Document:

exv10w2

 

Exhibit 10.2

EXECUTION COPY

AMENDMENT NO. 1

TO

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

     This AMENDMENT NO. 1 to FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (the
“Amendment”), dated as of February 22, 2008, is entered into by and among Tesoro
Corporation (the “Borrower”), the financial institutions party to the below-defined Credit
Agreement (the “Lenders”), and JPMorgan Chase Bank, National Association, as
Administrative Agent (the “Agent”). Each capitalized term used herein and not otherwise
defined herein shall have the meaning given to it in the below-defined Credit Agreement.

WITNESSETH

     WHEREAS, the Borrower, the Lenders, and the Agent are parties to a Fourth Amended and Restated
Credit Agreement dated as of May 11, 2007 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”); and

     WHEREAS, the Borrower wishes to amend the Credit Agreement in certain respects and the Lenders
and the Agent are willing to amend the Credit Agreement on the terms and conditions set forth
herein;

     NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Borrower, the Agent and the Lenders hereby agree as follows:

     1. Amendments to Credit Agreement. Effective as of the date first above written, and
subject to the satisfaction of the conditions to effectiveness set forth in Section 2
below, the Credit Agreement is hereby amended as follows:

     (a) Section 6.10 of the Credit Agreement is hereby amended to (i) delete the “or” at
the end of clause (b) thereof, (ii) replace the “.” at the end of clause (c)
thereof with “; or” and (iii) insert immediately at the end thereof the following new clause
(d):

(d) the Borrower and its Subsidiaries may make Restricted Payments
in an aggregate amount not in excess of $100,000,000 during any
rolling four quarter period, so long as immediately before the time
of declaration of such Restricted Payment (and in each case as
determined on a pro forma basis after giving effect to the
applicable Restricted Payment as of the date of declaration thereof)
no Default or Unmatured Default exists and Excess

 

 

Availability equals or exceeds 20% of the Borrowing Base then
in effect and shall remain equal to or in excess of 20% for the
remainder of the day on which such declaration is made.

     (b) Section 6.21 of the Credit Agreement is hereby amended to insert immediately
at the end thereof the following sentence:

For the avoidance of doubt, so long as the Borrower is in compliance
with the Standard Reserve that is required to be in effect when the
aforementioned ratio is less than 1.00 to 1.00 (including, without
limitation, such Standard Reserve not resulting in an overadvance),
such ratio may be less than 1.00 to 1.00 and no Default or Unmatured
Default shall result therefrom.

     2. Conditions of Effectiveness. This Amendment shall become effective and be

deemed effective as of the date hereof, if, and only if:

          (a) the Agent shall have received executed copies of this Amendment from the Borrower and each of the Lenders; and

          (b) the Agent shall have received a written reaffirmation of the Borrower’s and
the Subsidiary Guarantors’ respective obligations under the Guaranty and the Collateral
Documents in form and substance substantially similar to Exhibit A hereto.

     3. Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows:

          (a) The Credit Agreement as previously executed constitutes the legal, valid
and binding obligation of the Borrower and is enforceable against the Borrower in accordance
with its terms, except as enforceability may be limited by (i) bankruptcy, insolvency,
fraudulent
conveyances, reorganization or similar laws relating to or affecting the enforcement of
creditors’
rights generally; (ii) general equitable principles (whether considered in a proceeding in
equity or
at law); and (iii) requirements of reasonableness, good faith and fair dealing.

          (b) Upon the effectiveness of this Amendment, the Borrower hereby (i)
represents that no Default or Unmatured Default exists under the terms of the Credit
Agreement,
(ii) reaffirms all covenants, representations and warranties made in the Credit Agreement, and
(iii) agrees that all such covenants, representations and warranties shall be deemed to have
been
remade as of the effective date of this Amendment, provided that any such covenant,
representation or warranty that references a specific date is reaffirmed as of such referenced
date.

          (c) The modifications contemplated by this Amendment are permitted under
the terms of indentures and other agreements referenced in Section 9.18 of the Credit
Agreement that remain in effect as of the date hereof.

     4. Effect on the Credit Agreement.

2

 

          (a) Upon the effectiveness of this Amendment, on and after the date hereof,
each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or
words of like import shall mean and be a reference to the Credit Agreement, as amended and
modified hereby.

