Document:

EX-4.1

 Exhibit 4.1 
  

 
  

 
 HOLLY ENERGY
PARTNERS, L.P., 
 HOLLY ENERGY FINANCE CORP. 

AND EACH OF THE GUARANTORS PARTY HERETO 

6.375% SENIOR NOTES DUE 2027 
  

 
 INDENTURE 

Dated as of April 8, 2022 
  

 
 U.S. BANK TRUST
COMPANY, NATIONAL ASSOCIATION 
 Trustee 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	  

	DEFINITIONS AND INCORPORATION	  

	BY REFERENCE	  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	25	 
	 Section 1.03
	 	Trust Indenture Act	  	 	25	 
	 Section 1.04
	 	Rules of Construction	  	 	25	 
	
	ARTICLE 2	  

	THE NOTES	  

			
	 Section 2.01
	 	Form and Dating	  	 	26	 
	 Section 2.02
	 	Execution and Authentication	  	 	26	 
	 Section 2.03
	 	Registrar and Paying Agent	  	 	27	 
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	 	27	 
	 Section 2.05
	 	Holder Lists	  	 	27	 
	 Section 2.06
	 	Transfer and Exchange	  	 	27	 
	 Section 2.07
	 	Replacement Notes	  	 	37	 
	 Section 2.08
	 	Outstanding Notes	  	 	37	 
	 Section 2.09
	 	Treasury Notes	  	 	38	 
	 Section 2.10
	 	Temporary Notes	  	 	38	 
	 Section 2.11
	 	Cancellation	  	 	38	 
	 Section 2.12
	 	Defaulted Interest	  	 	38	 
	
	ARTICLE 3	  

	REDEMPTION AND PREPAYMENT	  

			
	 Section 3.01
	 	Notices to Trustee	  	 	39	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed	  	 	39	 
	 Section 3.03
	 	Notice of Redemption	  	 	39	 
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	40	 
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	 	40	 
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	 	41	 
	 Section 3.07
	 	Optional Redemption	  	 	41	 
	 Section 3.08
	 	Mandatory Redemption	  	 	42	 
	 Section 3.09
	 	Offer to Purchase by Application of Excess Proceeds	  	 	42	 
	
	ARTICLE 4	  

	COVENANTS	  

			
	 Section 4.01
	 	Payment of Notes	  	 	44	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	44	 
	 Section 4.03
	 	Reports	  	 	44	 
	 Section 4.04
	 	Compliance Certificate	  	 	45	 
	 Section 4.05
	 	Taxes	  	 	45	 
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	 	46	 
	 Section 4.07
	 	Restricted Payments	  	 	46	 
	 Section 4.08
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	49	 
	 Section 4.09
	 	Incurrence of Indebtedness and Issuance of Disqualified Equity	  	 	51	 
	 Section 4.10
	 	Asset Sales	  	 	54	 

  
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	 Section 4.11
	 	Transactions with Affiliates	  	 	56	 
	 Section 4.12
	 	Liens	  	 	58	 
	 Section 4.13
	 	Limitations on Finance Corp. Activities	  	 	58	 
	 Section 4.14
	 	Corporate Existence	  	 	58	 
	 Section 4.15
	 	Offer to Repurchase Upon Change of Control	  	 	59	 
	 Section 4.16
	 	Additional Guarantees	  	 	61	 
	 Section 4.17
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	61	 
	 Section 4.18
	 	Termination of Covenants	  	 	61	 
	
	ARTICLE 5	  

	SUCCESSORS	  

			
	 Section 5.01
	 	Merger, Consolidation or Sale of Assets	  	 	62	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	64	 
	
	ARTICLE 6	  

	DEFAULTS AND REMEDIES	  

			
	 Section 6.01
	 	Events of Default	  	 	64	 
	 Section 6.02
	 	Acceleration	  	 	66	 
	 Section 6.03
	 	Other Remedies	  	 	66	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	66	 
	 Section 6.05
	 	Control by Majority	  	 	66	 
	 Section 6.06
	 	Limitation on Suits	  	 	67	 
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	67	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	67	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	67	 
	 Section 6.10
	 	Priorities	  	 	68	 
	 Section 6.11
	 	Undertaking for Costs	  	 	68	 
	
	ARTICLE 7	  

	TRUSTEE	  

			
	 Section 7.01
	 	Duties of Trustee	  	 	68	 
	 Section 7.02
	 	Rights of Trustee	  	 	70	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	70	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	70	 
	 Section 7.05
	 	Notice of Defaults	  	 	71	 
	 Section 7.06
	 	[Reserved]	  	 	71	 
	 Section 7.07
	 	Compensation and Indemnity	  	 	71	 
	 Section 7.08
	 	Replacement of Trustee	  	 	72	 
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	 	73	 
	 Section 7.10
	 	Eligibility; Disqualification	  	 	73	 
	
	ARTICLE 8	  

	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  

			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	73	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	73	 
	 Section 8.03
	 	Covenant Defeasance	  	 	74	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	74	 
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	75	 
	 Section 8.06
	 	Repayment to the Issuers	  	 	76	 
	 Section 8.07
	 	Reinstatement	  	 	76	 

  
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	ARTICLE 9	  

	AMENDMENT, SUPPLEMENT AND WAIVER	  

			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	76	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	77	 
	 Section 9.03
	 	Revocation and Effect of Consents	  	 	78	 
	 Section 9.04
	 	Notation on or Exchange of Notes	  	 	79	 
	 Section 9.05
	 	Trustee to Sign Amendments, etc.	  	 	79	 
	
	ARTICLE 10	  

	NOTE GUARANTEES	  

			
	 Section 10.01
	 	Guarantee	  	 	79	 
	 Section 10.02
	 	Limitation on Guarantor Liability	  	 	80	 
	 Section 10.03
	 	Execution and Delivery of Notation of Note Guarantee	  	 	80	 
	 Section 10.04
	 	Guarantors May Consolidate, etc., on Certain Terms	  	 	81	 
	 Section 10.05
	 	Releases	  	 	81	 
	
	ARTICLE 11	  

	SATISFACTION AND DISCHARGE	  

			
	 Section 11.01
	 	Satisfaction and Discharge	  	 	82	 
	 Section 11.02
	 	Application of Trust Money	  	 	83	 
	
	ARTICLE 12	  

	MISCELLANEOUS	  

			
	 Section 12.01
	 	[Reserved.]	  	 	83	 
	 Section 12.02
	 	Notices	  	 	83	 
	 Section 12.03
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	84	 
	 Section 12.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	85	 
	 Section 12.05
	 	Statements Required in Certificate or Opinion	  	 	85	 
	 Section 12.06
	 	Rules by Trustee and Agents	  	 	85	 
	 Section 12.07
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	85	 
	 Section 12.08
	 	Governing Law	  	 	85	 
	 Section 12.09
	 	No Adverse Interpretation of Other Agreements	  	 	86	 
	 Section 12.10
	 	Successors	  	 	86	 
	 Section 12.11
	 	Severability	  	 	86	 
	 Section 12.12
	 	Counterpart Originals	  	 	86	 
	 Section 12.13
	 	Table of Contents, Headings, etc.	  	 	86	 
	 Section 12.14
	 	Payment Date Other Than a Business Day	  	 	86	 
	 Section 12.15
	 	Evidence of Action by Holder	  	 	86	 

  
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 EXHIBITS 
  

			
	Exhibit A	  	FORM OF GLOBAL NOTE
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	  	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	  	FORM OF NOTATION OF GUARANTEE
	Exhibit F	  	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

  
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 THIS INDENTURE dated as of April 8, 2022, is among Holly Energy Partners, L.P., a
Delaware limited partnership (“Holly Energy Partners”), and Holly Energy Finance Corp. (“Finance Corp.” and, together with Holly Energy Partners, the “Issuers”), the Guarantors (as defined) and U.S.
Bank Trust Company, National Association, as trustee. 
 The Issuers, the Guarantors and the Trustee agree as follows for the benefit of
each other and for the equal and ratable benefit of the Holders (as defined) of the 6.375% Senior Notes due 2027 (the “Notes”): 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule
144A. 
 “Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person, but excluding Indebtedness which
is extinguished, retired or repaid in connection with such Person merging with or becoming a Subsidiary of such specific Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with
Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. 
 “Affiliate” of any specified Person
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, with respect to any Note at the time of determination, the greater of: 

(1) 1.00% of the principal amount of the Note; or 

(2) the excess of: (a) the present value at such time of (i) the redemption price of the Note at April 15, 2024
(such redemption price being set forth in the table appearing in Section 3.07 hereof) plus (ii) all required interest payments due on the Note through April 15, 2024 (in each case excluding accrued but unpaid interest to the
Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (b) the principal amount of the Note, if greater. 

  
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 “Applicable Procedures” means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or
other disposition of all or substantially all of the assets of Holly Energy Partners and its Restricted Subsidiaries taken as a whole will be governed by Section 4.15 hereof and/or Section 5.01 hereof and not by Section 4.10 hereof;
and 
 (2) the issuance of Equity Interests in any of Holly Energy Partners’ Restricted Subsidiaries or the sale of
Equity Interests in any of its Restricted Subsidiaries. 
 Notwithstanding the preceding, none of the following items will be deemed to be
an Asset Sale: 
 (1) any sale, assignment, lease, license, transfer, abandonment or other disposition of (A) damaged, worn-out, unserviceable or other obsolete or excess equipment or other property or (B) other property no longer necessary for the proper conduct of the business of Holly Energy Partners or any of its
Subsidiaries; 
 (2) any single transaction or series of related transactions that: (a) involves assets having a Fair
Market Value of less than $50.0 million or (b) results in net proceeds to Holly Energy Partners and its Restricted Subsidiaries of less than $50.0 million; 

(3) a transfer of assets between or among Holly Energy Partners and its Restricted Subsidiaries; 

(4) an issuance of Equity Interests by a Restricted Subsidiary of Holly Energy Partners to Holly Energy Partners or to a
Restricted Subsidiary of Holly Energy Partners; 
 (5) the sale or lease of products, services or accounts receivable in the
ordinary course of business; 
 (6) the sale or other disposition of cash or Cash Equivalents, Hedging Obligations or other
financial instruments in the ordinary course of business; 
 (7) a Restricted Payment that does not violate Section 4.07
hereof or a Permitted Investment; 
 (8) any trade or exchange by Holly Energy Partners or any Restricted Subsidiary of
properties or assets of any type for properties or assets of any type owned or held by another Person, including any disposition of some but not all of the Equity Interests of a Restricted Subsidiary in exchange for assets or properties and after
which the Person whose Equity Interests have been so disposed of continues to be a Restricted Subsidiary, provided that the Fair Market Value of the properties or assets traded or exchanged by Holly Energy Partners or such Restricted
Subsidiary (together with any cash or Cash Equivalent together with the liabilities assumed) is reasonably equivalent to the Fair Market Value of the properties or assets (together with any cash or Cash Equivalent together with liabilities assumed)
to be received by Holly Energy Partners or such Restricted Subsidiary; and provided further that any cash received must be applied in accordance with Section 4.10 hereof; 

  
 2 

 (9) the creation or perfection of a Lien that is not prohibited by
Section 4.12 hereof; 
 (10) surrender or waiver of contract rights or the settlement, release or surrender of contract,
tort or other claims of any kind; 
 (11) the grant in the ordinary course of business of any
non-exclusive license of patents, trademarks, registrations therefor and other similar intellectual property; and 

(12) any disposition of defaulted receivables that arose in the ordinary course of business for collection. 

“Attributable Debt” in respect of a
sale-and-leaseback transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term
of the lease included in such sale-and-leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be
extended. As used in the preceding sentence, “net rental payments” under any lease for any such period shall mean the sum of rental and other payments required to be paid with respect to such period by the lessee thereunder, excluding any
amounts required to be paid by such lessee on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the case of any lease that is terminable by the lessee upon payment of penalty, such net rental
payment shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated. For purposes of this definition, present value shall be
calculated using a discount rate equal to the rate of interest implicit in the subject transaction, determined in accordance with GAAP; provided, however, that if such
sale-and-leaseback transaction results in a Finance Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition
of “Finance Lease Obligation.” 
 “Available Cash” has the meaning assigned to such term in the Partnership
Agreement, as in effect on the Issue Date. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state
law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the Board of Directors or Board of Managers of the general
partner of the partnership, or in the case of Holly Energy Partners, the Board of Directors of Holly Logistic Services, L.L.C., the general partner of HEP Logistics Holdings, L.P.; 

  
 3 

 (3) with respect to a limited liability company, the managing member or
members or any controlling committee of managing members thereof; and 
 (4) with respect to any other Person, the board or
committee of such Person serving a similar function. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such
debt securities include any right of participation with Capital Stock. 
 “Cash Equivalents” means: 

(1) United States dollars; 

(2) securities issued or fully guaranteed or insured by the United States government or any agency thereof having maturities of
not more than twenty-four (24) months from the date of acquisition thereof; 
 (3) time deposits with, certificates of
deposit, bankers’ acceptances or Eurodollar time deposits of, any commercial bank that (a) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of
a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia or any United States branch of a foreign bank, and is a member of the Federal Reserve System, (b) issues long term
securities with a rating of at least A- (or then equivalent grade, in each case with a stable outlook) by S&P and A3 (or then equivalent grade, in each case with a stable outlook) by Moody’s at the
time of acquisition and (c) has combined capital and surplus of at least $500,000,000, in each case with maturities of not more than twenty-four (24) months from the date of acquisition thereof; 

(4) commercial paper of an issuer rated at least “A-2” (or the then
equivalent grade) by S&P or “P-2” (or the then equivalent grade) by Moody’s at the time of acquisition or guaranteed by a letter of credit issued by a financial institution rated at least A- (or then equivalent grade, in each case with stable outlook) by S&P and A3 (or then equivalent grade, in each case with stable outlook) by Moody’s at the time of acquisition and such financial
institution otherwise meets the requirements of subsections (a) and (c) of clause (3) of this definition, in each case having a tenor of not more than 270 days; 

(5) taxable and tax-exempt municipal securities rated at least A- (or then equivalent grade) by S&P and A3 (or then equivalent grade) by Moody’s, including variable rate municipal securities, having maturities or put rights of not more than twenty-four (24) months
from the date of acquisition; 

  
 4 

 (6) corporate or bank debt of an issuer rated at least A- (or then equivalent grade, in each case with a stable outlook) by S&P and A3 (or then equivalent grade, in each case with stable outlook) by Moody’s at the time of acquisition and having maturities of
not more than twenty-four (24) months from the date of acquisition; 
 (7) repurchase agreements relating to any of the
investments listed in clauses (1) through (6) above with a market value at least equal to the consideration paid in connection therewith, with any Person who regularly engages in the business of entering into repurchase agreements and has a
combined capital and surplus of not less than $500,000,000 whose long term securities are rated at least A- (or then equivalent grade) by S&P and A3 (or then equivalent grade) by Moody’s at the time
of acquisition; 
 (8) asset-backed securities having as the underlying asset securities issued or guaranteed by the Federal
Home Loan Mortgage Corporation or the Federal National Mortgage Association rated at least A- (or then equivalent grade, in each case with stable outlook) by S&P and A3 (or then equivalent grade, in each
case with case with stable outlook) by Moody’s at the time of acquisition and having maturities of not more than twenty-four (24) months from the date of acquisition; and 

(9) Investments, classified in accordance with GAAP as current assets of Holly Energy Partners or any of its Subsidiaries, in
money market mutual or similar funds having assets in excess of $100,000,000, at least 95% of the assets of which are comprised of assets specified in clauses (1) through (8) above of this definition. 

“Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Holly Energy Partners and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)
of the Exchange Act), which occurrence is followed by a Rating Decline; 
 (2) the adoption of a plan relating to the
liquidation or dissolution of Holly Energy Partners or the removal of the General Partner by the limited partners of Holly Energy Partners; or 

(3) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is
that any “person” (as defined above), other than a Qualified Owner, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the General Partner or of Holly Logistic Services L.L.C., measured by voting
power rather than number of shares, which occurrence is followed by a Rating Decline. 
 Notwithstanding the preceding, (a) a
conversion of Holly Energy Partners from a limited partnership to a corporation, limited liability company or other form of entity or an exchange of all of the outstanding limited partnership interests for capital stock in a corporation, for member
interests in a limited liability company or for Equity Interests in such other form of entity shall not constitute a Change of Control, so long as immediately following such conversion or exchange the “persons” (as defined above) who
Beneficially Owned the Capital Stock of Holly Energy Partners immediately prior to such transactions continue to Beneficially Own in the aggregate more than 50% of the Voting Stock of such entity, or continue to Beneficially Own sufficient Equity
Interests in such entity to elect a majority of its directors, managers, trustees or other persons serving in a similar capacity for such entity and (b) a “person” or “group” shall not be deemed to Beneficially Own
securities subject to a stock or asset purchase agreement, merger agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the transactions contemplated by such agreement. 

  
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 “Clearstream” means Clearstream Banking, S.A. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such
Person for such period plus, without duplication: 
 (1) an amount (to the extent not included in Consolidated Net
Income) equal to the dividends or distributions paid during such period in cash or Cash Equivalents to such Person or any of its Restricted Subsidiaries by a Person that is not a Restricted Subsidiary of such Person; plus 

(2) an amount equal to any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset
Sale or the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries to the extent such loss was deducted in computing such
Consolidated Net Income; plus 
 (3) provision for taxes based on income or profits of such Person and its Restricted
Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

(4) the Fixed Charges of such Person and its Restricted Subsidiaries for such period (together with items excluded from the
definition of “Fixed Charges” pursuant to clause (B) of the definition thereof), to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; plus 

(5) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses
in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 

(6) non-cash items increasing such Consolidated Net Income for such period, other than
the accrual of revenue in the ordinary course of business, 
 in each case, on a consolidated basis and determined in accordance with GAAP.

 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of
such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 

(1) the aggregate Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the
equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

  
 6 

 (2) the Net Income of any Restricted Subsidiary will be excluded to the
extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or,
directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, partners or members; 

(3) the cumulative effect of a change in accounting principles will be excluded; 

(4) unrealized losses and gains under derivative instruments included in the determination of Consolidated Net Income,
including, without limitation those resulting from the application of Accounting Standards Codification No. 815 will be excluded; 

(5) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with
(a) any Asset Sale (including dispositions pursuant to sale-and-leaseback transactions) or (b) the disposition of any securities by such Person or the
extinguishment of any Indebtedness of such Person shall be excluded; 
 (6) any impairment charge or asset write-off pursuant to Accounting Standards Codification No. 350 “Goodwill and Other Intangible Assets” shall be excluded; 

(7) any non-cash compensation charge arising from any grant of stock, stock options or
other equity-based awards shall be excluded; 
 (8) any unusual or nonrecurring gain, loss or charge, together with any
related provision for taxes on such unusual or nonrecurring gain, loss or charge, shall be excluded; and 
 (9) any non-cash or other charges relating to any premium or penalty paid, write-off of deferred finance costs or other charges in connection with redeeming or retiring any
Indebtedness prior to its Stated Maturity shall be excluded. 
 “Consolidated Net Tangible Assets” means, with respect to
any Person at any date of determination, the aggregate amount of total assets included in such Person’s most recent quarterly or annual consolidated balance sheet prepared in accordance with GAAP less applicable reserves reflected in such
balance sheet, after deducting the following amounts: (a) all current liabilities reflected in such balance sheet, and (b) all goodwill, trademarks, patents, unamortized debt discounts and expenses and other like intangibles reflected in
such balance sheet, with such pro forma adjustments to total assets, reserves, current liabilities, goodwill, trademarks, patents, unamortized debt discounts and expenses and other like intangibles as are appropriate and consistent with the pro
forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 
 “Corporate Trust Office of
the Trustee” will be at the address of the Trustee specified in Section 12.02 hereof (except with respect to payments on the Notes, in which case this address will be U.S. Bank Trust Company, National Association, 100 Wall Street,
Suite 1600, New York, New York 10005) or such other address as to which the Trustee may give notice to the Issuers. 
 “Credit
Agreement” means the Third Amended and Restated Credit Agreement, dated as of July 27, 2017, as amended, by and among Holly Energy Partners, Wells Fargo Bank, N.A., as administrative agent and the other financial institutions party
thereto, providing for revolving credit borrowings and letters of credit, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified,
renewed, refunded, replaced or refinanced in whole or in part from time to time. 

  
 7 

 “Credit Facilities” means, one or more debt facilities (including, without
limitation, the Credit Agreement) or commercial paper facilities or Debt Issuances, in each case, with banks or other institutional lenders, providing for revolving credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders, other financiers or to special purpose entities formed to borrow from (or sell such receivables to) such lenders or other financiers against such receivables), letters of credit, bankers’ acceptances, other
borrowings or Debt Issuances, in each case, as amended, restated, modified, renewed, extended, refunded, replaced or refinanced (in each case, without limitation as to amount), in whole or in part, from time to time (including through one or more
Debt Issuances) and any agreements and related documents governing Indebtedness or Obligations incurred to refinance amounts then outstanding or permitted to be outstanding, whether or not with the original administrative agent, lenders, investment
banks, insurance companies, mutual funds, other lenders, investors or any of the foregoing and whether provided under the original agreement, indenture or other documentation relating thereto. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Debt Issuances” means, with respect to Holly Energy Partners or any of its Restricted Subsidiaries, one or more issuances
after the Issue Date of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by Holly Energy Partners or a Restricted Subsidiary in connection with an Asset Sale that is so designated by Holly Energy Partners, less the amount of cash or Cash Equivalents
received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration. 

