Document:

Form of Fourth Supplemental Indenture

 Exhibit 4.2 
 EXECUTION COPY 
  
  
 NUSTAR LOGISTICS, L.P., 
 ISSUER 
 NUSTAR ENERGY L.P., 

 GUARANTOR 
 NUSTAR
PIPELINE OPERATING PARTNERSHIP L.P., 
 AFFILIATE GUARANTOR 
 AND 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 SUCCESSOR TRUSTEE 
 FOURTH
SUPPLEMENTAL INDENTURE 
 DATED AS OF APRIL 4, 2008 
 TO 
 INDENTURE 
 DATED AS OF JULY 15, 2002 
  
  
 7.65% Senior Notes due 2018

  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	 ARTICLE I 7.65% Senior Notes due 2018
	  	2
		 	 SECTION 1.01
	 	Designation of the Notes; Establishment of Form	  	2
		 	 SECTION 1.02
	 	Amount	  	2
		 	 SECTION 1.03
	 	Redemption	  	3
		 	 SECTION 1.04
	 	Conversion	  	3
		 	 SECTION 1.05
	 	Maturity	  	3
		 	 SECTION 1.06
	 	Place of Payment	  	3
		 	 SECTION 1.07
	 	Other Terms of the Notes due 2018	  	3
		
	 ARTICLE II AMENDMENTS TO THE INDENTURE
	  	4
		 	 SECTION 2.01
	 	Definitions	  	4
		 	 SECTION 2.02
	 	Consolidation, Merger, Conveyance, Transfer or Lease	  	4
		 	 SECTION 2.03
	 	Covenants	  	6
		 	 SECTION 2.04
	 	Events of Default	  	6
		
	 ARTICLE III MISCELLANEOUS
	  	7
		 	 SECTION 3.01
	 	Execution as Supplemental Indenture	  	7
		 	 SECTION 3.02
	 	Responsibility for Recitals, Etc	  	7
		 	 SECTION 3.03
	 	Provisions Binding on Partnership’s and Guarantor’s Successors	  	7
		 	 SECTION 3.04
	 	Governing Law	  	7
		 	 SECTION 3.05
	 	Execution and Counterparts	  	7
		 	 SECTION 3.06
	 	Capitalized Terms	  	7
		
	 EXHIBIT A - FORM OF SECURITY
	  	A-1
		
	 EXHIBIT B - FORM OF SUPPLEMENTAL INDENTURE
	  	B-1

  

 -i- 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of April 4, 2008 (the “Fourth Supplemental
Indenture”), among NuStar Logistics, L.P. (formerly known as Valero Logistics Operations, L.P.), a Delaware limited partnership having its principal office at 2330 North Loop 1604 West, San Antonio, Texas 78248 (the
“Partnership”), NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the “Guarantor”), NuStar Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating
Partnership, L.P.), a Delaware limited partnership and an Affiliate of the Partnership (the “Affiliate Guarantor”), and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of
the United States of America, as successor trustee (the “Trustee”) to The Bank of New York Trust Company, N.A., which was successor trustee to The Bank of New York, a New York banking corporation, as trustee. This Fourth
Supplemental Indenture amends and supplements the Original Indenture (as defined below), as previously amended and supplemented by the Third Supplemental Indenture (as defined below). The Original Indenture, as amended and supplemented by the Third
Supplemental Indenture and as further amended and supplemented from time to time, including pursuant to this Fourth Supplemental Indenture is referred to herein as the “Indenture.” 
 RECITALS OF THE PARTNERSHIP 
 The
Partnership, the Guarantor and the Trustee have heretofore executed and delivered the Indenture dated as of July 15, 2002 (the “Original Indenture”), providing for the issuance from time to time of one or more series of the
Partnership’s Securities, each to be guaranteed by the Guarantor and the terms of which are to be determined as set forth in Section 301 of the Original Indenture. 
 The Partnership, the Guarantor, the Affiliate Guarantor and the Trustee have heretofore executed and delivered the Third Supplemental Indenture dated
July 1, 2005 (the “Third Supplemental Indenture”), amending and supplementing the Original Indenture and providing for an unconditional guarantee by the Affiliate Guarantor of the due and punctual payment of the principal of,
and premium, if any, and interest on the Securities (as defined in the Original Indenture) and all other amounts due and payable under the Original Indenture and the Securities by the Partnership. 
 Section 901 of the Indenture provides, among other things, that the Partnership, the Guarantor, the Affiliate Guarantor and the Trustee may enter
into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Original Indenture. 
 Section 901 of the Original Indenture also permits the execution of supplemental indentures without the consent of any Holders to, among other
things, (i) add to the covenants of the Partnership such further covenants, restrictions, conditions or provisions as the Partnership shall consider to be appropriate for the benefit of the Holders of all or any series of Securities,
(ii) add any additional Defaults or Events of Default in respect of, all or any series of Securities, and (iii) change or eliminate any of the provisions of the Indenture, provided that, any such change or elimination shall become
effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefits of such provision. 
 The Partnership desires to create a series of the Securities, which series shall be designated the “7.65% Senior Notes due 2018” (the
“Notes due 2018”), and all action on the part of the Partnership necessary to authorize the issuance of the Notes due 2018 under the Indenture has been duly taken. 

 The Partnership, pursuant to the foregoing authority, proposes in and by this Fourth Supplemental
Indenture to supplement and amend the Original Indenture (as previously amended by the Third Supplemental Indenture), insofar as it will apply only to the Notes due 2018. 
 All acts and things necessary to make the Notes due 2018, when duly issued by the Partnership and when executed on behalf of the Partnership and completed, authenticated and delivered by the Trustee as provided in the
Original Indenture and this Fourth Supplemental Indenture, the valid and binding obligations of the Partnership and to constitute these presents a valid and binding supplemental indenture and agreement according to its terms, have been done and
performed. 
 Now, Therefore, This Fourth Supplemental Indenture Witnesseth: 
 That in consideration of the premises and the issuance of the Notes due 2018, the Partnership, the Guarantor, the Affiliate Guarantor and the Trustee
mutually covenant and agree, for the equal and proportionate benefit of all Holders of the Notes due 2018, as follows: 
 ARTICLE I

 7.65% Senior Notes due 2018 
 SECTION 1.01 Designation of the Notes; Establishment of Form. 
 A series of Securities designated “7.65% Senior
Notes due 2018” is established hereby, and the form thereof (including the notation of the Guarantee and the notation of the Affiliate Guarantee) shall be substantially as set forth in Exhibit A hereto, which is incorporated into and
shall be deemed a part of this Fourth Supplemental Indenture, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as the Partnership may deem appropriate or as may be required or appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of any securities
exchange or automated quotation system on which the Notes due 2018 may be listed or traded, or to conform to general usage, or as may, consistently with the Indenture, be determined by the officers executing such Notes due 2018, as evidenced by
their execution thereof. 
 The Notes due 2018 will initially be issued in permanent global form, substantially in the form set forth in
Exhibit A hereto, as a Global Security, registered in the name of the Depositary or its nominee. The Depositary Trust Company shall be the Depositary for such Global Securities. 
 The Partnership initially appoints the Trustee to act as paying agent and Registrar with respect to the Notes due 2018. 
 SECTION 1.02 Amount. 
 The
Trustee shall authenticate and deliver the Notes due 2018 for original issue in an initial aggregate principal amount of up to $350,000,000 upon Partnership Order for the 

  

 2 

 
authentication and delivery of such aggregate principal amount of the Notes due 2018. The authorized aggregate principal amount of the Notes due 2018 may be
increased at any time hereafter and the series comprised thereby may be reopened for issuances of additional Notes due 2018, without the consent of any Holder. The Notes due 2018 issued on the date hereof and any such additional Notes due 2018 that
may be issued hereafter shall be part of the same series of Securities referred to herein as the “Notes due 2018.” 
 SECTION 1.03 Interest Rate. 
 The Notes due 2018 shall bear interest as provided in the form thereof set forth in
Exhibit A hereto and as provided in the Indenture. The interest rate payable on the Notes due 2018 shall be subject to adjustment from time to time as provided in the form thereof set forth in Exhibit A hereto. 
 SECTION 1.04 Redemption. 
 (a) There shall be no sinking fund for the retirement of the Notes due 2018 or other mandatory redemption obligation in respect thereof. 
 (b) The Partnership, at its option, may redeem the Notes due 2018 at any time and from time to time, in accordance with the provisions of the Notes due 2018 and Article XI of the Indenture. 
 SECTION 1.05 Conversion. 
 The
Notes due 2018 shall not be convertible into any other securities. 
 SECTION 1.06 Maturity. 
 The Stated Maturity of the Notes due 2018 shall be April 15, 2018. 
 SECTION 1.07 Place of Payment. 
 Any Notes due 2018 that may be issued in certificated,
non-global form shall be payable at the corporate trust office of the Trustee, which office, on the date of this Fourth Supplemental Indenture, is located at 1445 ROSS AVENUE, DALLAS, TEXAS 75202 ATTN: PATRICK GIRODANO - VICE PRESIDENT CORPORATE
TRUST SERVICES. Notices and demands to or upon the Partnership, the Guarantor and the Affiliate Guarantor in respect of the Notes due 2018 may be served at such office. 
 SECTION 1.08 Other Terms of the Notes due 2018. 
 Without limiting the foregoing provisions of this Article I, the terms of the Notes due 2018 shall be as provided in the form thereof set forth in Exhibit A hereto and as provided in the Indenture. 

 

 3 

 ARTICLE II 
 AMENDMENTS TO THE INDENTURE 
 The amendments and supplements contained in this Article II shall apply to the
Notes due 2018 only and (except as and to the extent expressly so provided at the time the form and terms of such other series are established as provided in Sections 201 and 301 of the Original Indenture) not to any other series of Securities
issued under the Original Indenture, and (except as aforesaid) any covenants, guarantees and other agreements provided herein are expressly being included solely for the benefit of (i) the Notes due 2018 and the Holders thereof and
(ii) any Securities of any other series to which such amendment and supplements have been made applicable and the Holders thereof. These amendments and supplements shall be effective only for so long as there remain Outstanding any Notes due
2018 or any Securities of any other series to which such amendments and supplements have been made applicable, as the case may be. 
 SECTION 2.01 Definitions. 
 Section 101 of the Original Indenture is amended by inserting in their appropriate
alphabetical position, the following definitions: 
 “Fourth Supplemental Indenture” means the Fourth Supplemental Indenture
dated as of April 4, 2008 among the Partnership, the Guarantor, the Affiliate Guarantor and the Trustee, which supplemental indenture amends and supplements this Indenture in connection with the establishment of a series of Securities
designated as “7.65% Senior Notes due 2018”. 
 “Funded Debt” means all Debt maturing one year or more from the
date of the creation thereof, all Debt directly or indirectly renewable or extendable, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one year or more from the date of the
creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more. 
 “Notes due 2018” means the 7.65% Senior Notes due 2018 of the Partnership, established pursuant to the Fourth Supplemental Indenture. 
 “Other Affected Series” means any series of Securities (other than the Notes due 2018) to which the amendments of the Original Indenture
set forth in Article II of the Fourth Supplemental Indenture shall have been made applicable. 
 “Subsidiary Guarantor”
means, as at any date, any Subsidiary that has become and then is obligated as a guarantor as provided in Section 1011, not having been released pursuant to Section 1012. 
 SECTION 2.02 Consolidation, Merger, Conveyance, Transfer or Lease. 
 Article VIII of the Original Indenture is amended by restating Sections 801 and 802 in their entirety: 
  