          (b) Except as specifically amended and modified above, the Credit Agreement
and all other documents, instruments and agreements executed and/or delivered in connection
therewith shall remain in full force and effect, and are hereby ratified and confirmed.

          (c) The execution, delivery and effectiveness of this Amendment shall
neither, except as expressly provided herein, operate as a waiver of any right, power or
remedy of the Lenders or the Agent, nor constitute a waiver of any provision of the Credit Agreement or
any other documents, instruments and agreements executed and/or delivered in connection therewith.

     5. Costs and Expenses. The Borrower agrees to pay all reasonable costs, fees and
out-of-pocket expenses (including attorneys’ fees and expenses charged to the Agent) incurred
by the Agent and the Lenders in connection with the preparation, arrangement, execution and
enforcement of this Amendment.

     6. Governing Law. This Amendment shall be governed by and construed in
accordance with the internal laws, as opposed to the conflicts of law provisions, of the State
of New York; provided, however, that if a court, tribunal or other judicial entity with
jurisdiction over the Credit Agreement, this Amendment and the transactions evidenced by
the Loan Documents were to disregard such choice of law, this Amendment shall be
governed by and construed in accordance with the internal laws, as opposed to the conflicts
of law provisions, of the State of Illinois.

     7. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

     8. Counterparts. This Amendment may be executed by one or more of the parties to
the Amendment on any number of separate counterparts and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile shall be effective as delivery of a
manually executed counterpart of this Amendment.

     9. No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Amendment. In the event an ambiguity or question of intent or
interpretation arises, this Amendment shall be construed as if drafted jointly by the parties hereto
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any provisions of this Amendment.

The remainder of this page is intentionally blank.

3

 

     IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written.

	 	 	 	 	 
	 	TESORO CORPORATION,
as the Borrower

 	 
	 	By:  	/s/ Otto C. Schwethelm
 	 
	 	 	Name:  	Otto C. Schwethelm      	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, 

NATIONAL ASSOCIATION,

individually, as initial LC Issuer, and as Administrative

Agent

 	 
	 	By:  	/s/ J. Devin Mock
 	 
	 	 	Name:  	J. Devin Mock 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	LEHMAN COMMERCIAL PAPER INC.,
as
Syndication Agent and as a Lender

 	 
	 	By:  	/s/ Maria M. Lund
 	 
	 	 	Name:  	Maria M. Lund 	 
	 	 	Title:  	Authorized signatory 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as a Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ Hance VanBeber
 	 
	 	 	Name:  	Hance VanBeber 	 
	 	 	Title:  	Senior Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 

as a Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ Damain Sullivan
 	 
	 	 	Name:  	Damain Sullivan  	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	FORTIS CAPITAL CORP.,

as a Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ Casey Lowary
 	 
	 	 	Name:  	Casey Lowary 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                      /s/ Darrell Holley
 	 
	 	 	Name:  	Darrell Holley 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND plc,

as a Co-Documentation Agent and as a Lender 

 	 
	 	By:  	/s/ Eric Stoerr
 	 
	 	 	Name:  	Eric Stoerr  	 
	 	 	Title:  	Director 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	BNP PARIBAS,

as a Lender

 	 
	 	By:  	/s/ Mark A. Cox
 	 
	 	 	Name:  	Mark A. Cox      	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                                /s/ Greg Smothers
 	 
	 	 	Name:  	Greg Smothers 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH,

as a Lender

 	 
	 	By:  	/s/ Tom Byargeon
 	 
	 	 	Name:  	Tom Byargeon 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Sharada Manne
 	 
	 	 	Name:  	Sharada Manne 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	CITIBANK, N.A.,
as a Lender
 
 

	 
	 	By:  	
/s/ Amy Pincu
 	 
	 	 	Name:  	Amy Pincu  	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	LASALLE BUSINESS CREDIT, LLC, 

as a Lender

 	 
	 	By:  	/s/ Hance VanBeber
 	 
	 	 	Name:  	Hance VanBeber 	 
	 	 	Title:  	Sr. Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK,
LTD.,
as a Lender
 
 	 
	 	By:  	/s/ Raymond Ventura
 	 
	 	 	Name:  	Raymond Ventura 	 
	 	 	Title:  	Deputy General Manager 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	NATIXIS,
as a Lender
 