“Disqualified Equity” means any Equity Interest that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case, at the option of the holder of the Equity Interest), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Equity Interest, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature, except such Equity Interest that is solely redeemable with, or solely exchangeable
for, any Equity Interest of such Person that is not Disqualified Equity. Notwithstanding the preceding sentence, any Equity Interest that would constitute Disqualified Equity solely because the holders of the Equity Interest have the right to
require Holly Energy Partners to repurchase such Equity Interest upon the occurrence of a change of control or an asset sale will not constitute Disqualified Equity if the terms of such Equity Interest provide that Holly Energy Partners may not
repurchase or redeem any such Equity Interest pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. 

  
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 “Domestic Subsidiary” means any Restricted Subsidiary of Holly Energy
Partners that was formed under the laws of the United States or any state of the United States or the District of Columbia. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or
private sale of Equity Interests (other than Disqualified Equity) made for cash on a primary basis by Holly Energy Partners after the Issue Date that has not been applied to redeem, prepay or refinance any other Indebtedness (other than the
temporary repayment of Indebtedness under a revolving facility). 
 “Euroclear” means Euroclear Bank SA/NV, as operator of
the Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Existing Indebtedness” means the aggregate principal amount of Indebtedness of Holly Energy Partners and its Subsidiaries
(other than Indebtedness under the Credit Agreement) in existence on the Issue Date, until such amounts are repaid. 
 “Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, as determined in good faith by Holly Energy Partners. 

“Finance Corp.” has the meaning assigned to it in the preamble to this Indenture, and includes any successors thereto. 

“Finance Lease Obligation” means an obligation that is required to be classified and accounted for as a finance lease for
financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be, at the time any determination thereof is to be made, the amount of the liability in respect of a finance lease that would
at such time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such
lease may be prepaid by the lessee without payment of a penalty; provided that any obligations that are classified as an operating lease under GAAP shall for all purposes not be treated as Finance Lease Obligations or Indebtedness. 

“Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash
Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise
discharges any Indebtedness or issues, repurchases or redeems Disqualified Equity subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the
calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase,
redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of Disqualified Equity, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable Reference Period.

  
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 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1) acquisitions (including, without limitation, a single asset, a division or segment or an entire company) that have been
made by the specified Person or any of its Restricted Subsidiaries, including through mergers, asset purchase transactions or consolidations and including any related financing transactions during the Reference Period or subsequent to such Reference
Period and on or prior to the Calculation Date will be given pro forma effect as if they had occurred on the first day of the Reference Period, including any Consolidated Cash Flow and any pro forma expense and cost reductions that have occurred or
are reasonably expected to occur, in the reasonable judgment of the chief financial or accounting officer of Holly Energy Partners (regardless of whether those cost savings or operating improvements could then be reflected in pro forma financial
statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the SEC related thereto); 

(2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations
or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3) the Fixed
Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the
obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; 

(4) except as provided in clause (5) below, if any Indebtedness bears a floating rate of interest, the interest expense on
such Indebtedness will be calculated as if the average rate in effect from the beginning of the applicable period to the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to
such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months); and 

(5) if any Indebtedness is incurred under a revolving credit facility and is being given pro forma effect, the interest on such
indebtedness shall be calculated based on the average daily balance of such Indebtedness for the four fiscal quarters subject to the pro forma calculation. 

“Fixed Charges” means, with respect to any specified Person for any period, (A) the sum, without duplication, of: 

(1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued,
including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of
all payments associated with Finance Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letters of credit or bankers’ acceptance financings, and net of
the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus 
 (2)
the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus 

(3) any interest on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or
secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 

  
 10 

 (4) an amount equal to all dividends, whether paid or accrued and whether or
not in cash, on any series of Disqualified Equity of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of Holly Energy Partners (other than Disqualified Equity) or to Holly
Energy Partners or a Restricted Subsidiary of Holly Energy Partners (such amount, the “Disqualified Dividend Amount”), in each case of (1) through (4), determined on a consolidated basis in accordance with GAAP; minus 

(B) to the extent included in (A) above, write-off of non-recurring
deferred financing costs of such Person and its Restricted Subsidiaries during such period and any charge related to, or any premium or penalty paid in connection with, paying any such Indebtedness of such Person and its Restricted Subsidiaries
prior to its Stated Maturity. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect from time to time. 
 If there occurs a change in
generally accepted accounting principles relating to revenue recognition resulting from the joint revenue recognition standard of the Financial Accounting Standards Board and the International Accounting Standards Board, and such change would cause
a change in the method of calculation of standards or terms as determined in good faith by Holly Energy Partners (an “Accounting Change”), then Holly Energy Partners may elect, as evidenced by a written notice of Holly Energy
Partners to the Trustee, that such standards or terms shall be calculated as if such Accounting Change had not occurred. Any such election with respect to such Accounting Change may not thereafter be changed. 

“General Partner” means HEP Logistics Holdings, L.P., a Delaware limited partnership, and its successors and permitted
assigns as general partner of Holly Energy Partners or as the business entity with the ultimate authority to manage the business and operations of Holly Energy Partners. 

“Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the
“Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2) hereof. 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America for the
payment of which guarantee or obligations the full faith and credit of the United States of America is pledged. 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of
business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness, and the term
“Guaranteed” has a correlative meaning. 
 “Guarantors” means each of: 

(1) the Subsidiaries of Holly Energy Partners other than Finance Corp., executing this Indenture as initial Guarantors; 

  
 11 

 (2) each of the Restricted Subsidiaries of Holly Energy Partners that
becomes a guarantor of the Notes pursuant to Section 4.18 hereof; and 
 (3) each other Person executing a supplemental
indenture in which such Person agrees to be a Guarantor of the Notes and to be bound by the terms of this Indenture 
 provided that
any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its Note Guarantee is released in accordance with the terms of this Indenture. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person incurred in the ordinary
course of business and not for speculative purposes under: 
 (1) interest rate swap agreements (whether from fixed to
floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements entered into with one or more financial institutions and designed to reduce costs of borrowing or to protect the Person or any of its Restricted
Subsidiaries entering into the agreement against fluctuations in interest rates with respect to Indebtedness incurred; 
 (2)
other agreements or arrangements designed to manage interest rates or interest rate risk; and 
 (3) other agreements or
arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices. 

“Holder” means a Person in whose name a Note is registered. 

“Holly Energy Partners” has the meaning assigned to it in the preamble to this Indenture, and includes any successors
thereto. 
 “IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes transferred to
Institutional Accredited Investors.  
 “Indebtedness” means, with respect to any specified Person,
any indebtedness of such Person, whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Finance Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months
after such property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations, 

  
 12 

 if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging
Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset (other than
Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by Holly Energy Partners or any Restricted Subsidiary of Holly Energy Partners, in each case, securing Indebtedness of such Unrestricted
Subsidiary or Joint Venture, as applicable) of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any
other Person. 
 Notwithstanding the foregoing, the following shall not constitute “Indebtedness”: 

(1) accrued expenses and trade accounts payable arising in the ordinary course of business; 

(2) the incurrence by Holly Energy Partners or any of its Restricted Subsidiaries of Indebtedness in respect of bid,
performance, surety, appeal, payment, insurance contracts and similar bonds issued for the account of Holly Energy Partners and any of its Restricted Subsidiaries in the ordinary course of business, including Guarantees and obligations of Holly
Energy Partners or any of its Restricted Subsidiaries with respect to letters of credit supporting such obligations (in each case other than an obligation for money borrowed); 

(3) any Indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Government
Securities (in an amount sufficient to satisfy all such Indebtedness obligations at Stated Maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the
holders of such Indebtedness and subject to no other Liens, and the other applicable terms of the instrument governing such Indebtedness; 

(4) any obligation arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such obligation is extinguished within five Business Days of its incurrence; and 

(5) any obligation arising from any agreement providing for indemnities, Guarantees, purchase price adjustments, holdbacks,
contingency payment obligations based on the performance of the acquired or disposed assets or similar obligations (other than Guarantees of Indebtedness) incurred by any Person in connection with the acquisition or disposition of assets. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the first $400,000,000 aggregate principal amount of Notes issued under this Indenture on the date
hereof. 
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined
in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Investment Grade Rating” of
the notes, means that the notes shall have been assigned a Moody’s rating of Baa3 or higher or an S&P rating of BBB- or higher, or if one of such rating agencies shall not make a rating on the notes
publicly available for reasons outside the control of the Issuers, then “Investment Grade Rating” shall mean that the notes shall have been assigned such a rating by one of such rating agencies and an equivalent investment grade credit
rating from any other “nationally recognized statistical rating organization” registered under Section 15E of the Exchange Act selected by the Issuers. 

  
 13 

 “Investments” means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances (excluding commission, travel and similar advances to officers and employees made in the ordinary course
of business), or capital contributions, purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in
accordance with GAAP. If Holly Energy Partners or any Subsidiary of Holly Energy Partners sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of Holly Energy Partners such that, after giving effect to any such
sale or disposition, such Person is no longer a Subsidiary of Holly Energy Partners, Holly Energy Partners will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of Holly Energy
Partners’ Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07(b) hereof. 

“Issue Date” means the first date on which the Notes are issued, authenticated and delivered under this Indenture. 

“Joint Venture” means any Person that is not a direct or indirect Subsidiary of Holly Energy Partners in which Holly Energy
Partners or any of its Restricted Subsidiaries makes any Investment. 
 “Legal Holiday” means a Saturday, a Sunday or a day
on which banking institutions in the City of New York or at another place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place
on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction, other than a precautionary financing statement respecting a lease not intended as a
security agreement. In no event shall a right of first refusal be deemed to constitute a Lien. 
 “Moody’s” means
Moody’s Investors Service, Inc., or any successor to the rating agency business thereof. 
 “Net Income” means, with
respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however, any gain (but not loss), together with any related
provision for taxes on such gain (but not loss), realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of
such Person or any of its Restricted Subsidiaries. 
 “Net Proceeds” means the aggregate cash proceeds received by Holly
Energy Partners or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in
any Asset Sale), net of: 
 (1) the direct costs relating to such Asset Sale, including, without limitation, legal,
accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, 

  
 14 

 (2) taxes paid or payable as a result of the Asset Sale, in each case, after
taking into account any available tax credits or deductions and any tax sharing arrangements, 
 (3) amounts required to be
applied to the repayment of Indebtedness, other than Indebtedness under a Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale and all distributions and payments required to be made to minority interest
holders in Restricted Subsidiaries as a result of such Asset Sale, and 
 (4) any amounts to be set aside in any reserve
established in accordance with GAAP or any amount placed in escrow, in either case for adjustment in respect of the sale price of such properties or assets or for liabilities associated with such Asset Sale and retained by Holly Energy Partners or
any of its Restricted Subsidiaries until such time as such reserve is reversed or such escrow arrangement is terminated, in which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to Holly Energy
Partners or its Restricted Subsidiaries from such escrow arrangement, as the case may be. 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither Holly Energy Partners nor any of its Restricted Subsidiaries (a) provides credit support under
any undertaking, agreement or instrument that would constitute Indebtedness, or (b) is directly or indirectly liable as a guarantor or otherwise; and 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of Holly Energy Partners or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause
the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity. 
 For purposes of determining compliance with
Section 4.09 hereof, in the event that any Non-Recourse Debt of any of Holly Energy Partners’ Unrestricted Subsidiaries ceases to be Non-Recourse Debt of such
Unrestricted Subsidiary, such event will be deemed to constitute an incurrence of Indebtedness by a Restricted Subsidiary of Holly Energy Partners. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Guarantee” means the Guarantee by each Guarantor of the Issuers’ obligations under this Indenture and the Notes,
which may be evidenced by a notation thereof executed pursuant to the provisions of this Indenture. 
 “Notes” has the
meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single series for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offer
to purchase, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness. 
 “Offering Memorandum” means the final Offering Memorandum of
the Issuers, dated April 6, 2022 with respect to the Notes. 

  
 15 

 “Officer” means, with respect to any Person, the Chairman of the Board, the
Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person (or, if such Person is a limited
partnership, the general partner of such Person). 
 “Officers’ Certificate” means a certificate signed on behalf of
Holly Energy Partners by two Officers of Holly Energy Partners or the General Partner, that meets the requirements of Section 12.05 hereof. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the
requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to Holly Energy Partners, the General Partner, any Subsidiary of Holly Energy Partners or the General Partner or the Trustee. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Partnership Agreement” means the Second Amended and Restated Agreement of Limited Partnership of Holly Energy Partners,
dated as of October 31, 2017, as such may be further amended, modified or supplemented from time to time. 
 “Permitted
Acquisition Indebtedness” means Indebtedness or Disqualified Equity of Holly Energy Partners or any of its Restricted Subsidiaries to the extent such Indebtedness or Disqualified Equity was Indebtedness or Disqualified Equity of (i) a
Subsidiary prior to the date on which such Subsidiary became a Restricted Subsidiary or (ii) a Person that merged with or consolidated with Holly Energy Partners or a Restricted Subsidiary; provided that on the date such Subsidiary
became a Restricted Subsidiary or the date such Person was merged with or consolidated with Holly Energy Partners or a Restricted Subsidiary, as applicable, after giving pro forma effect thereto, (a) Holly Energy Partners would be permitted to
incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test described under Section 4.09(a) hereof or (b) the Fixed Charge Coverage Ratio for Holly Energy Partners would be equal to or greater than the
Fixed Charge Coverage Ratio for Holly Energy Partners immediately prior to such transaction; provided that such Indebtedness was not incurred in contemplation of, or in connection with, such acquisition, merger or consolidation. 

“Permitted Business” means either (1) marketing, gathering, transporting (by barge, pipeline, ship, truck or other modes
of hydrocarbon transportation), terminalling, storing, producing, acquiring, developing, exploring for, exploiting, producing, processing, dehydrating and otherwise handling crude oil, gas, casinghead gas, drip gasoline, natural gasoline,
condensates, distillates, liquid hydrocarbons, asphalt, gaseous hydrocarbons, renewable fuels, including diesel, naphtha, sustainable aviation fuel and all other constituents, elements, compounds or products refined or processed from any of the
foregoing, which activities shall include, for the avoidance of doubt, constructing pipeline, platform, dehydration, processing, storing and other energy-related facilities, and activities or services reasonably related or ancillary thereto,
including entering into purchase and sale agreements, supply agreements and Hedging Obligations related to these businesses, (2) any other business that generates gross income at least 90% of which constitutes “qualifying income”
under Section 7704(d) of the Code or (3) any activity that is ancillary, complementary or incidental to or necessary or appropriate for the activities described in clauses (1) and (2) of this definition. 

  
 16 

 “Permitted Business Investments” means Investments by Holly Energy Partners
or any of its Restricted Subsidiaries in any Unrestricted Subsidiary of Holly Energy Partners or in any Joint Venture, provided that: 

(1) either (a) at the time of such Investment and immediately thereafter, Holly Energy Partners could incur $1.00 of
additional Indebtedness under the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof or (b) such Investment does not exceed the aggregate amount of Incremental Funds (as defined in Section 4.07 hereof) not previously
expended at the time of making such Investment; 
 (2) if such Unrestricted Subsidiary or Joint Venture has outstanding
Indebtedness at the time of such Investment, either (a) all such Indebtedness is Non-Recourse Debt or (b) any such Indebtedness of such Unrestricted Subsidiaries or Joint Venture that is recourse to
Holly Energy Partners or any of its Restricted Subsidiaries could, at the time such Investment is made, be incurred at that time by Holly Energy Partners and its Restricted Subsidiaries under Section 4.09(a) hereof; and 

(3) such Unrestricted Subsidiary’s or Joint Venture’s activities are not outside the scope of the Permitted Business.

 “Permitted Investments” means: 

(1) any Investment in Holly Energy Partners or in a Restricted Subsidiary of Holly Energy Partners; 

(2) any Investment in Cash Equivalents; 

(3) any Investment by Holly Energy Partners or any Restricted Subsidiary of Holly Energy Partners in a Person, if as a result
of such Investment: 
 (a) such Person becomes a Restricted Subsidiary of Holly Energy Partners; or 

(b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its
properties or assets to, or is liquidated into, Holly Energy Partners or a Restricted Subsidiary of Holly Energy Partners; 

(4) any Investment made as a result of the receipt of non-cash consideration from: 

(a) an Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof; or 

(b) a disposition of assets deemed not to be an Asset Sale under the definition of “Asset Sale”; 

(5) any Investment in any Person solely in exchange for the issuance of Equity Interests (other than Disqualified Equity) of
Holly Energy Partners; 
 (6) any Investments received in compromise or resolution of (A) obligations of trade creditors
or customers that were incurred in the ordinary course of business of Holly Energy Partners or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade
creditor or customer, or as a result of a foreclosure, perfection or enforcement by Holly Energy Partners or any of its Restricted Subsidiaries with respect to any secured Investment in default; or (B) litigation, arbitration or other disputes
with Persons who are not Affiliates; 

  
 17 

 (7) Investments represented by Hedging Obligations permitted to be incurred;

 (8) loans or advances to employees made in the ordinary course of business of Holly Energy Partners or any Restricted
Subsidiary of Holly Energy Partners in an aggregate principal amount not to exceed $5.0 million at any one time outstanding; 

(9) repurchases of the Notes; 

(10) any Investments in prepaid expenses, negotiable instruments held for collection and lease, utility, workers’
compensation and performance and other similar deposits and prepaid expenses made in the ordinary course of business; 
 (11)
Permitted Business Investments; and 
 (12) other Investments in any Person having an aggregate Fair Market Value (measured
on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding not to exceed the greater of
(a) $100.0 million and (b) 5.0% of Holly Energy Partners’ Consolidated Net Tangible Assets; provided, however, that any Investment pursuant to this clause (12) made in any Person that is not a Restricted Subsidiary at the date
of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this
clause (12) for so long as such Person continues to be a Restricted Subsidiary; 
 provided, however, that with
respect to any Investment, Holly Energy Partners may, in its sole discretion, allocate all or any portion of any Investment and later re-allocate all or any portion of any Investment to one or more of the
above clauses (1) through (12) so that the entire Investment would be a Permitted Investment. 
 “Permitted Liens”
means: 
 (1) Liens securing any Indebtedness under any of the Credit Facilities and all Obligations and Hedging Obligations
relating to such Indebtedness; 
 (2) Liens in favor of Holly Energy Partners or the Guarantors; 

(3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with Holly Energy
Partners or any Subsidiary of Holly Energy Partners; provided that such Liens were in existence prior to such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with Holly Energy
Partners or the Subsidiary; 
 (4) Liens on property existing at the time of acquisition of the property by Holly Energy
Partners or any Restricted Subsidiary of Holly Energy Partners; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition; 

(5) Liens and deposits to secure the performance of statutory obligations, surety or appeal bonds, workers compensation
obligations, reimbursement obligations owed to insurers, bids, performance bonds, true leases, other types of social security or other obligations of a like nature incurred in the ordinary course of business (including Liens to secure letters of
credit issued to assure payment of such obligations); 

  
 18 

 (6) Liens to secure Indebtedness (including Finance Lease Obligations)
permitted by clause (4) of Section 4.09(b) hereof covering only the assets acquired and proceeds thereof with or financed by such Indebtedness; 

(7) Liens existing on the Issue Date (other than Liens securing the Credit Facilities); 

(8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in
good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(9) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s, repairman’s, mechanics’ and
other like Liens, in each case, incurred in the ordinary course of business; 
 (10) defects, irregularities and deficiencies
in title of any rights of way, survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 
 (11) inchoate Liens arising
under the Employee Retirement Income Security Act of 1974, and any amendments thereto (“ERISA”); 
 (12)
Liens created for the benefit of (or to secure) the Notes (or the Note Guarantees); 
 (13) Liens on any property or asset
acquired, constructed or improved by Holly Energy Partners or any of its Restricted Subsidiaries (a “Purchase Money Lien”), which (a) are in favor of the seller of such property or assets, in favor of the Person developing,
constructing, repairing or improving such asset or property, or in favor of the Person that provided the funding for the acquisition, development, construction, repair or improvement cost, as the case may be, of such asset or property, (b) are
created within 360 days after the acquisition, development, construction, repair or improvement, (c) secure the purchase price or development, construction, repair or improvement cost, as the case may be, of such asset or property in an amount
up to 100% of the Fair Market Value of such acquisition, construction or improvement of such asset or property, and (d) are limited to the asset or property so acquired, constructed or improved (including the proceeds thereof, accessions
thereto and upgrades thereof); 
 (14) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any
Joint Venture owned by Holly Energy Partners or any Restricted Subsidiary of Holly Energy Partners to the extent securing Non-Recourse Debt or other Indebtedness of such Unrestricted Subsidiary or Joint
Venture; 
 (15) Liens in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with
respect to money or instruments of Holly Energy Partners or any of its Restricted Subsidiaries on deposit with or in possession of such bank; 

(16) Liens to secure performance of Hedging Obligations of Holly Energy Partners or any of its Restricted Subsidiaries; 

(17) Liens on pipelines or pipeline facilities that arise by operation of law; 

  
 19 

 (18) Liens incurred in the ordinary course of business of Holly Energy
Partners or any Restricted Subsidiary of Holly Energy Partners with respect to obligations that at any one time outstanding do not exceed the greater of (a) $100.0 million and (b) 5.0% of Consolidated Net Tangible Assets of Holly Energy
Partners; 
 (19) Liens in favor of Alon USA, L.P. and/or its Affiliates pursuant to a mortgage and deed of trust which
secures certain rights pursuant to a related pipelines and terminals agreement and which are subordinated to the Obligations of the obligors, if any, under the Credit Agreement and substantially similar subordinated Liens that are incurred after the
Issue Date to secure services with respect to future acquired assets and which do not secure Indebtedness, and Liens securing industrial development, pollution control or similar bonds; 

(20) Liens resulting from the deposit of money or other cash equivalents in trust for the purpose of defeasing Indebtedness of
Holly Energy Partners or any of its Restricted Subsidiaries; 
 (21) Liens to secure any Permitted Refinancing Indebtedness
permitted to be incurred under the indenture; provided, however, that: 
 (a) the new Lien is limited to all or part
of the same property or assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and

 (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the
outstanding principal amount, or, if greater, committed amount, of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged with such Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and
expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge; 
 (22)
Liens relating to future escrow arrangements securing Indebtedness incurred in accordance with this Indenture; and 
 (23)
Liens renewing, extending, refinancing or refunding a Lien permitted by clauses (1) through (22) above; provided that (a) the principal amount of Indebtedness secured by such Lien does not exceed the principal amount of such
Indebtedness outstanding immediately prior to the renewal, extension, refinance or refund of such Lien, plus all accrued interest on the Indebtedness secured thereby and the amount of all fees, expenses and premiums incurred in connection therewith,
and (b) no assets encumbered by any such Lien other than the assets permitted to be encumbered immediately prior to such renewal, extension, refinance or refund are encumbered thereby. 