 4 

 “SECTION 801. Partnership and Subsidiary Guarantors May Consolidate, Etc., Only on Certain
Terms. 
 The Partnership shall not, and subject to Section 1012, shall not permit any Subsidiary Guarantor to,
consolidate with or merge into any other Person or sell, lease or transfer its properties and assets as, or substantially as, an entirety to, any Person, unless: 
 (1) (A) in the case of a merger, the Partnership or such Subsidiary Guarantor is the surviving entity, or (B) the Person formed by
such consolidation or into which the Partnership or such Subsidiary Guarantor is merged or the Person which acquires by sale or transfer, or which leases, the properties and assets of the Partnership or such Subsidiary Guarantor as, or substantially
as, an entirety expressly assumes, by an indenture supplemental hereto, or a supplement to the applicable Subsidiary Guarantee, as the case may be, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the
obligations of the Partnership or such Subsidiary Guarantor, as the case may be, under the Indenture and the Securities, or the applicable Subsidiary Guarantee, as the case may be. 
 (2) the surviving entity or successor Person is a Person organized and existing under the laws of the United States of America, any state
thereof or the District of Columbia; 
 (3) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing; and 
 (4) the Partnership has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, sale, transfer or lease and such supplemental indenture required, if any, comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with. 
 SECTION 802. Successor Substituted. 
 Upon any consolidation of the Partnership or any Subsidiary Guarantor with, or merger of the Partnership or any Subsidiary Guarantor into,
any other Person or any sale, transfer or lease of the properties and assets of the Partnership or any Subsidiary Guarantor as, or substantially as, an entirety in accordance with Section 801, the successor Person formed by such consolidation
or into which the Partnership or such Subsidiary Guarantor is merged or to which such sale, transfer or lease is made shall (and, in the case of any Subsidiary Guarantor, its Subsidiary Guarantee will provide that it shall) succeed to, and be
substituted for, and may exercise every right and power of, the Partnership or such Subsidiary Guarantor under this Indenture and the Securities, or the Subsidiary Guarantee of such Subsidiary Guarantor, as the case may be with the same effect as if
such successor Person had been named originally as the Partnership or such Subsidiary Guarantor herein or therein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities or such Subsidiary Guarantee, as the case may be.” 
  

 5 

 SECTION 2.03 Covenants. 
 Article X of the Original Indenture is amended by inserting the following new sections in their entirety: 
 “SECTION 1011 Future Subsidiary Guarantors. 
 The Partnership shall cause each Subsidiary of the Partnership that guarantees or becomes a co-obligor in respect of any Funded Debt of the Partnership (including, without limitation, following any release of such
Subsidiary pursuant to Section 1012 from any guarantee previously provided by it under this Section 1011) to (A) cause the Notes due 2018 to be equally and ratably guaranteed by such Subsidiary, but only to the extent that the Notes
due 2018 are not already guaranteed by such Subsidiary on reasonably comparable terms and (B) promptly execute and deliver to the Trustee a supplemental indenture in substantially the form attached as Exhibit B to the Fourth Supplemental
Indenture pursuant to which such Subsidiary will guarantee payment of the Notes due 2018 and any Securities of any Other Affected Series. 
 SECTION 1012 Release of Guaranty. 
 Notwithstanding anything to the contrary in Section 1011, in the
event that any Subsidiary that has guaranteed the Notes due 2018 and/or the Securities of such Other Affected Series pursuant to Section 1011 shall no longer be a guarantor of any Funded Debt of the Partnership other than the Notes due 2018
and/or the Securities of such Other Affected Series, and so long as no Default or Event of Default with respect to the Notes due 2018 shall have occurred or be continuing, such Subsidiary, upon giving written notice to the Trustee to the foregoing
effect, shall be deemed to be released from all of its obligations in respect of the Notes due 2018 and/or the Securities of such Other Affected Series, and its guarantee thereof and this Indenture without further act or deed and such guarantee of
such Subsidiary shall be terminated and of no further force or effect. Following the receipt by the Trustee of any such notice, the Partnership shall cause this Indenture to be amended as provided in Section 901 to evidence such release and
termination; provided, however, that the failure to so amend this Indenture shall not affect the validity of the release and termination of such guarantee of such Subsidiary. 
 SECTION 2.04 Events of Default. 
 The period following clause (7) of Section 501 of the Original Indenture shall be replaced with “; or” and the following additional Event of Default shall be added to those set forth in clauses (1)-(7) of
Section 501 of the Original Indenture in relation only to the Notes due 2018 and the Securities of any Other Affected Series: 
 “(8) failure to pay any Debt of the Partnership in excess of $50 million, whether at final maturity (after the expiration of any applicable grace periods) or upon acceleration of the maturity thereof, if such indebtedness is not
discharged, or such acceleration is not annulled, within 10 days after there has been given, by registered or certified mail, to the Partnership by the Trustee or to the Partnership 

  

 6 

 
and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes due 2018, or of the Securities of any Other Affected Series, a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder.” 
 ARTICLE III 
 MISCELLANEOUS 
 SECTION 3.01 Execution as Supplemental Indenture. This Fourth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture and, as provided in the
Original Indenture, this Fourth Supplemental Indenture forms a part thereof. Except as herein expressly otherwise defined, the use of the terms and expressions herein is in accordance with the definitions, uses and constructions contained in the
Original Indenture. 
 SECTION 3.02 Responsibility for Recitals, Etc. The recitals herein and in the Notes due 2018 (except in
the Trustee’s certificate of authentication) shall be taken as the statements of the Partnership, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representations as to the validity or sufficiency of
this Fourth Supplemental Indenture or of the Notes due 2018. The Trustee shall not be accountable for the use or application by the Partnership of the Notes due 2018 or of the proceeds thereof. 
 SECTION 3.03 Provisions Binding on Partnership’s and Guarantor’s Successors. All the covenants, stipulations, promises and
agreements in this Fourth Supplemental Indenture contained by each of the Partnership, the Guarantor and the Affiliate Guarantor shall bind its respective successors and assigns regardless of whether so expressed. 
 SECTION 3.04 Governing Law. THIS FOURTH SUPPLEMENTAL INDENTURE AND EACH NOTE DUE 2018 SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 3.05 Execution and Counterparts. This Fourth Supplemental Indenture may be executed
with counterpart signature pages or in any number of counterparts, each of which shall be an original but such counterparts shall together constitute but one and the same instrument. 
 SECTION 3.06 Capitalized Terms. Capitalized terms not otherwise defined in this Fourth Supplemental Indenture shall have the respective
meanings assigned to them in the Original Indenture. 
 (The remainder of this page is intentionally blank.) 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly
executed, all as of the day and year first above written. 
  

					
	Partnership:
	
	NUSTAR LOGISTICS, L.P.
		
	By:	 	NUSTAR GP, INC.,
		 	its General Partner
			
		 	 By:
	 	 /s/ Steven A. Blank

		 	Name:	 	Steven A. Blank
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  

					
	Guarantor:
	
	NUSTAR ENERGY L.P.
		
	By:	 	RIVERWALK LOGISTICS, L.P.
		 	its General Partner
			
		 	By:	 	NUSTAR GP, LLC,
		 		 	its General Partner
			
		 	 By:
	 	 /s/ Steven A. Blank

		 	Name:	 	Steven A. Blank
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  

					
	Affiliate Guarantor:
	
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
			
		 	By:	 	NUSTAR PIPELINE COMPANY, LLC,
		 		 	its General Partner
			
		 	 By:
	 	 /s/ Steven A. Blank

		 	Name:	 	Steven A. Blank
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  

 8 

			
	Trustee:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee
		
	By:	 	 /s/ John C. Stohlmann

	Name:	 	John C. Stohlmann
	Title:	 	Vice President

  

 9 

 EXHIBIT A 
 [FORM OF SECURITY][FACE OF SECURITY] 
 [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A
NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY
SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 
 NUSTAR
LOGISTICS, L.P. 
 7.65% SENIOR NOTE DUE 2018 
  

			
	NO.                     	  	U.S.$                    

 CUSIP NO. 67059TAA3 
 NUSTAR LOGISTICS, L.P., (formerly known as VALERO LOGISTICS
OPERATIONS, L.P.), a Delaware limited partnership (herein called the “Partnership,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                                        
                    , or registered assigns, the principal sum of
                                     United States Dollars on
April 15, 2018, and to pay interest thereon from April 4, 2008, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 15 and October 15 in each year,
commencing October 15, 2008 at the Applicable Rate (as defined below) per annum, until the principal hereof is paid or made available for payment, and at the Applicable Rate per annum on any overdue principal and premium and on any overdue
installment of interest. The amount of interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year
of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall mean, when
used with respect to any Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law, executive order or regulation to close. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the April 1 or October 1 (regardless of whether a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to any Special Record Date, or be paid at such time in any
other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated
quotation system, all as more fully provided in such Indenture. 
  

	1	Insert in Global Securities only. 

  

 A-1 

 [Payment of the principal of (and premium, if any)
and interest on this Security will be made by transfer of immediately available funds to a bank account in the Borough of Manhattan, The City of New York designated by the Holder in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.]2 
 [Payment of the principal of (and premium, if any) and interest on this Security will be made at
the office or agency of the Partnership maintained for that purpose in Dallas, Texas, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made at the option of the Partnership by United States Dollar check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register or by transfer to a
United States Dollar account maintained by the payee with a bank in Dallas, Texas (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date prior to the applicable Interest Payment
Date).]3 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

	2	Insert in Definitive Securities only. 

	3	Insert in Global Securities only. 

  

 A-2 

 IN WITNESS WHEREOF, the Partnership has caused this instrument to be duly executed. 
 Dated:
                                        

  

					
	NUSTAR LOGISTICS, L.P.
		
	By:	 	NUSTAR GP, Inc.,
		 	its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated:
                                        

  

			
	WELL FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	  

		 	Authorized Signatory

  

 A-3 

 [FORM OF REVERSE OF SECURITY] 
 NUSTAR LOGISTICS, L.P. 
 7.65%
SENIOR NOTE DUE 2018 
 This Security is one of a duly authorized issue of senior securities of
the Partnership (herein called the “Securities”), issued and to be issued in one or more series under an Indenture dated as of July 15, 2002 (the “Original Indenture”) among the Partnership, the Guarantor
(defined below) and The Bank of New York, as trustee, as amended and supplemented by the Third Supplemental Indenture there dated as of July 1, 2005 (the “Third Supplemental Indenture”) among the Partnership, the Guarantor, the
Affiliate Guarantor (as defined below) and The Bank of New York Trust Company, N.A., as successor trustee to The Bank of New York, as trustee. The Original Indenture, as amended and supplemented by the Third Supplemental Indenture and as further
amended and supplemented from time to time, including pursuant to the Fourth Supplemental Indenture thereto dated as of April 4, 2008 among the Partnership, the Guarantor, the Affiliate Guarantor and Wells Fargo Bank, National Association,
as successor trustee, is referred to herein as the “Indenture.” The trustee under the Indenture (including any successor trustee under the Indenture) is referred to herein as the “Trustee.” 
 Reference is made hereby to the Indenture (including all indentures supplemental thereto) for a statement of the respective rights, limitations of
rights, obligations, duties and immunities thereunder of the Partnership, the Guarantor, the Affiliate Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates,
may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or
permitted. This Security is one of the series designated on the face hereof. 
 This Security is the senior unsecured obligation of the
Partnership and is guaranteed pursuant to (i) a guarantee (the “Guarantee”) by NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the “Guarantor”) and (ii) a guarantee (the
“Affiliate Guarantee”) by NuStar Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating Partnership, L.P.), a Delaware limited partnership and an Affiliate of the Partnership (the “Affiliate
Guarantor”). The Guarantee is the senior unsecured obligation of the Guarantor, and the Affiliate Guarantee is the senior unsecured obligation of the Affiliate Guarantor. 
 The interest rate payable on the Securities of this series shall be 7.65% (“Initial Interest Rate”) per annum on April 4, 2008, and
shall be subject to adjustment from time to time (as so adjusted, the “Applicable Rate”) if either Moody’s Investors Service, Inc. or any successor thereto (“Moody’s”) or Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto (“S&P”) downgrades (or subsequently upgrades) the credit rating assigned to the Securities of this series in the manner set forth below.