 	 
	 	By:  	/s/ Louis P. Laville, III
 	 
	 	 	Louis P. Laville, III  	 
	 	 	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Daniel Payer
 	 
	 	 	Daniel Payer  	 
	 	 	Director 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	RZB FINANCE, LLC,
as a Lender

 	 
	 	By:  	/s/ Shirley Ritch
 	 
	 	 	Name:  	Shirley Ritch 	 
	 	 	Title:  	Assistant Vice President 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ John A. Valiska
 	 
	 	 	Name:  	John A. Valiska 	 
	 	 	Title:  	First Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, 

as a Lender

 	 
	 	By:  	/s/ Andrew Ostrov
 	 
	 	 	Name:  	Andrew Ostrov 	 
	 	 	Title:  	Director 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORP.,
as a Lender

 	 
	 	By:  	/s/ William M. Ginn
 	 
	 	 	Name:  	William M. Ginn 	 
	 	 	Title:  	General Manager 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL
ASSOCIATION,
as a Lender 

 	 
	 	By:  	/s/ John Williammee, Jr.
 	 
	 	 	Name:  	John Williammee, Jr.  	 
	 	 	Title:  	Director 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	WELLS FARGO FOOTHILL, LLC,
as a Lender 

 	 
	 	By:  	/s/ Rina Shinoda
 	 
	 	 	Name:  	Rina Shinoda  	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC., 

as a Lender

 	 
	 	By:  	 /s/ Mary Lou Allen
 	 
	 	 	Name:  	Mary Lou Allen  	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	GMAC COMMERCIAL FINANCE, LLC,
as a Lender

 	 
	 	By:  	/s/ James Bruce
 	 
	 	 	Name:  	James Bruce 	 
	 	 	Title:  	Director 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	NATIONAL CITY BUSINESS CREDIT, INC.,
as a Lender

 	 
	 	By:  	/s/ Todd W. Milenius
 	 
	 	 	Name:  	Todd W. Milenius 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	PNC BANK, N.A.,
as a Lender 

 	 
	 	By:  	/s/ Terrance O. McKinney
 	 
	 	 	Name:  	Terrance O. McKinney 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	REGIONS BANK,
as a Lender

 	 
	 	By:  	/s/ Michael Fogarty
 	 
	 	 	Name:  	Michael Fogarty 	 
	 	 	Title:  	SVP 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	SIEMENS FINANCIAL SERVICES, INC.,
as a Lender

 	 
	 	By:  	/s/ Mark Picillo
 	 
	 	 	Name:  	Mark Picillo 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	SOCIÉTÉ GÉNÉRALE,
as a Lender

 	 
	 	By:  	/s/ Emmanuel Chesneau
 	 
	 	 	Name:  	Emmanuel Chesneau 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Craig Tashjian
 	 
	 	 	Name:  	Craig Tashjian 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	COMERICA BANK,
as a Lender

 	 
	 	By:  	/s/ Gerald R. Finney, Jr.
 	 
	 	 	Name:  	Gerald R. Finney, Jr. 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	THE FROST NATIONAL BANK,
as a Lender

 	 
	 	By:  	/s/ Beth Weakley
 	 
	 	 	Name:  	Beth Weakley 	 
	 	 	Title:  	EVP 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	GUARANTY BANK,
as a Lender 

 	 
	 	By:  	/s/ Jim R. Hamilton
 	 
	 	 	Name:  	Jim R. Hamilton 	 
	 	 	Title:  	Senior Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	SOVEREIGN BANK,
as a Lender

 	 
	 	By:  	/s/ Kathryn McEnroe Williams
 	 
	 	 	Name:  	Kathryn McEnroe Williams 	 
	 	 	Title:  	VP 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	U.S. BANK, NATIONAL ASSOCIATION,
as a Lender 

 	 
	 	By:  	/s/ Thomas Visconti
 	 
	 	 	Name:  	Thomas Visconti 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	ALLIED IRISH BANKS, PLC,
as a Lender 

 	 
	 	By:  	/s/ Albert D. Perez
 	 
	 	 	Name:  	Albert D. Perez 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Mia Bolin
 	 
	 	 	Name:  	Mia Bolin 	 
	 	 	Title:  	Assistant Vice President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION,
as a Lender 

 	 
	 	By:  	/s/ W. Bryan Chapman
 	 
	 	 	Name:  	W. Bryan Chapman 	 
	 	 	Title:  	SVP & Energy Lending Manager 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender

 	 
	 	By:  	/s/ Stan G. Weiser Jr.
 	 