“Permitted Refinancing Indebtedness” means any Indebtedness of Holly Energy Partners or any of its Restricted Subsidiaries
issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of Holly Energy Partners or any of its Restricted Subsidiaries (other than intercompany Indebtedness);
provided that: 
 (1) the principal amount of such Permitted Refinancing Indebtedness does not exceed the principal
amount of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 

  
 20 

 (2) such Permitted Refinancing Indebtedness either (a) has a final
maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged, or (b) has a final maturity date later than 90 days after the final maturity date of the Notes and a Weighted Average Life to Maturity longer than that of the Notes; 

(3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of
payment to the Notes or the Note Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes or the Note Guarantees, on terms at least as favorable to the Holders of Notes as those contained in the
documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (4)
such Indebtedness is not incurred by a Restricted Subsidiary (other than Finance Corp. or a Guarantor) if Holly Energy Partners or a Guarantor is the issuer or other primary obligor on the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Private Placement
Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Owner” means HollyFrontier Corporation and any Subsidiary or Affiliate of HollyFrontier Corporation. 

“Rating Agencies” means Moody’s and S&P. 

“Rating Categories” means: 

(1) with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor
categories); and 
 (2) with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and
D (or equivalent successor categories). 
 “Rating Decline” means the occurrence of a decrease in the rating of the Notes
by one or more gradations by each of Moody’s and S&P (including gradations within the Rating Categories, as well as between Rating Categories), within 60 days after the earlier of (x) a Change of Control, (y) the date of public
notice of the occurrence of a Change of Control or (z) public notice of the intention of Holly Energy Partners to effect a Change of Control (which 60-day period, in the case of this clause (z), shall be
extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either Moody’s or S&P); provided, however, that a Rating Decline otherwise arising by virtue of a particular reduction in
rating or a notice of possible downgrade will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Decline or a notice of possible downgrade for purposes of the definition of Change of
Control) unless each of Moody’s and S&P making the reduction in rating or notice of possible downgrade to which this definition would otherwise apply announces or publicly confirms or informs the Trustee in writing at the request of Holly
Energy Partners or the Trustee that the reduction or notice was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable
Change of Control has occurred at the time of the Rating Decline). 

  
 21 

 “Reference Period” means, with respect to any date of determination, the
four most recent fiscal quarters of Holly Energy Partners for which internal financial statements are available. 
 “Regulation
S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Global Note
substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, initially issued in a denomination equal to
the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S. 
 “Responsible Officer,” when
used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by
any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary. References to Restricted Subsidiaries are to Restricted Subsidiaries of Holly Energy Partners unless otherwise indicated. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means S&P Global Ratings, a division of The McGraw-Hill Companies, Inc., or any successor to the rating agency
business thereof. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Senior Indebtedness” means with respect to any Person, Indebtedness of such Person, unless the instrument creating or
evidencing such Indebtedness provides that such Indebtedness is subordinate in right of payment to the Notes or the Note Guarantee of such Person, as the case may be. 

  
 22 

 “Significant Subsidiary” means any Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on
the Issue Date. 
 “Start Date” means March 12, 2012. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any specified
Person: 
 (1) any corporation, association or other business entity (other than a partnership or limited liability company)
of which more than 50% of the total voting power of shares of the Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (whether general or limited) or limited liability company (a) the sole general partner or managing
member of which is such Person or a Subsidiary of such Person, or (b) if there are more than a single general partner or member, either (x) the only general partners or managing members of which are such Person or one or more Subsidiaries
of such Person (or any combination thereof) or (y) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such partnership or limited liability
company, respectively. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§ 77aaa-77bbbb). 
 “Treasury Rate” means, as of the time of computation, the yield to maturity as of such
time of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to the Redemption Date (or,
if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to April 15, 2024; provided, however, that if the period from the
Redemption Date to April 15, 2024, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means U.S. Bank Trust Company, National Association until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note” means
a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Global
Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted
Subsidiary” means (i) UNEV Pipeline and (ii) any Subsidiary of Holly Energy Partners (other than Finance Corp. or any successor to it) that is designated by Holly Energy Partners as an Unrestricted Subsidiary pursuant to an
Officers’ Certificate delivered to the Trustee, but only to the extent that such other Subsidiary, at the time of designation: 

  
 23 

 (1) except to the extent permitted by subclause (2)(b) of the definition of
“Permitted Business Investments,” has no Indebtedness other than Non-Recourse Debt; 

(2) except as permitted under Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding
with Holly Energy Partners or any Restricted Subsidiary of Holly Energy Partners unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to Holly Energy Partners or such Restricted Subsidiary than those
that might be obtained at the time from Persons who are not Affiliates of Holly Energy Partners; 
 (3) is a Person with
respect to which neither Holly Energy Partners nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results, except in each case to the extent the foregoing is treated as an Investment, and such Investment is otherwise permitted under this Indenture; and 

(4) has not Guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of Holly Energy
Partners or any of its Restricted Subsidiaries, except to the extent such Guarantee or credit support would be released, terminated or no longer exist upon such designation. 

All Subsidiaries of an Unrestricted Subsidiary shall be also Unrestricted Subsidiaries. If, at any time, any Unrestricted Subsidiary would
fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted
Subsidiary of Holly Energy Partners as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, Holly Energy Partners will be in default of such covenant. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled
(without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person. 
 “Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 

(1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will
elapse between such date and the making of such payment; by 
 (2) the then outstanding principal amount of such
Indebtedness. 

  
 24 

 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined in
Section	 
	 “Affiliate Transaction”
	  	 	4.11	 
	 “Asset Sale Offer”
	  	 	3.09	 
	 “Authentication Order”
	  	 	2.02	 
	 “Change of Control Offer”
	  	 	4.15	 
	 “Change of Control Payment”
	  	 	4.15	 
	 “Change of Control Payment Date”
	  	 	4.15	 
	 “Covenant Defeasance”
	  	 	8.03	 
	 “DTC”
	  	 	2.03	 
	 “Event of Default”
	  	 	6.01	 
	 “Excess Proceeds”
	  	 	4.10	 
	 “incur”
	  	 	4.09	 
	 “Incremental Funds”
	  	 	4.07	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Offer Amount”
	  	 	3.09	 
	 “Offer Period”
	  	 	3.09	 
	 “Paying Agent”
	  	 	2.03	 
	 “Payment Default”
	  	 	6.01	 
	 “Permitted Debt”
	  	 	4.09	 
	 “Purchase Date”
	  	 	3.09	 
	 “Redemption Date”
	  	 	3.07	 
	 “Registrar”
	  	 	2.03	 
	 “Restricted Payments”
	  	 	4.07	 
	 “Termination Date”
	  	 	4.18	 

 Section 1.03 Trust Indenture Act. 

Except as expressly stated herein, this Indenture shall not be governed by the TIA. Whenever this Indenture expressly refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; and 

(7) references to sections of or rules under the TIA, the Exchange Act or the Securities Act will be deemed to include
substitute, replacement of successor sections or rules adopted by the SEC from time to time. 

  
 25 

 ARTICLE 2 

THE NOTES 
 Section 2.01 Form and
Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in
the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby
expressly made, a part of this Indenture and the Issuers, the Guarantor and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of
any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges,
repurchases and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction
of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c)
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 

Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for each of the Issuers by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the Issuers signed by two
Officers of each Issuer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any
time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuers pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 

  
 26 

 The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate
Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to
deal with Holders or an Affiliate of the Issuers. 
 Section 2.03 Registrar and Paying Agent. 

The Issuers will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Issuers may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. Holly Energy Partners, Finance Corp. or any of Holly Energy Partners’ other Subsidiaries may act as Paying Agent or Registrar. 

The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 The Issuers initially appoint the Trustee to act as the Registrar and Paying Agent at its Corporate Trust Office and to act as Custodian
with respect to the Global Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 

The Issuers will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit
of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuers in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than Holly Energy Partners or a Subsidiary) will have no further liability for the money. If Holly Energy Partners or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money
held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to Holly Energy Partners, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuers will furnish to the Trustee at least seven
Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes. 

Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will
be exchanged by the Issuers for Definitive Notes if: 

  
 27 

 (1) the Issuers deliver to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuers within 90 days; 

(2) the Issuers, at their option but subject to the Depositary’s rules, determine that the Global Notes (in whole but not
in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee; or 

(3) there has occurred and is continuing a Default or Event of Default with respect to the Notes, and the Depositary notifies
the Trustee of its decision to exchange the Global Notes for Definitive Notes. 
 Upon the occurrence of any of the preceding events in (1),
(2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall upon receipt by Trustee of an Authentication Order, be authenticated and
delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.06(b) or (c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global
Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted
Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph
(1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1)
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

  
 28 

 (ii) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(g) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above
and the Registrar receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in
the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 

(i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

  
 29 

 (ii) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case, if the Registrar so requests or if the Applicable Procedures so require,
an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are
no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to this subsection
at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt by Trustee of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this subsection. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive
Notes. 
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a
beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in
a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable; 

  
 30 

 (F) if such beneficial interest is being transferred to Holly Energy
Partners or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuers shall execute and the Trustee shall, upon receipt by Trustee of an Authentication Order, authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered
in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall
deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2) Beneficial Interests in
Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following: 

(i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g)
hereof, and the Issuers will execute and the Trustee will, upon receipt of an Authentication Order, authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount.

  
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Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to
Holly Energy Partners or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the
Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A
Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 

  
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 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (i) if the Holder of such
Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph
(2) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

  
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 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or
Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the
Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that
such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the face of all Global
Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 

  
 34 

 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE
YEAR (IN THE CASE OF RULE 144A SECURITIES) AFTER THE LATER OF THE ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) OR 40 DAYS (IN THE CASE
OF REGULATION S SECURITIES), ONLY (A) TO THE ISSUERS, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON MEETING
THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND
THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER OR THE ISSUERS ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S GLOBAL NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS
IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(4), (c)(2), (c)(3),
(d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

  
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 (2) Global Note Legend. Each Global Note will bear a legend in
substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO
THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time
as all beneficial interests in a particular Global Note have been exchanged for beneficial interests in another Global Note or Definitive Notes, or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each
such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such
Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuers will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

  
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 (2) No service charge will be made to a Holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer or exchange tax or similar governmental charge payable in connection
therewith (other than any such transfer or exchange taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.04 hereof). 

(3) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(4) Neither the Registrar nor the Issuers will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 10 days
before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (5) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
 (6) The Trustee
will, upon receipt of an Authentication Order, authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

(7) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Issuers will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuers, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuers
may charge for their expenses in replacing a Note. 
 Every replacement Note is an additional obligation of each of the Issuers and will be
entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08
Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by
it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in
Section 2.09 hereof, a Note does not cease to be outstanding because the Issuers or an Affiliate of the Issuers holds the Note; however, Notes held by Holly Energy Partners or a Subsidiary of Holly Energy Partners shall not be deemed to be
outstanding for purposes of Section 3.07(a) hereof.  

  
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 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of
any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the
Paying Agent (other than Holly Energy Partners, a Subsidiary or an Affiliate of any thereof) holds, by 11:00 a.m., Eastern Time, on a Redemption Date or other maturity date, money sufficient to pay Notes payable on that date, then on and after that
date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 
 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Issuers or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuers or any Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 

Section 2.10 Temporary Notes. 
 Until
certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but
may have variations that the Issuers consider appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuers will prepare and the Trustee will, upon receipt of an Authentication Order,
authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this
Indenture. 
 Section 2.11 Cancellation. 

The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes
(subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Issuers. The Issuers may not issue new Notes to replace Notes that they have paid or that have been
delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 

If the Issuers default in a payment of interest on the Notes, they will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof, provided that a special record date will not be
required if the defaulted interest is paid within 

  
 38 

 
the applicable grace period. The Issuers will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers
will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the
special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the Issuers) will send or cause to be sent to Holders a notice that states the special record date, the related payment date
and the amount of such interest to be paid. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 
 If
the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, they must furnish to the Trustee, at least five Business Days (unless a shorter period is satisfactory to the Trustee) before a notice of
such redemption is given pursuant to Section 3.03, an Officers’ Certificate setting forth the information to be stated in such notice as provided in Section 3.03. 

Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes for redemption as follows: 

 

	 	(1)	 if the Notes are listed on any national securities exchange, in compliance with the requirements of the
principal national securities exchange on which the Notes are listed; or 

  

	 	(2)	 if the Notes are not listed on any national securities exchange, by lot; or 

 

	 	(3)	 in the case of Notes in global form, by such other method as DTC may prescribe. 

No Notes of $2,000 or less can be redeemed in part. In the event of partial redemption, the particular Notes to be redeemed will be selected,
unless otherwise provided herein, not less than 10 nor more than 60 days prior to the redemption by the Trustee from the outstanding Notes not previously called for redemption. 

The Trustee will promptly notify the Issuers in writing of the Notes selected for redemption and, in the case of any Note selected for partial
redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of
Notes called for redemption. 
 Section 3.03 Notice of Redemption. 

At least 10 days but not more than 60 days before a Redemption Date, the Issuers will mail or cause to be mailed, by first class mail, (or sent
electronically in the case of notices to DTC) a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be given more than 60 days prior to a Redemption Date if the notice is
issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 hereof. Notice of any redemption of the Notes may, at the Issuers’ discretion, be subject to one or more
conditions 

  
 39 

 
precedent. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuers’ discretion, the Redemption Date may
be delayed until such time (including more than 60 days after the date the notice of redemption was delivered) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any
or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed, or such notice may be rescinded at any time in the Issuers’ discretion if in the good faith judgment of the Issuers any or all of
such conditions will not be satisfied. 
 The notice will identify the Notes to be redeemed and will state: 

(1) the Redemption Date; 

(2) the redemption price, if then determinable and, if not, the manner of its determination; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued in the name of the Holder thereof upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(6) that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the Redemption Date; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (8) any condition precedent to the redemption; and 

(9) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or
printed on the Notes. 
 At the Issuers’ request, the Trustee will give the notice of redemption in the Issuers’ names and at
their expense; provided, however, that the Issuers have delivered to the Trustee an Officers’ Certificate in accordance with Section 3.01 requesting that the Trustee give such notice and setting forth the information to be stated in
such notice as provided in the preceding paragraph. 
 Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is given in accordance with Section 3.03 hereof, Notes called for redemption without condition will become
irrevocably due and payable on the Redemption Date at the redemption price. 
 Section 3.05 Deposit of Redemption or Purchase Price. 

Prior to 11:00 a.m., Eastern Time, on the redemption or purchase date, the Issuers will deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Issuers any money deposited with the Trustee or the Paying
Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on all Notes to be redeemed or purchased. 

  
 40 

 If the Issuers comply with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or accepted for purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or tendered for purchase is not so paid
upon surrender for redemption or purchase because of the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the
extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Issuers will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) At any time prior to April 15, 2024, the Issuers may on any one or more occasions redeem up to 40% of the aggregate
principal amount of Notes (including any Additional Notes) issued under this Indenture, upon prior notice in accordance with Section 3.02 hereof, at a redemption price of 106.375% of the principal amount thereof, plus accrued and unpaid
interest, if any, to, but excluding, the Redemption Date (subject to the right of Holders of Notes on the relevant record date to receive interest due on an interest payment date that is on or prior to the Redemption Date), with an amount of cash
not greater than the net cash proceeds of one or more Equity Offerings by Holly Energy Partners; provided that: 
 (1)
at least 60% of the aggregate principal amount of Notes issued under this Indenture on the Issue Date (excluding Notes held by Holly Energy Partners and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

 (2) the redemption occurs within 180 days of the date of the closing of such Equity Offering. 

(b) Except pursuant to the preceding paragraph, subsection (d) of this Section 3.07, and Section 4.15(d) hereof,
the Notes will not be redeemable at the Issuers’ option prior to April 15, 2024. 
 (c) On or after April 15,
2024, the Issuers may redeem all or a part of the Notes, upon prior notice in accordance with Section 3.02 hereof, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any,
on the Notes redeemed to, but excluding, the applicable Redemption Date, if redeemed during the twelve-month period beginning on April 15 of each year indicated below, subject to the rights of Holders of Notes on the relevant record date to
receive interest due on an interest payment date that is on or prior to the Redemption Date: 
  

					
	 Year
	  	Percentage	 
	 2024
	  	 	103.188	% 
	 2025
	  	 	101.594	% 
	 2026 and thereafter
	  	 	100.000	% 

  
 41 

 (d) At any time prior to April 15, 2024, the Issuers may also redeem
all or a part of the Notes, upon prior notice in accordance with Section 3.02 hereof, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to,
but excluding, the date of redemption (the “Redemption Date”), subject to the rights of Holders on the relevant record date to receive interest due on an interest payment date that is on or prior to the Redemption Date. With respect
to any redemption pursuant to this Section 3.07(d), Holly Energy Partners will (i) calculate the Treasury Rate on the second Business Day preceding the applicable Redemption Date and (ii) prior to such Redemption Date file with the
Trustee an Officers’ Certificate setting forth the Applicable Premium and the Treasury Rate and showing the calculation of each in reasonable detail. The Trustee shall not be responsible for any such calculation. 

(e) Any redemption pursuant to this Section 3.07 or Section 4.15(d) shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof. 
 (f) Unless the Issuers default in the payment of the redemption price, interest will
cease to accrue on the Notes or portions thereof called for redemption on the applicable Redemption Date. 
 Section 3.08 Mandatory Redemption.

 The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. The Issuers are not
prohibited from acquiring the Notes by means other than a redemption, whether pursuant to a tender offer, open market purchase or otherwise, so long as the acquisition does not violate the terms of this Indenture. 

Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.10 hereof, the Issuers are required to commence an offer to all Holders to purchase Notes (an
“Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset Sale Offer shall be made to all Holders
and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer
will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than
three Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuers will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu
Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same
manner as interest payments are made. 
 If the Purchase Date is on or after an interest record date and on or before the related interest
payment date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset
Sale Offer. 
 Upon the commencement of an Asset Sale Offer, the Issuers will send, in the manner prescribed in Section 12.02, a notice
to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of
the Asset Sale Offer, will state: 

  
 42 

 (1) that the Asset Sale Offer is being made pursuant to this
Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer
Amount, the purchase price and the Purchase Date; 
 (3) that any Note not tendered or accepted for payment will continue to
accrue interest; 
 (4) that, unless the Issuers default in making such payment, any Note accepted for payment pursuant to
the Asset Sale Offer will cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Note
purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples of $1,000 only; 
 (6) that
Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry
transfer, to the Issuers, a Depositary, if appointed by the Issuers, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 

(7) that Holders will be entitled to withdraw their election if the Issuers, the depositary for the Asset Sale Offer or the
Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (8) that, if the
aggregate principal amount of Notes and other pari passu Indebtedness surrendered by holders thereof exceeds the Offer Amount, the Notes and other pari passu Indebtedness to be purchased will be selected on a pro rata basis
based on the principal amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in denominations of $2,000, or integral multiples of $1,000 in
excess thereof, will be purchased); and 
 (9) that Holders whose Notes were purchased only in part will be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the
Purchase Date, the Issuers will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount
has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the
Issuers in accordance with the terms of this Section 3.09. The Issuers, the depositary for the Asset Sale Offer or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or
deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuers for purchase, and the Issuers will promptly issue a new Note, and the Trustee, upon receipt of an Authentication
Order from the Issuers, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be
promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers will publicly announce the results of the Asset Sale Offer on the Purchase Date. 

  
 43 

 Other than as specifically provided in this Section 3.09, any purchase pursuant to this
Section 3.09 shall be made pursuant to the provisions of Sections 3.05 and 3.06 hereof. 
 ARTICLE 4 

COVENANTS 
 Section 4.01 Payment of
Notes. 
 The Issuers will pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Holly Energy Partners or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date
money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

Section 4.02 Maintenance of Office or Agency.  

The Issuers will maintain in an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers
will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers fail to maintain any such required office or agency or fails to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The
Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no
such designation or rescission will in any manner relieve the Issuers of their obligation to maintain an office or agency for such purposes. The Issuers will give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
 The Issuers hereby designate the Corporate Trust Office of the Trustee as one
such office or agency of the Issuers in accordance with Section 2.03 hereof. 
 Section 4.03 Reports.  

