Document:

2005 Directors Equity Incentive Plan

 EXHIBIT 10.4 
  
 CORE-MARK HOLDING COMPANY, INC. 
 2005 DIRECTORS EQUITY INCENTIVE PLAN 
  
 1. Purpose. 
  
 This plan
shall be known as the 2005 Directors Equity Incentive Plan (the “Plan”). The purpose of the Plan shall be to promote the long-term growth and profitability of Core-Mark Holding Company, Inc., a Delaware corporation (the
“Company”), and its Subsidiaries by (i) providing Non-Employee Directors of the Company with grants of non-qualified stock options as incentives to maximize stockholder value and otherwise contribute to the success of the Company
and (ii) enabling the Company to attract, retain and reward the best available Non-Employee Directors. 
  
 2. Definitions. 
  
 (a) “Board of Directors” and “Board” mean the board of directors of the Company. 
  
 (b) “Business Combination” means a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”) 
  
 (c) “Cause,” unless otherwise provided in any Grant Agreement, means the occurrence of one or more of the following events: 

 
 (i) Conviction of, or agreement to a plea of nolo
contendere to, a felony; or 
  
 (ii) Willful
misconduct or gross negligence that has caused demonstrable and serious injury to the Company or a Subsidiary, monetary or otherwise; or 
  
 (iii) Breach of duty of loyalty to the Company or a Subsidiary or other act of fraud or dishonesty with respect to the Company or a
Subsidiary; or 
  
 (iv) Material violation of the
Company’s written code of conduct; or 
  
 (v) Any willful breach of any written policy or any confidential or proprietary information, non-compete or non-solicitation covenant for the benefit of the Company, its subsidiaries or any of its affiliates that has caused demonstrable and
serious injury to the Company. 
  
 (d) “Change in
Control” means the occurrence after the Commencement Date of one of the following events: 
  
 (i) Any “person” or “group” as those terms are used in Sections 13(d) and 14(d) of the Exchange Act or any successors
thereto is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act or any successor thereto), directly or indirectly, of 

 
securities of the Company representing 40% or more of the combined voting power of the Company’s then outstanding securities; or 
  
 (ii) The Incumbent Directors cease for any reason, including
without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board; provided that, any person who becomes a director of the Company subsequent to the Commencement Date
shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least two-thirds (2/3) of the Incumbent Directors then in office; but provided further that, any such person whose
initial assumption of office on the Board is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a
“person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not become an Incumbent
Director; or 
  
 (iii) The consummation of any
Business Combination, in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Company immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the company resulting
from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of the Company; or 
  

(iv) The stockholders of the Company approve any plan or proposal for the complete liquidation or dissolution of the Company; or

  
 (v) The stockholders of the Company approve
the sale or other disposition of all or substantially all of the assets of the Company and such transaction is consummated; or 
  
 (vi) The stockholders of the Company approve a going private transaction which will result in all of the Common Stock and Other Company
Securities, that were previously publicly traded, to be no longer publicly traded and such transaction is consummated. 
  
 (e) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (f) “Commencement Date” means the date of on which this Plan is approved by the Board. 
  
 (g) “Common Stock” means the Common Stock, par value $.01
per share, of the Company, and any other shares into which such stock may be changed by reason of a 

  

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recapitalization, reorganization, merger, consolidation or any other change in the corporate structure or capital stock of the Company. 
  
 (h) “Disability” means a disability that would entitle an
eligible participant to payment of monthly disability payments under any Company disability plan or as otherwise determined by the Board. 
  
 (i) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (j) “Fair Market Value” of a share of Common Stock of the Company means, as of the date in question, and
except as otherwise provided in any Grant Agreement, the officially-quoted closing selling price of the stock (or if no selling price is quoted, the bid price) on the principal securities exchange on which the Common Stock is then listed for trading
(including for this purpose the Nasdaq National Market) for the applicable trading day or, if the Common Stock is not then listed or quoted on any such market, the Fair Market Value shall be the fair value of the Common Stock determined in good
faith by the Board; provided, however, that when shares received upon exercise of an option are immediately sold in the open market, the net sale price received may be used to determine the Fair Market Value of any shares used to pay the exercise
price or applicable withholding taxes and to compute the withholding taxes. 
  
 (k) “Family Member” has the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto. 
  
 (l) “Grant Agreement” means the written agreement that each
Participant to whom a Stock Option is granted under the Plan is required to enter into with the Company containing the terms and conditions of such grant as are determined by the Board and consistent with the Plan. 
  
 (m) “Incumbent Directors” means the persons who on the
Commencement Date constitute the Board and any other persons who subsequently become “Incumbent Directors” pursuant to the terms of Section 2(e)(iii). 
  

(n) “Non-Employee Director” has the meaning given to such term in Rule 16b-3 under the Exchange Act and any successor thereto.

  
 (o) “Other Company Securities” mean
securities of the Company other than Common Stock, which may include, without limitation, unbundled stock units or components thereof, debentures, preferred stock, warrants and securities convertible into or exchangeable for Common Stock or other
property. 
  
 (p) “Shares” has the meaning given
such term in Section 4. 
  
 (q) “Stock Options”
has the meaning given such term in Section 4. 
  
 (r)
“Subsidiary” means a corporation or other entity of which outstanding shares or ownership interests representing 50% or more of the combined voting power of such 

  

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corporation or other entity entitled to elect the management thereof, or such lesser percentage as may be approved by the Board, are owned directly or
indirectly by the Company. 
  
