Document:

Separation Agreement and Release

 Exhibit 10.16 
  
 Execution Copy 
  
 FOXHOLLOW TECHNOLOGIES, INC. 
  

ROBERT THOMAS SEPARATION AGREEMENT AND RELEASE 
  
 This Separation Agreement and Release (“Agreement”) is entered into as of January 3, 2006, by and between Robert W. Thomas
(“Employee”) and FoxHollow Technologies, Inc. (“Company”) (collectively referred to as the “Parties”). 
  

RECITALS 
  
 WHEREAS, Employee has been employed by the Company as its President and Chief Executive Officer and the Company and Employee now wish to end their
employment relationship; 
  
 WHEREAS, the Company and
Employee entered into an agreement dated May 22, 1998 to keep Company information confidential (the “Confidentiality Agreement”) and the Company and Employee have entered into stock option agreements that are still subject to
vesting, in which Employee was granted options to purchase 312,500 shares of Common Stock on March 10, 2003 (the “First Option”) pursuant to which Employee has exercised 216,146 shares; 112,500 shares of Common Stock on
March 10, 2003 (the “Second Option”) pursuant to which Employee has exercised 31,304 shares; 312,500 shares of Common Stock on January 29, 2004 (the “Third Option”); 187,071 shares of Common Stock on
January 29, 2004 (the “Fourth Option”) and 35,000 shares of Company Stock on January 31, 2005 (the “Fifth Option” each an “Option” and collectively the “Options”);

  
 WHEREAS, Employee and the Company wish to agree upon
the terms of Employee’s post-termination consulting arrangement, and the Company wishes to receive a standard release of claims; 
  
 WHEREAS, the Parties, and each of them, wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and
demands that the Employee may have against the Company as defined herein, including, but not limited to, any and all claims arising or in any way related to Employee’s employment with, or separation from, the Company and Employee and Company
desire to embody in this Agreement the terms, conditions and benefits to be provided in connection with Employee’s termination of employment with the Company; 
  
 NOW THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows: 
  
 AGREEMENT 
  
 1. Employment Termination. Employee’s termination of employment with the Company is effective as of the close of
business on January 3, 2006 (the “Termination Date”). Effective as of that date, Employee will relinquish his current titles of President and Chief Executive Officer of the Company and a member of the Company’s Board of
Directors (the “Board”), by signing the letter of resignation attached hereto as Exhibit 1. 

 2. Consideration. Subject to satisfactory compliance with the terms and conditions of this
Agreement by Employee, the Company shall, after receipt of a fully executed Agreement, and after the expiration of the statutory recission period without any recission of this Agreement, provide Employee with the following payments and other
benefits, subject to appropriate taxes and withholding, as compensation for any and all alleged claims which may have arisen at any time during Employee’s employment, or in the course of separation from employment, with the Company. 

 
 (a) Accrued Benefits. The Company shall pay to Employee all amounts
and benefits that have accrued or were earned but remain unpaid through the Termination Date in respect of salary, bonus and unreimbursed expenses, including accrued and unused vacation, on the date of the Company’s next regularly scheduled
payday. 
  
 (b) Consulting Fees. For the duration of the
Consultancy, the Company shall pay Employee $7,000 per month as consideration for the consulting services provided under Section 3 below. 
  
 (c) Options. The Parties agree that as of the Termination Date, the Employee shall be considered to have vested in 227,865 shares under the First
Option, in 82,031 shares under the Second Option, in 149,740 shares under the Third Option, in 89,638 shares under the Fourth Option, and in 8,750 shares under the Fifth Option. Provided that Employee provides services during the Consulting Period
as provided for in Section 3, Employee shall continue to vest in the First Option, Second Option, Third Option and Fourth Option until the end of the Consulting Period. Except if Employee breaches Sections 3(a), 3(b), 4, 11, 12 or 13 of this
Agreement, in the sole reasonable determination of a majority of the then current directors on the Company’s Board, upon the earlier to occur of (i) December 15, 2006, (ii) a termination by the Company of this Agreement for any
reason other than a breach of Sections 3(a), 3(b), 4, 11, 12 or 13, all then remaining unvested shares subject to the First Option, the Second Option, the Third Option and the Fourth Option shall become 100% fully vested and immediately exercisable.
The remaining 26,250 shares subject to the Fifth Option shall cease vesting as of the Termination Date (the “Return Shares”) and the Return Shares shall be returned to the Company’s 2004 Equity Incentive Plan (the
“Option Plan”). Employee shall have no right or entitlement to continued vesting of the Return Shares by virtue of the consulting services he provides under Section 3 below. 
  
