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SECOND AMENDMENT
TO
SEVENTH AMENDED AND RESTATED 
MASTER THROUGHPUT AGREEMENT

This Second Amendment (this “Amendment”) to the Seventh Amended and Restated Master Throughput Agreement by and between HOLLYFRONTIER REFINING & MARKETING LLC (“HFRM”) and HOLLY ENERGY PARTNERS-OPERATING, L.P. (“HEP Operating”) is dated as of July 27, 2021, to be effective as of May 1, 2021 (the “Effective Date”). Each of HFRM and HEP Operating are referred to collectively herein as the “Parties.”  Capitalized terms used herein and not otherwise defined have the meaning ascribed to such terms in the Agreement (as defined herein).

WHEREAS, the Parties are party to the Seventh Amended and Restated Master Throughput Agreement, dated effective as of January 1, 2021, as amended effective as of April 1, 2021 (the “Agreement”);

WHEREAS, pursuant to paragraph 5 of Exhibit K to the Agreement, (i) HFRM and HEP Operating agreed that if the Jayhawk Lease expires or is otherwise terminated or cancelled for any reason and the Jayhawk Tankage is not leased within 60 days to a third party, then (a) HEP Operating would make the Working Capacity of the Jayhawk Tankage available for HFRM’s exclusive use, (b) HFRM would increase the Minimum Throughput Commitment, and (c) HFRM and HEP Operating would consider the term “El Dorado Crude Tankage” as used in the Agreement to include the Jayhawk Tankage, in each case, all as provided in the Agreement, and (ii) the Jayhawk Lease expired and the Jayhawk Tankage was not so leased; and
WHEREAS, the Parties desire to amend certain provisions of the Agreement to effect the foregoing and make certain other amendments, all as set forth herein.

NOW, THEREFORE, in consideration of the covenants and obligations contained herein, the Parties hereby agree as follows:

ARTICLE 1.
AMENDMENTS

1.1.Amendment to Exhibit A.  The definition of “Navajo Tank Commencement Date” in Exhibit A attached to the Agreement is hereby deleted and replaced in its entirety with the following: “Navajo Tank Commencement Date” means June 1, 2021.
1.2.Amendment to Exhibit C.  The entry entitled “El Dorado Crude Tankage” in Exhibit C attached to the Agreement is hereby deleted and replaced in its entirety with the entry entitled “El Dorado Crude Tankage” in Exhibit C attached to this Amendment.
1.3.Amendment to Exhibit K.  Exhibit K attached to the Agreement is hereby amended by (i) deleting paragraph 4 thereof and replacing it with the following paragraph:
4.Right of First Refusal.  HEP Operating may not lease or pledge or commit to provide any storage services with respect to the El Dorado Crude Tankage at the El Dorado Terminal to a third party unless HEP Operating first offers to HFRM the exclusive right to use the Working Capacity of such tanks on substantially the same 
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terms as HEP Operating has previously negotiated with a third party in arms-length negotiations.  HFRM will have thirty (30) days (the “El Dorado Crude Tank Farm Consideration Period”) to consider the option to utilize such Working Capacity and to provide notice to HEP Operating of its election to accept or decline such Working Capacity.  If HFRM has not notified HEP Operating within 30 days, then HEP Operating may proceed to enter into an agreement with the third party for such Working Capacity; provided however, that if HEP Operating does not enter into an agreement with the third party within sixty (60) days following HFRM’s notice to decline or the expiration of the El Dorado Crude Tank Farm Consideration Period, then HFRM’s rights under this Section 4 will apply to any subsequent bona fide third party offer to HEP Operating regarding such Working Capacity.  For clarity, HFRM did exercise their Right of First Refusal option on the Jayhawk Tankage as of May 1, 2021.
And (ii) by deleting paragraph 5 thereof and replacing it with the following paragraph:
5.Jayhawk Tankage.  For clarity, the Jayhawk Lease was terminated as of May 1, 2021 and the Minimum Throughput Commitment has been amended per Section 1.2 of this Second Amendment to the Seventh Amended and Restated Master Throughput Agreement.
1.4.Amendment to Exhibit K-1.  Exhibit K-1 attached to the Agreement is hereby deleted and replaced in its entirety with Exhibit K-1 attached to this Amendment.
1.5.Amendment to Exhibit P.  Exhibit P attached to the Agreement is hereby deleted and replaced in its entirety with Exhibit P attached to this Amendment.
1.6.Amendment to Exhibit Q-1.  Exhibit Q-1 attached to the Agreement is hereby deleted and replaced in its entirety with Exhibit Q-1 attached to this Amendment.