 If the rating from Moody’s of the Securities of this series is decreased to a rating set forth in the immediately following table,
the interest rate payable on the Securities of this series will increase from the Initial Interest Rate by the number of percentage points set forth below opposite that rating: 
  

			
	 Rating
	  	Percentage Points
	 Ba1
	  	0.25
		
	 Ba2
	  	0.50
		
	 Ba3
	  	0.75
		
	 B1 or below
	  	1.00

 If the rating from S&P of the Securities of this series is decreased to a rating set forth in
the immediately following table, the interest rate payable on the Securities of this series will increase from the Initial Interest Rate by the number of percentage points set forth below opposite that rating: 
  

 A-4 

			
	 Rating
	  	Percentage Points
	 BB+
	  	0.25
		
	 BB
	  	0.50
		
	 BB-
	  	0.75
		
	 B+ or below
	  	1.00

 If at any time the interest rate payable on the Securities of this series has been increased, and
either Moody’s or S&P, as the case may be, subsequently increases its rating of such Securities to any of the threshold ratings set forth in the tables appearing above, the interest rate payable on the Securities of this series will be
decreased so that such interest rate equals the Initial Interest Rate plus the number of percentage points set forth in the above tables opposite the ratings in effect immediately following the increase. If Moody’s subsequently increases
its rating of the Securities of this series to Baa3 or higher and S&P increases its rating of the Securities of this series to BBB- or higher, the interest rate payable on the Securities of this series will be decreased to the Initial Interest
Rate. In addition, the interest rates on the Securities of this series shall permanently cease to be subject to any adjustment (notwithstanding any subsequent decrease in the ratings by either or both of Moody’s and S&P) if the Securities
of this series become rated Baa1 or higher by Moody’s and BBB+ or higher by S&P, in each case with a stable or positive outlook (or one of such ratings if the Securities are rated by only one of such rating agencies). 
 Each interest rate adjustment required by any decrease or increase in a rating of the Securities, pursuant to the provisions set forth above, whether
occasioned by the action of Moody’s or S&P, shall be made independently of any and all other adjustments. In no event shall the interest rate payable on the Securities of this series (1) be reduced to below the Initial Interest Rate or
(2) exceed an interest rate equal to the sum of the Initial Interest Rate plus 2.00 percentage points. 
 If either Moody’s
or S&P ceases to provide a rating of the Securities of this series, any subsequent increase or decrease in the interest rate payable on the Securities of this series necessitated by a reduction or increase in the rating of the Securities by the
rating agency continuing to provide the rating shall be twice the number of percentage points set forth in the applicable table above. No adjustments in the interest rate payable on the Securities of this series shall be made solely as a result of
either Moody’s or S&P ceasing to provide a rating of the Securities. However, if both Moody’s and S&P cease to provide a rating of the Securities of this series, the interest rate payable on such Securities will increase to, or
remain at, as the case may be, an interest rate equal to the sum of the Initial Interest Rate plus 2.00 percentage points. 
 Any
interest rate increase or decrease described above will take effect from the first day of the interest period during which a rating change requires an adjustment in the interest rate. If the interest rate payable on the Securities of this series is
increased as described above, then the term “interest,” as used in this Security and the Indenture will be deemed to include any such additional interest unless the context otherwise requires. 
 The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, at any time as a whole or from
time to time in part, at the election of the Partnership at a Redemption Price equal to the greater of (1) 100% of the principal amount of this Security then Outstanding to be redeemed, or (2) the sum of the present values of the remaining
scheduled payments of principal and interest thereon (exclusive of the payment of interest accrued to the Redemption Date) computed by discounting such payments from their respective scheduled dates of payment to the Redemption Date on a semiannual
basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of 50 basis points plus the Adjusted Treasury Rate on the third Business Day prior to the Redemption Date, as calculated by an Independent Investment
Banker, plus accrued and unpaid interest, up to, but not including, the Redemption Date. 
 For purposes of determining the Redemption Price,
the following definitions are applicable: 
 “Adjusted Treasury Rate” means the yield, under the heading which represents the
average for the week immediately preceding the week of publication, appearing in the then most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which contains yields on actively traded U.S. Treasury securities adjusted to constant 

  

 A-5 

 
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the remaining term of this Security, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or
extrapolated from such yields on a straight line basis, rounding to the nearest month); or if such release (or any successor release) is not published during the week including or immediately preceding the calculation date or does not contain such
yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of this Security that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of this Security, or, if, in the reasonable judgment of the Independent Investment Banker, there is no such security, then the Comparable Treasury Issue will mean the U.S. Treasury security or
securities selected by the Independent Investment Banker as having an actual or interpolated maturity or maturities comparable to the remaining term of this Security. 
 “Comparable Treasury Price” means (1) the average of five Reference Treasury Dealer Quotations for the third Business Day prior to the applicable Redemption Date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means any of Barclays Capital Inc. and J.P. Morgan Securities Inc. and any successor firm selected by
the Partnership, or if any such firm is unwilling or unable to serve as such, an independent investment banking institution of national standing appointed by the Partnership. 
 “Reference Treasury Dealer” means each of up to five dealers to be selected by the Partnership; provided that if any of the
foregoing ceases to be, and has no affiliate that is, a primary U.S. governmental securities dealer (a “Primary Treasury Dealer”), the Partnership will substitute for it another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for this Security,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker
and the Partnership at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 In the case of any
redemption of Securities, interest installments due on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more predecessor Securities, of record at the close of business on the relevant record date referred
to on the face hereof. Securities (or portions thereof) for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default with respect to the Securities of
this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Upon the occurrence of a Change of Control, the Partnership will make an offer to purchase all or any part (equal to $2,000 or integral multiples of
$1,000 in excess thereof) of each Holder’s Securities of this series (the “Change of Control Offer”) at a price in cash equal to 100% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon
to the date of purchase. Within 30 days following any Change of Control, the Partnership will mail a notice to each such Holder of Securities of this series setting forth the procedures governing the Change of Control Offer as required by the
Indenture and information regarding such other matters as is required under and as more fully provided in Section 1013 of the Indenture. As more fully provided in Section 1013 of the Indenture, the Holder of this Security may elect to have
this Security or a portion hereof in an authorized denomination purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below and tendering this Security pursuant to the Change of Control Offer. 

 

 A-6 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Partnership, the Guarantor, the Affiliate Guarantor and any Subsidiary Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the
Partnership, the Guarantor, the Affiliate Guarantor and any Subsidiary Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting as one
class). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Partnership, the Guarantor or the Affiliate Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Partnership, which is absolute and unconditional, to pay the principal of and any premium and interest on this
Security at the times, place(s) and rate, and in the coin or currency, herein prescribed. 
 [This Global Security or portion hereof may not
be exchanged for Definitive Securities of this series except in the limited circumstances provided in the Indenture. 
 The holders of beneficial interests in this Global Security will not be entitled to receive
physical delivery of Definitive Securities except as described in the Indenture and will not be considered the Holders hereof for any purpose under the Indenture.]4 
 [As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency
of the Partnership in Dallas, Texas, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Partnership and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for a like aggregate principal amount, will be issued to the designated transferee or transferees.]5 
 The Securities of this
series are issuable only in registered form, without coupons, in denominations of U.S. $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities
of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
  

	4	Insert in Global Securities only. 

	5	Insert in Definitive Securities only. 

  

 A-7 

 No service charge shall be made for any such registration of transfer or exchange, but the Partnership
may require payment of a sum sufficient to cover any transfer tax or other similar governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Partnership, the Trustee and any agent of the Partnership or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all
purposes, regardless of whether this Security be overdue, and neither the Partnership, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Obligations of the Partnership under the Indenture and the Securities thereunder, including this Security, are non-recourse to NuStar GP, Inc. (the “General Partner”) and the general partner of the
Guarantor, as applicable, and their Affiliates (other than the Partnership, the Guarantor and the Affiliate Guarantor), and payable only out of cash flow and assets of the Partnership, the Guarantor or the Affiliate Guarantor, as the case may be.
The Trustee, and each Holder of a Security by their respective acceptance hereof, will be deemed to have agreed in the Indenture that (1) neither the General Partner, the general partner of the Guarantor, the general partner of the Affiliate
Guarantor nor their respective assets (nor any of its Affiliates other than the Partnership, the Guarantor and the Affiliate Guarantor, nor their respective assets) shall be liable for any of the obligations of the Partnership, the Guarantor or the
Affiliate Guarantor under the Indenture or such Securities, including this Security, and (2) no director, officer, employee, stockholder or unitholder, as such, of the Partnership, the Guarantor, the Affiliate Guarantor, the Trustee, the
General Partner, the general partner of the Guarantor, the general partner of the Affiliate Guarantor or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Partnership, the Guarantor
or the Affiliate Guarantor under the Indenture or such Securities by reason of his, her or its status. 
 The Indenture provides that the
Partnership, the Guarantor and the Affiliate Guarantor (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations described in the Indenture), or (b) need not comply with certain
restrictive covenants of the Indenture, in each case if the Partnership deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which through the payment of interest thereon and principal thereof in
accordance with their terms will provide money, in an amount sufficient to pay all the principal of and interest of the Securities, but such money need not be segregated from other funds except to the extent required by law. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 [FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  

	
	  

	(Please Print or Typewrite Name and Address of Assignee)

 the within instrument of NUSTAR LOGISTICS, L.P. and does hereby
irrevocably constitute and appoint
                                        
     Attorney to transfer said instrument on the books of the within-named Partnership, with full power of substitution in the premises. 
 Please Insert Social Security or 
 Other Identifying Number of Assignee: 
  

							
	  
	 		 	  

				
	Dated:	 	  
	 		 	  

		 		 		 	(Signature)

  

			
	Signature Guarantee:	 	  

		 	(Participant in a Recognized Signature Guaranty Medallion Program)

  

 A-8 

 NOTICE: The signature to this assignment must correspond with the
name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.]6 
  

	6	Insert this assignment form as a separate page in Definitive Securities only. 

  

 A-9 

 GUARANTEE 
 The Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and the Securities by the Partnership. 
 The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in
Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 
  

							
	Guarantor:
	
	NUSTAR ENERGY L.P.
		
	By:	 	RIVERWALK LOGISTICS, L.P.
		 	Its General Partner
			
		 	By:	 	NUSTAR GP, LLC,
		 		 	Its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

  

 A-10 

 AFFILIATE GUARANTEE 
 The Affiliate Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to
the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and the Securities by the Partnership. 
 The obligations of the Affiliate Guarantor to the Holders of Securities and to the Trustee pursuant to the Affiliate Guarantee and the Indenture are
expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Affiliate Guarantee. 
  