 (i) Vested Options. With respect to any vested Options outstanding
and not exercised as of the Termination Date, Employee shall have thirty (30) days following the Termination Date to exercise any then vested shares not previously exercised under the Options and any then vested shares underlying any prior
options granted to Employee by the Company. 
  
 (ii) Unvested
Options. Employee shall have until December 31, 2006, to exercise any shares that vest under the Options after the Termination Date, and the post-termination exercise period of such Options has been amended accordingly hereby. 

 
 (d) Benefits. Employee’s health insurance benefits will cease
on the Termination Date, subject to Employee’s right (and his qualified beneficiaries’ rights) to COBRA continuation coverage. Employee’s participation in all other employee benefits and incidents of employment ceased on the
Termination Date. Employee ceased accruing employee benefits, including, but not limited to, vacation time and paid time off, as of the Termination Date. 

 (e) Legal Fees. The Company shall reimburse Employee for legal fees actually incurred related to
the negotiation of this Agreement in an amount up to $10,000. 
  
 The parties agree that some of the payments and benefits provided to Employee under this Section 2 are over and above anything owed to Employee by law, contract or under the policies of the Company, and such additional consideration is
provided to Employee in exchange for entering into this Agreement. Employee shall not be required to seek other employment or to attempt in any way to reduce amounts payable to him pursuant to this Agreement. Further, except as it would otherwise
interfere with Employee’s obligations under Section 3(a) below, the amount of benefits provided under this Agreement (including continued vesting of the Options and payment of the consulting fee) shall not be reduced by any compensation
earned by or other benefits provided to Employee as a result of employment by another employer. 
  
 3. Consultancy. 
  
 (a) In return for the consideration received in Section 2, Employee agrees to provide consulting services for the Company from the Termination Date
through December 31, 2006 (the “Consulting Period”) in the field of peripheral artery disease treatment and cardiovascular artery disease treatment (the “Field”) and in the use of the Company’s existing
products or products under development during the Consulting Period. During such Consulting Period, Employee shall provide transition services to assist a new Chief Executive Officer and work on projects mutually agreed upon by Employee and the
Company for up to ten (10) hours per month at times mutually acceptable to both Parties. In the event that Employee does not comply with this Section 3(a), 3(b), 4, 11, 12 or 13, in the sole reasonable determination of a majority of the
then current directors on the Company’s Board, the Company may terminate the consulting relationship provided for in this Section 3 and, upon such termination, the Options shall stop vesting and any unvested shares shall be returned to the
Option Plan. The Consulting Period or such shorter period that the Employee provides services to the Company as a consultant pursuant to this Section 3 shall be referred to as the “Consultancy.” During the Consulting Period,
Employee shall be permitted to retain use of his Company provided laptop computer. With regard to investor communications during the Consultancy, if Employee is contacted by an investor with regard to Company business, he shall promptly refer the
investor to an appropriate member of senior management at the Company. 
  
 (b) Employee acknowledges that the nature of the Company’s business is such that if Employee were to become employed by, or substantially involved in, the business of a competitor of the Company during the Consultancy, it would be very
difficult for Employee not to rely on or use the Company’s trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Company’s trade secrets and confidential information, Employee agrees and acknowledges
that Employee’s right to continue the Consultancy and to receive the continued vesting set forth in Section 2(c) (to the extent Employee is otherwise entitled to such payments) shall be conditioned upon Employee not directly or indirectly
engaging in (whether as an employee, consultant, advisor, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interested in or participating in the financing, operation, management
or control of, any person, firm, corporation or business that competes with Company or is a customer in the Field during the Consultancy. 

 (c) Notwithstanding the above, in the event Employee accepts other employment, involving a commitment of
at least 30 hours per week, following the Termination Date, Employee shall promptly notify the Company. 
  