 3.
Administration. 
  
 The Plan shall be administered by the
Board. Subject to the provisions of the Plan, the Board shall be authorized to (i) select persons to participate in the Plan, (ii) determine the form and substance of grants made under the Plan to each Participant, and the conditions and
restrictions, if any, subject to which such grants will be made, (iii) determine the form and substance of the Grant Agreements reflecting the terms and conditions of each grant made under the Plan, (iv) certify that the conditions and restrictions
applicable to any grant have been met, (v) modify the terms of grants made under the Plan, (vi) interpret the Plan and Grant Agreements entered into under the Plan, (vii) determine the duration and purposes for leaves of absence which may be granted
to a Participant on an individual basis without constituting a termination of employment or services for purposes of the Plan, (viii) make any adjustments necessary or desirable in connection with grants made under the Plan to eligible Participants
located outside the United States, (ix) adopt, amend, or rescind rules and regulations for the administration of the Plan, including, but not limited to, correcting any defect or supplying any omission, or reconciling any inconsistency in the Plan
or in any Grant Agreement, in the manner and to the extent it shall deem necessary or advisable, including so that the Plan and the operation of the Plan complies with Rule 16b-3 under the Exchange Act, the Code to the extent applicable and other
applicable law and make such other determinations for carrying out the Plan as it may deem appropriate, and (x) exercise such powers and perform such acts as are deemed necessary or advisable to promote the best interests of the Company with respect
to the Plan. Decisions of the Board on all matters relating to the Plan, any Stock Option granted under the Plan and any Grant Agreement shall be in the Board’s sole discretion and shall be conclusive and binding on the Company, all
Participants and all other parties. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal and state laws and rules and regulations promulgated
pursuant thereto. No member of the Board and no officer of the Company shall be liable for any action taken or omitted to be taken by such person, by any other member of the Board or by any officer of the Company in connection with the performance
of duties under the Plan, except for such person’s own willful misconduct or as expressly provided by statute. 
  
 The expenses of the Plan shall be borne by the Company. The Plan shall not be required to establish any special or separate fund or make any other
segregation of assets to assume the payment of any award under the Plan, and rights to the payment of such awards shall be no greater than the rights of the Company’s general creditors. 
  
 4. Shares Available for the Plan. 
  
 Subject to adjustments as provided in Section 15, an aggregate of 15,000
shares of Common Stock (the “Shares”) may be issued upon the exercise of stock options (the “Stock Options”) granted pursuant to the Plan. Such Shares may be in whole or in part authorized and unissued or held by
the Company as treasury shares. If any grant under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited as to any Shares, or is tendered or withheld as to any shares in payment of the exercise price of the grant or the
taxes payable with 

  

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respect to the exercise, then such unpurchased, forfeited, tendered or withheld Shares shall thereafter be available for further grants under the Plan.

  
 Without limiting the generality of the foregoing provisions of
this Section 4 or the generality of the provisions of Sections 3, 6 or 11 or any other section of this Plan, the Board may, at any time or from time to time, and on such terms and conditions (that are consistent with and not in contravention of the
other provisions of this Plan) as the Board may, in its sole discretion, determine, enter into Grant Agreements (or take other actions with respect to the options) for new options containing terms (including exercise prices) more (or less) favorable
than the outstanding options. 
  
 5.
Participation. 
  
 Participation in the Plan shall be
limited to those Non-Employee Directors of the Company selected by the Board (the “Participants”). Nothing in the Plan or in any Grant Agreement shall confer any right on a Participant to continue as a director of the Company or
shall interfere in any way with the right of the Board, if applicable, to reduce the compensation or responsibilities of a Participant at any time. By accepting any award under the Plan, each Participant and each person claiming under or through him
or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under the Plan by the Company or the Board. 
  
 Stock Options may be granted to such Participants and for such number of Shares as the Board shall determine (such
individuals to whom grants are made being sometimes herein called “optionees” or “grantees,” as the case may be). Determinations made by the Board under the Plan, with respect to Stock Options and otherwise, need not be uniform
and may be made selectively among eligible individuals under the Plan, whether or not such individuals are similarly situated. A grant of any type made hereunder in any one year to an eligible Participant shall neither guarantee nor preclude a
further grant of that or any other type to such Participant in that year or subsequent years. 
  
 6. Stock Options. 
  
 The Board may from time to time grant to eligible Participants Stock Options to purchase up to 7,500 shares of Common Stock in the aggregate to each
Participant. The Stock Options granted shall take such form as the Board shall determine, subject to the terms and conditions set forth in this Plan. In any one calendar year, the Board shall not grant to any one Participant Stock Options for a
number of Shares in excess of 50% of the total number of Shares authorized under the Plan pursuant to Section 4. The Stock Options granted under the Plan shall be evidenced by a Grant Agreement and shall take such form as the Board shall
determine, subject to the terms and conditions of the Plan. It is the Company’s intent that Stock Options granted under the Plan not be classified as incentive stock options under Section 422 of the Code and any successor thereto. 

 
 (a) Price. The price per Share deliverable upon the exercise of
each option (“Exercise Price”) shall be established by the Board. 
  

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 (b) Payment. Stock Options may be exercised, in whole or in part, upon payment of the Exercise
Price of the Shares to be acquired. Unless otherwise determined by the Board, payment shall be made (i) in cash (including check, bank draft, money order or wire transfer of immediately available funds), (ii) by delivery of outstanding shares of
Common Stock with a Fair Market Value on the date of exercise equal to the aggregate Exercise Price payable with respect to the options’ exercise, (iii) means of any cashless procedures approved by the Board and as may be in effect on the date
of exercise or (iv) by any combination of the foregoing. 
  
 In
the event a grantee elects to pay the Exercise Price payable with respect to an option pursuant to clause (ii) above, (A) only a whole number of share(s) of Common Stock (and not fractional shares of Common Stock) may be tendered in payment, (B)
such grantee must present evidence acceptable to the Company that he or she has owned any such shares of Common Stock tendered in payment of the Exercise Price (and that such tendered shares of Common Stock have not been subject to any substantial
risk of forfeiture) for at least six months prior to the date of exercise, and (C) Common Stock must be delivered to the Company. Delivery for this purpose may, at the election of the grantee, be made either by (A) physical delivery of the
certificate(s) for all such shares of Common Stock tendered in payment of the price, accompanied by duly executed instruments of transfer in a form acceptable to the Company, or (B) direction to the grantee’s broker to transfer, by book entry,
such shares of Common Stock from a brokerage account of the grantee to a brokerage account specified by the Company. When payment of the Exercise Price is made by delivery of Common Stock, the difference, if any, between the aggregate Exercise Price
payable with respect to the option being exercised and the Fair Market Value of the shares of Common Stock tendered in payment (plus any applicable taxes) shall be paid in cash. No grantee may tender shares of Common Stock having a Fair Market Value
exceeding the aggregate Exercise Price payable with respect to the option being exercised (plus any applicable taxes). 
  