			
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
		
	By:	 	NUSTAR PIPELINE COMPANY, LLC,
		 	its General Partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-11 

 EXHIBIT B 
 [FORM OF SUPPLEMENTAL INDENTURE] 
 SUPPLEMENTAL INDENTURE, dated as of
                             ,          (the
“Supplemental Indenture”), among (i) NuStar Logistics, L.P. (formerly known as Valero Logistics Operations, L.P.), a Delaware limited partnership (the “Partnership”), NuStar Energy L.P. (formerly known as Valero
L.P.), a Delaware limited partnership (the “Guarantor”), (iii) NuStar Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating Partnership, L.P., a Delaware limited Partnership (the “Affiliate
Guarantor”), (iv) [Name of Subsidiary Guarantor], a
                                        
     and a subsidiary of the Partnership (the “Subsidiary Guarantor”) and (iv) [Name of Trustee], a
                                        
    , as trustee (the “Trustee”). 
 RECITALS OF THE PARTNERSHIP 
 The Partnership and the Guarantor have heretofore executed and delivered to the Trustee the Indenture dated as of July 15, 2002 (the
“Original Indenture”), providing for the issuance from time to time of one or more series of the Partnership’s unsecured senior debentures, notes or other evidences of indebtedness (the “Securities”), to be
guaranteed by the Guarantor, and the terms of which are to be determined as set forth in Section 301 of the Original Indenture. 
 The
Partnership, the Guarantor, the Affiliate Guarantor and the Trustee have heretofore executed and delivered the Third Supplemental Indenture dated July 1, 2005 (the “Third Supplemental Indenture”), amending and supplementing the
Original Indenture and providing for an unconditional guarantee by the Affiliate Guarantor of the due and punctual payment of the principal of, and premium, if any, and interest on the Securities (as defined in the Original Indenture) and all other
amounts due and payable under the Original Indenture and the Securities by the Partnership. 
 Pursuant to the provisions of Sections 201,
301 and 901 of the Original Indenture, as the same has been and may from time to time hereafter be amended and supplemented (as at any time so amended and supplemented, the “Indenture”), the Partnership has established one or more
series of Securities (herein called “Securities of the Affected Series”) to which the amendments of the Original Indenture contained in Article II of the Fourth Supplemental Indenture thereto dated April 4, 2008 (the
“Fourth Supplemental Indenture”) have been made applicable, and Section 1011 of the Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary Guarantor to execute and deliver to the
Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall guarantee the payment of the Securities of the Affected Series pursuant to a guarantee on the terms and conditions set forth herein. 
 Pursuant to Section 901 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 Now, Therefore, This Supplemental Indenture Witnesseth: 
 That in consideration of the premises and the issuance of the Securities of the Affected Series, the Partnership, the Guarantor, the Affiliate Guarantor, the Subsidiary Guarantor and the Trustee mutually covenant and
agree, for the equal and proportionate benefit of all Holders of the Securities of the Affected Series, as follows: 
  

 A-1 

 ARTICLE I 
 AMENDMENTS TO THE INDENTURE 
 The amendments and supplements contained herein shall apply to the Securities
of the Affected Series only and not to any other series of Securities issued under the Indenture, and any covenants provided herein are expressly being included solely for the benefit of the Securities of the Affected Series and the Holders thereof.
These amendments and supplements shall be effective only for so long as there remains any Securities of the Affected Series Outstanding. 
 SECTION 1.01 Definitions. Section 101 of the Indenture is amended and supplemented by inserting in the appropriate alphabetical position, the following definition: 
 “Securities of the Affected Series” means the Notes due 2018 and Securities of each other series to which the amendments of the Original
Indenture contained in Article II of the Fourth Supplemental Indenture have been made applicable. 
 SECTION 1.02 Unconditional
Guarantee. Unless such amendment shall have been effected by a previous supplemental indenture, the Indenture shall be amended and supplemented by inserting the following new Article XVI immediately after Article XV of the Indenture: 

“ARTICLE XVI 
 SECTION 1601.
Unconditional Guarantee. 
 For value received, each Subsidiary Guarantor hereby fully, irrevocably, unconditionally
and absolutely guarantees to the Holders and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on the Securities of the Affected Series and all other amounts due and payable under this Indenture and
the Securities of the Affected Series by the Partnership (including, without limitation, all costs and expenses (including reasonable legal fees and disbursements) incurred by the Trustee or the Holders in connection with the enforcement of this
Indenture and the Subsidiary Guarantees) (collectively, the “Indenture Obligations”), when and as such principal, premium, if any, and interest and such other amounts shall become due and payable, whether at the Stated Maturity,
upon redemption or by declaration of acceleration or otherwise, according to the terms of the Securities of the Affected Series and this Indenture. The guarantees by the Subsidiary Guarantors set forth in this Article XVI are referred to herein as
the “Subsidiary Guarantees.” Without limiting the generality of the foregoing, the Subsidiary Guarantors’ liability shall extend to all amounts that constitute part of the Indenture Obligations and would be owed by the
Partnership under this Indenture and the Securities of the Affected Series but for the fact that they are unenforceable, reduced, limited, impaired, suspended or not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the Partnership. 
 Failing payment when due of any amount guaranteed pursuant to the Subsidiary
Guarantees, for whatever reason, each Subsidiary Guarantor will be obligated (to the fullest extent permitted by applicable law) to pay the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever (whether for
taxes, withholding or otherwise). Each Subsidiary Guarantee hereunder is intended to be a general, unsecured, senior obligation of each Subsidiary Guarantor and will rank pari 

  

 B-2 

 
passu in right of payment with all indebtedness of such Subsidiary Guarantor that is not, by its terms, expressly subordinated in right of payment to the
Subsidiary Guarantee of such Subsidiary Guarantor. Each Subsidiary Guarantor hereby agrees that to the fullest extent permitted by applicable law, its obligations hereunder shall be full, irrevocable, unconditional and absolute, irrespective of the
validity, regularity or enforceability of the Securities of the Affected Series, the Subsidiary Guarantees or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or
thereof, any release of any other Subsidiary Guarantor the recovery of any judgment against the Partnership, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of such
Subsidiary Guarantor. Each Subsidiary Guarantor hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on any Securities of the Affected Series or any other amounts payable under this Indenture
and the Securities of the Affected Series by the Partnership, whether at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to
Section 507 hereof, by the Holders, on the terms and conditions set forth in this Indenture, directly against each Subsidiary Guarantor to enforce its Subsidiary Guarantees without first proceeding against the Partnership. 
 To the fullest extent permitted by applicable law, the obligations of each Subsidiary Guarantor under this Article XVII shall be as
aforesaid full, irrevocable, unconditional and absolute and shall not be impaired, modified, discharged, released or limited by any occurrence or condition whatsoever, including, without limitation, (i) any compromise, settlement, release,
waiver, renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor contained in any of the Securities of the
Affected Series or this Indenture, (ii) any impairment, modification, release or limitation of the liability of the Partnership, the Guarantor, the Affiliate Guarantor, any Subsidiary Guarantor or any of their estates in bankruptcy, or any
remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable Bankruptcy Law, as amended, or other statute or from the decision of any court, (iii) the assertion or exercise by the
Partnership, the Guarantor, the Affiliate Guarantor, any Subsidiary Guarantor or the Trustee of any rights or remedies under any of the Securities or this Indenture or their delay in or failure to assert or exercise any such rights or remedies,
(iv) the assignment or the purported assignment of any property as security for any of the Securities, including all or any part of the rights of the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor under this
Indenture, (v) the extension of the time for payment by the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor of any payments or other sums or any part thereof owing or payable under any of the terms and provisions
of any of the Securities or this Indenture or of the time for performance by the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor of any other obligations under or arising out of any such terms and provisions or the
extension or the renewal of any thereof, (vi) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor set forth in
this Indenture, (vii) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar 

  

 B-3 

 
proceeding affecting, the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor or any of their respective assets, or the
disaffirmance of any of the Securities, any of the Subsidiary Guarantees, the Affiliate Guarantee, the Guarantee or this Indenture in any such proceeding, (viii) the release or discharge of the Partnership, the Guarantor, the Affiliate
Guarantor or any Subsidiary Guarantor from the performance or observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (ix) the unenforceability of any of the Securities, the Subsidiary
Guarantees, the Affiliate Guarantee, the Guarantee or this Indenture, (x) any change in the name, business, capital structure, corporate existence, or ownership of the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary
Guarantor, or (xi) any other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, a surety or any Subsidiary Guarantor. 
 To the fullest extent permitted by applicable law, each Subsidiary Guarantor hereby (i) waives diligence, presentment, demand of
payment, notice of acceptance, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor, and all demands and notices whatsoever,
(ii) acknowledges that any agreement, instrument or document evidencing its Subsidiary Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each Holder of the Securities of the Affected Series without
notice to them and (iii) covenants that its Subsidiary Guarantee will not be discharged except by complete performance of the Subsidiary Guarantees. Each Subsidiary Guarantor further agrees that to the fullest extent permitted by applicable
law, if at any time all or any part of any payment theretofore applied by any Person to each Subsidiary Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or
reorganization of such Subsidiary Guarantor, such Subsidiary Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and such Subsidiary
Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not been made. 
 Each Subsidiary Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Partnership in respect of any amounts paid by the Subsidiary Guarantor pursuant to the provisions of this Indenture; provided,
however, that such Subsidiary Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation with respect to any of the Securities of the Affected Series until all of the Securities
of the Affected Series and the Subsidiary Guarantees thereof shall have been indefeasibly paid in full or discharged. 
 A
director, officer, employee or stockholder, as such, of a Subsidiary Guarantor shall not have any liability for any obligations of such Subsidiary Guarantor under this Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. 
 No failure to exercise and no delay in exercising, on the part of the Trustee or the
Holders, any right, power, privilege or remedy under this Article XVI and the Subsidiary Guarantees shall operate as a waiver thereof, nor shall any single or partial exercise of any rights, power, privilege or remedy preclude any other or further
exercise thereof, or the exercise of any other rights, powers, privileges or remedies. The rights and remedies 

  

 B-4 

 
herein provided for are cumulative and not exclusive of any rights or remedies provided in law or equity. Nothing contained in this Article XVI shall limit
the right of the Trustee or the Holders to take any action to accelerate the maturity of the Securities of the Affected Series pursuant to Article V or to pursue any rights or remedies hereunder or under applicable law. 
 SECTION 1602. Limitation of Subsidiary Guarantor’s Liability. 
 Each Subsidiary Guarantor and, by its acceptance of any Securities of the Affected Series, each Holder, hereby confirms that it is their
intention that the Subsidiary Guarantee by such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law to the extent applicable to the Subsidiary Guarantees. To effectuate the foregoing intention, each such Person hereby irrevocably agrees that the obligation of such Subsidiary Guarantor under its Subsidiary Guarantee shall be
limited to the maximum amount as shall, after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any rights to
contribution of such Subsidiary Guarantor pursuant to any agreement providing for an equitable contribution among such Subsidiary Guarantor and other Affiliates of the Partnership of payments made on account of guarantees by such parties, result in
the obligations of such Subsidiary Guarantor in respect of such maximum amount not constituting a fraudulent conveyance. Each Holder of Securities of the Affected Series, by accepting the benefits hereof, confirms its intention that, in the event of
bankruptcy, reorganization or other similar proceeding of either of the Partnership or any Subsidiary Guarantor in which concurrent claims are made upon such Subsidiary Guarantor hereunder, to the extent such claims shall not be fully satisfied,
each such claimant with a valid claim against the Partnership shall be entitled to a ratable share of all payments by such Subsidiary Guarantor in respect of such concurrent claims. 
 SECTION 1603. Execution and Delivery of Notation of Subsidiary Guarantees. 
 To further evidence the Subsidiary Guarantees, the Subsidiary Guarantor hereby agrees that a notation of such Subsidiary Guarantees in
substantially the form set forth below in Section 1605 shall be endorsed on each of the Securities of the Affected Series authenticated and delivered by the Trustee and executed by either manual or facsimile signature of an officer of the
Subsidiary Guarantor; provided that failure to include such notation on the any of the Securities of the Affected Series shall not affect the validity of the Subsidiary Guarantees. 
 Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantees shall remain in full force and effect notwithstanding any failure
to endorse on each of the Securities of the Affected Series a notation relating to the Subsidiary Guarantee thereof. 
 If an
officer of a Subsidiary Guarantor whose signature is on this Indenture or any of the Securities of the Affected Series no longer holds that office at the time the Trustee authenticates such Security or at any time thereafter, the Subsidiary
Guarantor’s Subsidiary Guarantee of such Security shall be valid nevertheless. 
  

