Document:

EX-10.9

 Exhibit 10.9 

EXECUTION VERSION 
 FIRST
AMENDMENT TO SEVENTH AMENDMENT, CONSENT AND WAIVER TO 
 DELAYED DRAW TERM LOAN AND BRIDGE LOAN CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO SEVENTH AMENDMENT, CONSENT AND WAIVER TO DELAYED DRAW TERM LOAN AND BRIDGE LOAN CREDIT AGREEMENT (this
“Amendment”) is dated as of July 14, 2016 by and among Par Pacific Holdings, Inc. (f/k/a Par Petroleum Corporation), a Delaware corporation (the “Borrower”), the Guarantors party hereto (the
“Guarantors” and together with the Borrower, each a “Credit Party” and collectively, the “Credit Parties”) and the lenders party hereto (the “Lenders”).

 WHEREAS, the Credit Parties, Jefferies Finance LLC, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”), and the Lenders entered into that certain Delayed Draw Term Loan and Bridge Loan Credit Agreement dated as of July 11, 2014 (as amended by that certain First Amendment thereto dated as of
July 28, 2014, that certain Second Amendment thereto dated as of September 10, 2014, that certain Third Amendment thereto dated as of March 11, 2015, that certain Fourth Amendment thereto dated as of April 1, 2015, that certain
Fifth Amendment thereto dated as of June 1, 2015, that certain Sixth Amendment thereto dated as of December 17, 2015, that certain Seventh Amendment, Consent and Waiver thereto dated as of June 15, 2016, and as may be further amended,
amended and restated, modified, supplemented, extended, renewed, restated or replaced from time to time, the “Credit Agreement”); 

WHEREAS, on June 15, 2016, the Borrowers, the Guarantors, the Administrative Agent and the Lenders entered into that certain Seventh
Amendment, Consent and Waiver to Delayed Draw Term Loan and Bridge Loan Credit Agreement (the “Seventh Amendment”) pursuant to which, among other things, the Credit Agreement was amended to permit the Borrower to issue up to
$52,500,000 of the Borrower’s 2.5% Convertible Subordinated Bridge Notes due 90 days following issuance thereof (the “Bridge Convertible Notes”) and (y) the Administrative Agent and the Lenders consented to various
other amendments to the Credit Agreement; 
 WHEREAS, the Borrower has requested that the Lenders amend the Seventh Amendment to
(x) increase the maximum principal amount of the Bridge Convertible Notes the Borrower is permitted to issue and sell, (y) extend the maturity date of the Bridge Convertible Notes, and (z) amend the definition of Second Rights
Offering; 
 WHEREAS, the Lenders have agreed to so amend the Seventh Amendment, subject to the terms and conditions hereof. 

NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Defined Terms. All capitalized terms
used herein (including in the recitals hereto) shall have the respective meaning assigned to such terms in the Credit Agreement, unless otherwise defined herein. 

 2. Amendments to Seventh Amendment. 

(a) Clause (x) of the third recital of the Seventh Amendment is hereby amended, restated and replaced in its entirety as follows: 

“(x) amend the Credit Agreement to permit the Borrower to issue up to $52,632,000 of the Borrower’s 2.5% Convertible Subordinated
Bridge Notes maturing no later than November 14, 2016 (which shall be convertible into the Common Stock to the extent not repaid with the proceeds of the Second Rights Offering (hereinafter defined)) (such convertible notes, the
“Bridge Convertible Notes”)” 
 (b) The definition of “Bridge Convertible Notes” in Section 4(a)
of the Seventh Amendment is hereby amended, restated and replaced in its entirety as follows: 
 ““Bridge Convertible
Notes” means up to $52,632,000 principal amount of 2.5% convertible subordinated bridge notes maturing no later than November 14, 2016 (which shall be convertible into the Common Stock to the extent not repaid with the proceeds of the
Second Rights Offering).’’ 
 (c) The definition of “Second Rights Offering” in Section 4(a) of the Seventh
Amendment is hereby amended, restated and replaced in its entirety as follows: 
 ““Second Rights Offering” means the
Borrower’s registered pro rata transferrable subscription rights offering for shares of its Common Stock, which is intended to commence as soon as practicable after the Registration Statement 333-21207 previously filed with the SEC is declared
effective.’’ 
 3. Representations and Warranties. Each of the Borrower and each of the Guarantors hereby confirms,
reaffirms, and restates the representations and warranties made by it in the Credit Agreement, as amended hereby, and confirms that all such representations and warranties are true and correct in all material respects as of the date hereof (except
that any representation and warranty that is qualified as to “materiality” or “Material Adverse Change” shall be true and correct in all respects). The Borrower and each Guarantor further represent and warrant (which
representations and warranties shall survive the execution and delivery of this Amendment) to the Lenders that: 
 (a) The execution,
delivery, and performance by each Credit Party of this Amendment and the consummation of the transactions contemplated hereby, (i) are within such Credit Party’s corporate or limited liability company powers, as applicable, (ii) have
been duly authorized by all necessary corporate or limited liability company action, as applicable, (iii) do not contravene (x) such Credit Party’s Organizational Documents or (y) any law or any contractual restriction binding on
or affecting such Credit Party, and (iv) will not result in or require the creation or imposition of any Lien prohibited by the Loan Documents; 