 In the event a grantee elects to pay the Exercise Price payable with respect to an option pursuant to clause (iii) above, (A) only a whole number of
Share(s) (and not fractional Shares) may be withheld in payment and (B) such grantee must present evidence acceptable to the Company that he or she has owned a number of shares of Common Stock at least equal to the number of Shares to be withheld in
payment of the Exercise Price (and that such owned shares of Common Stock have not been subject to any substantial risk of forfeiture) for at least six months prior to the date of exercise. When payment of the Exercise Price is made by withholding
of Shares, the difference, if any, between the aggregate Exercise Price payable with respect to the option being exercised and the Fair Market Value of the Shares withheld in payment (plus any applicable taxes) shall be paid in cash. No grantee may
authorize the withholding of Shares having a Fair Market Value exceeding the aggregate Exercise Price payable with respect to the option being exercised (plus any applicable taxes). Any withheld Shares shall no longer be issuable under such option
(except pursuant to any Reload Option (as defined below) with respect to any such withheld Shares). 
  
 (c) Terms of Options. The term during which each option may be exercised shall be determined by the Board, but if required by the Code and except
as otherwise provided herein, no option shall be exercisable in whole or in part more than ten years from the date it is granted. All rights to purchase Shares pursuant to a Stock Option shall, unless sooner 

  

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terminated, expire at the date designated by the Board. The Board shall determine the date on which each option shall become exercisable and may provide that
an option shall become exercisable in installments. The Shares constituting each installment may be purchased in whole or in part at any time after such installment becomes exercisable, subject to such minimum exercise requirements as may be
designated by the Board. Prior to the exercise of an option and delivery of the Shares represented thereby, the optionee shall have no rights as a stockholder with respect to any Shares covered by such outstanding option (including any dividend or
voting rights). 
  
 (d) Termination; Forfeiture.

  
 (i) Death or Disability. Except as
otherwise provided in any Grant Agreement, if a Participant ceases to be a director of the Company due to death or Disability, all of the Participant’s Stock Options that were exercisable on the date of such Participant’s death or
Disability shall remain exercisable for a period of one year from the date of such death or Disability, but in no event after the expiration date of the Stock Options. 
  
 (ii) Discharge for Cause. If a Participant ceases to be a director of the Company due to Cause, all
of the Participant’s Stock Options shall expire and be forfeited immediately upon such cessation, whether or not then exercisable. 
  
 (iii) Other Termination. Except as otherwise provided in any Grant Agreement, if a Participant ceases to be a director of the
Company for any reason other than Death, Disability or Cause (which are covered by Sections 6(e)(i) and (ii) above), (A) all of the Participant’s Stock Options that were exercisable on the date of such cessation shall remain exercisable for,
and shall otherwise terminate and thereafter be forfeited at the end of, a period of 90 days after the date of such cessation, but in no event after the expiration date of such Stock Options, and (B) all of the Participant’s Stock Options that
were not fully vested and exercisable on the date of such cessation shall be forfeited immediately upon such cessation. 
  
 (iv) Change in Control. Except as otherwise provided in any Grant Agreement and notwithstanding Section 6(e)(iii) above, if a
Change in Control occurs, all of the Participants’ Stock Options shall become fully vested and exercisable upon such Change in Control. In addition, the Board shall have the authority to grant Stock Options that: (i) do not fully vest and
become exercisable automatically upon a Change in Control, (ii) vest depending on whether or not the grantee is terminated after or upon a Change in Control and (iii) provide for accelerated vesting after a Change in Control if certain conditions
are met or certain events take place. The Board shall also have the authority to modify the definition of “Change in Control” for purposes of any Grant Agreement. 
  
 (v) Forfeiture. Except as otherwise provided in any Grant Agreement, if a Participant exercises any
of his or her Stock Options and, within one year thereafter, is terminated from the Company or a Subsidiary for any of the reasons specified in the definition of “Cause” set forth in Section 2(d)(i), (ii), (iii) or (iv) hereof (or as such
clauses may be amended in any Grant Agreement), then the Participant may, in the discretion of the Board, be required to pay the Company the gain represented by the difference between the aggregate selling price of the Shares acquired upon the
Options’ exercise (or, if the Shares were not then sold, their 

  

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aggregate Fair Market Value on the date of exercise) and the aggregate exercise price of the Options exercised (the “Option Gain”), without regard
to any subsequent increase or decrease in the Fair Market Value of the Common Stock. In addition, the Company may, in its discretion, deduct from any payment of any kind (including salary or bonus) otherwise due to any such Participant an amount
equal to such Option Gain. 
  
 (e) Grant of Reload Options.
The Board may provide (either at the time of grant or exercise of an option), in its discretion, for the grant to a grantee who exercises all or any portion of an option (“Exercised Options”) and who pays all or part of such
exercise price with shares of Common Stock, of an additional option (a “Reload Option”) for a number of shares of Common Stock equal to the sum (the “Reload Number”) of the number of shares of Common Stock tendered
or withheld in payment of such exercise price for the Exercised Options plus, if so provided by the Board, the number of shares of Common Stock, if any, tendered or withheld by the grantee or withheld by the Company in connection with the exercise
of the Exercised Options to satisfy any federal, state or local tax withholding requirements. The terms of each Reload Option, including the date of its expiration and the terms and conditions of its exercisability and transferability, shall be the
same as the terms of the Exercised Option to which it relates, except that (i) the grant date for each Reload Option shall be the date of exercise of the Exercised Option to which it relates and (ii) the exercise price for each Reload Option shall
be the Fair Market Value of the Common Stock on the grant date of the Reload Option. 
  