ARTICLE 2.
MISCELLANEOUS 

2.1.Counterparts.  This Amendment may be executed in counterparts each of which shall be deemed an original. An executed counterpart of this Amendment transmitted by facsimile shall be equally as effective as a manually executed counterpart.
2.2.Successors and Assigns. Section 13.2 of the Agreement is hereby incorporated by reference into this Section 2.2, mutatis mutandis.
2.3.Entire Agreement. The Agreement, as amended by this Amendment, contains the entire agreement between the Parties as to the subject matter of the Agreement and, except as provided for in this Amendment, the terms and provisions of the Agreement shall remain in full force and effect as originally written.  
[Remainder of page intentionally left blank.  Signature pages follow.]
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IN WITNESS WHEREOF, the undersigned Parties have executed this Amendment as of the date first written above to be effective as of the Effective Date. 

    HEP OPERATING:

    Holly Energy Partners - Operating, L.P.

    By:      /s/ Richard L. Voliva III
Richard L. Voliva III
President

HFRM:

        HollyFrontier Refining & Marketing LLC

    By:      /s/ Tim Go
Tim Go
Executive Vice President and Chief Operating Officer

    

[Signature Page 1 of 2 to the Second Amendment to the Seventh Amended and Restated Master Throughput Agreement]

ACKNOWLEDGED:

HOLLYFRONTIER CORPORATION

By: /s/ Michael C. Jennings
Name: Michael C. Jennings
Title:   President and Chief Executive Officer

HOLLY ENERGY PARTNERS, L.P.

By:    HEP Logistics Holdings, L.P.,
    its General Partner

By:    Holly Logistic Services, L.L.C.,
    its General Partner

By:/s/ John Harrison
Name: John Harrison
Title:   Senior Vice President, Chief Financial Officer and Treasurer

[Signature Page 2 of 2 to the Second Amendment to the Seventh Amended and Restated Master Throughput Agreement]

Exhibit C
to
Seventh Amended and Restated
Master Throughput Agreement
(as amended)
			
	

Applicable Assets, Product, Minimum Capacity Commitment, Tariffs, Tariff Adjustments and Applicable Terms

																																										
	Applicable Assets	Type of Applicable Asset	Product	Minimum Capacity Commitment (aggregate capacity unless otherwise noted)	Minimum Throughput Commitment (in the aggregate, on average, for each Contract Quarter)	Base Tariff (applicable to all movements below the Incentive Tariff Threshold)	Incentive Tariff Threshold (in the aggregate, on average, for each Contract Quarter)
	Incentive Tariff (applicable to all movements at or above the Incentive Tariff Threshold)	Excess Tariff (applicable to all movements above the Excess Tariff Thresholds set forth below, if any)	Tariff Adjustment	Tariff Adjustment Minimum/ Cap	Tariff Adjustment Commencement Date	Assumed OPEX	Applicable Term (all times are Dallas, TX time
	El Dorado Crude Tankage	Tankage	Crude Oil; Intermediate Products	140,000 bpd	140,000 bpd	$ 0.1123 /bbl1
	Each throughput barrel over the Minimum Throughput Commitment
	$0.0108/bbl	—	PPI Adjustment	Subject to 1% minimum / 3% cap2	July 1, 2021	—	12:01 a.m. on March 6, 2015 to 12:01 a.m. on March 6, 2025

1 Base Tariff is effective as of May 1, 2021.
2 For the avoidance of doubt, if the change in PPI in any year is less than one percent (1%) it will be rounded up to one percent (1%) and if the change in PPI in any year is greater than three percent (3%) it will be rounded down to three percent (3%).

Exhibit K-1
to
Seventh Amended and Restated
Master Throughput Agreement
(as amended)
			
	

El Dorado Crude Tankage

									
	Tank ID Number	Current Service/Product	Nominal Capacity, BBLs
	4150	Crude	80,000
	4151	Crude	80,000
	4152	Crude	80,000
	4153	Crude	80,000
	4154	Crude	80,000
	4155	Crude	125,000
	4156	Crude	125,000
	4157	Crude	125,000
	4158	Crude	125,000
	4159	Crude	125,000
	4160	Crude	125,000

Exhibit P
to
Seventh Amended and Restated
Master Throughput Agreement
(as amended)
			
	

Crude Tankage

The Crude Tankage consists of the following:

									
	Name	Tank Number	Refinery / Location
	Woods Cross Tankage	103	Woods Cross Refinery
	121
	126
	Artesia Tankage	437	Navajo Refinery (Artesia)
	1225
	Lovington Tankage	1201A	Navajo Refinery (Lovington)
	1201B

Exhibit Q-1
to
Seventh Amended and Restated
Master Throughput Agreement
(as amended)
			
	

Tulsa West Lube Racks

The Tulsa West Lube Racks consists of the following assets located at the Tulsa West Refinery, in each case as further described in the Prior Tulsa Throughput Agreement:

1.Lube Oil Rail Rack
2.Wax Rail Rack
3.Black Oil Rail Rack
4.Lube Oil Truck Rack
5.Extract Truck Rack
6.Wax Truck Rack
7.Extract Rail Rack
8.Bright Stock Rail Rack, Diesel Rail Rack, L70 Rail Rack
9.SW MEK Tank 702 Truck Rack
10.Circosol RackExhibit 4.3

 

SPECIMEN WARRANT CERTIFICATE

 

[FACE]

[Legend on Reverse]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

CENAQ ENERGY CORP.