(a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, Holly Energy
Partners shall furnish (whether through hard copy or internet access) to the Holders of Notes or cause the Trustee to furnish to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations: 

(1) all quarterly and annual reports that would be required to be filed with the SEC on Forms
10-Q and 10-K if Holly Energy Partners were required to file such reports; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K if
Holly Energy Partners were required to file such reports. 
 Holly Energy Partners will be deemed to have furnished such reports and
information described in clauses (1) and (2) above to the Holders of Notes (and the Trustee shall be deemed to have delivered such reports and information to the Holders of notes) if Holly Energy Partners has filed such reports or information,
respectively, with the SEC using the EDGAR filing system (or any successor filing system of the SEC) or if Holly Energy Partners has posted such reports or information, respectively, on its website, and such reports or information, respectively, are
publicly available to Holders of Notes through internet access. The Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the EDGAR filing system (or any successor
filing system of the SEC). 

  
 44 

 In the event that any direct or indirect parent company of Holly Energy Partners becomes a
guarantor of the Notes, Holly Energy Partners may satisfy its obligations under this Section 4.03, with respect to information relating to Holly Energy Partners by furnishing corresponding information relating to such parent company; provided
that the same includes an explanation of the differences between the information relating to such parent, on the one hand, and the information relating to Holly Energy Partners and its Restricted Subsidiaries on a standalone basis, on the other
hand. 
 Any and all Defaults or Events of Default arising from a failure to comply with this Section 4.03 shall be deemed cured (and
Holly Energy Partners shall be deemed to be in compliance with this Section 4.03) upon furnishing or filing such information or report as contemplated by this covenant (but without regard to the date on which such information or report is so
furnished or filed); provided that such cure shall not otherwise affect the rights of Holders under Section 6.01 hereof if all outstanding Notes shall have been accelerated in accordance with the terms of the Indenture and such
acceleration has not been rescinded or cancelled prior to such cure. 
 (b) For so long as any Notes remain outstanding, if
at any time none of Holly Energy Partners and the Guarantors is required to file with the SEC the reports required by paragraph (a) of this Section 4.03, Holly Energy Partners and the Guarantors will furnish to the Holders of Notes and to
securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

Section 4.04 Compliance Certificate.  

(a) The Issuers and each Guarantor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an
Officers’ Certificate stating that a review of the activities of the Issuers and Holly Energy Partners’ Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining
whether the Issuers have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred,
describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or propose to take with respect thereto). 

(b) So long as any of the Notes are outstanding, the Issuers will deliver to the Trustee, promptly upon any Officer becoming
aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto. 

Section 4.05 Taxes.  
 Holly
Energy Partners will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure
to effect such payment is not adverse in any material respect to the Holders of the Notes. 

  
 45 

 Section 4.06 Stay, Extension and Usury Laws.  

The Issuers and each of the Guarantors covenant (to the extent that they may lawfully do so) that they will not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuers and
each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenants that they will not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07
Restricted Payments.  
 (a) Holly Energy Partners will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on
account of Holly Energy Partners’ or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving Holly Energy Partners or any of its Restricted
Subsidiaries) or to the direct or indirect holders of Holly Energy Partners’ or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than distributions or dividends payable in Equity Interests of Holly
Energy Partners (other than Disqualified Equity) and other than distributions or dividends payable to Holly Energy Partners or a Restricted Subsidiary); 

(2) purchase, redeem or otherwise acquire or retire for value (including without limitation, in connection with any merger or
consolidation involving Holly Energy Partners) any Equity Interests of Holly Energy Partners or any direct or indirect parent of Holly Energy Partners; 

(3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any
Indebtedness of Holly Energy Partners or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding intercompany Indebtedness between or among Holly Energy Partners and any of its Restricted Subsidiaries),
except a payment of interest or principal within one year of the Stated Maturity thereof; or 
 (4) make any Restricted
Investment (all such payments and other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”), 

unless, at the time of and after giving effect to such Restricted Payment, no Default or Event of Default has occurred and is continuing or
would occur as a consequence of such Restricted Payment and either: 
 (1) if the Fixed Charge Coverage Ratio for the
Reference Period is not less than 1.75 to 1.00, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by Holly Energy Partners and its Restricted Subsidiaries (excluding Restricted Payments permitted by
clauses (2), (3), (4) (to the extent, in the case of clause (4), payments are made other than to Holly Energy Partners or a Restricted Subsidiary), (5), (6), (7), (9) and (10) of Section 4.07(b) hereof) during the quarter in which such
Restricted Payment is made, is less than the sum, without duplication, of: 
 (A) Available Cash as of the end of the
immediately preceding quarter; plus 

  
 46 

 (B) 100% of the aggregate net cash proceeds received by Holly Energy
Partners (including the Fair Market Value of any Permitted Business or long-term assets that are used or useful in a Permitted Business to the extent acquired in consideration of Equity Interests of Holly Energy Partners (other than Disqualified
Equity)) since the Start Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of Holly Energy Partners (other than Disqualified Equity) or from the issue or sale of convertible or exchangeable
Disqualified Equity or convertible or exchangeable debt securities of Holly Energy Partners that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Equity or debt securities) sold to a
Subsidiary of Holly Energy Partners); plus 
 (C) to the extent that any Restricted Investment that was made after the
Start Date is sold for cash or Cash Equivalents or otherwise liquidated or repaid for cash or Cash Equivalents, the return of capital or similar payment made in cash or Cash Equivalents with respect to such Restricted Investment (less the cost of
disposition, if any); plus 
 (D) the net reduction in Restricted Investments made after the Start Date resulting from
dividends, repayments of loans or advances, or other transfers of assets in each case to Holly Energy Partners or any of its Restricted Subsidiaries from any Person (including, without limitation, Unrestricted Subsidiaries) or from redesignations of
Unrestricted Subsidiaries as Restricted Subsidiaries, to the extent such amounts have not been included in Available Cash for any period commencing on or after the Start Date (items (b), (c) and (d) being referred to as “Incremental
Funds”); minus 
 (E) the aggregate amount of Incremental Funds previously expended pursuant to this clause
(1) and clause (2) below; or 
 (2) if the Fixed Charge Coverage Ratio for the Reference Period is less than 1.75
to 1.00, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by Holly Energy Partners and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2), (3), (4) (to the extent, in
the case of clause (4), payments are made other than to Holly Energy Partners or a Restricted Subsidiary), (5), (6), (7), (9) and (10) of Section 4.07(b) hereof) during the quarter in which such Restricted Payment is made, is less than the
sum, without duplication, of: 
 (A) $300.0 million less the aggregate amount of all Restricted Payments made by Holly
Energy Partners and its Restricted Subsidiaries pursuant to this clause (2)(A) during the period ending on the last day of the fiscal quarter immediately preceding the date of such Restricted Payment and beginning on the Start Date; plus 

(B) Incremental Funds to the extent not previously expended pursuant to this clause (2) or clause (1) above. 

(b) The provisions of Section 4.07(a) hereof will not prohibit: 

(1) the payment of any dividend or distribution or the consummation of an irrevocable redemption of subordinated Indebtedness
within 60 days after the date of the declaration of such dividend or distribution, or the delivery of the irrevocable notice of redemption, as the case may be, if at the date of declaration or the date on which such irrevocable notice is delivered,
such dividend, distribution or redemption would have complied with the provisions of this Indenture (assuming, in the case of a redemption payment, the giving of the notice of such redemption payment would have been deemed to be a Restricted Payment
at such time and such deemed Restricted Payment would have been permitted at such time); 

  
 47 

 (2) the making of any Restricted Payment in exchange for, or out of the net
cash proceeds of, a substantially concurrent (a) capital contribution to Holly Energy Partners from any Person (other than a Restricted Subsidiary of Holly Energy Partners) or (b) sale (other than to a Restricted Subsidiary of Holly Energy
Partners) of Equity Interests (other than Disqualified Equity) of Holly Energy Partners, with a sale being deemed substantially concurrent if such Restricted Payment occurs not more than 120 days after such sale; provided that the amount of
any such net cash proceeds that are utilized for any such Restricted Payment will be excluded or deducted from the calculation of Available Cash and Incremental Funds; 

(3) the purchase, redemption, defeasance or other acquisition or retirement for value of any subordinated Indebtedness of Holly
Energy Partners or any Guarantor with the net cash proceeds from an incurrence of, or in exchange for, Permitted Refinancing Indebtedness; 

(4) the payment of any distribution or dividend by a Restricted Subsidiary of Holly Energy Partners to the holders of its
Equity Interests (other than Disqualified Equity) on a pro rata basis; 
 (5) so long as no Default has occurred and
is continuing or would be caused thereby, the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of Holly Energy Partners or any Restricted Subsidiary of Holly Energy Partners held by any current or former
officer, director, consultant or employee of the General Partner (or its general partner), Holly Energy Partners or any of Holly Energy Partners’ Restricted Subsidiaries pursuant to any equity subscription agreement or plan, stock or unit
option agreement, shareholders’ agreement, employment agreement or similar agreement; provided, that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $5.0 million in
any twelve-month period; provided further, that Holly Energy Partners may carry over and make in subsequent twelve-month periods, in addition to the amounts permitted for such twelve-month period, up to $2.0 million of unutilized
capacity under this clause (5) attributable to the immediately preceding twelve-month period; provided further, that such amount in any calendar year may be increased by an amount not to exceed (a) the cash proceeds received
by Holly Energy Partners from the sale of Equity Interests of Holly Energy Partners to members of management, employees or directors of the General Partner, Holly Energy Partners or its Restricted Subsidiaries that occurs after the Start Date (to
the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clauses 1(B) or 2(B) of Section 4.07(a) hereof), plus (b) the cash proceeds of
key man life insurance policies received by Holly Energy Partners after the Start Date, less (c) the amount of any Restricted Payments made pursuant to clauses (a) and (b) of this clause (5); 

(6) so long as no Default has occurred and is continuing or would be caused thereby, payments of dividends on Disqualified
Equity issued pursuant to Section 4.09 hereof; 
 (7) repurchases of Capital Stock deemed to occur upon exercise of
stock options, warrants or other convertible securities if such Capital Stock represents a portion of the exercise price of such options, warrants or other convertible securities; 

(8) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Capital Stock of Holly Energy Partners, or arising from stock dividends, splits or business combinations; 

(9) in connection with an acquisition by Holly Energy Partners or any of its Restricted Subsidiaries, the return to Holly
Energy Partners or any of its Restricted Subsidiaries of Equity Interests of Holly Energy Partners or any of its Restricted Subsidiaries constituting a portion of the purchase consideration in settlement of any indemnification claims or pursuant to
any purchase price adjustments under the acquisition agreement; and 

  
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 (10) so long as no Default or Event of Default has occurred and is
continuing, the purchase, redemption, defeasance or other acquisition or retirement for value of any subordinated Indebtedness pursuant to Sections 4.10 or 4.15; provided that all Notes tendered by Holders in connection with a Change of
Control Offer or Asset Sale Offer, as applicable, have been purchased, redeemed, defeased or otherwise acquired or retired for value. 
 The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by Holly Energy Partners or such Restricted Subsidiary, as the
case may be, pursuant to the Restricted Payment, except that the amount of any non-cash dividend or distribution paid in accordance with clause (1) of Section 4.07(b) hereof shall be the Fair Market
Value as of the date on which such dividend or distribution is declared. The Fair Market Value of any assets or securities that are required to be valued by this Section 4.07 will be determined in the manner prescribed in the definition of that
term. For the purposes of determining compliance with this Section 4.07, in the event that a Restricted Payment meets the criteria of more than one of the categories of Restricted Payments described in the preceding clauses (1) through
(10), Holly Energy Partners will be permitted to classify (or reclassify in whole or in part in its sole discretion) such Restricted Payment in any manner that complies with this Section 4.07. 

Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries.  

(a) Holly Energy Partners will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create
or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Guarantor to: 

(1) pay dividends or make any other distributions on its Equity Interests to Holly Energy Partners or any of its Restricted
Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to Holly Energy Partners or any of its Restricted Subsidiaries; provided that priority of any preferred equity
or similar Equity Interest in receiving dividends or liquidating distributions prior to the payment of dividends or liquidating distributions on common equity shall not be deemed to be a restriction on the ability to make distributions on Capital
Stock; 
 (2) make loans or advances to Holly Energy Partners or any of its Restricted Subsidiaries; or 

(3) sell, lease or transfer any of its properties or assets to Holly Energy Partners or any of its Restricted Subsidiaries.

 (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason of: 

(1) agreements as in effect on the Issue Date and any amendments, restatements, modifications, renewals, supplements,
refundings, replacements or refinancings of those agreements or the Indebtedness to which they relate; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not
materially more restrictive, taken as a whole, with respect to such dividend, distribution and other payment restrictions than those contained in those agreements on the Issue Date; 

(2) this Indenture, the Notes and the Note Guarantees; 

  
 49 

 (3) agreements governing other Indebtedness permitted to be incurred under
the provisions of the covenant described above under Section 4.09 and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of such agreements; provided that the restrictions therein
are either (a) not materially more restrictive, taken as a whole, than those contained in the Credit Agreement or this Indenture or (b) not reasonably likely, in the good faith judgment of an officer of the General Partner, to have a
material adverse effect on the ability of the Issuers to make required payments on the Notes; 
 (4) applicable law, rule,
regulation or order; 
 (5) any instrument governing Indebtedness or Equity Interest of a Person acquired by Holly Energy
Partners or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Equity Interest was incurred in connection with or in contemplation of such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted
by the terms of this Indenture to be incurred; 
 (6) customary non-assignment
provisions in transportation agreements or purchase and sale or exchange agreements, pipeline and terminals agreements, or similar operational agreements or in licenses or leases, in each case entered into in the ordinary course of business; 

(7) purchase money obligations for property acquired in the ordinary course of business and Finance Lease Obligations that
impose restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof; 

(8) any agreement for the sale or other disposition of a Restricted Subsidiary that contains any such restrictions on that
Restricted Subsidiary pending its sale or other disposition; 
 (9) Indebtedness incurred to repay, replace or refinance
other Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the
Indebtedness being refinanced; 
 (10) Liens permitted to be incurred under the provisions of Section 4.12 hereof that
limit the right of the debtor to dispose of the assets subject to such Liens; 
 (11) provisions limiting the disposition or
distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business; 

(12) any agreement or instrument relating to any property or assets acquired after the Issue Date, so long as such encumbrance
or restriction relates only to the property or assets so acquired and is not and was not created in anticipation of such acquisitions; 

(13) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; and 
 (14) encumbrances or restrictions contained in, or in respect of, Hedging Obligations permitted
under this Indenture from time to time. 

  
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 Section 4.09 Incurrence of Indebtedness and Issuance of Disqualified Equity.  

(a) Holly Energy Partners will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, issue, assume, Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Holly Energy Partners will not
issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Holly Energy Partners and any Restricted Subsidiary may incur Indebtedness (including
Acquired Debt) and Holly Energy Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for the Reference Period immediately preceding the date on which such additional Indebtedness is incurred or
such Disqualified Equity is issued, as the case may be, would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or
the Disqualified Equity had been issued, as the case may be, at the beginning of such Reference Period. 
 (b) The provisions
of Section 4.09(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 

(1) the incurrence by Holly Energy Partners, Finance Corp. and any Restricted Subsidiary of additional Indebtedness and letters
of credit and the Guarantees thereof under Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability
of Holly Energy Partners and its Restricted Subsidiaries thereunder) not to exceed the greater of (a) $1.4 billion and (b) the sum of $1.0 billion and 30% of Consolidated Net Tangible Assets of Holly Energy Partners (determined as of
the date of incurrence and after giving effect to the use of proceeds therefrom); 
 (2) the incurrence by Finance Corp.,
Holly Energy Partners and its Restricted Subsidiaries of the Existing Indebtedness; 
 (3) the incurrence by the Issuers
and the Guarantors of Indebtedness represented by the Notes and the related Note Guarantees issued on the Issue Date; 

(4) the incurrence by Holly Energy Partners or any of its Restricted Subsidiaries of Indebtedness represented by Finance Lease
Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of
Holly Energy Partners or any of its Restricted Subsidiaries, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to
this clause (4), at any time outstanding not to exceed the greater of (a) $100.0 million and (b) 5.0% of Consolidated Net Tangible Assets of Holly Energy Partners (determined as of the date of incurrence and after giving effect to the use of
proceeds therefrom); 
 (5) the incurrence by Holly Energy Partners or any of its Restricted Subsidiaries of Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under Section 4.09(a)
hereof or clauses (2), (3), (4) or (10) of this Section 4.09(b) or this clause (5); 
 (6) the incurrence by Holly
Energy Partners or any of its Restricted Subsidiaries of intercompany Indebtedness between or among Holly Energy Partners and any of its Restricted Subsidiaries; provided, however, that: 

  
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 (A) if Holly Energy Partners or any Guarantor is the obligor on such
Indebtedness and the payee is not Holly Energy Partners or a Guarantor, such Indebtedness must be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of Holly
Energy Partners, or the Note Guarantee, in the case of a Guarantor; and 
 (B) (1) any subsequent issuance or transfer of
Equity Interests that results in any such Indebtedness being held by a Person other than Holly Energy Partners or a Restricted Subsidiary of Holly Energy Partners and (2) any sale or other transfer of any such Indebtedness to a Person that is
not either Holly Energy Partners or a Restricted Subsidiary of Holly Energy Partners, 
 will be deemed, in each case, to constitute an
incurrence of such Indebtedness by Holly Energy Partners or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 

(7) the incurrence by Holly Energy Partners or any of its Restricted Subsidiaries of Hedging Obligations; 

(8) the Guarantee by Holly Energy Partners or any Restricted Subsidiary of (a) Indebtedness of Holly Energy Partners or a
Restricted Subsidiary of Holly Energy Partners that was permitted to be incurred by another provision of this Section 4.09 or (b) Indebtedness incurred by Joint Ventures, provided that such Guarantee constitutes a Permitted
Investment; and provided further, in each case, that if the Indebtedness being Guaranteed is subordinated to or pari passu with the Notes or the Note Guarantees, then the Guarantee shall be subordinated or pari passu, as
applicable, to the same extent as the Indebtedness Guaranteed; 
 (9) the incurrence by Holly Energy Partners or any
of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims, health or other types of social security benefits, unemployment or other insurance or self-insurance obligations, insurance contracts, reclamation,
statutory obligations, bankers’ acceptances, and performance, payment, appeal and surety bonds in the ordinary course of business, including Guarantees and obligations respecting standby letters of credit supporting such obligations, to the
extent not drawn (in each case other than an obligation for money borrowed) and replacements of any of the foregoing; 
 (10)
the incurrence by Holly Energy Partners or any of its Restricted Subsidiaries of Permitted Acquisition Indebtedness; 
 (11)
the issuance by Holly Energy Partners or any of its Restricted Subsidiaries of Disqualified Equity to Holly Energy Partners or any of its Restricted Subsidiaries, as the case may be; provided, however, that: 

(A) any subsequent issuance or transfer of Equity Interests of a Restricted Subsidiary that results in any such Disqualified
Equity being held, directly or indirectly, by a Person other than Holly Energy Partners or a Restricted Subsidiary of Holly Energy Partners; and 

(B) any sale or other transfer of any such Disqualified Equity to a Person that is not either Holly Energy Partners or a
Restricted Subsidiary of Holly Energy Partners; 

  
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 will be deemed, in each case, to constitute an issuance of such Disqualified Equity by Holly
Energy Partners or such Restricted Subsidiary that was not permitted by this clause: 
 (12) the incurrence by Holly Energy
Partners or any of its Restricted Subsidiaries of Indebtedness in the ordinary course of business under documentary letters of credit which are to be repaid in full not more than one year after the date on which such Indebtedness was originally
incurred to finance the purchase of goods by Holly Energy Partners or any of its Restricted Subsidiaries; and 
 (13) the
incurrence by Holly Energy Partners or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount at any time outstanding, not to exceed the greater of (a) $100.0 million and (b) 5.0 % of Consolidated
Net Tangible Assets of Holly Energy Partners (determined as of the date of incurrence and after giving effect to the use of proceeds therefrom). 

Holly Energy Partners will not incur, and will not permit Finance Corp. or any Guarantor to incur, any Indebtedness (including Permitted Debt)
that is contractually subordinated in right of payment to any other Indebtedness of Holly Energy Partners, Finance Corp. or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the
applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness shall be deemed to be contractually subordinated in right of payment to any other Indebtedness of Holly Energy Partners, Finance Corp. or any
such Guarantor solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis. 
 For purposes of
determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (13) above, or is entitled to be
incurred pursuant to Section 4.09(a) hereof, Holly Energy Partners will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that
complies with this Section 4.09. Indebtedness under Credit Facilities outstanding on the date on which Notes are first issued and authenticated under this Indenture will initially be deemed to have been incurred on such date in reliance on the
exception provided by clause (1) of the definition of Permitted Debt. 
 The accrual of interest, the accretion or amortization of
original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of
dividends on Disqualified Equity in the form of additional shares or units of the same class of Disqualified Equity will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Equity for purposes of this Section 4.09;
provided, in each such case, that the amount of any such accrual, accretion or payment is included in Fixed Charges of Holly Energy Partners as accrued to the extent required by the definition of such term. Notwithstanding any other provision
of this Section 4.09, the maximum amount of Indebtedness that Holly Energy Partners or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange
rates or currency values. 
 The amount of any Indebtedness outstanding as of any date will be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 

(2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and 

(3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of: 

  
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 (A) the Fair Market Value of such assets at the date of determination; and

 (B) the amount of the Indebtedness of the other Person. 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar
equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the
case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be
exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing
Indebtedness does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing.
The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in
which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 
 Section 4.10 Asset Sales.  