 4. Confidential Information. Employee shall continue to maintain the confidentiality of all confidential and proprietary information of the Company
and shall continue to comply with the terms and conditions of the Confidentiality Agreement between Employee and the Company. Employee shall return all of the Company’s property and confidential and proprietary information in his/her possession
to the Company on the Effective Date of this Agreement. 
  
 5.
Payment of Salary. Employee acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Employee once the above noted payments and benefits are
received. Notwithstanding the above, the Company acknowledges and agrees that it will process all expense reimbursements (including expressly, but not limited to, travel and telephone expenses) that Employee submits for review within 45 days from
the Termination Date and further agrees, during the Consultancy, to timely pay all reasonable business expenses (including reimbursement for monthly cell-phone expenses reasonably related to the Consultancy and after submission of appropriate
documentation) consistent with the Company’s usual process, procedures and standards governing expense reimbursements. 
  
 6. Release of Claims. Employee agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to
Employee by the Company and its officers, managers, supervisors, agents and employees. Employee, on his/her own behalf, and on behalf of his/her respective heirs, family members, executors, agents, and assigns, hereby fully and forever releases the
Company and its officers, directors, employees, agents, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns, from, and agree not to sue concerning, any claim, duty,
obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess arising from any omissions, acts or facts that have occurred up until and including the
Effective Date of this Agreement including, without limitation: 
  
 (a) any and all claims relating to or arising from Employee’s employment relationship with the Company and the termination of that relationship; 
  

(b) any and all claims relating to, or arising from, Employee’s right to purchase, or actual purchase of shares of stock of the Company,
including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 
  
 (c) any and all claims under the law of any jurisdiction including, but not
limited to, wrongful discharge of employment; constructive discharge from employment; termination in violation of public policy; discrimination; breach of contract, both express and implied; breach of a covenant of good faith and fair dealing, both
express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or 

 intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel;
slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion; 
  
 (d) any and all claims for violation of any federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964,
the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, The Worker Adjustment and Retraining
Notification Act, Older Workers Benefit Protection Act; the California Fair Employment and Housing Act, and the California Labor Code; 
  
 (e) any and all claims for violation of the federal, or any state, constitution; 
  
 (f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

  
 (g) any claim for any loss, cost, damage, or expense arising
out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and 
  
 (h) any and all claims for attorneys’ fees and costs. 
  
 The Company and Employee agree that the release set forth in this Section 6 shall be and remain in effect in all respects as a complete general
release as to the matters released. This release does not extend to any obligations incurred under this Agreement nor does this release extend to any right to indemnification Employee may have from Company with respect to Employee’s status as a
former officer and director of the Company. 
  
 7.
Acknowledgement of Waiver of Claims Under ADEA. Employee acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is
knowing and voluntary. Employee and the Company agree that this waiver and release does not apply to any rights or claims that may arise under ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for
this waiver and release Agreement is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that he has been advised by this writing that 
  
 (a) he should consult with an attorney prior to executing this Agreement; 
  
 (b) he has up to twenty-one (21) days within which to consider this
Agreement; 
  
 (c) he has seven (7) days following his/her
execution of this Agreement to revoke this Agreement; 
  
 (d) this
Agreement shall not be effective until the revocation period has expired; and, 

 (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination
in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law. 
  
 8. Civil Code Section 1542. The Parties represent that they are not aware of any claim by either of them other
than the claims that are released by this Agreement. Employee acknowledges that he had the opportunity to seek the advice of legal counsel and is familiar with the provisions of California Civil Code Section 1542, which provides as follows:

  
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
  
 Employee, being aware of said code section, agrees to expressly waive any rights he may have thereunder, as well as under
any other statute or common law principles of similar effect. 
  
 9. No Pending or Future Lawsuits. Employee and Company represents that each has no lawsuit, claim, or action pending in their name, or on behalf of any other person or entity, against Employee and the Company or any other person or
entity referred to herein. Employee and Company also represent that neither intends to bring any claims on their own behalf or on behalf of any other person or entity against the Employee or Company or any other person or entity referred to herein.

  
 10. Application for Employment. Employee understands
and agrees that, as a condition of this Agreement, he shall not be entitled to any employment with the Company, its subsidiaries, or any successor, and he hereby waives any right, or alleged right, of employment or re-employment with the Company,
its subsidiaries or related companies, or any successor. 
  