	 	 	Name:  	Stan G. Weiser Jr. 	 
	 	 	Title:  	Vice-President 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	UPS CAPITAL CORPORATION,
as a Lender 

 	 
	 	By:  	/s/
John P. Holloway
 	 
	 	 	Name:  	John P. Holloway 	 
	 	 	Title:  	Director of Portfolio Management 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	WEBSTER BUSINESS CREDIT CORPORATION,
as a Lender 

 	 
	 	By:  	/s/
Julian Vigder
 	 
	 	 	Name:  	Julian Vigder 	 
	 	 	Title:  	AVP 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 

 

 

EXHIBIT A

TO

AMENDMENT NO. 1

FORM OF REAFFIRMATION

Attached

 

AFFIRMATION OF LOAN DOCUMENTS

     Reference is hereby made to the Fourth Amended and Restated Credit Agreement, dated as of May
11, 2007 (as the same may be amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among Tesoro Corporation (the “Borrower”),
the financial institutions from time to time party thereto as Lenders (the “Lenders”) and
JPMorgan Chase Bank, National Association, as Administrative Agent (the “Administrative
Agent”). Capitalized terms used in this Affirmation of Loan Documents and not defined herein
shall have the meanings given to them in the Credit Agreement.

     Each of the undersigned hereby acknowledges receipt of a copy of Amendment No. 1 to Fourth
Amended and Restated Credit Agreement, which amends the Credit Agreement, and affirms the terms and
conditions of each Loan Document executed by it, including, without limitation, the Security
Agreement and the Guaranty, and acknowledges and agrees that each such Loan Document executed by it
in connection with the Prior Credit Agreement remains in full force and effect and is hereby
reaffirmed, ratified and confirmed.

     Each reference to the “Credit Agreement” contained in the above-referenced documents shall be
a reference to the Credit Agreement as the same may from time to time hereafter be amended,
modified, supplemented or restated.

Dated: February 22, 2008

*******

 

GOLD STAR MARITIME COMPANY

TESORO ALASKA COMPANY

TESORO AVIATION COMPANY

TESORO COMPANIES, INC.

TESORO ENVIRONMENTAL RESOURCES COMPANY

TESORO FAR EAST MARITIME COMPANY

TESORO FINANCIAL SERVICES HOLDING COMPANY

TESORO MARITIME COMPANY

TESORO NORTHSTORE COMPANY

TESORO REFINING AND MARKETING COMPANY

TESORO TRADING COMPANY

TESORO VOSTOK COMPANY

TESORO WASATCH, LLC

TESORO SIERRA PROPERTIES, LLC

TESORO SOUTH COAST COMPANY, LLC

TESORO WEST COAST COMPANY, LLC

			
	By:	 	/s/ Phillip M. Anderson
 
Name: Phillip M. Anderson
Title:   Vice President and Treasurer

TESORO HAWAII CORPORATION

			
	By:	 	/s/ Gregory A.
Wright
 
Name:
Gregory A.
Wright
Title:  
Executive Vice President and Chief Financial Officer

SMILEY’S SUPER SERVICE, INC.

			
	By:	 	/s/ Otto C. Schwethelm

 
Name:
Otto C. Schwethelm 
Title:   Vice President, Chief Financial
Officer and Treasurer

SIGNATURE PAGE TO AFFIRMATION OF LOAN DOCUMENTS

 

	 	 	 	 	 
	 	State of California Public Employees’ Retirement System, as a Lender 

 	 
	 	By:  	/s/ Mike Claybar
 	 
	 	 	Name:  	Mike Claybar 	 
	 	 	Title:  	Portfolio Manager 	 
	 

SIGNATURE
PAGE TO AMENDMENT NO. 1 TO
FOURTH AMENDED AND RESTATED CREDIT AGREEMENTexv10wxzy

 

Exhibit 10(Z)

	 	 	 
	                     Shares (post-split basis)

	 	Date of Grant:

RESTRICTED STOCK AWARD

YEARLY VESTING AWARDS

2004 OMNIBUS STOCK AND INCENTIVE PLAN

FOR DENBURY RESOURCES INC.