 B-5 

 SECTION 1604. Form Of Notation On Security Relating To Subsidiary Guarantee. 
 FORM OF NOTATION ON SECURITY RELATING TO SUBSIDIARY GUARANTEE 
 The undersigned Subsidiary Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully,
unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities of this series
and all other amounts due and payable under the Indenture and the Securities of this series by the Partnership. 
 The
obligations of the Subsidiary Guarantor to the Holders of Securities of this series and to the Trustee pursuant to the Subsidiary Guarantees and the Indenture are expressly set forth in Article XVI of the Indenture and reference is hereby made to
the Indenture for the precise terms of the Subsidiary Guarantee. 
  

			
	Subsidiary Guarantor:
	
	[NAME OF SUBSIDIARY GUARANTOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 ARTICLE II 
 MISCELLANEOUS 
 SECTION 2.01 Execution as Supplemental Indenture. By its execution and delivery
of this Supplemental Indenture, the undersigned Subsidiary Guarantor agrees to be bound by the provisions of the Indenture, including those of Article XV thereof, as the same relate to the Notes due 2018 and all other Securities of the Affected
Series. This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture and, as provided in the Indenture, this Supplemental Indenture forms a part thereof. Except as herein expressly otherwise defined,
the use of the terms and expressions herein is in accordance with the definitions, uses and constructions contained in the Indenture. 
 SECTION 2.02 Responsibility for Recitals, Etc. The recitals herein and in the Securities of the Affected Series (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Partnership,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Securities of the Affected Series. The Trustee shall not be
accountable for the use or application by the Partnership of the Securities of the Affected Series or of the proceeds thereof. 
 SECTION 2.03 Provisions Binding on Partnership’s, Guarantor’s and Subsidiary Guarantor’s Successors. All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by the
Partnership with the Guarantor, the Affiliate Guarantor or the undersigned Subsidiary Guarantor shall bind its successors and assigns whether so expressed or not. 
  

 B-6 

 SECTION 2.04 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 2.05 Execution and Counterparts. This Supplemental Indenture may be
executed with counterpart signature pages or in any number of counterparts, each of which shall be an original but such counterparts shall together constitute but one and the same instrument. 
 SECTION 2.06 Capitalized Terms. Capitalized terms not otherwise defined in this Supplemental Indenture shall have the respective meanings assigned
to them in the Indenture. 
 (The remainder of this page is intentionally blank.) 
  

 B-7 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
  

					
	Partnership:
	
	NUSTAR LOGISTICS, L.P.
		
	By:	 	NuStar GP, Inc.,
		 	Its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Guarantor:
	
	NUSTAR ENERGY L.P.
		
	By:	 	Riverwalk Logistics, L.P.,
		 	its General Partner
			
		 	By:	 	NuStar GP, LLC,
		 		 	its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Affiliate Guarantor:
	
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
			
		 	By:	 	NUSTAR PIPELINE COMPANY, LLC,
		 		 	its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 B-8 

			
	Subsidiary Guarantor:
	
	[NAME OF SUBSIDIARY GUARANTOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Trustee:
	
	[NAME OF TRUSTEE], AS TRUSTEE
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 B-9Executive Employment Agreement by & between Tronox Inc. & Thomas W. Adams

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (“Agreement”), is made and entered
into as of the 1st day of April, 2008 by and between Tronox Incorporated, a Delaware corporation (hereinafter the “Company” or “Employer”), and Thomas W. Adams (hereinafter the “Executive”). This Agreement replaces and
renders void any other agreement of employment between the Company and the Executive, including that certain Continuity Agreement between the Company and Executive dated November 28, 2005 (the “Prior Agreement”). 
 WHEREAS: Executive has been employed by the Company for 25 years and is currently Chief Executive Officer; and 
 WHEREAS, Executive possesses an intimate knowledge of the business and affairs of the Company, its policies, methods, personnel and problems; and

 WHEREAS, the Board of Directors of the Company (hereinafter the “Board,” which term includes any committees of the Board)
recognizes that the Executive’s contribution to the Company has been substantial and desires to assure the Company of Executive’s continued employment in an executive capacity and to compensate Executive therefor; and 
 WHEREAS Executive has specific duties and unique talents which are of a benefit to the Company both presently and in the future; and 
 WHEREAS, the Company’s Board considers the continued services of key executives of the company to be in the best interests of the Company and its
stockholders; and 
 WHEREAS, the Company’s Board desires to assure, and has determined that it is appropriate and in the best interests
of the Company and its stockholders to reinforce and encourage the continued attention and dedication of key executives of the Company to their duties of employment without personal distraction or conflict of interest in circumstances which could
arise from the occurrence of a change in control of the Company; and 
 WHEREAS, the Company’s Board has previously authorized the
Company to enter into continuity agreements including the Prior Agreement with the key executives of the Company and any of its respective subsidiaries (such entities are hereinafter included in the term the “Employer” as the context may
require), which agreements set forth, among other things, the severance compensation which the Company agrees under certain circumstances to pay such executives; and 
 WHEREAS, the Company’s Board and the Executive desire to amend and replace the Prior Agreement, amend the term of the Prior Agreement and to enter into this Agreement to address the matters previously included in
the Prior Agreement and additional matters; and 
 WHEREAS, this Agreement is intended to comply with the provisions of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”). This Agreement shall be interpreted, operated, and administered in a manner consistent with these intentions, and the parties agree to amend this Agreement further (if necessary)
in order to avoid the adverse tax consequences of Code Section 409A. 
  

 1 

 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive agree as follows: 
 1. Term. This Agreement shall become effective on the date hereof first written above (the “Effective Date”) and remain in effect until the third anniversary thereof. Unless the Company informs the Executive, in writing, at
least 180 days prior to the end of the initial term or any renewal date, that this Agreement shall not be renewed, this Agreement shall automatically renew for additional one (1) year terms on each successive anniversary date of the preceding
term. The foregoing shall constitute the “Term” of this Agreement for purposes hereof and all of the period during the Term shall be referred to as the “Employment Period”. 
 2. Position and Duties. During the Employment Period, Executive will devote substantially all of Executive’s working time, attention and
energies (other than absences due to illness or vacation) to the performance of Executive’s duties for the Company. Notwithstanding the above, Executive will be permitted, to the extent such activities do not interfere with the performance by
Executive of Executive’s duties and responsibilities under this Agreement or violate Sections 14(a) or (b) of this Agreement, to (i) manage Executive’s personal, financial and legal affairs, and (ii) serve on civic or other
boards or committees. 
 3. Place of Performance. Executive’s place of employment will be the Company’s principal executive
offices in Oklahoma City, Oklahoma. 
 4. Compensation and Related Matters. 
 (a) Base Salary. During the Employment Period, the Company will pay Executive a base salary (“Base Salary”), to be set by the Board and
reviewed in accordance with the Company’s compensation policies from time to time established by the Board. The Base Salary will be paid in approximate equal installments in accordance with the Company’s customary payroll practices.

 (b) Annual Incentive Bonus. During each year of the Employment Period, Executive shall participate in the Company’s Annual
Incentive Compensation Plan, as amended, replaced and determined from time to time by the Board. 
 (c) Welfare, Pension and Incentive
Benefit Plans; Reimbursement for COBRA Coverage. During the Employment Period, Executive (and Executive’s spouse and/or dependents to the extent provided in the applicable plans and programs) will be entitled to participate in and be
covered under all the welfare benefit plans or programs maintained by the Company for the benefit of its senior executive officers pursuant to the terms of such plans and programs including, without limitation, all medical, life, hospitalization,
dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive will be eligible to participate in all pension, retirement, savings and other employee
benefit plans and programs and long-term incentive plans maintained from time to time by the Company for the benefit of its senior executive officers. 
  

 2 

 (d) Fringe Benefits. During the Employment Period, the Company will provide Executive with such
other fringe benefits as commensurate with Executive’s position and as determined from time to time by the Board. 
 5. Change in
Control. No compensation or other benefit pursuant to Section 7 hereof shall be payable under this Agreement unless and until either (i) a Change in Control of the Company (as hereinafter defined) shall have occurred while the
Executive is employed by an Employer and the Executive’s employment by an Employer thereafter shall have terminated in accordance with Section 6 hereof or (ii) the Executive’s employment by an Employer shall have terminated in
accordance with Section 6(a)(ii) hereof prior to the occurrence of the Change in Control. For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred if, beginning on the Effective Date and before the end of
the Term of this Agreement: 
 (a) any person (“Person”) as defined in Section 3(a)(9) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and as used in Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the Exchange Act but excluding the Company and any subsidiary and any employee benefit
plan sponsored or maintained by the Company or any subsidiary (including any trustee of such plan acting as trustee), directly or indirectly, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), of securities
of the Company representing 25% or more of the combined voting power of the Company’s then outstanding securities (other than indirectly as a result of the Company’s redemption of its securities); or 
 (b) the consummation of any merger or other business combination of the Company, sale of 50% or more of the Company’s assets, liquidation or
dissolution of the Company or combination of the foregoing transactions (the “Transactions”) other than a Transaction immediately following which the shareholders of the Company and any trustee or fiduciary of any Company employee benefit
plan immediately prior to the Transaction own at least 60% of the voting power, directly or indirectly, of (A) the surviving corporation in any such merger or other business combination; (B) the purchaser of or successor to the
Company’s assets; (C) both the surviving corporation and the purchaser in the event of any combination of Transactions; or (D) the parent company owning 100% of such surviving corporation, purchaser or both the surviving corporation
and the purchaser, as the case may be; or 
 (c) within any twenty-four month period, the persons who were directors immediately before the
beginning of such period (the “Incumbent Directors”) shall cease (for any reason other than death) to constitute at least a majority of the Board or the board of directors of a successor to the Company. For this purpose, any director who
was not a director at the beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the Board by, or on the recommendation of or with the approval of, at least two-thirds of the directors who then qualified
as Incumbent Directors (so long as such director was not nominated by a person who commenced or threatened to commence an election contest or proxy solicitation by or on behalf of a Person (other than the Board) or who has entered into an agreement
to effect a Change in Control or expressed an intention to cause such a Change in Control); or 
 (d) a majority of the members of the Board
in office immediately prior to a proposed transaction determine by a written resolution that such proposed transaction, if taken, will be deemed a Change in Control and such proposed transaction is consummated. 
  

 3 

 6. Termination of Employment; Definitions. 
 (a) Termination without Cause by the Company or for Good Reason by the Executive. 
 (i) The Executive shall be entitled to the compensation provided for in Section 7 hereof, if within three years after a Change in Control, the
Executive’s employment by an Employer shall be terminated (A) by an Employer for any reason other than (I) the Executive’s Disability or Retirement, (II) the Executive’s death or (III) for Cause, or (B) by the Executive
with Good Reason (all terms are as hereinafter defined), unless such termination occurs with the Executive’s prior written consent expressly waiving the rights provided hereunder. 
 (ii) The Executive shall be entitled to the compensation provided for in Section 7 hereof if, (A) in the event that an agreement is executed
and delivered which, if consummated, would result in a Change of Control and, within 12 months thereafter, the Executive is terminated without Cause by the Company (other than on account of Executive’s Death or Disability) or terminates
employment with Good Reason prior to the Change in Control, (B) such termination is at the request or instigation of the acquiror or merger partner or otherwise in connection with the anticipated Change in Control, and (C) within said 12
month period, such Change in Control actually occurs. 
 (iii) The Executive shall be entitled to the compensation provided for in
Section 8 hereof if (x) the Executive’s employment by an Employer shall be terminated by an Employer for any reason other than (I) the Executive’s Disability or Retirement, (II) the Executive’s death or (III) for Cause
and (y) the provisions of clauses (i) or (ii) above do not apply to such termination. 
 (b) Disability. For purposes
of this Agreement, “Disability” shall mean the Executive’s absence from the full-time performance of the Executive’s duties (as such duties existed immediately prior to such absence) for 180 consecutive business days, when the
Executive is disabled as a result of incapacity due to physical or mental illness. 
 (c) Retirement. For purposes of this Agreement,
“Retirement” shall mean the Executive’s voluntary termination of employment pursuant to late, normal or early retirement under a pension plan sponsored by an Employer, as defined in such plan, but only if such retirement occurs prior
to a termination by an Employer without Cause or by the Executive for Good Reason. 
 (d) Cause. For purposes of this
Agreement, “Cause” shall mean: 
 (i) the willful and continued failure of the Executive to perform substantially all of
Executive’s duties with an Employer (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to such Executive by the Board which specifically
identifies the manner in which the Board believes that the Executive has not substantially performed Executive’s duties; 
  

 4 

 (ii) the willful engaging by the Executive in gross misconduct which is materially and demonstrably
injurious to the Company or any Employer; or 
 (iii) the conviction of, or plea of guilty or nolo contendere to, a felony.