(b) No consent, order, authorization, or approval or other action by, and no notice to or filing with, any Governmental Authority or any other
Person is required for the due execution, delivery, and performance by any Credit Party of this Amendment, except for those consents and approvals that have been obtained, made or waived on or prior to the date hereof and that are in full force and
effect; 

  
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 (c) This Amendment has been duly executed and delivered by such Credit Party and is the legal,
valid, and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or transfer, or similar law affecting creditors’ rights generally and by general principles of equity; and 
 (d) After
giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing as of the Effective Date or will result from the execution, delivery and performance of this Amendment. 

4. Effect of this Amendment. Except as expressly amended or consented to hereby, the Credit Agreement, the Seventh Amendment, and the
other Loan Documents are hereby ratified and confirmed in all respects and shall remain in full force and effect in accordance with their respective terms. Except as expressly set forth herein, the terms of this Amendment shall not be deemed
(i) a waiver of any Default or Event of Default, (ii) a consent, waiver or modification with respect to any term, condition, or obligation of the Borrower or any other Credit Party in the Credit Agreement, the Seventh Amendment, or any
other Loan Document, (iii) a consent, waiver or modification with respect to any other event, condition (whether now existing or hereafter occurring) or provision of the Loan Documents or (iv) to prejudice any right or remedy which the
Administrative Agent or any Lender may now or in the future have under or in connection with the Credit Agreement, the Seventh Amendment, or any other Loan Document. 

5. Conditions Precedent. This Amendment shall become effective upon the satisfaction of each of the conditions precedent set forth
below unless any such condition is waived, in writing by the Lenders (the date on which this Amendment becomes effective, the “Effective Date”): 

a) Documentation. The Lenders shall have received this Amendment duly executed by all the parties hereto, in form and substance
satisfactory to the Lenders. 
 b) No Default. No event or condition exists that would constitute a Default or Event of Default
before or after giving effect to this Amendment. 
 c) Representations and Warranties. The representations and warranties contained
in Article IV of the Credit Agreement, this Amendment, the Seventh Amendment, and in each other Loan Document shall be true and correct in all material respects (except that any representation and warranty that is qualified as to
“materiality” or “Material Adverse Change” shall be true and correct in all respects) as of such date (except in the case of representations and warranties that are made solely as of an earlier date or time, which representations
and warranties shall be true and correct as of such earlier date or time). 
 6. Miscellaneous. 

  
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 (a) Severability. If any provision of this Amendment is held by a court of competent
jurisdiction to be invalid or unenforceable, such provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of this Amendment and the effect thereof shall be confined to the
provision so held to be invalid or unenforceable. 
 (b) Expenses. The Borrower agrees to pay or reimburse the Lenders for all
reasonable fees and out-of-pocket disbursements incurred by the Lenders in connection with the preparation, execution, delivery, administration and enforcement of this Amendment, including without limitation the reasonable fees and disbursements of
counsel for the Lenders, to the same extent that the Borrower would be required to do so pursuant to Section 10.4 of the Credit Agreement. 

(c) Reference to Seventh Amendment. From and after the effectiveness of this Amendment, all references to the Seventh Amendment shall
mean the Seventh Amendment as amended hereby and as hereafter modified, amended, restated or supplemented from time to time, and each reference in the Credit Agreement or any other Loan Document to the Seventh Amendment shall mean the Seventh
Amendment as amended hereby and as hereafter modified, amended, restated or supplemented from time to time. 
 (d) Entire Agreement.
This Amendment shall be deemed to be a Loan Document and, together with the other Loan Documents and the agreements, documents and instruments contemplated hereby, constitutes the entire understanding of the parties with respect to the subject
matter hereof and thereof, and any other prior or contemporaneous agreements, whether written or oral, with respect hereto or thereto are expressly superseded hereby and thereby. 

(e) Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each
of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by facsimile or .pdf shall be
equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by facsimile or .pdf also shall deliver an original executed counterpart of this Amendment but the
failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

(f) Successors and Assigns. This Amendment shall be binding on and inure to the benefit of the parties hereto and their heirs,
beneficiaries, successors and assigns. 
 (g) Governing Law; Venue; Jury Trial. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE CHOICE OF LAW AND VENUE PROVISIONS SET FORTH IN SECTION 10.12 OF THE CREDIT AGREEMENT, AND SHALL BE SUBJECT TO THE JURY TRIAL WAIVER SET FORTH IN SECTION 10.14 OF THE
CREDIT AGREEMENT. 