     RESTRICTED STOCK AWARD (“Award”) made effective                     , 2007 (“Date of Grant”) between
Denbury Resources Inc. (the “Company”) and                      (“Holder”).

     WHEREAS, the Company desires to grant to the Holder                      Restricted Shares under and for
the purposes of the 2004 Omnibus Stock and Incentive Plan for Denbury Resources Inc. (the “Plan”);

     WHEREAS, in accordance with the provisions of Section 16(d) of the Plan, the Restricted Shares
will be issued by the Company in the Holder’s name and be issued and outstanding for all purposes
(except as provided below or in the Plan) but held by the Company (together with the stock power
set forth below) until such time as such Restricted Shares are Vested by reason of the lapse of the
applicable Restrictions, after which time the Company shall make delivery of the Vested Shares (but
not Retained Vested Shares, as described in Section 5) to Holder; and

     WHEREAS, the Company and Holder understand and agree that this Award is in all respects
subject to the terms, definitions and provisions of the Plan, and all of which are incorporated
herein by reference, except to the extent otherwise expressly provided in this Award.

     NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties agree as follows:

1. Restricted Share Award. The Company hereby sells, transfers, assigns and delivers to
the Holder an aggregate of                      Restricted Shares (“Award Restricted Shares”) on the terms and
conditions set forth in the Plan and supplemented in this Award, including, without limitation, the
restrictions more specifically set forth in Section 2 below, subject only to Holder’s execution of
this Award agreement. The Award Restricted Shares are granted following the two-for-one stock
split of the Company with a record date of December 5, 2007 and therefore are granted on a
post-split basis.

2. Vesting of Award Restricted Shares. The Restrictions on the Award Restricted Shares
shall lapse (Award Restricted Shares with respect to which Restrictions have lapsed being herein
referred to as “Vested Shares”) and become non-forfeitable on the occurrence of the earliest of the
dates (“Vesting Date”) set forth in (a) through (h) immediately below:

A-1

 

     (a) 20% of the Award Restricted Shares on the date of the 1st
Anniversary of the Date of Grant;

     (b) 20% of the Award Restricted Shares on the date of the 2nd
Anniversary of the Date of Grant;

     (c) 20% of the Award Restricted Shares on the date of the 3rd
Anniversary of the Date of Grant;

     (d) 20% of the Award Restricted Shares on the date of the 4th
Anniversary of the Date of Grant;

     (e) 20% of the Award Restricted Shares on the date of the 5th
Anniversary of the Date of Grant;

     (f) 100% of the Award Restricted Shares which have not previously Vested, on the date of
Holder’s death or Disability;

     (g) 100% of the Award Restricted Shares which have not previously Vested, on the date of a
Change in Control; and

     (h) 100% of the Award Restricted Shares which have not previously Vested, on the date of a
Post-Separation Change in Control.

     For purposes of this Award, the term “Post-Separation Change in Control” means a Change in
Control which follows the Holder’s Separation, but results from the Commencement of a Change in
Control that occurs prior to the Holder’s Separation. For all purposes of this Award, the term
“Commencement of a Change in Control” shall mean the date on which any material action, including
without limitation through a written offer, open-market bid, corporate action, proxy solicitation
or otherwise, is taken by a “person” (as defined in Section 13(d) or Section 14(d)(2) of the 1934
Act), or a “group” (as defined in Section 13(d)(3) of the 1934 Act), or their affiliates, to
commence efforts that, within 12 months after the date of such material action, leads to a Change
in Control as defined in Section 2(h)(2), (3) or (4) of the Plan involving such person, group, or
their affiliates.

3. Restrictions — Forfeiture of Award Restricted Shares. The Award Restricted Shares are
subject to the Restriction that, except as provided in the following sentence, all rights of Holder
to any Award Restricted Shares which have not become Vested Shares automatically, and without
notice, shall terminate and shall be permanently forfeited on the date of Holder’s Separation.
Notwithstanding the forgoing, if there is a Post-Separation Change in Control, the previously
forfeited Award Restricted Shares shall be reinstated as Vested Shares and, for all purposes of
this Award, Holder will be deemed to have Separated on the day after such Post-Separation Change in
Control.

