receipt requested, to the following addresses: 
  

	 	(a)	if to SPRAGUE HOLDINGS, at 2 International Drive, Suite 200, Portsmouth, New Hampshire 03801 Vice President, with a copy to Legal Department. 

 

	 	(b)	if to SPRAGUE MASSACHUSETTS, at 2 International Drive, Suite 200, Portsmouth, New Hampshire 03801 Vice President, with a copy to Legal Department.

  

	 	(c)	if to SPRAGUE OPERATING RESOURCES, at 2 International Drive, Suite 200, Portsmouth, New Hampshire 03801, with a copy to Paul A. Scoff, Esq., General Counsel, at the
same address. 

 Any notice provided herein shall become effective only upon and at the time of receipt by the person to whom it
is given, unless such notice is mailed by first-class registered mail, in which case it shall be deemed to be received on (i) the third Business Day following the mailing thereof or (ii) the day of its receipt, if a Business Day, or if the
day of its receipt is not a Business Day, the next succeeding Business Day, whichever of (i) or (ii) be the earlier. 

22.    LIMITATION OF LIABILITY. 
 None of SPRAGUE OPERATING RESOURCES, SPRAGUE HOLDINGS or SPRAGUE MASSACHUSETTS shall be liable to the other for any claim in the nature of incidental, consequential or special damages, or for lost profits
or revenues, arising from a breach or alleged breach of this Agreement. 
 23.    APPLICABLE LAW. 

This Operating Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

  
 14 

 24.    ENTIRE AGREEMENT. 

This Operating Agreement constitutes the entire understanding between the parties relating to the subject matter hereof, and supersedes
all prior written or oral communications, understandings and agreements. This Operating Agreement may be modified or amended only by a written agreements signed by the authorized representatives of the parties. 

IN WITNESS WHEREOF, the parties hereto have executed this Operating Agreement, as of the date first above written. 

 

					
	SPRAGUE RESOURCES HOLDINGS LLC
		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
	
	SPRAGUE MASSACHUSETTS PROPERTIES, LLC
		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
	
	SPRAGUE OPERATING RESOURCES LLC
		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  
 15 

 EXHIBIT A 
 PLAN OF PREMISES 

  
 16 

 EXHIBIT B 
 INSURANCE REQUIREMENTS 
 General and Excess Liability—SPRAGUE OPERATING
RESOURCES must supply proof of coverage for bodily injury or property damage to third parties in the amount of $10,000,000. Coverage must be occurrence, or if claims- made, must include an extended discovery period of three years from the last day
of the contract. Coverage may be purchased in layers as long as the combined single limit is $10,000,000. Coverage must include coverage for care, custody and control. 
 Workers Compensation—SPRAGUE OPERATING RESOURCES will provide proof of coverage for workers compensation coverage for 1) exposures in the Commonwealth of Massachusetts, 2) Longshoremen and
Harbor Workers’ Act, and 3) Jones Act if applicable. Employers Liability in the amount of $1,000,000 shall be provided. All policies shall contain a waiver of subrogation in favor of the indemnitees. 

Automobile Liability—SPRAGUE OPERATING RESOURCES shall provide automobile liability coverage in the amount of $1,000,000. 

Property—SPRAGUE OPERATING RESOURCES shall provide proof of either an All Risk property insurance policy or a Named Perils policy and a
Difference in Conditions policy covering the oil terminal property on a replacement cost basis. The policy(ies) shall contain a waiver of subrogation in favor of the indemnitees. Coverage shall include fire department charges and costs of fire
suppression chemicals. 
 Difference in Conditions—SPRAGUE OPERATING RESOURCES shall obtain a limit of $25,000,000 and coverage
shall include Wharfingers Liability, Charterer’s Liability, Terminal Owners Liability and Safe Berth exposure. 
 Oil Pollution
Bond—SPRAGUE OPERATING RESOURCES shall post an oil pollution bond in the amount of $25,000 for the SPRAGUE MASSACHUSETTS of Massachusetts, Division of Water Pollution Control, per statutory requirements as in effect from time to time. Each
of SPRAGUE HOLDINGS and SPRAGUE MASSACHUSETTS shall be listed as a principal on the bond along with SPRAGUE OPERATING RESOURCES. SPRAGUE OPERATING RESOURCES shall provide a certified copy of the bond to each of SPRAGUE HOLDINGS and SPRAGUE
MASSACHUSETTS. 
 Vessel Requirements—SPRAGUE OPERATING RESOURCES must obtain a certificate of insurance from each vessel
that docks at the terminal. The certificate must be obtained prior to docking and must include coverage for Protection & Indemnity and specifically list the vessel. 
 Oil Pollution Coverage—SPRAGUE OPERATING RESOURCES shall maintain all coverage required pursuant to the Oil Pollution Act of 1990 and the regulations promulgated thereunder, as the same may be
in effect from time to time. SPRAGUE OPERATING RESOURCES shall also insure that all vessels transporting Oil to the Oil Terminal maintain such coverage.

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