  
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 (h) Guarantors. Each Guarantor, for value received, hereby expressly consents and agrees
to the Borrower’s execution and delivery of this Amendment, to the performance by the Borrower of its agreements and obligations hereunder and to the consents and amendments set forth herein. This Amendment, the performance or consummation of
any transaction or matter contemplated under this Amendment and all consents and amendments set forth herein, shall not limit, restrict, extinguish or otherwise impair any Guarantor’s liability to the Administrative Agent and Lenders with
respect to the payment and other performance obligations of such Guarantor pursuant to the Guarantees. Each Guarantor hereby ratifies, confirms and approves its Guarantee and acknowledges that it is unconditionally liable to the Administrative Agent
and Lenders for the full and timely payment of the Guaranteed Obligations (on a joint and several basis with the other Guarantors). Each Guarantor hereby acknowledges that it has no defenses, counterclaims or set-offs with respect to the full and
timely payment of any or all Guaranteed Obligations. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has duly executed this First Amendment to Seventh
Amendment, Consent and Waiver to Delayed Draw Term Loan and Bridge Loan Credit Agreement as of the date first written above. 
  

							
	BORROWER:
	
	PAR PACIFIC HOLDINGS, INC., a Delaware corporation
		
	By:	 	/s/ Christopher M. Micklas
	Name:	 	Christopher M. Micklas
	Title:	 	Chief Financial Officer
	
	GUARANTORS:
	
	 PAR PICEANCE ENERGY EQUITY LLC,
 a
Delaware limited liability company

	
	 PAR UTAH LLC,
 a Delaware limited
liability company

	
	EWI LLC, a Delaware limited liability company
	
	 PAR WASHINGTON LLC,
 a Delaware
limited liability company

	
	 PAR NEW MEXICO LLC,
 a Delaware
limited liability company

	
	 HEWW EQUIPMENT LLC,
 a Delaware
limited liability company

		
		 	 By: PAR PACIFIC HOLDINGS, INC.,
 a
Delaware corporation, as Sole Member of each of the foregoing companies

				
		 		 	By:	 	/s/ Christopher M. Micklas
		 		 	Name:	 	Christopher M. Micklas
		 		 	Title:	 	Chief Financial Officer

  
 [Signature Page to First
Amendment to Seventh Amendment, Consent and Waiver] 

			
	LENDERS:
	
	WB MACAU55, LTD., as a Lender
		
	By:	 	/s/ Mark M. Strefling
	Name:	 	Mark M. Strefling
	Title:	 	 General Counsel and Chief Operating
 Officer
Whitebox Advisors LLC

  
 [Signature Page to First
Amendment to Seventh Amendment, Consent and Waiver] 

			
	Highbridge International, LLC, as a Lender
	
	By: Highbridge Capital Management, LLC, as trading manager
		
	By:	 	/s/ Jonathan Segal
	Name:	 	Jonathan Segal
	Title:	 	Managing Director
	
	Highbridge Tactical Credit & Convertibles Master Fund, L.P., as a Lender
	
	By: Highbridge Capital Management, LLC, as trading manager
		
	By:	 	/s/ Jonathan Segal
	Name:	 	Jonathan Segal
	Title:	 	Managing Director

  
 [Signature Page to First
Amendment to Seventh Amendment, Consent and Waiver]Exhibit 10.1

 

DEBT CONVERSION AGREEMENT

 

This Debt Conversion
Agreement (the “Agreement”) is entered into effective July 8, 2016 by and between Stonehenge Holdings, LLC, a New York
limited liability company (“Investor”) and Progressive Green Solutions, Inc., a Nevada business corporation (the “Company”),
with reference to the following facts:

 

WHEREAS, Investor has
loaned certain funds to the Company as described in a promissory note dated December 17, 2015 (the “Loan Agreement”)
of which the Company and Investor desire to convert $125,000 (the “Debt”) and Interest on such Debt into shares of
the Company’s common stock (the “Common Stock”).

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Investor and the Company agree as
follows:

 

		1.	Conversion to Common Stock. Effective as of June 30, 2016, $125,000 of the Debt and $3,348 of Interest
on such Debt shall be converted into shares of Common Stock at a price per share of $.09 (which represents the market price on
June 30, 2016) for an aggregate number of shares of 1,426,089. Upon execution of this Agreement, the Company shall instruct its
transfer agent to issue a total of 1,388,889 shares of Common Stock to the Investor, and the Investor shall acknowledge the repayment
of $128,348 Debt and Interest under the Loan Agreement.