Holly Energy Partners will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(1) Holly Energy Partners (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset
Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of (such Fair Market Value to be determined on the date of contractually agreeing to such Asset Sale) and which shall give effect to
the assumption by another Person of any liabilities as provided for in (2)(A) below; and 
 (2) at least 75% of the
consideration received in the Asset Sale by Holly Energy Partners or such Restricted Subsidiary, together with the consideration received in all other Asset Sales by Holly Energy Partners or any Restricted Subsidiary since the Issue Date (on a
cumulative basis) is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following shall be deemed to be cash: 

(A) any liabilities, as shown on Holly Energy Partners’ most recent consolidated balance sheet, of Holly Energy Partners
or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantees) that are assumed by the transferee of any such assets pursuant to an agreement that releases
Holly Energy Partners or such Restricted Subsidiary from further liability; 
 (B) any securities, notes or other obligations
received by Holly Energy Partners or any such Restricted Subsidiary from such transferee that are within 90 days after the Asset Sale (subject to ordinary settlement periods), converted by Holly Energy Partners or such Restricted Subsidiary into
cash, to the extent of the cash received in that conversion; 
 (C) any stock or assets of the kind referred to in clauses
(2) or (4) of the next succeeding paragraph; 

  
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 (D) accounts receivable of a business retained by Holly Energy Partners or
any of its Restricted Subsidiaries, as the case may be, following the sale of such business, provided such accounts receivable (i) are not past due more than 60 days and (ii) do not have a payment date greater than 90 days from the
date of the invoices creating such accounts receivable; and 
 (E) any Designated
Non-cash Consideration received by Holly Energy Partners or such Restricted Subsidiary in the Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (E), not to exceed an amount equal to 5.0% of Holly Energy Partners’ Consolidated Net Tangible Assets (determined at the time of receipt of such
Designated Non-cash Consideration), with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving
effect to subsequent changes in value. 
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale, Holly Energy Partners
(or the applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds: 
 (1) to repay Senior
Indebtedness of Holly Energy Partners and/or its Restricted Subsidiaries (or to make an offer to repurchase or redeem such Indebtedness, provided that such repurchase or redemption closes within 45 days after the end of such 365-day period); 
 (2) to acquire all or substantially all of the assets of, or any
Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary of Holly Energy Partners; 

(3) to make a capital expenditure; or 

(4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted
Business. 
 Notwithstanding the foregoing, if within 365 days after the receipt of any Net Proceeds from an Asset Sale, Holly Energy
Partners (or the applicable Restricted Subsidiary, as the case may be) enters into a binding written agreement irrevocably committing Holly Energy Partners or such Restricted Subsidiary to an application of funds of the kind described in clause (2),
(3) or (4) of the preceding paragraph, and as to which the only condition to closing is the receipt of required governmental approvals or, in the case of clause (3), the completion of required construction of the applicable asset(s), Holly
Energy Partners or such Restricted Subsidiary shall be deemed not to be in violation of the preceding paragraph. Any Net Proceeds that are applied pursuant to clause (2) or (4) of the preceding paragraph pursuant to any such binding agreement
shall be deemed to have been applied for such purpose within such 365-day period so long as they are so applied within two years after the date of receipt of such Net Proceeds. 

Pending the final application of any Net Proceeds, Holly Energy Partners or any Restricted Subsidiary may temporarily reduce revolving credit
borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 
 Any Net Proceeds from Asset Sales
that are not applied or invested as provided in the second paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, within five days thereof (or
earlier at the Issuers option), the Issuers will make an Asset Sale Offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with
respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any
Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest, if 

  
 55 

 
any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, Holly Energy Partners may use those Excess Proceeds for any
purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and
the representative of such other pari passu Indebtedness will select such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset
at zero. 
 Holly Energy Partners will comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of Section 3.09 hereof or this Section 4.10, Holly Energy Partners will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
Section 3.09 hereof or this Section 4.10 by virtue of such compliance. 
 Section 4.11 Transactions with Affiliates.  

(a) Holly Energy Partners will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for the
benefit of, any Affiliate of Holly Energy Partners (each an “Affiliate Transaction”), if such Affiliate Transaction involves aggregate consideration in excess of $50.0 million, unless: 

(1) Either (a) the Affiliate Transaction is on terms that are no less favorable to Holly Energy Partners or the relevant
Restricted Subsidiary than those that could have been obtained in a comparable transaction by Holly Energy Partners or such Restricted Subsidiary with an unrelated Person or, (b) such Affiliate Transaction is otherwise fair and reasonable to
Holly Energy Partners or the relevant Restricted Subsidiary from a financial or commercial point of view; and 
 (2) Holly
Energy Partners delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $75.0 million, a resolution of the Board of Directors of Holly Energy
Partners set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause (1) of this Section 4.11(a) and that such Affiliate Transaction has been approved by either the Conflicts Committee of the
Board of Directors of Holly Energy Partners (so long as a majority of the members of the Conflicts Committee approving the Affiliate Transaction are disinterested) or a majority of the disinterested members of the Board of Directors of Holly Energy
Partners. 
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to
the provisions of Section 4.11(a) hereof: 
 (1) reasonable fees and compensation paid to or for the benefit of any
employee, officer or director of Holly Energy Partners, any of its Restricted Subsidiaries or the General Partner (or its general partner), and any employment agreement, employee benefit plan, officer or director indemnification agreement or any
similar arrangement entered into by Holly Energy Partners or any of its Restricted Subsidiaries existing on the Issue Date, or entered into thereafter in the ordinary course of business, and any indemnities or other transactions permitted or
required by bylaw, statutory provisions or any of the foregoing agreements, plans or arrangements; 

  
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 (2) transactions between or among Holly Energy Partners and/or its
Restricted Subsidiaries; 
 (3) transactions with a Person (other than an Unrestricted Subsidiary of Holly Energy Partners)
that is an Affiliate of Holly Energy Partners solely because Holly Energy Partners owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 

(4) any issuance of Equity Interests (other than Disqualified Equity) of Holly Energy Partners to Affiliates of Holly Energy
Partners; 
 (5) Restricted Payments or Permitted Investments that do not violate Section 4.07 hereof; 

(6) customary compensation, indemnification and other benefits made available to officers, directors or employees of Holly
Energy Partners, a Restricted Subsidiary of Holly Energy Partners or the General Partner, including reimbursement or advancement of out-of-pocket expenses and provisions
of officers’ and directors’ liability insurance; 
 (7) in the case of processing, gathering, transportation,
marketing, hedging, production handling, operating, construction, terminalling, storage, lease, platform use, or other operational contracts, any such contracts are entered into in the ordinary course of business on terms substantially similar to
those contained in similar contracts entered into by Holly Energy Partners or any Restricted Subsidiary and third parties, or if neither Holly Energy Partners nor any Restricted Subsidiary has entered into a similar contract with a third party, that
the terms are otherwise fair and reasonable to Holly Energy Partners or the relevant Restricted Subsidiary from a financial or commercial point of view, as determined in good faith by either the Conflicts Committee of the Board of Directors of Holly
Energy Partners (so long as a majority of the members of the Conflicts Committee approving the Affiliate Transaction are disinterested) or a majority of the disinterested members of the Board of Directors of Holly Energy Partners; 

(8) loans or advances to employees in the ordinary course of business not to exceed $5.0 million in the aggregate at any
one time outstanding; 
 (9) the existence of, or the performance by Holly Energy Partners or any Restricted Subsidiary of
its obligations under the terms of, any agreements to which it is a party as of the date of the Offering Memorandum and any amendments thereto and any similar agreements which it may enter into thereafter; provided, however, that the
existence of, or the performance by Holly Energy Partners or any Restricted Subsidiary of its obligations under, any future amendment to such agreements or under any such similar agreements shall only be permitted by this clause (9) to the
extent that the terms of any such amendment or new agreement, taken as a whole, are not less favorable to the Holders in any material respect as determined in good faith by either the Conflicts Committee of the Board of Directors of Holly Energy
Partners (so long as a majority of the members of the Conflicts Committee approving the Affiliate Transaction are disinterested) or a majority of the disinterested members of the Board of Directors of Holly Energy Partners; 

(10) guarantees of performance by Holly Energy Partners or any of its Restricted Subsidiaries in the ordinary course of
business, except for guarantees of Indebtedness in respect of borrowed money; 

  
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 (11) (A) guarantees by Holly Energy Partners or any of its Restricted
Subsidiaries of the performance of obligations of Unrestricted Subsidiaries or Joint Ventures in the ordinary course of business, except for guarantees of Indebtedness in respect of borrowed money, and (B) pledges by Holly Energy Partners or
any Restricted Subsidiary of Capital Stock in Unrestricted Subsidiaries or Joint Ventures for the benefit of lenders or other creditors of Unrestricted Subsidiaries or Joint Ventures as contemplated by clause (14) of the definition of
“Permitted Liens” so long as any such transaction described in this clause (B), if involving aggregate consideration in excess of $50.0 million, has been approved by either the Conflicts Committee of the Board of Directors of Holly
Energy Partners (so long as a majority of the members of the Conflicts Committee approving the Affiliate Transaction are disinterested) or a majority of the disinterested members of the Board of Directors of Holly Energy Partners; and 

(12) any transactions between Holly Energy Partners or any Restricted Subsidiary and any Person, a director of which is also a
director of Holly Energy Partners or a Restricted Subsidiary; provided that such director abstains from voting as a director of Holly Energy Partners or the Restricted Subsidiary, as applicable, in connection with the approval of the
transaction. 
 Section 4.12 Liens.  

Holly Energy Partners will not and will not permit any Guarantor to, create, incur, assume or otherwise cause or suffer to exist or become
effective any Lien of any kind (other than Permitted Liens) securing Indebtedness, upon any of their property or assets, now owned or hereafter acquired, unless: 

(1) in the case of Liens securing subordinated Indebtedness of Holly Energy Partners or a Guarantor, the Notes or Note
Guarantees, as applicable, are contemporaneously secured by a Lien on such property or assets on a senior basis to the subordinated Indebtedness so secured with the same priority that the Notes or Note Guarantees, as applicable, have to such
subordinated Indebtedness until such time as such subordinated Indebtedness is no longer so secured by a Lien; and 
 (2) in
the case of Liens securing Senior Indebtedness of Holly Energy Partners or a Guarantor, the Notes or Note Guarantees, as applicable, are contemporaneously secured by a Lien on such property or assets on an equal and ratable basis with the Senior
Indebtedness so secured until such time as such Senior Indebtedness is no longer so secured by a Lien. 
 Any Lien on property or assets of
Holly Energy Partners or a Guarantor created for the benefit of Holders of the Notes pursuant to the preceding paragraph shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged at such time as
there are no other Liens of any kind (other than Permitted Liens) on such property or assets securing such Indebtedness. 
 Section 4.13 Limitations
on Finance Corp. Activities.  
 Finance Corp. will not hold any material assets, become liable for any material obligations or
engage in any significant business activities; provided, that Finance Corp. may be a co-obligor or guarantor with respect to Indebtedness if Holly Energy Partners is an obligor on such Indebtedness and
the net proceeds of such Indebtedness are received by Holly Energy Partners, Finance Corp. or one or more Restricted Subsidiaries. At any time after Holly Energy Partners is a corporation, Finance Corp. may consolidate or merge with or into Holly
Energy Partners or any Restricted Subsidiary. 
 Section 4.14 Corporate Existence.  

Subject to Article 5 hereof, Holly Energy Partners shall do or cause to be done all things necessary to preserve and keep in full force and
effect: 
 (1) its limited partnership existence, and the corporate, partnership or other existence of each of its Restricted
Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of Holly Energy Partners or any such Restricted Subsidiary; and 

  
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 (2) the rights (charter and statutory), licenses and franchises of Holly
Energy Partners and its Restricted Subsidiaries; 
 provided, however, that Holly Energy Partners shall not be required to preserve
any such right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the General Partner shall determine that the preservation thereof is no longer desirable in the conduct of the business
of Holly Energy Partners and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 

Section 4.15 Offer to Repurchase Upon Change of Control.  

(a) Upon the occurrence of a Change of Control, the Issuers will make an offer (a “Change of Control Offer”)
to each Holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased,
plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of Notes on the relevant record date to receive interest
due on an interest payment date that is on or prior to the date of purchase. Within 30 days following any Change of Control, the Issuers will send a notice to each Holder describing the transaction or transactions that constitute the Change of
Control and stating: 
 (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and that all
Notes tendered will be accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no earlier than
30 days and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”); 

(3) that any Note not tendered will continue to accrue interest; 

(4) that, unless the Issuers Default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (5) that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry
transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business
on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder
is withdrawing his election to have the Notes purchased; and 
 (7) that Holders whose Notes are being purchased only in part
will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

  
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 The Issuers will comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a
Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.15, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under this Section 4.15 by virtue of such compliance. 
 (b) On the Change of Control
Payment Date, the Issuers will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly
tendered pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly tendered; and 
 (3) deliver or cause to be delivered
to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuers. 

The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes (or, if all the
Notes are then in global form, it will make such payment through the facilities of DTC), and the Trustee will, upon receipt of an Authentication Order, promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new
Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Issuers will publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 The provisions
described above that require the Issuers to make a Change of Control Offer following a Change of Control will be applicable whether or not any other provisions of this Indenture are applicable. 

(c) Notwithstanding anything to the contrary in this Section 4.15, the Issuers will not be required to make a Change of
Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.15 and purchases all Notes properly
tendered and not withdrawn under the Change of Control Offer, (2) in connection with any Change of Control, Holly Energy Partners or a third party has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered
at a cash price equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms of the Alternate Offer, or (3) `notice of redemption has been given pursuant to Section 3.07
hereof, unless and until there is a default in payment of the applicable redemption price. 
 (d) With respect to the Notes,
in the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes tender and do not withdraw such Notes in a Change of Control Offer or Alternate Offer and Holly Energy Partners (or the third party making the
Change of Control Offer or Alternate Offer as provided above) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuers will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not
more than 30 days following the purchase pursuant to the Change of Control Offer or Alternate Offer described above, to redeem all of the Notes that remain outstanding following such purchase at a redemption price equal to 101% of the aggregate
principal amount of such Notes, plus accrued and unpaid interest on the Notes that remain outstanding to, but excluding, the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on an
Interest Payment Date that is on or prior to the Redemption Date). 

  
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 Section 4.16 Additional Guarantees.  

If, after the Issue Date, any wholly-owned Domestic Subsidiary (other than Finance Corp.) of Holly Energy Partners that is not already a
Guarantor Guarantees any Indebtedness of either of the Issuers under a Credit Facility in an aggregate principal amount in excess of $50.0 million, then that Subsidiary will become a Guarantor by executing and delivering a supplemental
indenture to this Indenture to the Trustee within 30 Business Days of the date on which it Guaranteed such Indebtedness; provided that the preceding shall not apply to Subsidiaries of Holly Energy Partners that have been properly designated
as Unrestricted Subsidiaries in accordance with this Indenture for so long as they continue to constitute Unrestricted Subsidiaries. Any Note Guarantee of a Domestic Subsidiary that was incurred pursuant to this Section 4.16 will be subject to
the release and other provisions and limitations in accordance with Article 10 hereof. 
 Section 4.17 Designation of Restricted and Unrestricted
Subsidiaries. 
 Holly Energy Partners may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would
not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by Holly Energy Partners and its Restricted Subsidiaries in the Subsidiary designated
as Unrestricted will be deemed to be an Investment made as of the time of the designation and will either reduce the amount available for Restricted Payments under Section 4.07 hereof or qualify as a Permitted Investment under one or more
clauses of the definition of Permitted Investments, as determined by Holly Energy Partners; provided that any designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary. 
 Any designation of a Subsidiary of Holly Energy Partners as an Unrestricted
Subsidiary will be evidenced to the Trustee by filing with the Trustee an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07 hereof. Holly Energy Partners may at
any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of Holly Energy Partners; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of Holly Energy Partners of
any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred
at the beginning of the Reference Period; and (2) no Default or Event of Default would be in existence following such designation. 
 Section 4.18
Termination of Covenants.  
 (a) If at any time (i) the Notes are assigned an Investment Grade Rating and (ii) no
Default or Event of Default has occurred and is continuing under this Indenture, then upon delivery to the Trustee by Holly Energy Partners of an Officers’ Certificate to the foregoing effect (the “Termination Date”), Holly
Energy Partners and its Restricted Subsidiaries will thereafter not be subject to the following provisions of this Indenture: 

(1) Section 4.10; 

(2) Section 4.07; 

(3) Section 4.09; 

  
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 (4) Section 4.16; 

(5) Section 4.11; 

(6) Section 4.13; 

(7) Clause (4) of Section 5.01(a); and 

(8) Section 4.08. 

(b) However, Holly Energy Partners and its Restricted Subsidiaries will remain subject to the provisions of this Indenture:

 (1) Section 4.03; 

(2) Section 4.12; and 

(3) Section 5.01 (with the exception of clause (4) thereof). 

No Subsidiary may be designated as an Unrestricted Subsidiary after the Termination Date. 

ARTICLE 5 
 SUCCESSORS

 Section 5.01 Merger, Consolidation or Sale of Assets. 

(a) Neither of the Issuers may: (1) consolidate or merge with or into another Person (whether or not such Issuer is the
surviving entity); or (2) directly or indirectly sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of the Issuers and the Restricted Subsidiaries, taken as a whole, in one or more
related transactions, to another Person, unless: 
 (1) either: 

(A) such Issuer is the surviving entity; or 

(B) the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a Person organized or existing under the laws of the United States, any state of the United States or the District of Columbia; provided, however, that Finance Corp. may
not consolidate or merge with or into any Person other than a corporation satisfying such requirement so long as Holly Energy Partners is not a corporation; 

(2) the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or the Person to which such
sale, assignment, transfer, lease, conveyance or other disposition has been made assumes all the obligations of such Issuer under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; 

(3) immediately after such transaction, no Default or Event of Default exists; 

  
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 (4) in the case of a transaction involving Holly Energy Partners and not
Finance Corp., Holly Energy Partners or the Person formed by or surviving any such consolidation or merger (if other than Holly Energy Partners), or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made,
will: 
 (A) on the date of such transaction after giving pro forma effect thereto and any related financing transactions as
if the same had occurred at the beginning of the applicable Reference Period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); or 

(B) have a Fixed Charge Coverage Ratio, on the date of such transaction and after giving pro forma effect thereto and any
related financing transactions as if the same had occurred at the beginning of the applicable Reference Period, not less than the Fixed Charge Coverage Ratio of Holly Energy Partners immediately prior to such transaction; and 

(5) such Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or disposition and such supplemental indenture (if any) comply with this Indenture and all conditions precedent therein relating to such transaction have been satisfied; 

provided that this Section 5.01 will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets between or
among Holly Energy Partners and its Restricted Subsidiaries, provided further that Sections 5.01(a)(3) and (4) will not apply to any merger or consolidation of Holly Energy Partners (A) with or into one of its Restricted
Subsidiaries for any purpose or (B) with or into an Affiliate solely for the purpose of reorganizing Holly Energy Partners in another jurisdiction. 

(b) Notwithstanding Section 5.01(a), Holly Energy Partners will be permitted to reorganize as any other form of entity;
provided that: 
 (1) the reorganization involves the conversion (by merger, sale, contribution or exchange of assets
or otherwise) of Holly Energy Partners into a form of entity other than a limited partnership formed under Delaware law; 

(2) the entity so formed by or resulting from such reorganization is an entity organized or existing under the laws of the
United States, any state thereof or the District of Columbia; 
 (3) the entity so formed by or resulting from such
reorganization assumes all the Obligations of Holly Energy Partners under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; 

(4) immediately after such reorganization no Default or Event of Default exists; and 

(5) such reorganization is not adverse to the Holders of the Notes (for purposes of this clause (5) it is stipulated that
such reorganization shall not be considered adverse to the Holders of the Notes solely because the successor or survivor of such reorganization (a) is subject to federal or state income taxation as an entity or (b) is considered to be an
“includible corporation” of an affiliated group of corporations within the meaning of Section 1504(b) of the Code or any similar state or local law). 