4. Withholding. There will be no tax withholding with respect to this Award unless
required by law.

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5. Issuance of Shares. Without limitation, Holder shall have all of the rights and
privileges of an owner of the Award Restricted Shares (including voting rights) except that Holder
shall not be entitled to delivery of the certificates evidencing any of the Shares unless and until
they become Vested Shares, nor shall Holder be entitled to receive Restricted Share Distributions
(i.e. dividends) unless and until Holder is entitled either (i) to receive the certificates for the
related Vested Shares, or (ii) such Award Restricted Shares become Retained Vested Shares, as
defined below. Notwithstanding the foregoing, as soon as reasonably possible after the date Award
Restricted Shares become Vested Shares, the Administrator shall deliver to the Holder forty percent
(40%) of the Vested Shares, and shall retain sixty percent (60%) of the Vested Shares (“Retained
Vested Shares”) in escrow until the date of Holder’s Separation, and as soon as reasonably possible
after such Separation, shall deliver all such Retained Vested Shares to Holder. During the period
in which the Company holds the Retained Vested Shares, Holder is entitled to receive what would be
Restricted Share Distributions if Holder was in possession of such Retained Vested Shares, except
Holder shall not be entitled to receive a Restricted Share Distribution made in the form of Shares,
but rather such Shares will be retained by the Company as additional Retained Vested Shares.

6. No Transfers Permitted. The rights under this Award are not transferable by the Holder
otherwise than by will or the laws of descent and distribution, and so long as Holder lives, only
Holder or his or her guardian or legal representative shall have the right to receive and retain
Vested Shares.

7. No Right To Continued Employment. Neither the Plan nor this Award shall confer upon the
Holder any right to continue to serve as a director of the Company, nor shall interfere in any way
with Holder’s right to resign or otherwise terminate participation on the board.

8. Governing Law. without limitation, This Award shall be construed and enforced in
accordance with and governed by the laws of delaware. 

9. Binding Effect. This Award shall inure to the benefit of and be binding upon the heirs,
executors, administrators, successors and assigns of the parties hereto.

10. Severability. If any provision of this Award is declared or found to be illegal,
unenforceable or void, in whole or in part, the remainder of this Award will not be affected by
such declaration or finding and each such provision not so affected will be enforced to the fullest
extent permitted by law.

A-3

 

     IN WITNESS WHEREOF, the Company has caused these to be executed on its behalf by its duly
authorized representative and the Holder has hereunto set his or her hand and seal, all on the day
and year first above written.

     Dated
as of this                     th day of                     , 2007.

DENBURY RESOURCES INC.

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 

Gareth Roberts
	 	 	 	 
           
Phil Rykhoek
	 

	 	President and CEO
	 	 	 	Senior VP, CFO and Secretary

A-4

 

Assignment Separate From Certificate

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto Denbury Resources
Inc. the __________ Shares subject to this Award, standing in the undersigned’s name on the books of
said Denbury Resources Inc., and do hereby irrevocably constitute and appoint the corporate
secretary of Denbury Resources Inc. as attorney to transfer the said stock on the books of Denbury
Resources Inc. with full power of substitution in the premises.

Dated                                         

	 	 	 	 	 
	 

	 	 

Holder
	 	 

ACKNOWLEDGMENT

     The undersigned hereby acknowledges (i) my receipt of this Award, (ii) my opportunity to
review the Plan, (iii) my opportunity to discuss this Award with a representative of the Company,
and my personal advisors, to the extent I deem necessary or appropriate, (iv) my understanding of
the terms and provisions of the Award and the Plan, and (v) my understanding that, by my signature
below, I am agreeing to be bound by all of the terms and provisions of this Award and the Plan.

     Without limitation, I agree to accept as binding, conclusive and final all decisions or
interpretations (including, without limitation, all interpretations of the meaning of provisions of
the Plan, or Award, or both) of the Administrator upon any questions arising under the Plan, or
this Award, or both.

Dated as of this                      day of                                         , 2007.

	 	 	 	 	 
	 

	 	 

Holder
	 	 

A-5

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