 7. Withholding Taxes. 
  
 (a) Participant Election. Unless otherwise determined by the Board, a Participant may elect to deliver shares of Common Stock (or have the Company
withhold shares acquired upon exercise of a Stock Option) to satisfy, in whole or in part, the amount the Company is required to withhold for taxes in connection with the exercise of a Stock Option. Such election must be made on or before the date
the amount of tax to be withheld is determined. Once made, the election shall be irrevocable. The fair market value of the shares to be withheld or delivered will be the Fair Market Value as of the date the amount of tax to be withheld is
determined. In the event a Participant elects to deliver or have the Company withhold shares of Common Stock pursuant to this Section 7(a), such delivery or withholding must be made subject to the conditions and pursuant to the procedures set forth
in Section 6(b) with respect to the delivery or withholding of Common Stock in payment of the exercise price of options. 
  
 (b) Company Requirement. The Company may require, as a condition to any grant or exercise under the Plan or to the delivery of certificates for
Shares issued hereunder, that the grantee make provision for the payment to the Company, either pursuant to Section 7(a) or this Section 7(b), of federal, state or local taxes of any kind required by law to be withheld with respect to any grant or
delivery of Shares. The Company, to the extent permitted or required by law, shall have the right to deduct from any payment of any kind (including salary or bonus) otherwise due to a grantee, an amount equal to any federal, state or local taxes of
any kind required by law to be withheld with respect to any grant or delivery of Shares under the Plan. 
  

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 8. Grant Agreement; Vesting. 
  
 Each Participant to whom a Stock Option is granted under the Plan shall
enter into a Grant Agreement with the Company that shall contain such provisions, including, without limitation, vesting requirements, consistent with the provisions of the Plan, as may be approved by the Board. Unless the Board determines otherwise
or as otherwise provided in Section 6 in connection with a Change in Control or certain occurrences of termination, (i) no Stock Option under this Plan may be exercised, and no restrictions relating thereto may lapse, within six months of the
date such Stock Option is made, and (ii) such Stock Option shall vest and become exercisable as to one-third of the shares originally subject to such Stock Option on the one-year anniversary of the grant date, and thereafter the balance of the
Shares originally subject to such Stock Option shall vest and become exercisable quarterly over the following two years, at the rate of one-twelfth of the shares originally subject to such Stock Option on each three-month anniversary of the grant
date. 
  
 9. Transferability. 

 
 Unless otherwise provided in any Grant Agreement, no Stock Option granted
under the Plan shall be transferable by a participant other than by will or the laws of descent and distribution or to a participant’s Family Member by gift or a qualified domestic relations order as defined by the Code. Unless the Board
determines otherwise, a Stock Option may be exercised only by the optionee or grantee thereof; by his or her Family Member if such person has acquired the Stock Option, by gift or qualified domestic relations order; by the executor or administrator
of the estate of any of the foregoing or any person to whom the Stock Option is transferred by will or the laws of descent and distribution; or by the guardian or legal representative of any of the foregoing. All provisions of this Plan shall in any
event continue to apply to any Stock Option granted under the Plan and transferred as permitted by this Section 9, and any transferee of any such Stock Option shall be bound by all provisions of this Plan as and to the same extent as the applicable
original grantee. 
  
 10. Listing,
Registration and Qualification. 
  
 If the Board determines
that the listing, registration or qualification upon any securities exchange or under any law of Shares subject to any Stock Option is necessary or desirable as a condition of, or in connection with, the granting of same or the delivery, issuance or
purchase of Shares thereunder, no such Stock Option may be exercised in whole or in part and no Shares may be issued, unless such listing, registration or qualification is effected free of any conditions not acceptable to the Board. 
  
 11. No Corporate Action Restriction; Adjustments.

  
 The existence of the Plan, any Grant Agreement and/or the
Awards granted hereunder shall not limit, affect or restrict in any way the right or power of the Board or the shareholders of the Company to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the
Company’s or any subsidiary’s capital structure or business, (b) any merger, consolidation or change in the ownership of the Company or any subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stocks ahead
of or affecting 

  

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the Company’s or any subsidiary’s capital stock or the rights thereof, (d) any dissolution or liquidation of the Company or any subsidiary, (e) any
sale or transfer of all or any part of the Company’s or any subsidiary’s assets or business, or (f) any other corporate act or proceeding by the Company or any subsidiary. 
  
 In the event of any adjustment, recapitalization, reorganization or other change in the Company’s capital structure,
stock split, reverse stock split, stock dividend, combination of shares, merger, consolidation, distribution to stockholders of a material amount of assets of the Company (including in the form of an extraordinary dividend), or any other change in
the corporate structure or shares of the Company, the Board shall make such equitable adjustments as it deems appropriate in the number and kind of Shares or other property available for issuance under the Plan (including, without limitation, the
total number of Shares available for issuance under the Plan pursuant to Section 4 and the restriction on the total number of Stock Options that may be granted to any one Participant in any one calendar year under Section 6), in the
number and kind of Stock Options or other property previously made under the Plan, and in the exercise price of outstanding Stock Options. Any such adjustment shall be final, conclusive and binding for all purposes of the Plan. In the event of any
merger, consolidation or other reorganization in which the Company is not the surviving or continuing corporation or in which a Change in Control is to occur, all of the Company’s obligations regarding any Stock Options that were granted
hereunder and that are outstanding on the date of such event shall, on such terms as may be approved by the Board prior to such event, be assumed by the surviving or continuing corporation or canceled in exchange for property (including cash).