  
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 Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of Holly Energy Partners in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which Holly Energy Partners is
merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance
or other disposition, the provisions of this Indenture referring to the “Holly Energy Partners” shall refer instead to the successor Person and not to Holly Energy Partners), and may exercise every right and power of Holly Energy Partners
under this Indenture with the same effect as if such successor Person had been named as Holly Energy Partners herein. 
 ARTICLE 6

 DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

Each of the following is an “Event of Default”: 

(1) default for 30 days in the payment when due of interest with respect to the Notes; 

(2) default in the payment when due (at Stated Maturity, upon redemption or otherwise) of the principal of, or premium, if any,
on, the Notes; 
 (3) failure by Holly Energy Partners or any of its Restricted Subsidiaries to make a Change of Control
Offer or an Asset Sale Offer within the time periods set forth, or consummate a purchase of Notes when required pursuant to the terms described in Section 4.15 or Sections 3.09 and 4.10 or to comply with the provisions of Section 5.01
hereof; 
 (4) failure by Holly Energy Partners for 90 days after written notice to Holly Energy Partners by the Trustee or
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with Section 4.03(a); 

(5) failure by Holly Energy Partners or any of its Restricted Subsidiaries for 60 days after written notice to Holly Energy
Partners by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding to comply with any of the other agreements in the Indenture; 

(6) default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced
any Indebtedness for money borrowed by Holly Energy Partners or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by Holly Energy Partners or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now
exists, or is created after the Issue Date, if that default: 
 (A) is caused by a failure to pay principal of, or interest
or premium, if any, on, such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 

(B) results in the acceleration of such Indebtedness prior to its express maturity, 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more, provided, however, that if any such Payment Default is cured or waived or any such acceleration rescinded, or such
Indebtedness is repaid, within a period of 60 days from the continuation of such Payment Default beyond the applicable grace period or the occurrence of such acceleration, as the case may be such Event of Default and any consequential acceleration
of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 

  
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 (7) failure by an Issuer or any of Holly Energy Partners’ Restricted
Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $50.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; 

(8) an Issuer or any of Holly Energy Partners’ Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of Holly Energy Partners that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 

(A) commences a voluntary case, 

(B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(D) makes a general assignment for the benefit of its creditors, or 

(E) announces publicly that it generally is not paying its debts as they become due; 

(9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against an Issuer or any of Holly Energy Partners’ Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Holly Energy Partners that, taken together, would constitute a Significant Subsidiary in an involuntary case; 

(B) appoints a custodian of an Issuer or any of Holly Energy Partners’ Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of Holly Energy Partners that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of an Issuer or any of Holly Energy Partners’ Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of Holly Energy Partners that, taken together, would constitute a Significant Subsidiary; or 

(C) orders the liquidation of an Issuer or any of Holly Energy Partners’ Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of Holly Energy Partners that, taken together, would constitute a Significant Subsidiary; 

and the order or decree remains unstayed and in effect for 60 consecutive days; and 

(10) except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or
invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its Obligations under its Note Guarantee. 

  
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 Section 6.02 Acceleration. 

In the case of an Event of Default specified in clause (8) or (9) of Section 6.01 hereof, with respect to Finance Corp., Holly Energy
Partners or any Restricted Subsidiary of Holly Energy Partners that is a Significant Subsidiary or any group of Restricted Subsidiaries of Holly Energy Partners that, taken together, would constitute a Significant Subsidiary, the principal of and
accrued and unpaid interest, if any, on all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the then outstanding Notes may declare the principal of and accrued and unpaid interest, if any, on all the Notes to be due and payable immediately. 

Upon any such declaration, the Notes shall become due and payable immediately. 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders
of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest, or premium, if any, on, or the
principal of, the Notes. 
 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium and
interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

Section 6.04 Waiver of Past Defaults. 

Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all
of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium or interest on the Notes; provided, however, that the
Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes (it being understood that the Trustee does not have any duty to ascertain whether or not any action or forbearance is unduly prejudicial to the rights of other Holders of Notes) or that may
involve the Trustee in personal liability. Before the Trustee acts or refrains from acting, it shall be entitled to require a direction from Holders of a majority in aggregate principal amount of the then outstanding Notes or an Opinion of Counsel
or both. The Trustee will not be liable for any action it takes or omits to take in reliance on such direction or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

  
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 Section 6.06 Limitation on Suits. 

A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 

(1) such Holder gives to the Trustee written notice that an Event of Default is continuing; 

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee
to pursue the remedy; 
 (3) such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the
request within 60 days after the receipt of the request and the offer of security or indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over
another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and interest
and on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be amended in a manner adverse to such Holder without the consent of
such Holder. 
 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuers (or any
other obligor upon the Notes), their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances 

  
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of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and interest ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Issuers or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 ARTICLE
7 
 TRUSTEE 
 Section 7.01
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

  
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 (1) the duties of the Trustee will be determined solely by the express
provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does
not limit the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee will not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 

(e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee
will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has furnished to the Trustee security and indemnity satisfactory to it against any loss, liability or
expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) The Trustee shall not be accountable for the Issuers’ use of the proceeds from the Notes. 

(h) The permissive right of the Trustee to do things enumerated in the Indenture shall not be construed as a duty and the
Trustee may, but shall not be required under any circumstances to exercise discretion in the performance of its duties hereunder. The Trustee shall be under no obligation to institute any suit, or to undertake any proceeding under this Indenture, or
to enter any appearance or in any way defend in any suit in which it may be made defendant, or to take any steps in the execution of the trusts hereby created or in the enforcement of any rights and powers hereunder, until it shall be indemnified to
its satisfaction against any and all costs and expenses, outlays and counsel fees and other anticipated disbursements, and against all liability except to the extent determined by a court of competent jurisdiction to have been caused solely by its
own gross negligence or willful misconduct. Nevertheless, the Trustee may begin suit, or appear in and defend suit, or do anything else in its judgment proper to be done by it as the Trustee, without indemnity, and in such case the Trustee shall, to
the extent not reimbursed by the Issuers reimburse itself from the monies available under this Indenture for all costs and expenses, outlays and counsel fees and expenses and other reasonable disbursements properly incurred in connection therewith
and the Trustee shall be entitled to a preference therefor over any Notes or securities outstanding hereunder. 

  
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 Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts
or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be
responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for
any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers will be
sufficient if signed by an Officer of each of the Issuers. 
 (f) The Trustee will be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have furnished to the Trustee reasonable indemnity or security against the losses, liabilities and expenses that might be
incurred by it in compliance with such request or direction. 
 (g) In the event the Trustee receives inconsistent or
conflicting requests and indemnity from two or more groups of Holders, each representing less than a majority in aggregate principal amount of the Notes, the Trustee, in its sole discretion, may forbear from taking any action or determine what
action, if any, shall be taken. 
 (h) Notwithstanding any other provisions, the Trustee shall not be liable for special,
punitive, indirect, or consequential damages (including lost profits), whether or not the claim therefor is based on contract, tort, duty imposed by any applicable legal requirement, or otherwise and even if the Trustee has been advised of the
likelihood of such damages or penalty. 
 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any
Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as such term is defined in the TIA) it must eliminate such conflict within 90 days or
resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.10 hereof. 
 Section 7.04
Trustee’s Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it will not be
responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the
sale of the Notes or pursuant to this Indenture other than its certificate of authentication. The Trustee shall have no duty or obligation to monitor the Issuers’ compliance with the terms of this Indenture or to ascertain or inquire as to the
observance, performance of any covenants, conditions or agreements of the Issuer except as expressly set forth in this Indenture. 

  
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 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will send to Holders of Notes a notice
of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest
on any Note, the Trustee shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless a Responsible Officer of Trustee shall have received notice from a Holder or the Issuer referring to this Indenture
or the Notes, describing such Default or Event of Default and stating that such notice is a “Notice of Default.” 
 Section 7.06
[Reserved] 
 Section 7.07 Compensation and Indemnity. 

(a) The Issuers will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and
services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuers will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Issuers and the Guarantors will indemnify the Trustee against any and all losses, liabilities or expenses incurred by
it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuers and the Guarantors (including this Section 7.07) and
defending itself against any claim (whether asserted by the Issuers, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuers will not relieve the Issuers or
any of the Guarantors of their obligations hereunder. The Issuers or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuers will pay the reasonable fees and expenses
of such counsel. Neither the Issuers nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

(c) The obligations of the Issuers and the Guarantors under this Section 7.07 will survive the satisfaction and discharge
of this Indenture. 
 (d) To secure the Issuers’ and the Guarantors’ payment obligations in this Section 7.07,
the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this
Indenture. 

  
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 (e) When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(8) or (9) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law. 
 Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in
writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers
in writing. The Issuers may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers will
promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee
appointed by the Issuers. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Issuers, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers.
Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send a notice of its
succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

  
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 Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10 Eligibility; Disqualification.

 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$100.0 million as set forth in its most recent published annual report of condition. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuers may at their option and at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes and
Note Guarantees upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and
(2) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except
for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of
Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

(2) the Issuers’ obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ and the Guarantors’
Obligations in connection therewith; and 
 (4) this Article 8. 

Subject to compliance with this Article 8, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. 

  
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 Section 8.03 Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers and each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.04, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15,
4.16 and 4.17 hereof and clause (4) of Section 5.01 hereof with respect to the outstanding Notes, and the Guarantors will be released from their obligations with respect to the Note Guarantees, on and after the date the conditions set
forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for
accounting purposes to the extent permitted by GAAP). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuers and the Guarantors may omit to comply with and will have no liability in
respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will
be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(3) through 6.01(7) inclusive hereof will not constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(1) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient, in the
opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the outstanding Notes on the stated date for payment thereof or on the
applicable Redemption Date, as the case may be, and the Issuers must specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date; 

(2) in the case of an election under Section 8.02 hereof, the Issuers must deliver to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that: 
 (A) the Issuers have received from, or there has been published by,
the Internal Revenue Service a ruling; or 
 (B) since the Issue Date, there has been a change in the applicable federal
income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred; 

  
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 (3) in the case of an election under Section 8.03 hereof, the Issuers
must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or
Event of Default resulting from the incurrence of Indebtedness or other borrowing of funds or the grant of Liens securing such Indebtedness or other borrowing, all or a portion of the proceeds of which will be applied to such deposit) and the
deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuers or any Guarantor is a party or by which the Issuers or any Guarantor is bound; 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture) to which Holly Energy Partners or any of its Subsidiaries is a party or by which Holly Energy Partners or any of its Subsidiaries is bound; 

(6) the Issuers must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers
with the intent of preferring the Holders of Notes over the other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or others; and 

(7) the Issuers must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including either Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest but such money need not be segregated
from other funds except to the extent required by law. 
 The Issuers will pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this
Article 8 to the contrary, the Trustee will deliver or pay to the Issuers from time to time upon the request of the Issuers any money or non-callable Government Securities held by it as provided in
Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)
hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

  
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 Section 8.06 Repayment to the Issuers. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of, premium,
if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuers on their request or (if then held by the Issuers) will be discharged
from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as
trustee thereof, will thereupon cease; provided, however, that, if any Definitive Note is then outstanding, the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuers cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’
and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuers make any payment of principal of, premium, if any, or interest on any Note following
the reinstatement of its obligations, the Issuers will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture or the
Notes or the Note Guarantees without the consent of any Holder of Note: 
 (1) to cure any ambiguity, defect or
inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Issuers’ or a Guarantor’s obligations to the Holders of the Notes and Note
Guarantees in the case of a merger or consolidation or sale of all or substantially all of the Issuers’ or such Guarantor’s assets, as applicable; 

(4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights hereunder of any such Holder; 
 (5) to comply with requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the TIA; 

  
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 (6) to conform the text of this Indenture, the Notes or the Note Guarantees
to any provision of the “Description of Notes” section of the Offering Memorandum to the extent that such provision was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees; 

(7) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the
Issue Date; 
 (8) to allow any Guarantor to execute a supplemental indenture and/or a notation of a Note Guarantee with
respect to the Notes or to reflect the release of a Note Guarantee in accordance with this Indenture; 
 (9) to secure the
Notes and/or the Note Guarantees; 
 (10) to comply with the rules of any applicable securities depository; or 

(11) to provide for the reorganization of Holly Energy Partners as any other form of entity, in accordance with
Section 5.01(a). 
 Upon the request of the Issuers, and upon receipt by the Trustee of the documents described in Section 9.05
hereof, the Trustee will join with the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture
(including, without limitation, Sections 3.09, 4.10 and 4.15 hereof) and the Notes and the Note Guarantees with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation,
Additional Notes, if any), including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes, and, any existing Default or Event of Default or compliance with any provision of this
Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any), including, without
limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not (with
respect to any Notes held by a non-consenting Holder): 
 (1) reduce the principal
amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change
the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes; provided, however, that any purchase or repurchase of Notes, including pursuant to Sections 3.09 and 4.10 or Section 4.15 hereof, shall
not be deemed a redemption of the Notes; 
 (3) reduce the rate of or change the time for payment of interest, including
default interest, on any Note; 

  
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 (4) waive a Default or Event of Default in the payment of principal of, or
interest or premium, if any, on, the Notes (except a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such
acceleration); 
 (5) make any Note payable in money other than that stated in the Notes; 

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of, principal of, or interest or premium, if any, on, the Notes (other than as permitted by clause (7) below); 

(7) waive a redemption payment with respect to any Note (other than a payment required by Sections 3.09 and 4.10 or
Section 4.15 hereof); 
 (8) release any Guarantor from any of its obligations under its Note Guarantee or this
Indenture, except in accordance with the terms of this Indenture; or 
 (9) make any change in the preceding amendment and
waiver provisions. 
 Upon the request of the Issuers, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.05 hereof, the Trustee will join with the Issuers and the Guarantors in the execution of such amended or supplemental
indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into
such amended or supplemental Indenture. 
 It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers will send to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. 
 Section 9.03 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
(except as provided in the second succeeding paragraph) and thereafter binds every Holder. 
 The Issuers may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then notwithstanding the second to last sentence of the immediately preceding paragraph, those
Persons who were Holders at such record date (or their duly designated proxies) and only those Persons, shall be entitled to consent to such amendment or waiver or revoke any consent previously given, whether or not such Persons continue to be
Holders after such record date. 

  
 78 

 After an amendment, supplement or waiver becomes effective, it shall bind every Holder,
unless it makes a change described in any of the clauses (1) through (9) of Section 9.02, in which case, the amendment, supplement or waiver shall bind only each Holder of a note who has consented to it and every subsequent Holder of a
Note or portion of a Note that evidences the same indebtedness as the consenting Holder’s Note. 
 Section 9.04 Notation on or Exchange of
Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.05 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying
upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 

ARTICLE 10 
 NOTE
GUARANTEES 
 Section 10.01 Guarantee. 

(a) Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder
of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that:

 (1) the principal of, premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at
Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or
otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will
be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

  
 79 

 (b) The Guarantors hereby agree that their obligations hereunder are
unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or
thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenants that its
Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by either to the Trustee or such Holder, each Note Guarantee, to the extent theretofore discharged, will be
reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Section 10.01, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become
due and payable by the Guarantors for the purposes of this Section 10.01. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does
not impair the rights of the Holders under the Note Guarantee. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirm that it is the intention of all such parties that the Note
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such
maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 

Section 10.03 Execution and Delivery of Notation of Note Guarantee. 

To evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that, at the time of authentication and
delivery of any Note hereunder by the Trustee, a notation of such Note Guarantee substantially in the form attached as Exhibit E hereto will be endorsed by an Officer of such Guarantor on such Note, and that this Indenture (including any supplement
thereto) will be executed on behalf of such Guarantor by one of its Officers. 
 Each Guarantor hereby agrees that its Note Guarantee set
forth in Section 10.01 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 

  
 80 

 If an Officer whose signature is on this Indenture or on the notation of its Note Guarantee
no longer holds that office at the time the Trustee authenticates the Note on which such notation of its Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set
forth in this Indenture on behalf of the Guarantors. 
 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05 hereof, no Guarantor may consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person) another Person, other than Holly Energy Partners or another Guarantor, unless: 
 (1)
immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (2) either: 

(A) the Person formed by or surviving any such consolidation or merger is a Guarantor, or unconditionally assumes all the
obligations of that Guarantor under this Indenture and its Note Guarantee on the terms set forth herein or therein, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee; or 

(B) such merger does not violate Section 4.10 and Section 5.01 hereof. 

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the notations of Note
Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuers and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 

Section 10.05 Releases. 
 (a) In the
event of any sale or other disposition (i) of all or substantially all of the properties or assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such
transactions) Holly Energy Partners or a Restricted Subsidiary of Holly Energy Partners, or (ii) of all of the Capital Stock of any Guarantor after which the applicable Guarantor is no longer a Restricted Subsidiary of Holly Energy Partners,
then such Guarantor will, automatically and without further action, be released and relieved of any obligations under its Note Guarantee and all of its other obligations under this Indenture; provided that such sale or other disposition does
not violate the applicable provisions of Section 4.10 hereof. 
 (b) Upon designation of any Guarantor as an Unrestricted Subsidiary in
accordance with the terms of this Indenture, such Guarantor will, automatically and without further action, be released and relieved of any obligations under its Note Guarantee and all of its other obligations under this Indenture. 

  
 81 

 (c) Upon release or discharge of the Guarantee by any Guarantor with respect to Indebtedness
of the Issuers under a Credit Facility that would require it, if not a Guarantor, to become a Guarantor under Section 4.16, such Guarantor will, automatically and without further action, be released and relieved of any obligations under its
Note Guarantee and its other obligations under this Indenture; provided, further, however that if, at any time following such release, that Guarantor later Guarantees Indebtedness of either Issuer under a Credit Facility, then such Guarantor
shall be required to provide a Note Guarantee at such time if required in accordance with Section 4.16 hereof. 
 (d) Upon Legal or
Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11 hereof, each Guarantor will, automatically and without further action, be released and relieved of any obligations
under its Note Guarantee and all of its other obligations under this Indenture. 
 (e) Upon the merger, amalgamation or consolidation of any
Guarantor with and into an Issuer or another Guarantor that is the surviving Person in such merger, amalgamation or consolidation, or upon the liquidation or dissolution of such Guarantor, such Guarantor will, automatically and without further
action, be relieved of any obligations under its Note Guarantee and all of its other obligations under this Indenture. 
 Upon delivery by
the Issuers to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that any release complies with the provisions of this Section 10.05, the Trustee will execute any documents reasonably required in order to
evidence the release of any Guarantor from its obligations under its Note Guarantee and all of its other obligations under this Indenture. Any Guarantor not released from its obligations under its Note Guarantee as provided in this
Section 10.05 will remain liable for the full amount of principal of and interest, and premium, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 10. 

ARTICLE 11 
 SATISFACTION
AND DISCHARGE 
 Section 11.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(1) either: 

(A) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust and thereafter repaid to the Issuers, have been delivered to the Trustee for cancellation; or 

(B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable or will become due and
payable within one year by reason of the sending of a notice of redemption or otherwise and the Issuers or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be
sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest, if any, to the date of
Stated Maturity or redemption; 

  
 82 

 (2) the Issuers or any Guarantor has paid or caused to be paid all sums
payable by it under this Indenture; and 
 (3) the Issuers have delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at Stated Maturity or on the Redemption Date, as the case may be. 

In addition, the Issuer must deliver to Trustee an Officers’ Certificate stating that all conditions precedent set forth in clauses
(1) through (3) above have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been
deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those
provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02
Application of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including either Issuer acting as Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 11.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and any Guarantor’s
obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 11.01; provided that if the Issuers have made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of their obligations, the Issuers shall be subrogated to the rights of the
Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE 12

 MISCELLANEOUS 
 Section 12.01
[Reserved.] 
 Section 12.02 Notices. 

Any notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing in the English language and
delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

  
 83 

 If to the Issuers and/or any Guarantor: 

Holly Energy Partners, L.P. 

Holly Energy Finance Corp. 
 2828
N. Harwood, Suite 1300 
 Dallas, Texas 75201 

Email: general.counsel@hollyfrontier.com; president-HEP@hollyenergy.com 

Attention: Chief Financial Officer 

With a copy to: 

Vinson & Elkins L.L.P. 

2001 Ross Avenue, Suite 3900 

Dallas, Texas 75201-2975 

Facsimile No.: (214) 220-7716 

Attention: Katherine Terrell Frank 

If to the Trustee: 
 U.S. Bank
Trust Company, National Association 
 13737 Noel Road, Suite 800 

Dallas, Texas 75240 
 Facsimile
No.: (972) 581-1660 
 Attention: Global Corporate Trust Services 

The Issuers, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar; provided, however, that any notice or communication to a Holder of a Global
Note will be given in the manner prescribed by DTC or other Depositary. Failure to give a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

If a notice or communication is sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Issuers send a notice or communication to Holders, they will send a copy to the Trustee and each Agent at the same
time. 
 Section 12.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

  
 84 

 Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuers to the Trustee to take any action under this Indenture, the Issuers shall furnish to the
Trustee: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must
include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

(1) a statement that the person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied. 

Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No past, present or future director, officer, partner, member, employee, incorporator, manager or unit holder or other owner of Equity Interest
of the Issuers, the General Partner or any Guarantor, as such, will have any liability for any obligations of the Issuers or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Note Guarantees. 

Section 12.08 Governing Law. 
 THE
LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES. 

  
 85 

 Section 12.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of Holly Energy Partners or its Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10 Successors. 

All agreements of the Issuers in this Indenture and the Notes will bind their respective successors. All agreements of the Trustee in this
Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof. 

Section 12.11 Severability. 
 In case
any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 12.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture, and each party hereto may sign any number of separate copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 12.13 Table of Contents, Headings, etc. 

The Table of Contents and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 Section 12.14 Payment Date
Other Than a Business Day. 
 If any payment with respect to any principal of, premium, if any, on, or interest on any Note (including
any payment to be made on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as
if made on such date, and no interest will accrue for the intervening period. 
 Section 12.15 Evidence of Action by Holder. 

Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take action
(including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the time of taking any such action the Holders of such specified percentage have joined
therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, (b) by the record of the Holders voting in favor thereof at any meeting
of Holders duly called and held in accordance with procedures approved by the Trustee, (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders or (d) in the case of Notes evidenced by a
Global Note, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s applicable procedures. 

[Signatures on following page] 

  
 86 

 SIGNATURES 

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

 

					
	HOLLY ENERGY PARTNERS, L.P.
		
	By:	 	HEP Logistics Holdings, L.P.,
		 	its general partner
		
		 	 By: Holly Logistic Services, L.L.C.,

		 	 its general partner

		
	By:	 	 /s/ John Harrison 

		 	John Harrison
		 	Senior Vice President, Chief Financial Officer and Treasurer
	
	HOLLY ENERGY FINANCE CORP.
		