 Termination of the Executive for Cause shall be made by delivery to the Executive of a copy of a resolution duly adopted by the
affirmative vote of not less than a three-fourths majority of the non-employee Directors of the Company or of the ultimate parent of the entity which caused the Change in Control (if the Company has become a subsidiary) at a meeting of such
Directors called and held for such purpose, after 30 days prior written notice to the Executive specifying the basis for such termination and the particulars thereof and a reasonable opportunity for the Executive to cure or otherwise resolve the
behavior in question prior to such meeting, finding that in the reasonable judgment of such Directors, the conduct or event set forth in any of clauses (i) through (iii) above has occurred and that such occurrence warrants the Executive's
termination. 
 (e) Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence, within the Term of
this Agreement, of any of the following without the Executive’s written consent expressly waiving the rights provided hereunder: 
 (i)
any material and adverse diminution in the Executive’s duties or responsibilities with the Company (or any affiliate thereof) from those in effect immediately prior to the Change in Control; 
 (ii) any reduction in the Executive’s annual base salary or any adverse change in bonus opportunity or participation in cash bonus programs in
effect immediately prior to the Change in Control; 
 (iii) any requirement that Executive be based at a location more than 35 miles from
the location at which the Executive was based immediately prior to the Change in Control (or a substantial increase in the amount of travel Executive is required to do because of a relocation of the executive offices); 
 (iv) any failure by the Company to obtain from any successor to the Company an agreement reasonably satisfactory to the Executive to assume and perform
this Agreement, as contemplated by Section 10(a) hereof; or 
 (v) any amendment, reduction or termination of any benefit plan, program
or arrangement, which has the effect of causing the Executive to have benefits which are substantially decreased, in the aggregate, from those benefits provided to the Executive immediately prior to the Change in Control. 
 Notwithstanding the foregoing, in the event Executive provides the Company with a Notice of Termination (as defined below) referencing this
Section 6(e) (with the exception of Section 6(e)(v)), the Company shall have 30 days thereafter in which to cure or resolve the behavior otherwise constituting Good Reason. 
 (f) Notice of Termination. Any purported termination of the Executive’s employment (other than on account of Executive’s death) with an
Employer, if such termination 

  

 5 

 
occurs after the occurrence of a Change in Control or under circumstances specified under Section 6(a)(ii) above, shall be communicated by a Notice of
Termination to the Executive, if such termination is by an Employer, or to an Employer, if such termination is by the Executive. For purposes of this Agreement, “Notice of Termination” shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provisions so indicated. For
purposes of this Agreement, no purported termination of Executive’s employment with an Employer shall be effective without such a Notice of Termination having been given. 
 7. Compensation Upon Termination After a Change in Control. 
 Subject to Section 12 hereof, if after or in connection with a Change in Control, the Executive’s employment by an Employer is terminated under circumstances requiring payments in accordance with
Section 6(a)(i) or (ii), the Executive shall be entitled to the following payments and benefits: 
 (a) Severance. The Company
shall pay or cause to be paid to the Executive a lump sum cash severance amount equal to two (2) times the sum of (A) the Executive’s annual Base Salary on the date of the Change in Control (or, if higher, the annual base salary in
effect immediately prior to the giving of the Notice of Termination) and (B) the Executive’s target bonus for the year in which the Notice of Termination is given. 
 (b) Additional Payments and Benefits. The Executive shall also be entitled to: 
 (i) a lump sum cash payment equal to the sum of (A) the Executive’s accrued but unpaid annual base salary through the date of termination,
(B) the unpaid portion, if any, of bonuses previously earned by the Executive pursuant to the Company’s incentive award program, plus the pro rata portion of the target bonus to be paid for the year in which the date of termination occurs
(calculated through the date of termination), and (C) an amount, if any, equal to any accrued vacation pay, in full satisfaction of Executive’s rights thereto; 
 (ii) a lump sum cash payment equal to the aggregate sum of (A) additional pension contributions in an amount equal to the Company’s contributions under the Company’s 401(k) plan, profit sharing or other
savings pension plans (or such other qualified and nonqualified defined contribution pension plans as then in effect) for the two (2) year period following the date of termination (the “Separation Period”) (based on assumed rates of
Executive’s contributions at the level of participation in effect as of the last date Executive was permitted to participate); and (B) the difference between the discounted present value (i.e., lump sum value) of the annuity benefit the
Executive is entitled to receive under the Company’s qualified and nonqualified defined benefit retirement programs in which the Executive is a participant calculated through the date of termination and the discounted present value (i.e., lump
sum value) of the annuity benefit the Executive would be entitled to receive under such retirement programs calculated after adding an additional two years of credit to age and service up to a maximum of age 65 as if the Executive had been paid at
the rate used to calculate the payments under Section 7(a), provided that the such credits shall not be added to any additional credits already provided by the terms of any other Company programs in respect of the termination covered hereby and
Executive shall be entitled only to the greater of the credits 

  

 6 

 
provided herein or those of any other program; discounted present value (i.e., lump sum value) shall be calculated using a discount factor equal to one
percentage point below the rate of interest, per annum, publicly announced by The Chase Manhattan Bank, N.A. as its prime rate in effect at its principal office in New York City, and using the actuarial factors set forth in the defined benefit
retirement program; 
 (iii) continued medical, dental, vision, and life insurance coverage (excluding accident, death, and disability
insurance) for the Executive and the Executive’s eligible dependents, on the same basis as in effect prior to the Change in Control or the Executive’s termination, whichever is deemed to provide for more substantial benefits, for a period
ending on the earlier of (A) the end of the Separation Period or (B) the commencement of comparable coverage by the Executive with a subsequent employer; provided, however, to the extent required, to effect the foregoing, the Company shall
reimburse the Executive for the COBRA premiums paid by the Executive for the first six months following the Executive’s termination on or before the first business day of the eighth month following the Executive’s termination. The Company
shall also pay the Executive’s COBRA premiums for a period commencing on the six-month anniversary of the date of the Executive’s termination through the end of the COBRA period. Subsequent to the COBRA period, the Company shall continue
to provide, for a period of up to 18 months following the last day of the Executive’s COBRA period , the Executive (and the Executive’s eligible dependents, if applicable) with the same level of health insurance benefits upon substantially
similar terms and conditions (including contributions required by the Executive for such benefits) as existed immediately prior to the Executive’s termination (or, if more favorable to the Executive, as such benefits and terms and conditions
existed immediately prior to the Change in Control). 
 (iv) unless it would adversely affect the Company’s ability to use pooling of
interest accounting in a Change in Control transaction in which such accounting is intended to be used, immediate 100% vesting of all outstanding stock options, stock appreciation rights, performance awards and restricted stock granted or issued by
any Employer to the extent not previously vested on or following the Change of Control; and 
 (v) all other accrued or vested benefits in
accordance with the terms of the applicable plan (with an offset for any amounts paid under Section 7(b)(i)(C), above). 
 (c)
Outplacement. If so requested by the Executive, outplacement services shall be provided by a professional outplacement provider selected by Executive; provided, however, that such outplacement services shall be provided the Executive at an
aggregate total cost to the Company of not more than ten (10) percent of such Executive’s annual base salary. All expenses related to outplacement services under this Section 7(d) must be incurred by the end of the second year, and
reimbursement for such services must in fact be made by the end of the third year, following the year in which the Termination occurs. 
 8.
Compensation Upon Termination by Company Without Cause Prior to a Change of Control. 
 Subject to Section 12, in the event
Executive’s employment is terminated by Company without Cause prior to a Change in Control, except as otherwise provided in Section 6(a)(ii), 

  

 7 

 
Executive will be entitled to the benefits specified in this Section 8(a). Notwithstanding anything herein or in any other plan or agreement to the
contrary, the benefits and payments pursuant to this Section 8 are not in addition to any similar payments or benefits otherwise available to Executive and shall be reduced, but not less than zero, by the amount of any other similar payments or
benefits provided by the Company or any of its plans as a result of the termination, including without limitation any replacements or continuations of the Company’s ITP Plan (which is currently expired) or any similar plans. 
 (a) the Company shall pay Executive a lump sum cash severance amount equal to two (2) times the sum of (i) the Executive’s annual Base
Salary on the date of termination and (ii) the Executive’s target bonus for the year in which the Notice of termination is given; 
 (b) The Executive shall also be entitled to: 
 (i) a lump sum cash payment equal to the sum of (A) the Executive’s
accrued but unpaid annual base salary through the date of termination, (B) the unpaid portion, if any, of bonuses previously earned by the Executive pursuant to the Company’s incentive award program, plus the pro rata portion of the actual
bonus, if any, to be paid for the year in which the date of termination occurs (calculated through the date of termination), and (C) an amount, if any, equal to any accrued vacation pay, in full satisfaction of Executive’s rights thereto;

 (ii) a lump sum cash payment equal the difference between the discounted present value (i.e., lump sum value) of the annuity benefit the
Executive is entitled to receive under the Company’s qualified and nonqualified defined benefit retirement programs in which the Executive is a participant calculated through the date of termination and the discounted present value (i.e., lump
sum value) of the annuity benefit the Executive would be entitled to receive under such retirement programs calculated after adding an additional two years of credit to age and service up to a maximum of age 65 as if the Executive had been paid at
the rate used to calculate the payments under Section 8(a), provided that the additional credits added with respect to each retirement program shall not exceed two years when added to any additional credits already provided by the terms of such
programs in respect of the termination covered hereby; discounted present value (i.e., lump sum value) shall be calculated using a discount factor equal to one percentage point below the rate of interest, per annum, publicly announced by The Chase
Manhattan Bank, N.A. as its prime rate in effect at its principal office in New York City, and using the actuarial factors set forth in the defined benefit retirement program; 
 (c) continued medical, dental, vision, and life insurance coverage (excluding accident, death, and disability insurance) for the Executive and the
Executive’s eligible dependents, on the same basis as in effect prior to the Change in Control or the Executive’s termination, whichever is deemed to provide for more substantial benefits, for a period ending on the earlier of (A) the
end of the Separation Period or (B) the commencement of comparable coverage by the Executive with a subsequent employer; provided, however, to the extent required, to effect the foregoing, the Company shall reimburse the Executive for the COBRA
premiums paid by the Executive for the first six months following the Executive’s termination on or before the first business day of the eighth month following the Executive’s termination. The Company shall also pay the Executive’s
COBRA premiums for a period commencing on the 

  

 8 

 
six-month anniversary of the date of the Executive’s termination through the end of the COBRA period. Subsequent to the COBRA period, the Company shall
continue to provide, for a period of up to 18 months following the last day of the Executive’s COBRA period , the Executive (and the Executive’s eligible dependents, if applicable) with the same level of health insurance benefits upon
substantially similar terms and conditions (including contributions required by the Executive for such benefits) as existed immediately prior to the Executive’s termination (or, if more favorable to the Executive, as such benefits and terms and
conditions existed immediately prior to the Change in Control). 
 (d) the Company will reimburse Executive, pursuant to the Company’s
policy, or reasonable business expenses incurred, but not paid, prior to the Date of Termination; 
 (e) If so requested by the Executive,
outplacement services shall be provided by a professional outplacement provider selected by Executive; provided, however, that such outplacement services shall be provided the Executive at an aggregate total cost to the Company of not more than ten
(10) percent of such Executive's annual base salary. All expenses related to outplacement services under this Section 8(e) must be incurred by the end of the second year, and reimbursement for such services must in fact be made by the end
of the third year, following the year in which the Termination occurs; and 
 (f) Executive will be entitled to any other rights,
compensation and/or benefits as may be due Executive following termination to which he/she is otherwise entitled in accordance with the terms and provisions of any plans and programs of the Company. 
 9. Compensation Upon Termination for Death, Disability or Retirement. 
 If an Executive’s employment is terminated for Death, Disability or Retirement prior to any other termination, Executive will receive: 
 (a) the sum of (i) Executive’s accrued but unpaid salary through the date of Termination, (ii) the pro rata portion of the Executive’s target bonus for the year of Executive’s Death or
Disability (calculated through the date of Termination) (but not in the event of Retirement), and (iii) an amount equal to any accrued vacation pay; and 
 (b) other accrued or vested benefits in accordance with the terms of the applicable plan (with an offset for any amounts paid under item (a)(iii), above). 
 (c) All amounts payable under this Section 9(a) shall be payable within 30 days following the Executive’s Separation from Service. 