Incorporated Under the Laws of the State of Delaware

 

CUSIP __________________

 

Warrant
Certificate

 

THIS CERTIFIES THAT,
for value received is the registered holder of a warrant or warrants (the “Warrant(s)”) of CENAQ Energy Corp., a Delaware
corporation (the “Company”), expiring at 5:00 p.m., New York City time, on the five year anniversary of the Company’s
completion of an initial merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities (a “Business Combination”), to purchase one fully
paid and non-assessable share of Class A common stock, par value $0.0001 per share (“Shares”), of the Company for each
whole Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase from the Company, commencing
30 days after the Company’s completion of an initial Business Combination, such number of Shares of the Company at the Warrant Price
(as defined below), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of Continental
Stock Transfer & Trust Company (the “Warrant Agent”), but only subject to the conditions set forth herein and in
the Warrant Agreement between the Company and Continental Stock Transfer & Trust Company. In no event will the Company be required
to net cash settle any warrant exercise. The term “Warrant Price” as used in this Warrant Certificate refers to the
price per Share at which Shares may be purchased at the time the Warrant is exercised. The initial Warrant Price per Share is equal to
$11.50 per share. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price, the Redemption Trigger
Price (as defined below) and the number of Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions,
be adjusted.

 

No fraction of a Share will
be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of a Share upon any exercise
of a Warrant, the Company shall, upon such exercise, round up to the nearest whole number the number of Shares to be issued to such holder.

 

Upon any exercise of the
Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered holder hereof or the
registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised.

 

Warrant Certificates, when
surrendered at the office or agency of the Warrant Agent by the registered holder in person or by attorney duly authorized in writing,
may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge,
for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants.

 

Upon due presentment for
registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or
other governmental charge.

 

The Company and the Warrant
Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the registered holder, and for
all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

This Warrant does not entitle
the registered holder to any of the rights of a stockholder of the Company.

 

     

     

    

 

The Company reserves the
right to call the Warrant at any time prior to its exercise with a notice of call in writing to the holders of record of the Warrant,
giving at least 30 days’ notice of such call, at any time while the Warrant is exercisable, if the last sale price of the Shares
has been at least $18.00 per share (the “Redemption Trigger Price”) on each of 20 trading days within any 30 trading
day period (the “30-day trading period”) ending on the third business day prior to the date on which notice of such
call is given and if, and only if, there is a current registration statement in effect with respect to the Shares underlying the Warrants
commencing five business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. The
call price of the Warrants is to be $0.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of
the date specified in the notice of call shall be canceled on the books of the Company and have no further value except for the $0.01
call price.

 

	By	 	 	 
	 	 	 	 
	 	Chief Executive Officer	 	Chief Financial Officer

 

SUBSCRIPTION FORM

 

To Be Executed by the Registered Holder in Order
to Exercise Warrants

 

The undersigned Registered
Holder irrevocably elects to exercise ______________ Warrants represented by this Warrant Certificate, and to purchase the Class A Common
Stock issuable upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of

 

	 
	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

 

and be delivered to _______________________________________________________________________

 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

and, if such number of Warrants shall not be all
the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the
name of, and delivered to, the Registered Holder at the address stated below:

 

	Dated:	 	 	 
	 	 	(SIGNATURE)
	 	 	 
	 	 	 
	 	 	(ADDRESS)
	 	 	 
	 	 	 
	 	 	(TAX IDENTIFICATION NUMBER)

 

    2

     

    

 

ASSIGNMENT

 

To Be Executed by the Registered Holder in Order
to Assign Warrants

 

For Value Received, _______________________ hereby sells, assigns and
transfers unto

 

	 
	(PLEASE
TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

 

and be delivered to _______________________________________________________________________

 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

______________________ of the Warrants represented
by this Warrant Certificate, and hereby irrevocably constitutes and appoints _________________________________ Attorney to transfer this
Warrant Certificate on the books of the Company, with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	(SIGNATURE)

 

The signature
to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate in every particular,
without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or trust company or a member firm
of the NYSE American, Nasdaq, New York Stock Exchange, Pacific Stock Exchange, or Chicago Stock Exchange.

 

 

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