	By:	 	 /s/ John Harrison 

		 	John Harrison
		 	Senior Vice President, Chief Financial Officer and Treasurer

 [SIGNATURE PAGE TO THE
INDENTURE] 

 
	
	GUARANTORS:
	
	CHEYENNE LOGISTICS LLC, a Delaware limited liability company
	
	EL DORADO LOGISTICS LLC, a Delaware limited liability company
	
	EL DORADO OPERATING LLC, a Delaware limited liability company
	
	EL DORADO OSAGE LLC, a Delaware limited liability company
	
	FRONTIER ASPEN LLC, a Delaware limited liability company
	
	HEP CHEYENNE LLC, a Delaware limited liability company
	
	HEP CUSHING LLC, a Delaware limited liability company
	
	HEP EL DORADO LLC, a Delaware limited liability company
	
	HEP MOUNTAIN HOME, L.L.C., a Delaware limited liability company
	
	HEP OKLAHOMA, LLC, a Delaware limited liability company
	
	HEP PIPELINE, L.L.C., a Delaware limited liability company
	
	HEP PIPELINE GP, L.L.C., a Delaware limited liability company
	
	HEP REFINING, L.L.C., a Delaware limited liability company
	
	HEP REFINING GP, L.L.C., a Delaware limited liability company
	
	HEP TULSA LLC, a Delaware limited liability company
	
	HEP UNEV HOLDINGS LLC, a Delaware limited liability company
	
	HEP UNEV PIPELINE LLC, a Delaware limited liability company

  

[SIGNATURE PAGE TO THE INDENTURE] 

 
			
	HEP WOODS CROSS, L.L.C., a Delaware limited liability company
	
	HOLLY ENERGY HOLDINGS LLC, a Delaware limited liability company
	
	HOLLY ENERGY STORAGE-LOVINGTON LLC, a Delaware limited liability company
	
	LOVINGTON-ARTESIA, L.L.C., a Delaware limited liability company
	
	ROADRUNNER PIPELINE, L.L.C., a Delaware limited liability company
	
	SLC PIPELINE LLC, a Delaware limited liability company
	
	WOODS CROSS OPERATING LLC, a Delaware limited liability company
		
	By:	 	 /s/ John Harrison 

		 	John Harrison
		 	Senior Vice President, Chief Financial Officer and Treasurer

  

[SIGNATURE PAGE TO THE INDENTURE] 

 
					
	HEP FIN-TEX/TRUST-RIVER, L.P., a Texas limited partnership
	
	HEP PIPELINE ASSETS, LIMITED PARTNERSHIP, a Delaware limited partnership
	
	HEP NAVAJO SOUTHERN, L.P., a Delaware limited partnership
		
	By:	 	HEP Pipeline GP, L.L.C., a Delaware limited liability company, its General Partner
			
		 	By: 	 	 /s/ John Harrison 

		 		 	John Harrison
		 		 	Senior Vice President, Chief Financial Officer and Treasurer
	
	HEP REFINING ASSETS, L.P., a Delaware limited partnership
		
	By:	 	HEP Refining GP, L.L.C., a Delaware limited liability company, its General Partner
			
		 	By:	 	 /s/ John Harrison

		 	        John Harrison
		 	 Senior Vice President, Chief Financial Officer and Treasurer

	
	HOLLY ENERGY PARTNERS—OPERATING, L.P., a Delaware limited partnership
		
	By:	 	HEP Logistics GP, L.L.C., a Delaware limited liability company, its General Partner
			
		 	By:	 	 /s/ John Harrison

		 	 John Harrison

		 	 Senior Vice President, Chief Financial Officer and Treasurer

  

[SIGNATURE PAGE TO THE INDENTURE] 

 
					
	HEP LOGISTICS GP, L.L.C., a Delaware limited liability company
		
	By:	 	Holly Energy Partners, L.P., a Delaware limited partnership, its Sole Member
		 	 By: HEP Logistics Holdings, L.P.,

		 	 its general partner

		 	 By: Holly Logistic Services, L.L.C.,

		 	 its general partner

		
	By:	 	 /s/ John Harrison 

		 	John Harrison
		 	Senior Vice President, Chief Financial Officer and Treasurer
	
	SINCLAIR TRANSPORTATION COMPANY LLC, a Wyoming limited liability company
		
	By:	 	 /s/ John Harrison 

		 	John Harrison	 	
		 	Senior Vice President, Chief Financial Officer and Treasurer
	
	SINCLAIR LOGISTICS, LLC, a Wyoming limited liability company
		
	By:	 	Sinclair Transportation Company LLC, a Wyoming limited liability company, its Sole Member
		
	By:	 	 /s/ John Harrison 

		 	John Harrison
		 	Senior Vice President, Chief Financial Officer and Treasurer

  

[SIGNATURE PAGE TO THE INDENTURE] 

 
			
	SINCLAIR PIPELINE COMPANY, LLC, a Wyoming limited liability company
		
	By:	 	Sinclair Transportation Company LLC, a Wyoming limited liability company, its Sole Member
		
	By:	 	 /s/ John Harrison 

		 	John Harrison
		 	Senior Vice President, Chief Financial Officer and Treasurer

  

[SIGNATURE PAGE TO THE INDENTURE] 

 
					
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
			
	  	 	By:	 	 /s/ Michael K. Herberger

		 		 	Name: Michael K. Herberger
		 		 	Title: Vice President

  

  

[SIGNATURE PAGE TO THE INDENTURE] 

 EXHIBIT A 

[FORM OF] GLOBAL NOTE 
  

CUSIP                1 

ISIN                
2 
 6.375% Senior Notes due 2027 

 

			
	No. ___	  	$____________

 HOLLY ENERGY PARTNERS, L.P. 

and 
 HOLLY ENERGY FINANCE CORP.

 promise to pay to _______________, or registered assigns, 

the principal sum of __________________________________________________________ DOLLARS [or such greater or lesser amount as may be specified on the attached
schedule]* on April 15, 2027. 
 Interest Payment Dates: April 15 and October 15 

Record Dates: April 1 and October 1 
  

	*	 To be included only if the Note is issued in global form.  

 

	1 	 144A: 435765AJ1/ Regulations S: U4377TAG5 / IAI: 435765AK8 

	2 	 144A: US435765AJ10 / Regulations S: USU4377TAG59/ IAI: US435765AK82 

  
 A-1 

 
			
	HOLLY ENERGY PARTNERS, L.P.
		
	By:	 	HEP Logistics Holdings, L.P.,
		 	its general partner
		
		 	 By: Holly Logistic Services, L.L.C.,

		 	 its general partner

		
	By:	 	      

		 	Name:
		 	Title:
	
	HOLLY ENERGY FINANCE CORP.
		
	By:	 	      

		 	Name:
		 	Title:    

  

  
 A-2 

[SIGNATURE PAGE TO [144A][REGULATIONS S][IAI] NOTE ([A][S][IAI]-[
● ])] 

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	          

		 	Authorized Signatory
		 	Date:

  
 A-3 

[SIGNATURE PAGE TO [144A][REGULATIONS S][IAI]
NOTE ([A][S][IAI]-[ ● ])] 

 [Form of Face of Note] 

6.375% Senior Notes due 2027 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY,
BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS ONE YEAR (IN THE CASE OF RULE 144A SECURITIES) AFTER THE LATER OF THE ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)
OR 40 DAYS (IN THE CASE OF REGULATION S SECURITIES), ONLY (A) TO THE ISSUERS, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 

  
 A-4 

 
144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER OR THE ISSUERS ON OR AFTER THE
RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S GLOBAL NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS
NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 A-5 

 [Form of] Reverse of Note 

6.375% Senior Notes due 2027 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. Holly Energy Partners, L.P., a Delaware limited partnership (“Holly Energy
Partners”), and Holly Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with Holly Energy Partners, the “Issuers”), promise to pay interest on the unpaid principal amount of this Note at 6.375% per
annum. The Issuers will pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”);
provided that the first Interest Payment Date shall be October 15, 2022. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2) METHOD OF PAYMENT. The Issuers will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before
such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and interest at the office or agency of the Issuers maintained for such
purpose within or without the City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire
transfer of immediately available funds will be required with respect to principal of and interest and premium on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuers or the Paying
Agent to an account in the United States. Such payment will be 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. 

(3) PAYING AGENT AND REGISTRAR. Initially, U.S. Bank Trust
Company, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. Holly Energy Partners or any of its Subsidiaries may act in
any such capacity. 
 (4) INDENTURE. The Issuers issued the Notes under an Indenture dated as of
April 8, 2022 (the “Indenture”) among the Issuers, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the
Issuers. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 
 (5)
OPTIONAL REDEMPTION. 
 (a) Except pursuant to paragraphs (b), (c) and
(d) of this Section 5, the Notes will not be redeemable at the Issuers’ option prior to April 15, 2024. On or after April 15, 2024, the Issuers may redeem all or a part of the Notes, upon prior notice in accordance with
Section 3.02 of the Indenture, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid 

  
 A-6 

 
interest on the Notes redeemed to, but excluding, the applicable Redemption Date, if redeemed during the twelve-month period beginning on April 15 of each year indicated below, subject to
the rights of Holders of Notes on the relevant record date to receive interest due on an interest payment date that is on or prior to the Redemption Date: 
  

					
	 Year
	  	Percentage	 
	 2024
	  	 	103.188	% 
	 2025
	  	 	101.594	% 
	 2026 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to
April 15, 2024, the Issuers may on any one or more occasions redeem, upon prior notice in accordance with Section 3.02 of the Indenture, up to 40% of the aggregate principal amount of Notes (including any Additional Notes) issued under
this Indenture at a redemption price of 106.375% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the Redemption Date (subject to the right of Holders of Notes on the relevant record date to receive interest due
on an interest payment date that is on or prior to the Redemption Date), with an amount of cash not greater than the net cash proceeds of one or more Equity Offerings by Holly Energy Partners; provided that at least 60% of the aggregate
principal amount of Notes on the Issue Date (including any Additional Notes) issued under this Indenture (excluding Notes held by Holly Energy Partners and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption;
and the redemption occurs within 180 days of the date of the closing of such Equity Offering. 
 (c) Notwithstanding the provisions of
subparagraph (a) of this Paragraph 5, at any time prior to April 15, 2024, the Issuers may also redeem all or a part of the Notes, upon prior notice in accordance with Section 3.02 of the Indenture, at a redemption price equal to 100%
of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, but excluding, the Redemption Date, subject to the rights of Holders on the relevant record date to receive interest due on an interest
payment date that is on prior to the Redemption Date. 
 (d) The Issuers may also redeem the Notes as provided in Section 4.15(d) of the
Indenture, on the terms and subject to the conditions set forth therein. 
 (6) MANDATORY
REDEMPTION. 
 The Issuers are not required to make mandatory redemption or sinking fund
payments with respect to the Notes. The Issuers may acquire the Notes by means other than a redemption, whether pursuant to a tender offer, open market purchase or otherwise, so long as the acquisition does not violate the terms of the Indenture.

 (7) REPURCHASE AT THE OPTION OF
HOLDER. 
 (a) If there is a Change of Control, the Issuers will be required to make an offer
(a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price in cash equal to 101% of the aggregate
principal amount thereof plus accrued and unpaid interest to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the date of purchase
(the “Change of Control Payment”). Within 30 days following any Change of Control, the Issuers will send a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

  
 A-7 

 (b) In certain circumstances specified in the Indenture, the Issuers may be required to
commence an offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in Section 4.10 of the Indenture with respect to offers to purchase or
redeem with the proceeds of sales of assets (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price
in cash in an amount equal to 100% of the principal amount plus accrued and unpaid interest to the date of purchase, in accordance with the procedures set forth in Section 3.09 of the Indenture. If the aggregate principal amount of Notes and
other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the representative of such other pari passu Indebtedness will select such other pari
passu Indebtedness to be purchased on a pro rata basis. Holders of Notes that are the subject of an Asset Sale Offer will receive an offer to purchase from the Issuers prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 
 (8)
NOTICE OF REDEMPTION. Notice of redemption will be mailed (or sent electronically in the case of notices to DTC), at least 10 days but not more than 60 days before the Redemption
Date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be given more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 and in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed. Notice of any
redemption of the Notes may, at the Issuers’ discretion, be subject to one or more conditions precedent. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the
Issuers’ discretion, the Redemption Date may be delayed until such time (including more than 60 days after the date the notice of redemption was delivered) as any or all such conditions shall be satisfied, or such redemption may not occur and
such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date so delayed, or such notice may be rescinded at any time in the Issuers’ discretion if in
the good faith judgment of the Issuers any or all of such conditions will not be satisfied. 
 (9) DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes
may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any transfer tax or similar
governmental charge required by law or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part.
Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

(10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated
as its owner for all purposes, and only such Holders have rights under the Indenture. 
 (11) AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the Notes or the Note Guarantees may be amended or supplemented with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes including Additional Notes, if any, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes or the Note Guarantees may be waived with the
consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any. Without the consent of any Holder of a Note, the Indenture or the Notes or the Note Guarantees may be amended or
supplemented for certain purposes set forth in the Indenture. 

  
 A-8 

 (12) DEFAULTS AND
REMEDIES. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare the principal of and accrued and unpaid
interest, if any, on all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to Finance Corp., Holly Energy Partners or
any Restricted Subsidiary of Holly Energy Partners that is a Significant Subsidiary or any group of Restricted Subsidiaries of Holly Energy Partners that, taken together, would constitute a Significant Subsidiary, the principal of and accrued and
unpaid interest, if any, on all outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations,
Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default
if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal, interest, or premium, if any. The Holders of a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in
the payment of interest or premium, if any, on, or the principal of, the Notes. The Issuers and the Guarantors are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers and the Guarantors
are required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

(13) TRUSTEE DEALINGS WITH THE ISSUERS. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as if it were not the Trustee. 

(14) NO RECOURSE AGAINST OTHERS. A director, officer,
partner, member, employee, incorporator, manager or unit holder or other owner of Equity Interest of the Issuers, the General Partner or any Guarantor, as such, will not have any liability for any obligations of the Issuers or the Guarantors under
the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for the issuance of the Notes and the Note Guarantees. 
 (15) AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (16)
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (17) CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other
identification numbers placed thereon. 

  
 A-9 

 (18) GOVERNING LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES. 
 The Issuers will furnish to any Holder upon written request and without charge
a copy of the Indenture. Requests may be made to: 
 HOLLY ENERGY PARTNERS, L.P. 

Holly Energy Finance Corp. 
 2828 N. Harwood, Suite 1300 

Dallas, Texas 75201 
 Attention: Chief Financial Officer 

  
 A-10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert assignee’s legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 

and irrevocably appoint                    
                                         
                                         
                                         
                                         
                             

to transfer this Note on the books of the Issuers. The agent may substitute another to act for him. 

Date: _______________ 
  

			
	Your Signature:	  	
                 

	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*: _________________________ 
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-11 

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuers pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 
  

			
	☐ Section 4.10        	  	        ☐ Section 4.15

 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 4.10 or
Section 4.15 of the Indenture, state the amount you elect to have purchased: 
 $_______________ 

Date: _______________ 
  

			
	Your Signature:	 	
                     
    

	 (Sign exactly as your name appears on the face of this Note)

 

			
	Tax Identification No.:	 	
                 

 Signature Guarantee*: _________________________ 
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-12 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a
part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 	  	 Amount of decrease in

Principal Amount
 of
	  	 Amount of increase in

Principal Amount
 of
	  	 Principal Amount

of this Global Note
following such
decrease
	  	Signature of authorized
officer of Trustee or
	 Date of Exchange
	  	 this Global Note
	  	 this Global Note
	  	 (or increase)
	  	 Custodian

 

	*	 This schedule should be included only if the Note is issued in global form. 

  
 A-13 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Holly Energy
Partners, L.P. 
 Holly Energy Finance Corp. 
 2828 N. Harwood,
Suite 1300 
 Dallas, Texas 75201 
 U.S. Bank Trust Company,
National Association 
 13737 Noel Road, Suite 800 
 Dallas,
Texas 75240 
  

	 	Re:	 6.375% Senior Notes due 2027 

Reference is hereby made to the Indenture, dated as of April 8, 2022 (the “Indenture”), among Holly Energy Partners,
L.P., a Delaware limited partnership (“Holly Energy Partners”), and Holly Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with Holly Energy Partners, the “Issuers”), the
Guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

___________________, (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in
Annex A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________ (the “Transferee”), as further specified in Annex A hereto. In connection with
the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1. ☐     Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a
Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2. ☐     Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a
Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the
Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes
that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the
transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act,

  
 B-1 

 
(iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of
the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an initial purchaser of the Notes). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the
Indenture and the Securities Act. 
 3. ☐    Check and complete if Transferee will take delivery of a
beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one): 
 (a)    ☐    such
Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 
 or 

(b)    ☐    such Transfer is being effected to the Issuers or a subsidiary
thereof; 
 or 

(c)    ☐    such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
 or 

(d)    ☐    such Transfer is being effected to an Institutional Accredited
Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation
within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption
claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than
$250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or
the Restricted Definitive Notes and in the Indenture and the Securities Act. 
 4. ☐    Check if Transferee
will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 

  
 B-2 

 (a) ☐    Check if Transfer is pursuant to Rule 144. (i) The
Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and
in the Indenture. 
 (b) ☐    Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in
the Indenture. 
 (c) ☐    Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being
effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 This certificate and the statements contained herein
are made for your benefit. 
  

			
	          

		 	[Insert Name of Transferor]
		
	By:	 	              

		 	Name:
		 	Title:

 Dated: _______________________ 

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

					
	1.	 	The Transferor owns and proposes to transfer the following:
	
	  
 [CHECK ONE OF (a) OR (b)]

 

			
		 	(a)	  	☐ a beneficial interest in the:
			
		 		  	 (i)  ☐ 144A Global Note (CUSIP _________), or

			
		 		  	 (ii)  ☐ Regulation S Global Note (CUSIP _________), or

			
		 		  	 (iii)   ☐ IAI Global Note (CUSIP _________); or

			
		 	(b)	  	 ☐   a Restricted Definitive Note.

		
	2.	 	After the Transfer the Transferee will hold:
	
	[CHECK ONE]
			
		 	(a)	  	☐ a beneficial interest in the:
			
		 		  	 (i)  ☐ 144A Global Note (CUSIP _________), or

			
		 		  	 (ii)  ☐ Regulation S Global Note (CUSIP _________), or

			
		 		  	 (iii)   ☐ IAI Global Note (CUSIP _________); or

			
		 		  	 (iv) ☐ Unrestricted Global Note (CUSIP _________); or

			
		 	(b)	  	☐ a Restricted Definitive Note; or
			
		 	(c)	  	☐ an Unrestricted Definitive Note,
		
		 	in accordance with the terms of the Indenture.

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Holly Energy
Partners, L.P. 
 Holly Energy Finance Corp. 
 2828 N. Harwood,
Suite 1300 
 Dallas, Texas 75201 
 U.S. Bank Trust Company,
National Association 
 13737 Noel Road, Suite 800 
 Dallas,
Texas 75240 
  

	 	Re:	 6.375% Senior Notes due 2027 

(CUSIP [ ⚫ ]) 

Reference is hereby made to the Indenture, dated as of April 8, 2022 (the “Indenture”), among Holly Energy Partners,
L.P., a Delaware limited partnership (“Holly Energy Partners”), and Holly Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with Holly Energy Partners, the “Issuers”), the
Guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

__________________________, (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified
herein, in the principal amount of $____________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1.    Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted
Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a) ☐     Check if Exchange
is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state
of the United States. 
 (b) ☐     Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States. 
 (c) ☐     Check if Exchange is from Restricted
Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is 

  
 C-1 

 
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)
☐     Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

2.     Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a) ☐     Check if Exchange is
from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

(b) ☐     Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global
Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A Global Note, ☐ Regulation S Global Note, ☐ IAI Global Note with an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit. 

 

			
		 	          

		 	[Insert Name of Transferor]
		
	By:	 	      

		 	Name:
		 	Title:

 Dated: ______________________ 

  
 C-2 

 FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

Holly Energy Partners, L.P. 
 Holly Energy Finance Corp. 

2828 N. Harwood, Suite 1300 
 Dallas, Texas 75201 

U.S. Bank Trust Company, National Association 
 13737 Noel Road,
Suite 800 
 Dallas, Texas 75240 
 Re:
6.375% Senior Notes due 2027 
 Reference is hereby made to the Indenture, dated as of April 8, 2022 (the
“Indenture”), among Holly Energy Partners, L.P., a Delaware limited partnership (“Holly Energy Partners”), and Holly Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with
Holly Energy Partners, the “Issuers”), the Guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 In connection with our proposed purchase of $____________ aggregate principal amount of: 

(a) ☐     a beneficial interest in a Global Note, or 

(b) ☐     a Definitive Note, 

we confirm that: 
 1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the
Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 

2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we
will do so only (A) to Holly Energy Partners or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited
investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Issuers a signed letter substantially in the form of this letter and, if such transfer is in respect
of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Issuers to the effect that such transfer is in compliance with the Securities Act, (D) outside the United
States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that
resales thereof are restricted as stated herein. 