  
 Without limitation of the foregoing, in connection with any
transaction of the type specified by clause (iii) of the definition of a Change in Control in Section 2(e): (A) the Board may cancel those outstanding vested or unvested Options under the Plan which have a value in excess of their exercise
price in consideration for payment to the holders thereof of an amount equal to the portion of the consideration, if any, that would have been payable to such holders pursuant to such transaction if such Stock Options had been fully exercised
immediately prior to such transaction, less the aggregate exercise price of such Stock Options that would have been payable therefor, or (B) if the amount that would have been payable to the holder of a Stock Option if such Stock Option had been
fully exercised immediately prior to such transaction would have been equal to or less than the exercise price of such Stock Option, the Board may cancel any or all such Stock Options for no consideration or payment of any kind. Payment of any
amount payable pursuant to the preceding sentence may be made in cash or, in the event that the consideration to be received in such transaction includes securities or other property, in cash and/or such securities or other property in the
Board’s discretion. 
  
 12. Amendment and
Termination of the Plan. 
  
 The Board, without approval of
the stockholders, may amend or terminate the Plan, except that no amendment shall become effective without prior approval of the stockholders of the Company if stockholder approval would be required by applicable law or regulations, including if
required for continued compliance with the performance-based compensation exception of Section 162(m) of the Code or any successor thereto, under the provisions of Section 422 of the Code or any successor thereto, or by any listing requirement of
the principal stock exchange on which the Common Stock is then listed. 
  

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 13. Amendment or Substitution of Awards under the Plan. 
  
 The terms of any outstanding award under the Plan may be amended from time
to time by the Board in its discretion in any manner that it deems appropriate (including, but not limited to, acceleration of the date of exercise of any award and/or payments thereunder or of the date of lapse of restrictions on Shares); provided
that, except as otherwise provided in Section 15, no such amendment shall adversely affect in a material manner any right of a participant under the award without his or her written consent. The Board may, in its discretion, permit holders of awards
under the Plan to surrender outstanding awards in order to exercise or realize rights under other awards, or in exchange for the grant of new awards, or require holders of awards to surrender outstanding awards as a condition precedent to the grant
of new awards under the Plan. 
  
 14.
Commencement Date; Termination Date. 
  
 The date of
commencement of the Plan shall be the Commencement Date. Unless previously terminated upon the adoption of a resolution of the Board terminating the Plan, the Plan shall terminate at the close of business ten years after the Commencement Date. No
termination of the Plan shall materially and adversely affect any of the rights or obligations of any person, without his or her written consent, under any grant of options or other incentives theretofore granted under the Plan. 
  
 15. Severability. Whenever possible, each provision of the Plan shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of the Plan is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of the Plan. 
  
 16. Governing Law. The
Plan shall be governed by the corporate laws of the State of Delaware, without giving effect to any choice of law provisions that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.

  
 [End of Document] 
  

 11Form of Indemnification Agreement

 EXHIBIT 10.5 
  
 CORE-MARK HOLDING COMPANY, INC. 
 INDEMNIFICATION AGREEMENT 
  
 This Indemnification Agreement (“Agreement”) is effective as of December     , 2004 by and between Core-Mark Holding Company, Inc., a Delaware corporation (the “Company”), and
                     (the “Indemnitee”). 
  
 WHEREAS, the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to
serve the Company and its subsidiaries as directors and in other capacities; 
  
 WHEREAS, in order to induce Indemnitee to provide services to the Company and/or its subsidiaries, the Company wishes to provide for the indemnification of, and the advancement of expenses to, Indemnitee to the
maximum extent now or hereafter permitted by Delaware law; 
  
 WHEREAS, the Company and Indemnitee recognize the continued difficulty in obtaining liability insurance for the Company’s directors, officers, employees, agents, fiduciaries and related parties, the significant increases in the cost of
such insurance and the general limitations in the coverage of such insurance; 
  
 WHEREAS, the Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents, fiduciaries and related parties to expensive
litigation risks at the same time as the availability and coverage of liability insurance has been severely limited; 
  
 WHEREAS, in view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and advanced expenses by the Company as
set forth herein; and 
  
 WHEREAS, in order to induce Indemnitee
to accept a position as a director or an officer of the Company and hereafter as a director or an officer of its subsidiaries, the Company has agreed to provide Indemnitee the additional protection provided by an indemnification agreement and to
provide indemnification and advancement of expenses to the Indemnitee to the maximum extent now or hereafter permitted by Delaware law. 
  
 NOW, THEREFORE, the Company and Indemnitee hereby agree as set forth below. 
  
 1. Certain Definitions. 
  
 (a) “Business Combination” shall mean a reorganization, merger or consolidation or sale or other disposition of all or substantially all
of the assets of the Company. 
  
 (b) “Change in
Control” shall mean, and shall be deemed to have occurred if, on or after the date of this Agreement: 

 (i) Any “person” or “group” as those terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any successors thereto is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act or any successor thereto), directly or indirectly, of securities of the Company representing 40% or more of the combined voting power of the Company’s then
outstanding securities; or 
  
 (ii) The Incumbent Directors cease
for any reason, including without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the board of directors of the Company (the “Board”); provided that, any
person who becomes a director of the Company subsequent to the date of this Agreement shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least two-thirds (2/3) of the
Incumbent Directors then in office; but provided further that, any such person whose initial assumption of office on the Board is in connection with an actual or threatened election contest relating to the election of members of the Board or other
actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) other than the Board, including by reason of agreement intended to avoid or settle any such
actual or threatened contest or solicitation, shall not become an Incumbent Director; or 
  
 (iii) The consummation of any Business Combination, in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of outstanding
Voting Securities of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities entitled to vote generally in the election
of directors, as the case may be, of the company resulting from such Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets
either directly or through one or more subsidiaries); or 
  
 (iv)
The stockholders of the Company approve any plan or proposal for the complete liquidation or dissolution of the Company; or 
  
 (v) The stockholders of the Company approve the sale or other disposition of all or substantially all of the assets (in one transaction or a series of
transactions) of the Company and such transaction is consummated; or 
  
 (vi) After shares of the Company’s common stock, par value $0.01 per share, become publicly traded, the stockholders of the Company approve a going private transaction which will result in such shares no longer being publicly traded
and such transaction is consummated. 
  