 

		2.	Investor Representations. The Company is issuing the Common Stock to Investor in reliance upon
the following representations made by Investor:

 

		a.	Investor acknowledges and agrees that the shares of Common Stock are characterized as “restricted
securities” under the Securities Act of 1933 (as amended and together with the rules and regulations promulgated thereunder,
the “Securities Act”) and that, under the Securities Act and applicable regulations thereunder, such securities may
not be resold, pledged or otherwise transferred without registration under the Securities Act or an exemption therefrom. Investor
acknowledges and agrees that (i) the shares of Common Stock are being offered in a transaction not involving any public offering
in the United States within the meaning of the Securities Act, and the shares of Common Stock have not yet been registered under
the Securities Act, and (ii) such shares of Common Stock may be offered, resold, pledged or otherwise transferred only in a transaction
registered under the Securities Act, or meeting the requirements of Rule 144, or in accordance with another exemption from the
registration requirements of the Securities Act (and based upon an opinion of counsel if the Company so requests) and in accordance
with any applicable securities laws of any State of the United States or any other applicable jurisdiction.

 

		b.	Investor acknowledges and agrees that (i) the registrar or transfer agent for the shares of Common
Stock will not be required to accept for registration of transfer any shares except upon presentation of evidence satisfactory
to the Company that the restrictions on transfer under the Securities Act have been complied with and(ii) any shares of Common
Stock in the form of definitive physical certificates will bear a restrictive legend.

 

    	 	1	 

     

    

 

		c.	Investor acknowledges and agrees that: (a) the shares of Common Stock have not been registered
under the Securities Act, or under any state securities laws, and are being offered and sold in reliance upon federal and state
exemptions for transactions not involving any public offering; (b) Investor is acquiring the shares of Common Stock solely for
its own account for investment purposes, and not with a view to the distribution thereof in a transaction that would violate the
Securities Act or the securities laws of any State of the United States or any other applicable jurisdiction; (c) Investor is a
sophisticated purchaser with such knowledge and experience in business and financial matters that it is capable of evaluating the
merits and risks of purchasing the shares of Common Stock; (d) Investor has had the opportunity to obtain from the Company such
information as desired in order to evaluate the merits and the risks inherent in holding the shares of Common Stock; (e) Investor
is able to bear the economic risk and lack of liquidity inherent in holding the shares of Common Stock; (f) Investor is an “accredited
investor” within the meaning of Rule 501(a) under the Securities Act; and (g) and (g) Investor either has a pre-existing
personal or business relationship with the Company or its officers, directors or controlling persons, or by reason of Investor’s
business or financial experience, or the business or financial experience of their professional advisors who are unaffiliated with
and who are not compensated by the Company, directly or indirectly, have the capacity to protect their own interests in connection
with the purchase of the Common Stock.

 

		d.	Investor’s investment in the Company pursuant to this Common Stock is consistent, in both
nature and amount, with Investor’s overall investment program and financial condition.

 

		e.	Investor’s principal place of business is in the State of New York.

 

		3.	Miscellaneous.

 

		a.	This Agreement shall be construed and enforced in accordance with the laws of the State of Nevada.

 

		b.	This Agreement constitutes the entire agreement between the parties and supersedes all prior oral
or written negotiations and agreements between the parties with respect to the subject matter hereof. No modification, variation
or amendment of this Agreement (including any exhibit hereto) shall be effective unless made in writing and signed by both parties.

 

		c.	Each party to this Agreement hereby represents and warrants to the other party that it has had
an opportunity to seek the advice of its own independent legal counsel with respect to the provisions of this Agreement and that
its decision to execute this Agreement is not based on any reliance upon the advice of any other party or its legal counsel. Each
party represents and warrants to the other party that in executing this Agreement such party has completely read this Agreement
and that such party understands the terms of this Agreement and its significance. This Agreement shall be construed neutrally,
without regard to the party responsible for its preparation.

 

 

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		d.	Each party to this Agreement hereby represents and warrants to the other party that (i) the execution,
performance and delivery of this Agreement has been authorized by all necessary action by such party; (ii) the representative executing
this Agreement on behalf of such party has been granted all necessary power and authority to act on behalf of such party with respect
to the execution, performance and delivery of this Agreement; and (iii) the representative executing this Agreement on behalf of
such party is of legal age and capacity to enter into agreements which are fully binding and enforceable against such party.

 

		e.	This Agreement may be executed in any number of counterparts and may be delivered by facsimile
transmission, all of which taken together shall constitute a single instrument.

 

 

This Agreement is entered
into and effective as of the date first written above.

 

 

COMPANY:

 

Progressive Green Solutions, Inc.

 

 

	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

 

INVESTOR:

 

Stonehenge Holdings, LLC

 

 

	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

 

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