10. Compensation Upon Termination for Cause or by Executive. 
 If an Executive’s employment is terminated (i) by the Company for Cause or (ii) by Executive for any reason other than Good Reason after a Change in Control, Death, Disability or Retirement, Executive
will receive: 
 (a) the sum of (i) Executive’s accrued but unpaid salary through the date of termination payable in accordance with
the employer’s standard payroll practices, and (ii) an amount equal to any accrued vacation pay; and 
  

 9 

 (b) other accrued or vested benefits in accordance with the terms of the applicable plan (with an offset
for any amounts paid under (a)(ii), above). 
 11. Excess Parachute Payments. 
 (a) (i) If it is determined (as hereafter provided) that any payment or distribution by the Company or any Employer to or for the benefit of the Executive
pursuant to Section 7, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement in connection with a
Change in Control, including without limitation any stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a “Severance
Payment”), would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto) by reason of being “contingent on a change in ownership or control” of the Company, within the meaning of
Section 280G of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties,
are hereafter collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive an additional payment or payments (a “Gross-Up Payment”) in an amount such that, after payment by the Executive of all
taxes (including any interest or penalties imposed with respect to such taxes), including any Excise Tax, imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Severance
Payments. 
 (ii) Subject to the provisions of Section 11(a)(i) hereof, all determinations required to be made under this
Section 11, including whether an Excise Tax is payable by the Executive and the amount of such Excise Tax and whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by the nationally recognized firm of
certified public accountants (the “Accounting Firm”) used by the Company prior to the Change in Control (or, if such Accounting Firm declines to serve, the Accounting Firm shall be a nationally recognized firm of certified public
accountants selected by the Executive). The Accounting Firm shall be directed by the Company or the Executive to submit its preliminary determination and detailed supporting calculations to both the Company and the Executive within 15 calendar days
after the Termination Date, if applicable, and any other such time or times as may be requested by the Company or the Executive. If the Accounting Firm determines that any Excise Tax is payable by the Executive, the Company shall pay the required
Gross-Up Payment to, or for the benefit of, the Executive within five business days after receipt of such determination and calculations. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall, at the same time as
it makes such determination, furnish the Executive with an opinion that he/she has substantial authority not to report any Excise Tax on Executive’s federal, state, local income or other tax return. Any determination by the Accounting Firm as
to the amount of the Gross-Up Payment shall be binding upon the Company and the Executive absent a contrary determination by the Internal Revenue Services or a court of competent jurisdiction; provided, however, that no such determination shall
eliminate or reduce the Company's obligation to provide any Gross-Up Payment that shall be due as a result of such contrary determination. As a result of the uncertainty in the application of Section 4999 of the Code (or any successor provision
thereto) and the possibility of similar uncertainty regarding state or local tax law at the time of any determination by the Accounting Firm hereunder, it is 

  

 10 

 
possible that Gross-Up Payments that will not have been made by the Company should have been made (an “Underpayment”), consistent with the
calculations required to be made hereunder. In the event that the Company exhausts or fails to pursue its remedies pursuant to Section 10 hereof and the Executive thereafter is required to make a payment of any Excise Tax, the Executive shall
direct the Accounting Firm to determine the amount of the Underpayment that has occurred and to submit its determination and detailed supporting calculations to both the Company and the Executive as promptly as possible. 
 (iii) The federal, state and local income or other tax returns filed by the Executive (or any filing made by a consolidated tax group which includes the
Company) shall be prepared and filed on a consistent basis with the determination of the Accounting Firm with respect to the Excise Tax payable by the Executive. The Executive shall make proper payment of the amount of any Excise Tax, and at the
request of the Company, provide to the Company true and correct copies (with any amendments) of Executive’s federal income tax return as filed with the Internal Revenue Service and corresponding state and local tax returns, if relevant, as
filed with the applicable taxing authority, and such other documents reasonably requested by the Company, evidencing such payment. If prior to the filing of the Executive’s federal income tax return, or corresponding state or local tax return,
if relevant, the Accounting Firm determines that the amount of the Gross-Up Payment should be reduced, the Executive shall within five business days pay to the Company the amount of such reduction. 
 (iv) The Company and the Executive shall each provide the Accounting Firm access to and copies of any books, records and documents in the possession of
the Company or the Executive, as the case may be, reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determination contemplated by Section 11(a)
hereof. 
 (v) The fees and expenses of the Accounting Firm for its services in connection with the determinations and calculations
contemplated by Sections 11(a)(ii) and (iv) hereof shall be borne by the Company. If such fees and expenses are initially advanced by the Executive, the Company shall reimburse the Executive the full amount of such fees and expenses within five
business days after receipt from the Executive of a statement therefor and reasonable evidence of Executive’s payment thereof. Notwithstanding the immediately preceding, reimbursement of fees and expenses under this Section 11(a)(v) must
be made before the end of the Executive's taxable year next following the Executive’s taxable year in which such fee or expense was incurred. The amount of fees or expenses eligible for reimbursement under this Section 11(a)(v) during a
year may not affect the fees or expenses eligible for reimbursement under this Section 11(a)(v) in any other taxable year. 
 (b) In the
event that the Internal Revenue Service claims that any payment or benefit received under this Agreement constitutes an “excess parachute payment,” within the meaning of Section 280G(b)(1) of the Code, the Executive shall notify the
Company in writing of such claim. Such notification shall be given as soon as practicable but no later than 10 business days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the
date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30 day period following the date on which the Executive gives such notice to the Company (or such shorter period ending on the
date that any payment of taxes with respect to such claim is due). If the Company notifies the 

  

 11 

 
Executive in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall (i) give the Company any
information reasonably requested by the Company relating to such claim; (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including without limitation, accepting
legal representation with respect to such claim by an attorney reasonably selected by the Company and reasonably satisfactory to the Executive; (iii) cooperate with the Company in good faith in order to effectively contest such claim; and
(iv) permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including, but not limited to, additional interest and penalties and
related legal, consulting or other similar fees) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for and against any Excise Tax or other tax (including interest and penalties with
respect thereto) imposed as a result of such representation and payment of costs and expenses. 
 (c) The Company shall control all
proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option,
either pay the tax claimed and direct the Executive to sue for a refund or direct the Executive to contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal,
in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company pays such claim and directs the Executive to sue for a refund, the Company shall indemnify and hold
the Executive harmless, on an after-tax basis, from any Excise Tax or other tax (including interest and penalties with respect thereto) imposed with respect to such payment or with respect to any imputed income with respect to such payment; and
provided, further, that if the Executive is required to extend the statute of limitations to enable the Company to contest such claim, the Executive may limit this extension solely to such contested amount. The Company’s control of the
contest shall be limited to issues with respect to which a corporate deduction would be disallowed pursuant to Section 280G of the Code and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority. In addition, no position may be taken nor any final resolution be agreed to by the Company without the Executive’s consent if such position or resolution could reasonably be expected to
adversely affect the Executive (including any other tax position of the Executive unrelated to matters covered hereby). 
 (d) If, after
payment by the Company in connection with the contest of the Excise Tax claim, the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall promptly pay to the Company the amount of such refund (together with
any interest paid or credited thereon after taxes applicable thereto); provided, however, if the amount of that refund exceeds the amount paid by the Company or it is otherwise determined for any reason that additional amounts could be paid to the
Executive without incurring any Excise Tax, any such amount will be promptly paid by the Company to the Executive (or shall be applied to reduce any amount that Executive would otherwise be required to pay the Company). If, after payment by the
Company in connection with an Excise Tax claim, a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest the denial of
such refund prior to the expiration of 30 days after such determination, the Company shall have no claim against the Executive for the amount paid and such amount shall be deemed to be in consideration for services rendered after the date of the
Termination. 
  

 12 

 (e) Notwithstanding the foregoing, if the payment described in Section 11(c) is determined by the
Company to be impermissible under applicable law, then no such payment shall be made, nor shall the Company direct the Executive to pay the tax claimed and sue for a refund. 
 (f) Subject to Section 11(e), the Company shall make any payment required under this Section 11 (other than payments reimbursing the Executive
for professional fees and expenses already addressed in this Section 11) to the Executive as soon as practicable after any Excise Tax is paid by the Executive; provided, however, that such payments must be made before the end of the
Executive’s taxable year next following the Executive’s taxable year in which the Executive remits such taxes. In addition, a right to a payment under this Section 11 that is incurred due to a tax audit or litigation addressing the
existence or amount of a tax liability, such payment must be made by the end of the year following the year in which the taxes that are the subject of the audit or litigation are remitted, or where as a result of such audit or litigation no taxes
are remitted, the end of the year following the year in which the audit is completed or there is a final and nonappealable settlement or other resolution to the litigation. 
 12. Timeline of Payments; Withholdings. 
 (a) Timing of Payments. All lump sum payments under this Agreement shall be paid within 15 business days after Executive’s Separation from Service, provided, however, that such payment may be paid within 30 days
after the Executive’s Separation from Service in the event that the Company requires the Executive to sign a release at the time of Termination. 
 Notwithstanding anything in this Agreement, if the Executive is a Key Employee, all amounts payable under this Agreement in a lump sum on account of the Executive’s termination shall be paid in a lump-sum on the
date that is six months following the Executive’s Separation from Service (or on the date of the Executive’s death, if earlier). 
 For purposes of this Section 12: 
 (i) The term “Key Employee” means an employee treated as a “specified
employee” under Code section 409A(a)(2)(B)(i) (i.e., a key employee (as defined in Code section 416(i) without regard to paragraph (5) thereof)) of the Company. Key Employees shall be determined in accordance with Code section 409A using a
December 31 identification date. A listing of Key Employees as of an identification date shall be effective for the 12-month period beginning on the April 1 following the identification date. 
 (ii) The term “Separation from Service” means mean a “separation from service” within the meaning of Section 409A of the Code.