 2 

 (c) “Claim” shall mean any alleged, threatened, pending or completed action, suit,
proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism,
whether civil, criminal, administrative, investigative or otherwise. 
  
 (d) References to the “Company” shall include, in addition to the Company, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its
wholly owned subsidiaries) is a party which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees, control persons, agents or fiduciaries, so that if Indemnitee is or was or may
be deemed to be a director, officer, employee, control person, agent or fiduciary of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, control person, agent or
fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation
as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 
  
 (e) “Expenses” shall mean any and all expenses (including attorneys’ fees and all other costs, expenses and obligations incurred in
connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, to be a witness in or to participate in, any action, suit, proceeding alternative dispute resolution mechanism, hearing,
inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved in advance by the Company which approval shall not be unreasonably withheld or delayed), actually and reasonably incurred, of any
Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement. 
  

(f) “Expense Advance” shall mean a payment to Indemnitee pursuant to Section 3 hereof of Expenses in advance of the settlement of or
final judgment in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation which constitutes a Claim. 
  
 (g) “Incumbent Directors” means the persons who on the date of this Agreement constitute the Board and any other persons who subsequently
become “Incumbent Directors” pursuant to the terms of Section 1(b)(ii). 
  
 (h) “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected in accordance with the provisions of Section 2(d) hereof, who shall not have otherwise performed services for the
Company or Indemnitee within the last three years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). 
  

 3 

 (i) References to “other enterprises” shall include employee benefit plans; references
to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the request of the Company” shall include any service as a director, officer,
employee, agent or fiduciary of the Company and/or its subsidiaries which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its
beneficiaries and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement. 
  
 (j) “Reviewing Party” shall mean, subject to the provisions of Section 2(d) hereof, any appropriate person or body appointed by the Board
of Directors in accordance with Delaware law to review the Company’s obligations hereunder and under Delaware law, which may include a member or members of the Company’s Board of Directors, any Independent Legal Counsel or any other person
or body not a party to the particular Claim for which Indemnitee is seeking indemnification. 
  
 (k) “Section” refers to a section of this Agreement unless otherwise indicated. 
  
 (l) “Voting Securities” shall mean any securities of the Company that vote under normal circumstances in the election of directors.

  
 2. Indemnification. 
  
 (a) Indemnification of Expenses. Subject to the provisions of Section
2(b) and Section 10, the Company shall indemnify and hold harmless Indemnitee (including its respective directors, officers, partners, members, employees, agents and spouse, as applicable) and each person who controls any of them or who may be
liable within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Securities Act”), or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for Expenses (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses) to the fullest extent now or hereafter permitted by Delaware law if Indemnitee was or is or becomes a party to or witness or other participant
in, or is threatened to be made a party to or witness or other participant in, any Claim, by reason of (or arising in part or in whole out of) any event or occurrence related to the fact that Indemnitee is or was or may be deemed to be a director,
officer, stockholder, employee, controlling person, agent or fiduciary of the Company, or any subsidiary of the Company, or is or was or may be deemed to be serving at the request of the Company as a director, officer, stockholder, employee,
controlling person, agent or fiduciary of another corporation, partnership, limited liability company, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity
including, without limitation, any and all losses, claims, damages, expenses and liabilities, joint or several (including any 

  

 4 

 
investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit, proceeding or any claim
asserted) under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise or which relate directly or indirectly to the registration, purchase, sale or ownership of any securities of the
Company or to any fiduciary obligation owed with respect thereto or as a direct or indirect result of any Claim made by any stockholder of the Company against Indemnitee and arising out of or related to any round of financing of the Company
(including but not limited to Claims regarding non-participation, or non-pro rata participation, in such round by such stockholder), or made by a third party against Indemnitee based on any misstatement or omission of a material fact by the Company
in violation of any duty of disclosure imposed on the Company by federal or state securities or common laws. 
  
 (b) Review of Indemnification Obligation. Notwithstanding the foregoing, in the event any Reviewing Party shall have determined ( in a written
opinion, in any case in which any Independent Legal Counsel is the Reviewing Party) that Indemnitee is not entitled to be indemnified hereunder under Delaware law, (i) the Company shall have no further obligation under Section 2(a) above to make any
payments to Indemnitee not made prior to such determination by such Reviewing Party, and (ii) the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all Expenses theretofore paid in indemnifying
Indemnitee; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee is entitled to be indemnified hereunder under
Delaware law, any determination made by any Reviewing Party that Indemnitee is not entitled to be indemnified hereunder under Delaware law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expenses
theretofore paid in indemnifying Indemnitee until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s obligation to reimburse the Company for any
Expenses shall be unsecured and no interest shall be charged thereon. 
  
 (c) Indemnitee Rights on Unfavorable Determination-Binding Effect. If any Reviewing Party determines that Indemnitee substantively is not entitled to be indemnified hereunder in whole or in part under Delaware law, Indemnitee shall
have the right to commence litigation seeking an initial determination by the court challenging any such determination by such Reviewing Party or any aspect thereof, including the legal or factual basis therefor, and, subject to the provisions of
Section 16, the Company hereby consents to service of process and to appear in any such proceeding. Absent such litigation, any determination by any Reviewing Party shall be conclusive and binding on the Company and Indemnitee. 
  
 (d) Selection of Reviewing Party; Change in Control. If there has not
been a Change in Control, any Reviewing Party shall be selected by the Board of Directors and approved by Indemnitee (which approval shall not be unreasonably withheld or delayed), and if there has been such a Change in Control, any Reviewing

  

 5 

 
Party with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnification of Expenses under this Agreement or any other
agreement or under the Company’s Certificate of Incorporation or Bylaws as now or hereafter in effect, or under any other Delaware law, if desired by Indemnitee, shall be Independent Legal Counsel selected by Indemnitee and approved by the
Company (which approval shall not be unreasonably withheld or delayed). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be entitled to be indemnified
hereunder under Delaware law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to indemnify fully such counsel against any and all expenses
(including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the Company shall not be required to pay
Expenses of more than one Independent Legal Counsel in connection with all matters concerning a single Indemnitee, and such Independent Legal Counsel shall be the Independent Legal Counsel for any or all other Indemnitees unless (i) the Company
otherwise determines or (ii) any Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such Independent Legal Counsel representing other Indemnitees. 
  