  
 C-3 

 3. We understand that, on any proposed resale of the Notes or beneficial interest therein,
we will be required to furnish to you and the Issuers such certifications, legal opinions and other information as you and the Issuers may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is
an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You and the Issuers are
entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
		 	  

		 	[Insert Name of Accredited Investor]
		
	By:	 	          

		 	Name:
		 	Title:

 Dated: _______________________ 

  
 C-4 

 EXHIBIT E 

[FORM OF NOTATION OF GUARANTEE] 

For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, dated as of April 8, 2022 (the “Indenture”), among Holly Energy Partners, L.P., a Delaware limited partnership (“Holly
Energy Partners”), and Holly Energy Finance Corp., a Delaware corporation (“Finance Corp.” and, together with Holly Energy Partners, the “Issuers”), the Guarantors party thereto and U.S. Bank Trust Company,
National Association, as trustee (the “Trustee”), relating to the Issuers’ 6.375% Senior Notes due 2027 (the “Notes”), (a) the due and punctual payment of the principal of, premium, if any, and interest on the
Notes, whether at Stated Maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other obligations
of the Issuers to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note
Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. Each Holder of a Note, by accepting the same, agrees to and shall be bound
by such provisions. 
 Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 

 

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	          

		 	Name:
		 	Title:

  
 E-1 

 EXHIBIT F 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT GUARANTORS 
 SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of ________________, 20__, is among __________________ (the “Guaranteeing Subsidiary”), Holly Energy Partners, L.P., a Delaware limited partnership (“Holly Energy Partners”), and Holly
Energy Finance Corp. (“Finance Corp.” and, together with Holly Energy Partners, the “Issuers”), the other Guarantors (as defined in the Indenture referred to herein) and U.S. Bank Trust Company, National
Association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
April 8, 2022 providing for the issuance of 6.375% Senior Notes due 2027 (the “Notes”); 
 WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’
Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to
provide a Guarantee on the terms and subject to the conditions set forth in the Indenture including but not limited to Article 10 thereof. 

3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer,
partner, member, employee, incorporator, manager, unit holder or other owner of an Equity Interest of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Issuers or the Guarantors under the Notes, any Note
Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes and the Note Guarantees. 
 4. NEW YORK LAW TO GOVERN. THE LAW OF THE
STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE. 
 5. COUNTERPARTS. The parties may sign
any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect
the construction hereof. 

  
 F-1 

 7. THE TRUSTEE. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuers. 

  
 F-2 

 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. 
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	          

		 	Name:
		 	Title:
	
	HOLLY ENERGY PARTNERS, L.P.
		
	By:	 	HEP Logistics Holdings, L.P.,
		 	its general partner
		 	 By: Holly Logistic Services, L.L.C.,

		 	 its general partner

		
	By:	 	          

		 	Name:
		 	Title:
	
	HOLLY ENERGY FINANCE CORP.
		
	By:	 	          

		 	Name:
		 	Title:
	
	[EXISTING GUARANTORS]
		
	By:	 	          

		 	Name:
		 	Title:
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	      

		 	Authorized Signatory

  
 F-3Document

Exhibit 10.1

Jefferies Financial Group Inc.
    Equity Compensation Plan 
Restricted Stock Units Agreement – Three-Year Cliff Vest

[Date]

This Agreement ("Agreement") sets forth the terms of the grant of Restricted Stock Units on [•] (the "Grant Date") from Jefferies Financial Group Inc., ("Jefferies" or, when referring to Jefferies and its affiliates, the "Company") to [•] ("Employee").  

1.    Grant of RSUs.  The Compensation Committee of the Board of Directors of Jefferies (the "Committee") has approved the following grant of Restricted Stock Units ("RSUs") to Employee under Jefferies’ Equity Compensation Plan, which became effective March 25, 2021 (the "Plan"):  

Grant Date:                [•]
Execution Date:             [•]
Grant Type:    Time-Vesting RSUs - Granted Based on [•] Performance 
Number of RSUs Granted:        [•]

2.    Incorporation of Plan by Reference.  The Plan and information regarding the Plan, including documents that constitute the "Prospectus" for the Plan under the Securities Act of 1933, can be viewed and printed from the Company’s secure intranet website.  The terms, conditions and other provisions of the Plan are hereby incorporated by reference into this Agreement.  Capitalized terms used in this Agreement but not defined herein shall have the same meanings as in the Plan.  If there is any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.  Employee hereby acknowledges that the Plan and information regarding the Plan have been made readily available to Employee.  Employee agrees to be bound by all the terms and provisions thereof (as presently in effect or hereafter amended), the rules and regulations adopted from time to time thereunder and by all decisions and determinations of the Committee and the Company.
          
3.    Vesting, Forfeiture and Settlement Provisions. The following provisions will govern vesting, forfeiture, settlement and related provisions of the RSUs.  Certain capitalized terms used in this Section 3 are defined below in Subsection 3(e).  
(a)    Continuous Service.     If no Termination of Employment occurs prior to the Service Vesting Date, then 100% of the RSUs will vest on the Service Vesting Date and, if not subsequently forfeited, will be settled on the Settlement Date.  
(b)    Death or Disability.  100% of the RSUs (if not previously vested) will immediately vest upon Termination of Employment by reason of Employee’s death or upon the occurrence of Employee's Disability, and 100% of the vested RSUs will be settled within 30 days after the Company’s receipt of notification of Employee’s death (but in any case not later than six months after Employee’s death) or the occurrence of Employee’s Disability.  

(c)    Termination by the Company not for Cause Not in Connection with a Change in Control. Upon an involuntary Termination of Employee's Employment by the Company not for 

Cause not upon or within 24 months after a Change in Control, 100% of the RSUs will vest (if not previously vested), provided that Employee executes a separation agreement and release in such form as may be reasonably requested by the Company and returns the executed separation agreement and release to the Company within 21 days of Employee’s receipt (or such longer period as may be required by law) and any additional period during which Employee may revoke as required by law has expired without Employee exercising the right to revoke the separation agreement and release; all vested RSUs will then be Settled at the date such separation agreement and release has become legally binding and non-revocable, provided that, if circumstances would enable Employee to control the tax year of Settlement based on the timing of his return of the separation agreement and release, the applicable provisions of the Jefferies’ “Compliance Rules Under Code Section 409A” will govern, subject to Section 7(b) (if applicable).  The Company will provide to Employee the form of the separation agreement and release required hereunder not later than five business days after Employee’s Termination. If Employee does not return to the Company an executed separation agreement and release within the applicable time period as required under this Subsection 3(c) (or signs and then timely revokes his agreement to the separation agreement and release), all of the unvested RSUs will be forfeited.
(d)    Qualifying Termination in Connection With a Change in Control.  If, upon a Change in Control or within 24 months thereafter, there occurs an involuntary Termination of Employment by the Company not for Cause or a Termination of Employment by Employee for Good Reason, 100% of the RSUs will vest (if not previously vested) and 100% of the then outstanding RSUs will be settled on the date of Termination (or, if that is not practicable, within five business days after Termination), subject to Section 7(b) (if applicable).  

(e)    Termination by Employee for Other Reasons or Termination by the Company for Cause.  Upon Termination of Employment by Employee for any reason other than a Termination governed by Section 3(b) or 3(d), or upon Termination of Employment by the Company for Cause, the number of RSUs not vested at the date of Termination will be forfeited, and the number of RSUs vested prior to the date of Termination will be settled on the date of Termination (or, if that is not practicable, within five business days after Termination), subject to Section 7(b) (if applicable). 

(f)    Certain Definitions.  The following definitions apply for purposes of this Agreement:

(i)    "Cause" shall have the meaning under the Company’s Employee Handbook as in effect at the date of Employee's Termination of Employment.

(ii)    “Change in Control” means the occurrence of any of the following events after the Grant Date:

(A)    Any “person,” as such term is used in Section 13(d) and 14(d) of the Exchange Act (other than Jefferies, any trustee or other fiduciary holding securities under an employee benefit plan of Jefferies, or any company owned, directly or indirectly, by the shareholders of Jefferies in substantially the same proportions as their ownership of stock of Jefferies), acquires voting securities of Jefferies and immediately thereafter is a “50% Beneficial Owner.”  For purposes of this provision, a “50% Beneficial Owner” shall mean a person who is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Jefferies representing 50% or more of the combined voting power of Jefferies' then-outstanding voting securities;     

 2 

(B)    During any period of two consecutive years commencing on or after the Grant Date, individuals who at the beginning of such period constitute the Board, and any new director whose election by the Board or nomination for election by Jefferies’ shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved (the “Continuing Directors”), cease for any reason to constitute at least a majority thereof; 

(C)    Jefferies has consummated a merger, consolidation, recapitalization, or reorganization of Jefferies, or a reverse stock split of any class of voting securities of Jefferies, other than any such transaction which would result in at least 50% of the combined voting power of the voting securities of Jefferies or the surviving entity outstanding immediately after such transaction being beneficially owned by persons who together beneficially owned at least 80% of the combined voting power of the voting securities of Jefferies outstanding immediately prior to such transaction, with the relative voting power of each such continuing holder compared to the voting power of each other continuing holder not substantially altered as a result of the transaction; provided that, for purposes of this subsection, such continuity of ownership (and preservation of relative voting power) shall be deemed to be satisfied if the failure to meet such 50% threshold (or to substantially preserve such relative voting power) is due solely to the acquisition of voting securities by an employee benefit plan of Jefferies or of such surviving entity or a subsidiary thereof; or

(D)    The shareholders of Jefferies have approved a plan of complete liquidation of Jefferies or an agreement for the sale or disposition by Jefferies of all or substantially all (that being not less than 60%) of Jefferies' assets (or any transaction having a similar effect), and Jefferies has taken a substantial step to implement such liquidation or sale or disposition of assets.

    (iii)    "Disability" shall have the meaning under the Company's long-term disability policy as in effect at the date of Employee's Termination of Employment, provided that such definition in any event shall conform to the requirements of Treasury Regulation Section 1.409A-3(i)(4).

(iv)    “Good Reason” means the occurrence of any of the following events without Employee’s written consent:  (A) a material diminution in Employee’s authority, offices, titles, duties or responsibilities at the Company, (B) a failure by the Company to pay compensation consistent with past practices that is due and owing to Employee or provide benefits, including perquisites, at levels provided in the year immediately preceding the Change in Control (other than minor and insubstantial changes to compensation and benefits), or (C), relocation of Employee’s principal office to a location outside of New York City or the counties of Westchester, Nassau or Suffolk (NY); provided, however, that in all cases (1) Employee must give notice of the existence of the Good Reason condition within 30 days of its initial existence by providing written notice to the General Counsel of Jefferies, (2) Jefferies shall have 30 days during which it may remedy or “cure” the circumstances giving rise to Good Reason and no Good Reason shall exist if Jefferies has remedied or cured the Good Reason during such time period, and (3) Employee must terminate his employment for Good Reason within six months of the initial existence of the Good Reason.

 3 

(v)    "Service Vesting Date" means the third anniversary of the Grant Date.

(vi)    "Settle" or "Settlement" means the delivery of one share of the Company’s common shares for each RSU being settled.

(vii)    "Settlement Date" means the Service Vesting Date, provided that Settlement may occur at an earlier date in accordance with Section 3(b) (death or Disability), 3(c) (upon a Termination not for Cause not in connection with a Change in Control) or 3(d) (upon a qualifying Termination at or following a Change in Control).  

(viii)    "Termination" or "Termination of Employment" means Employee’s “Separation from Service” as defined in Treasury Regulation Section 1.409A-1(h). 

(ix)    "Vest" or "Vested" means the RSUs are no longer subject to risk of forfeiture based on the employment status of Employee.  

5.    Dividends, Splits and Adjustments.

(a)    Dividends.  Dividends shall be credited and adjustments shall be made to the RSUs as follows: 

(i)    Cash Dividends.  If the Company declares and pays a dividend (including any distribution) on shares of its common shares in the form of cash, then a number of additional RSUs shall be credited to Employee's Account to give effect to such dividend as if it were reinvested into additional RSUs with such adjustment made on the payment date for such dividend.  The credit shall equal (A) the cash amount of the dividend paid on each outstanding share of common shares multiplied by the number of RSUs then credited to Employee’s Account (whether or not then vested, and including RSUs previously credited under this Section 5(a)) divided by (B) the Fair Market Value of a common share on the payment date.  

(ii)    Non-Common Share Property Dividends.  If the Company declares and pays a dividend (including any distribution) on common shares in the form of property other than common shares, then, subject to Section 5(b), a number of additional RSUs shall be credited to Employee's Account to give effect to such dividend as if it were reinvested into additional RSUs with such adjustment made on the payment date for such dividend (unless the RSUs are adjusted by the Committee in an alternative manner under Section 5(b)).  The credit shall equal (A) the Fair Market Value of the property paid on each outstanding common share multiplied by the number of RSUs then credited to Employee’s Account (whether or not then vested, and including RSUs previously credited under this Section 5(a)) divided by (ii) the Fair Market Value of a common share on the payment date.  

(iii)    Common Share Dividends and Splits.  If the Company declares and pays a dividend (including any distribution) on common shares in the form of additional common shares, or there occurs a split of common shares, then the number of RSUs shall be increased on the payment date for such dividend or split to give effect to such dividend or split (or decreased in the event of a reverse split).

(b)    Adjustments.  The number of RSUs subject to this Agreement shall be appropriately adjusted by the Committee in order to prevent dilution or enlargement of 
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Employee's rights with respect to RSUs or to reflect any changes in the number of outstanding common shares resulting from any event referred to in Section 5.2 of the Plan.  Adjustments under this Section 5(b) will take into account any crediting of RSUs under Section 5(a) relating to the event triggering the adjustment, provided that the Committee may determine to make an adjustment under Section 5(b) in lieu of crediting additional RSUs under Section 5(a)(ii).

(c)    Risk of Forfeiture and Settlement of RSUs Resulting from Dividends, Splits and Adjustments.  RSUs that directly or indirectly result from dividends, splits and adjustments shall be subject to the same risk of forfeiture, settlement terms and other terms as apply to the underlying RSUs.  

(d)    Changes to Manner of Crediting Dividends, Splits and Adjustment.  The provisions of this Section 5 notwithstanding, the Company or the Committee may vary the manner and timing of crediting dividends, splits and adjustments for reasonable administrative convenience.

6.    Other Conditions.  As a condition to any non-forfeiture of the RSUs at or after Termination of Employment and to any settlement of the RSUs, Jefferies or the Committee may require Employee (a) to make any representation or warranty to the Company as may be reasonably requested by the Company or the Committee or required under any applicable law or regulation, and (b) to take any action the Company or the Committee reasonably deems necessary in order to comply with federal and state laws, or the rules and regulations of the NYSE, the Financial Industry Regulatory Authority, any other stock exchange or self-regulatory organization or any other obligation of the Company or Employee relating to the RSUs or this Agreement.  Whenever this Agreement or the Plan authorizes the Company to take or not take any action, Employee and all persons with a possible conflict of interest or interest similar to Employee shall not participate in any manner in the decision to take or not take such action.

7.    Other Terms Relating to RSUs.  

(a)Non-transferability.  Until RSUs are settled in accordance with the terms of this Agreement, Employee may not sell, transfer, assign, pledge, margin or otherwise encumber or dispose of RSUs or any rights hereunder to any third party other than by will or the laws of descent and distribution, except for transfers to a Beneficiary or as otherwise permitted and subject to the conditions under Section 9.2 of the Plan.

(b)    Deferral of Settlement; Compliance with Code Section 409A.  At grant, it is intended that the RSUs will constitute a “short-term deferral” under Code Section 409A, and conversely will not constitute a deferral of compensation for purposes of Code Section 409A. Settlement of any RSU, which otherwise would occur at the Settlement Date or in connection with a Termination of Employment, will be deferred in certain cases if Employee makes a valid deferral election relating to the RSUs.  If and to the extent that any portion of the RSUs constitutes a deferral of compensation under Code Section 409A, such RSUs and the provisions of this Agreement are subject to Jefferies’ “Compliance Rules Under Code Section 409A.” Deferrals, whether elective or mandatory under the terms of this Agreement, will comply with requirements under Code Section 409A.  Deferrals will be subject to such other restrictions and terms as may be specified by the Company prior to deferral.  It is understood that Code Section 409A and regulations thereunder require any elective deferral to comply with Section 409A(a)(4)(C).  Other provisions of this Agreement notwithstanding, under U.S. federal income tax laws and Treasury Regulations as presently in effect or hereafter implemented, with respect to RSUs other than those that are excluded from being deemed deferrals of compensation under 409A, (i) a distribution in settlement of RSUs to Employee triggered by a Termination of Employment will occur only if the Termination constitutes a "separation from service" within the meaning of Code Section 409A(a)(2)(A)(i), (ii) if, at the time of such separation from service, 
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Employee is a "specified employee" under Code Section 409A(a)(2)(B)(i) and a delay in distribution is required in order that Employee will not be subject to a tax penalty under Code Section 409A, such distribution in settlement of RSUs will occur at the date six months and one day after Termination of Employment; and (iii) any rights of Employee or retained authority of the Company with respect to RSUs hereunder shall be automatically modified and limited to the extent necessary so that Employee will not be deemed to be in constructive receipt of income relating to the RSUs prior to the distribution and so that Employee will not be subject to any penalty under Code Section 409A.  Other provisions of this Agreement notwithstanding, if a separation from service occurs within less than six months before the fixed date specified as the Settlement Date (or elected as a deferred settlement date) and the six-month delay rule would apply to a settlement triggered by such separation from service, the settlement will not be made based on the separation from service, but instead the settlement shall be made based on the fixed date specified as the Settlement Date (or deferred settlement date). If any portion of the RSUs constitutes a deferral of compensation under Code Section 409A (for example, if a deferral is validly elected by Employee), that portion of the RSUs will be deemed a separate payment from the portion of RSUs that is not a deferral of compensation under Section 409A.

(c)    Tax Withholding. Employee understands and acknowledges that certain amounts must be withheld to satisfy federal, state, local or foreign tax obligations associated with the lapse of the risk of forfeiture and/or settlement of the RSUs ("Withholdings").  Employee shall make arrangements satisfactory to the Company, in advance of any event triggering a Withholding obligation on the part of the Company, to provide for payment of all applicable Withholdings.  Employee expressly authorizes the Company to withhold the applicable amount of Withholdings from any payment to Employee or other source of Employee’s funds or securities, including any payment relating to an Award or any payroll or other source of Employee’s funds or securities, and/or withhold shares deliverable in settlement of the RSUs having a Fair Market Value equal to the amount of such tax liability required to be withheld as Withholdings in connection with the event triggering Withholding.  This may include a withholding upon the vesting of the RSUs if and to the extent permitted under Treasury Regulation Section 1.409A-3(j)(4)(vi).  Unless Employee has made alternative arrangements satisfactory to the Company to satisfy mandatory Withholding requirements or unless otherwise determined by the Company, the Company will withhold shares to satisfy any Withholding obligation.  Upon the Withholding of shares, the value of shares withheld shall not exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities, unless withholding of shares with a greater value is permitted without triggering additional expense recognition under applicable accounting rules.  This provision does not obligate the Company to withhold shares to satisfy Withholding obligations.  The Company may specify a reasonable deadline (for example, the end of the latest window period during which Employee is permitted to trade under any then applicable insider trading policy of the Company prior to an event causing a tax liability) by which Employee must make alternative arrangements for the payment of Withholdings.  

(d)     Clawback Policy.  Notwithstanding anything to the contrary in this Agreement, all RSUs and common shares issued in settlement of RSUs shall be subject to Section 7.7 of the Plan and otherwise shall be subject to any applicable clawback policy of the Company and to any similar policy adopted by the Company, the Committee, the Board of Directors of Jefferies or any committee of the Board of Directors of Jefferies from time to time (including, but not limited to, any policy adopted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law), regardless of whether any such policy is adopted before or after the date of this Agreement or before or after the date RSUs become vested or are settled.

(e)    Unfunded Plan.  Any provision for distribution in settlement of Employee's Account hereunder shall be by means of bookkeeping entries on the books of the Company and shall not create in Employee or any Beneficiary any right to, or claim against any, specific assets 
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of the Company, nor result in the creation of any trust or escrow account for Employee.  With respect to any entitlement of Employee or any Beneficiary to any distribution hereunder, Employee or such Beneficiary shall be a general creditor of the Company.

8.    Miscellaneous.

This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties.  This Agreement and the Plan, and any deferral election separately filed with the Company relating to this Award, constitute the entire agreement between the parties with respect to the RSUs, and supersede any prior agreements or documents with respect thereto.  No amendment, alteration, suspension, discontinuation or termination of this Agreement that may impose any additional obligation upon the Company shall be valid unless in each instance such amendment, alteration, suspension, discontinuation or termination is expressed in a written instrument duly executed in the name and on behalf of Jefferies or an affiliate.  Neither the RSUs nor the granting thereof shall constitute or be evidence of any agreement or understanding, express or implied, that Employee has a right to continue as an officer, director or employee of the Company for any period of time, or at any particular rate of compensation.  Any waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach of such provision or any other provision hereof.  

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES.
Employee hereby acknowledges that the type and periods of restriction imposed in the provisions of this Agreement are fair and reasonable.  Employee hereby further acknowledges that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.  Accordingly, Employee agrees that if any particular provision of this Agreement shall be adjudicated to be invalid or unenforceable, such provision shall be deemed amended to delete therefrom the portion thus adjudicated to be invalid or unenforceable, such deletion to apply only with respect to the operation of such provision in the particular jurisdiction in which such adjudication is made.  In addition, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.  Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
  
9.    Grantee’s Acceptance.  Employee hereby accepts the RSUs described in this Agreement and agrees to be bound by the terms and provisions set forth in the Plan and this Agreement.  Employee hereby further agrees that all the decisions and determinations of the Committee and the Company shall be final and binding.

Accepted and agreed.

Employee                    Jefferies Financial Group Inc. 

______________________________    By:  ___________________________
[•]    [•]
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Please contact Stock Administration at stock_administration@jefferies.com with any questions.
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