 (b) Withholding. All payments and benefits provided pursuant to this Agreement shall be subject to any applicable payroll and other
taxes required to be withheld. 
 13. Effect of Other Rights. 
 (a) Expenses. In addition to all other amounts payable to the Executive under 

  

 13 

 
this Agreement, during the Executive’s lifetime, the Company shall pay or reimburse the Executive for reasonable legal fees (including without
limitation, any and all court costs and reasonable attorneys’ fees and expenses) incurred by the Executive in connection with or as a result of any claim, action or proceeding brought by the Company or the Executive with respect to or arising
out of this Agreement or any provision hereof; provided, however, that the Company shall have no obligation to pay any such legal fees, if (i) in the case of an action brought by the Executive, the Company is successful in establishing with the
court that the Executive’s action was frivolous or otherwise without any reasonable legal or factual basis; or (ii) in connection with any such claim, action or proceeding arising out of Section 16 of this Agreement. Reimbursement of
eligible expenses under this Section 13(a) must be made before the end of the Executive’s taxable year next following the Executive’s taxable year in which such expense was incurred. The amount of expenses eligible for reimbursement
under this Section 13(a) during a year may not affect the expenses eligible for reimbursement in any other taxable year. 
 (b)
Obligations Absolute. The obligations of the Company to make the payments to the Executive and to make the arrangements provided for herein shall be absolute and unconditional and shall not be reduced by any circumstances, including without
limitation any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or any third party at any time. 
 (c) Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the
Company or any other Employer and for which the Executive may qualify, nor shall anything herein limit or reduce such rights as the Executive may have under any agreements with the Company or any other Employer; provided, however, the terms and
conditions of compensation or benefits specifically addressed in this Agreement (e.g., the right to severance pay for a termination of employment) shall be determined solely in accordance with the terms of this Agreement. The terms and conditions of
compensation or benefits not specifically addressed in this Agreement shall be determined in accordance with the applicable documents governing such compensation and benefits (e.g., the amount and timing of payments with respect to performance units
upon a Change in Control is governed by the appropriate long term incentive plan, and the amount and timing of benefits under the Tronox Incorporated Defined Contribution or Defined Benefit Restoration Planed Compensation Plans is governed by such
plans), and the amount and timing of benefits under the Company's qualified and non-qualified defined benefit retirement programs are governed by the applicable retirement plan. 
 (d) Joint and Several. Each entity included in the definition of “Employer” and any successors or assigns shall be joint and severally
liable with the Company under this Agreement. 
 (e) This Agreement supersedes all prior agreements covering change in control, including the
Prior Agreement, and any other subject matter covered by this Agreement and Executive hereby represents that the Executive has no other oral or written representations, understandings or agreements with the Company or any of its officers, directors
or representatives covering any such subject matter and agrees that any and all prior written agreements relating to such subject matter shall be terminated effective as of the Effective Date of this Agreement and shall be of no further force or
effect. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any Company plan or program of the Company or any other Employer shall be payable in accordance with such plan or program, except as explicitly
modified by this Agreement. 
  

 14 

 14. Successors; Binding Agreement, Assignment. 
 (a) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business of the Company, by agreement to expressly, absolutely and unconditionally assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a material breach of this Agreement and shall entitle the Executive to terminate the Executive’s employment with the Company
or such successor for Good Reason immediately prior to or at any time after such succession. As used in this Agreement, the “Company” shall mean (i) the Company as hereinbefore defined, and (ii) any successor to all the stock of
the Company or to all or substantially all of the Company’s business or assets which executes and delivers an agreement provided for in this Section or which otherwise becomes bound by all the terms and provisions of this Agreement by operation
of law, including any parent or subsidiary of such a successor. 
 (b) This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would be payable to the Executive hereunder if the Executive had
continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s estate or designated beneficiary. Neither this Agreement nor any right arising hereunder may
be assigned or pledged by the Executive. 
 15. Notice. For purpose of this Agreement, notices and all other communications provided
for in this Agreement or contemplated hereby shall be in writing and shall be deemed to have been duly given when personally delivered, delivered by a nationally recognized overnight delivery service or when mailed United States certified or
registered mail, return receipt requested, postage prepaid, and addressed, in the case of the Company, to the Company at: 
 Tronox Incorporated 
 One Leadership Square 
 Suite 300 
 211 N. Robinson Avenue 
 P.O. Box 268859 
 Oklahoma City, Oklahoma 73126-8859 
 Attention: Chief Executive Officer 
 (with a copy to General Counsel) 
 and in the case of the Executive, to the Executive at the address set forth on the execution page at the end hereof. 
 Either party may designate a different address by giving notice of change of address in the manner provided above, except that notices of change of
address shall be effective only upon receipt. 
  

 15 

 16. Confidentiality. 
 (a) The Executive shall retain in confidence any and all confidential information concerning The Company and its respective business which is now known or hereafter becomes known to the Executive, except as otherwise
required by law and except information (i) ascertainable or obtained from public information, (ii) received by the Executive at any time after the Executive’s employment by the Company shall have terminated, from a third party not
employed by or otherwise affiliated with the Company or (iii) which is or becomes known to the public by any means other than a breach of this Section. Upon the Termination of employment, the Executive will not take or keep any proprietary or
confidential information or documentation belonging to the Company. 
 (b) The Executive acknowledges and agrees that the Company’s
remedies at law for a breach or threatened breach of any of the provisions of this Section would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies
at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement during the pendency of any dispute involving such Section and to obtain equitable relief in
the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. Upon the resolution of such dispute, any payments or benefits required by this Agreement
which were suspended during the pendency of the dispute shall be paid or provided to the Executive if it is determined that no breach of this Section occurred. 
 This Section shall survive this Agreement. 
 17. Release. In the event that the Company requests a
release from the Executive, in the form attached hereto as Exhibit A, then as a condition to providing any payments or benefits under this Agreement, the Executive shall deliver such release. 
 18. Amendments. If either party determines that an amendment to this Agreement is necessary or desirable for the Agreement to remain in compliance
with applicable law, it may request such an amendment, whereupon the parties agree to negotiate in good faith. 
 19. Miscellaneous.
No provision of this Agreement may be amended, altered, modified, waived or discharged unless such amendment, alteration, modification, waiver or discharge is agreed to in writing signed by the Executive and such officer of the Company as shall be
specifically designated by the Committee or by the Board of Directors of the Company. No waiver by either party, at any time, of any breach by the other party of, or of compliance by the other party with, any condition or provision of this Agreement
to be performed or complied with by such other party shall be deemed a waiver of any similar or dissimilar provision or condition of this Agreement or any other breach of or failure to comply with the same condition or provision at the same time or
at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. 
 20. Severability. If any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining 

  

 16 

 
provisions of this Agreement shall not be affected thereby. To the extent permitted by applicable law, each party hereto waives any provision of law which
renders any provision of this Agreement invalid, illegal or unenforceable in any respect. 
 21. Governing Law; Venue. The validity,
interpretation, construction and performance of this Agreement shall be governed exclusively by the laws of the State of Delaware without giving effect to its conflict of laws rules. For purposes of jurisdiction and venue, The Company and each
Employer hereby consents to jurisdiction and venue in any suit, action or proceeding with respect to this Agreement in any court of competent jurisdiction in the state in which Executive resides at the commencement of such suit, action or proceeding
and waives any objection, challenge or dispute as to such jurisdiction or venue being proper. 
 22. Counterparts. This Agreement may
be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the same instrument. 
 23. Section Headings. The section headings in this Agreement are for convenience only, and they form no part of this Agreement and will not affect its interpretation. 
 24. Entire Agreement. Except as provided elsewhere, this Agreement sets forth the entire agreement of the parties with respect to its subject
matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such
subject matter. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

			
	TRONOX INCORPORATED
		
	By:	 	 /s/ Peter D. Kinnear

		
	By:	 	 /s/ Thomas W. Adams

  

 17 

 Exhibit A 
 RELEASE 
 [            ]
(“Executive”), for and in consideration of the payments and benefits that Executive shall receive under this Agreement, hereby executes the following General Release (“Release”) and agrees as follows: 
 1. Effective on the date all payments have been made by the Company to the Executive under the Executive Employment Agreement, dated [Insert Date],
between the Company and the Executive (the “Agreement”), Executive, on behalf of Executive, Executive’s agents, assignees, attorneys, successors, assigns, heirs and executors, agrees to, and Executive does hereby fully and completely
forever release the Company and its affiliates, predecessors and successors and all of their respective past and/or present officers, directors, partners, members, managing members, managers, Executives, agents, representatives, administrators,
attorneys, insurers and fiduciaries in their individual and/or representative capacities (hereinafter collectively referred to as the “Releases”), from any and all causes of action, suits, agreements, promises, damages, disputes,
controversies, contentions, differences, judgments, claims, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, variances, trespasses, extents, executions and demands of any kind whatsoever (each a
“claim”), which Executive or Executive's heirs, executors, administrators, successors and assigns ever had, now have or may have against the Releasees or any of them, in law, admiralty or equity, whether known or unknown to Executive, for,
upon, or by reason of, any matter, action, omission, course or thing whatsoever occurring up to the date this Release is signed by Executive, including, without limitation, in connection with or in relationship to Executive’s employment or
other service relationship with the Company or its affiliates, the termination of any such employment or service relationship and any applicable employment, compensatory or equity arrangement with the Company or its respective affiliates (such
released claims, subject to the provisos in the next clause, are collectively referred to herein as the “Released Claims”); provided that such released claims shall not include (i) any claims to enforce Executive’s rights under,
or with respect to, the Agreement, including with respect to accrued or vested benefits referenced in clauses 7(b)(v), 8(c), 9(b), and/or 10(b) of the Agreement, (ii) any claims to enforce Executive’s rights to any indemnification or
contribution under the Company’s charter or by-laws, by contract or by law, including without limitation any rights to advancement of funds, or to any insurance whether or not obtained by the Company or (iii) any claims used as defenses
to, or rights of set off relating to, any actions against the Executive, Executive’s agents, assignees, attorneys, successors, assigns, heirs and executors. 
 2. Notwithstanding the generality of clause (1) above, the Released Claims include, without limitation, (a) any and all claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act of 1967, the Civil Rights Act of 1971, the Civil Rights Act of 1991, the Fair Labor Standards Act, the Executive Retirement Income Security Act of 1974, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993,
and any and all other federal, state or local laws, statutes, rules and regulations pertaining to employment or otherwise, and (b) any claims for wrongful discharge, breach of contract, fraud, misrepresentation or any compensation claims, or
any other claims under any statute, rule, regulation or under the common law, including compensatory damages, punitive damages, attorney's fees, costs, expenses and all claims for any other type of damage or relief. 

 3. This means that, by signing this Release, the Executive shall have waived any right to which the
Executive may have had to bring a lawsuit or make any claim against the Releasees based on any acts or omissions of the Releasees up to the date of the signing of this Release. 
 4. Executive represents that he/she has read carefully and fully understands the terms of this Release, and that Executive has been advised to consult
with an attorney and has had the opportunity to consult with an attorney prior to signing this Release. Executive acknowledges that he/she is executing this Release voluntarily and knowingly and that he/she has not relied on any representations,
promises or agreements of any kind made to Executive in connection with Executive’s decision to accept the terms of this Release, other than those set forth in this Release. Executive acknowledges that Executive has been given at least
twenty-one (21) days to consider whether Executive wants to sign this Release and that the Age Discrimination in Employment Act gives Executive the right to revoke this Release within seven (7) days after it is signed, and Executive
understands that he/she will not receive any payments due Executive under this Release until such seven (7) day revocation period (the “Revocation Period”) has passed and then, only if Executive has not revoked this Release. To the
extent Executive has executed this Release within less than twenty-one (21) days after its delivery to Executive, Executive hereby acknowledges that Executive’s decision to execute this Release prior to the expiration of such twenty-one
(21) day period was entirely voluntary. 
  

					
		 		 	TRONOX INCORPORATED
			
	  
	 		 	  

	Executive	 		 	Title:
		 		 	Name:

  

 2

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