 (e) Mandatory Payment of Expenses. Notwithstanding any other provision
of this Agreement other than Section 10 hereof, to the extent that Indemnitee has been successful on the merits or otherwise, including, without limitation, the dismissal of any action without prejudice, in defense of any Claim, Indemnitee shall be
indemnified against all Expenses incurred by Indemnitee in connection therewith. 
  
 (f) Contribution. If the indemnification provided for in Section 2(a) above for any reason is held by a court of competent jurisdiction to be unavailable to Indemnitee in respect of any losses, claims, damages,
expenses or liabilities referred to therein, then the Company, in lieu of indemnifying Indemnitee thereunder, shall contribute to the amount paid or payable by Indemnitee as a result of such losses, claims, damages, expenses or liabilities (i) in
such proportion as is appropriate to reflect the relative benefits received by the Company and Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative fault of the Company and Indemnitee in connection with the action or inaction which resulted in such losses, claims, damages, expenses or liabilities, as well as any
other relevant equitable considerations. In connection with the registration of the Company’s securities, the relative benefits received by the Company and Indemnitee shall be deemed to be in the same respective proportions that the net
proceeds from the offering (before deducting expenses) received by the Company and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering price of the securities so
offered. The relative fault of the Company and Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or 

  

 6 

 
alleged omission to state a material fact relates to information supplied by the Company or Indemnitee and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. 
  
 The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 2(f) were determined by pro rata or per capita allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding paragraph. In connection with the registration of the Company’s securities, in no event shall Indemnitee be required to contribute any amount under
this Section 2(f) in excess of the lesser of (i) that proportion of the total of such losses, claims, damages or liabilities indemnified against equal to the proportion of the total securities sold under such registration statement which is being
sold by Indemnitee or (ii) the proceeds received by Indemnitee from its sale of securities under such registration statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. 
  
 3. Expense Advances. 
  
 (a) Obligation to Make Expense Advances. Prior to the Company making any Expense Advances to Indemnitee hereunder, Indemnitee shall provide the
Company with a written undertaking to repay such Expense Advances if it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company. 
  
 (b) Form of Undertaking. Any written undertaking by the Indemnitee to repay any Expense Advances hereunder shall be
unsecured and no interest shall be charged thereon. 
  
 (c)
Determination of Reasonable Expense Advances. The parties agree that for the purposes of any Expense Advance for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such Expense
Advance that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable. 
  
 4. Procedures for Indemnification and Expense Advances. 
  

(a) Timing of Payments. All payments of Expenses (including, without limitation, Expense Advances) by the Company to the Indemnitee pursuant to
this Agreement shall be made to the fullest extent permitted by Delaware law, as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no event later than forty-five (45) days (or, in the case of Expense
Advances, twenty (20) days) after such written demand by Indemnitee is presented to the Company. 
  
 (b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified or Indemnitee’s
right to 

  

 7 

 
receive Expense Advances under this Agreement, give the Company written notice as soon as practicable of any Claim made against Indemnitee for which
indemnification will or could be sought under this Agreement. Notice to the Company shall be directed to the Chief Executive Officer of the Company at the address shown on the signature page of this Agreement (or such other address as the Company
shall designate in writing to Indemnitee). In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 
  
 (c) No Presumptions; Burden of Proof. For purposes of this Agreement,
the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular
standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by this Agreement or Delaware law. In addition, neither the failure of any Reviewing Party to have made a determination as to
whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by any Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the
commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under this Agreement or Delaware law, shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has
not met any particular standard of conduct or did not have any particular belief. In connection with any determination by any Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof
shall be on the Company to establish that Indemnitee is not so entitled. 
  
 (d) Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 4(b) hereof, the Company has liability insurance in effect which may cover such Claim, the
Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to
pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim in accordance with the terms of such policies; provided that nothing in this Section 4(d) shall affect the Company’s obligations under this Agreement or the
Company’s obligation to comply with the provisions of this Agreement in a timely manner as provided herein. 
  
 (e) Selection of Counsel. In the event the Company shall be obligated hereunder to provide indemnification for or make any Expense Advances with
respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim with counsel approved by Indemnitee (which approval shall not be unreasonably withheld or delayed) upon the delivery to
Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this
Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Claim; provided that (i) Indemnitee shall have the right to employ lndemnitee’s separate counsel 

  

 8 

 
in any such Claim at Indemnitee’s expense, (ii) Indemnitee shall have the right to employ its own counsel in connection with any such proceeding at the
expense of the Company, if such counsel services in a review, observer, advice and counseling capacity and does not otherwise materially control or participate in the defense of such proceeding, and (iii) if (A) the employment of separate counsel by
Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) either the Company or
such retained counsel has not continued to defend such Claim for any reason, then the fees and expenses of Indemnitee’s separate counsel shall be Expenses for which Indemnitee may receive indemnification or Expense Advances hereunder.

  
 5. Additional Indemnification Rights, Nonexclusivity.

  
 (a) Scope. The Company hereby agrees to indemnify the
Indemnitee (including for services rendered by the Indemnitee to the Company’s subsidiaries as director, officer, employee, agent or fiduciary of any such subsidiary) to the fullest extent now or hereafter permitted by Delaware law,
notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of any change after the date
of this Agreement in any Delaware law, statute or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, agent, stockholder, controlling person, fiduciary or related party, it
is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any Delaware law, statute or rule which narrows or limits the right of a Delaware
corporation to indemnify a member of its board of directors or an officer, employee, agent, fiduciary or related party, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no
effect on this Agreement or the parties’ rights and obligations hereunder except as set forth in Section 10(a) hereof. 
  
 (b) Nonexclusivity. The indemnification and the payment of Expense Advances provided by this Agreement shall be in addition to any rights to which
Indemnitee may be entitled under the Company’s Certificate of Incorporation, its Bylaws, any other agreement, any vote of stockholders or disinterested directors, the General Corporation Law of the State of Delaware (or any other applicable
law), or otherwise. The indemnification and the payment of Expense Advances provided under this Agreement shall continue as to Indenmitee for any action taken or not taken while serving in an indemnified capacity even though subsequent thereto
Indemnitee may have ceased to serve in such capacity. 
  
 6. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy,
provision of the Company’s Certificate of Incorporation, Bylaws or otherwise) of the amounts otherwise payable hereunder, 
  

 9 

 7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of Expenses incurred in connection with any Claim, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses to
which Indemnitee is entitled. 
  
 8. Mutual Acknowledgment.
Both the Company and Indemnitee acknowledge that in certain instances, federal or other applicable law or public policy articulated by the Securities and Exchange Commission may prohibit the Company from indemnifying its directors, officers,
employees, agents, fiduciaries or related parties under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities and Exchange Commission to
submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. In any such case, the Company shall provide contribution to Indemnitee with
respect to any Claim as set forth in Section 2(f). 
  
 9.
Liability Insurance. To the extent the Company maintains liability insurance applicable to directors, officers, employees, control persons, agents or fiduciaries, Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a director of the Company but is an officer;
or of the Company’s key employees, control persons, agents or fiduciaries, if Indemnitee is not an officer or director but is a key employee, control person, agent or fiduciary. 
  
 10. Exceptions. Notwithstanding any other provision of this Agreement, the Company shall not be obligated pursuant to
the terms of this Agreement: 
  
 (a) Excluded Action or
Omissions. To indemnify Indemnitee for Expenses resulting from acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or Delaware law as determined by a court of competent
jurisdiction in a final and non-appealable judgment; provided, however, that notwithstanding any limitation set forth in this Section 10(a) regarding the Company’s obligation to provide indemnification, Indemnitee shall be
entitled under Section 3 to receive Expense Advances hereunder with respect to any such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have
been exhausted or lapsed) that Indemnitee has engaged in acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or Delaware law. 

 (b) Claims Initiated by Indemnitee. To indemnify or make Expense Advances to Indemnitee with
respect to Claims initiated or brought voluntarily by Indemnitee and not by way of defense, counterclaim or cross claim, except (i) with respect to actions or proceedings brought to establish or enforce a right to indemnification under this
Agreement or any other agreement or insurance policy or under the Company’s Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims, (ii) in specific cases if the Board of Directors has approved the initiation or
bringing of such Claim, or (iii) as otherwise required under Delaware law, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may be. 
  
 (c) Claims Under Section 16(b). To indemnify Indemnitee for expenses
and the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or any similar successor statute. 
  
 (d) Unlawful Indemnification. To indemnify Indemnitee if a final decision by a court having jurisdiction in the
matter shall determine that such indemnification is not lawful. 
  
 (e) Lack of Good Faith. To indemnify Indemnitee for any Expenses incurred by the Indemnitee with respect to any action instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such
action determines as provided in Section 14 hereof that each of the material assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous, or (ii) by or in the name of the Company to enforce or interpret this
Agreement, if a court having jurisdiction over such action determines as provided in Section 14 hereof that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous. 
  
 11. Period of Limitations. No legal action shall be brought and no
cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of five (5) years from the date of accrual of such
cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such five (5) year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern. 
  
 12. Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile), each of which shall constitute an original.

  
 13. Binding Effect; Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto (including those persons and entities included in the definition of “Indemnitee” in Section 2(a) above) and their respective
successors, assigns (including any direct or indirect successor by 

  

 11 

 
purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), spouses, heirs and personal and legal
representatives. The Company shall require and cause any successor (whether director indirect, and whether by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business or assets of the Company,
by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken
place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director, officer, employee, agent or fiduciary (as applicable) of the Company or of any other enterprise, including subsidiaries of the Company,
at the Company’s request. 
  
 14. Expenses Incurred in
Action Relating to Enforcement or Interpretation. In the event that any action is instituted by Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to enforce or interpret any of the terms hereof
or thereof, Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee with respect to such action (including, without limitation, attorneys’ fees), regardless of whether Indemnitee is ultimately successful in such
action, unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material assertions made by
Indemnitee as a basis for such action was not made in good faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under Section 3 to receive payment of Expense
Advances hereunder with respect to such action. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be indemnified for
all Expenses incurred by Indemnitee in defense of such action (including, without limitation, costs and expenses incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action a court
having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapse) that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was
frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under Section 3 hereof to receive payment of Expense Advances hereunder with respect to such action. 
  
 15. Notice. All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and signed for by the party addressed, on the date of such delivery, or (ii) if mailed by domestic certified or registered mail with postage prepaid, on
the third business day after the date postmarked. Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice. 
  
 16. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the
courts of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement. 
  

 12 

 17. Severability. The provisions of this Agreement shall be severable in the event that any of the
provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the
fullest extent permitted by Delaware law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision held to be invalid, void or otherwise
unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 
  
 18. Choice of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of the parties to this
Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws. 
  
 19. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. 
  
 20. Amendment and Termination. No amendment, modification, termination
or cancellation of this Agreement shall be effective unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver. 
  
 21. Corporate Authority. The Board of Directors of the Company and its stockholders in accordance with Delaware law have approved the terms of this Agreement. 
  
 22. Integration and Entire Agreement. This Agreement sets forth the
entire understanding between the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. 
  
 *    *    *    *    * 
  

 13 

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

			
	 CORE-MARK HOLDING COMPANY, INC.

	
	

	 J. Michael Walsh
 President and Chief Executive Officer

		
	             Address:
	 	 Core-Mark Holding Company, Inc.

	 	 	 395 Oyster Point Blvd., Suite 415

	 	 	 South San Francisco, CA 94080

		
	 INDEMNITEE
	 	 
	
	  

	             Address:

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