 11.
No Cooperation. Employee agrees that he will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the
Company and/or any officer, director, employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so. Employee further agrees both to immediately notify the Company upon receipt of any
court order, subpoena, or any legal discovery device that seeks or might require the disclosure or production of the existence or terms of this Agreement, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or
legal discovery device to the Company. 
  
 12. Mutual
Non-Disparagement. The Parties each agree to refrain from any defamation, libel or slander of the other or tortious interference with the contracts and relationships of the other. All inquiries by potential future employers of Employee will be
directed to the HR Director of the Company. Upon inquiry, the Company shall only state the following: Employee’s last position and dates of employment. Notwithstanding the foregoing, Employee shall be free to use any current or former employee
or Board member of the Company as a personal reference. For purposes of this Section 12, the definition of Company is limited to statements made by its officers and directors and its employees at director level and above. 

 13. Non-Solicitation. Employee agrees that for a period of twelve (12) months immediately
following the Effective Date of this Agreement, Employee shall not either directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees to leave their employment, or take away such employees, or attempt to solicit,
induce, recruit, encourage, take away or hire employees of the Company, either for him/herself or any other person or entity. Employee further agrees not to otherwise interfere with the relationship of the Company or any of its subsidiaries or
affiliates with any person who, to the knowledge of Employee, is employed by or otherwise engaged to perform services for the Company or its subsidiaries or affiliates (including, but not limited to, any independent sales representatives or
organizations) or who is, or was within the then most recent prior twelve-month period, a customer or client of the Company, or any of its subsidiaries. 
  
 14. No Admission of Liability. No action taken by the Parties hereto, or either of them, either previously or in connection with this Agreement
shall be deemed or construed to be: (a) an admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment or admission by either party of any fault or liability whatsoever to the other party or to any third party.

  
 15. No Knowledge of Wrongdoing. Employee represents
that he has no knowledge of any wrongdoing involving improper or false claims against a federal or state governmental agency, or any other wrongdoing that involves Employee or other present or former Company employees. 
  
 16. Costs. The Parties shall each bear their own costs, expert fees,
attorneys’ fees and other fees incurred in connection with this Agreement except for those provided for in Section 2(e). 
  
 17. Post-Termination Assistance. Following the Termination Date, and upon reasonable notice, Employee shall provide such information and assistance
to the Company as may reasonably be requested by the Company in connection with any audit, governmental investigation or litigation in which it or any of its subsidiaries is or may become a party; provided that (i) the Company agrees to
reimburse Employee for any related out-of-pocket expenses, including travel expenses, and (ii) any such assistance may not unreasonably interfere with Employee’s then-current employment. 
  
 18. Indemnification. Employee agrees to indemnify and hold harmless
the Company from and against any and all losses, costs, damages or expenses, including without limitation, attorneys’ fees or expenses incurred by the Company to enforce its rights under this Agreement as a result of a breach of Sections 3(a),
3(b), 4, 11, 12 or 13 or a claim made against the Company covered by the waiver provided in Sections 6 and 7. Nothing herein is intended to limit or modify the indemnities Employee enjoys by virtue of state law or the Company’s Bylaws.

  
 19. Tax Consequences. The Company makes no
representations or warranties with respect to the tax consequences of the payment of any sums to Employee under the terms of this Agreement. Employee agrees and understands that he is responsible for payment, if any, of local, state and/or federal
taxes on the sums paid hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Company harmless from any claims, demands, deficiencies, penalties, assessments, executions, judgments, or
recoveries by any government agency against the Company for any amounts claimed due on account of Employee’s failure to pay federal or state taxes or damages sustained by the Company by reason of any such claims, including reasonable
attorneys’ fees. 

 20. Arbitration. The Parties agree that any and all disputes arising out of, or relating to, the
terms of this Agreement, their interpretation, and any of the matters herein released, shall be subject to binding arbitration in San Mateo County, California before the American Arbitration Association under its National Rules for the Resolution of
Employment Disputes. The Parties agree that the prevailing party in any arbitration shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. The Parties agree that the prevailing party in any
arbitration shall be awarded its reasonable attorneys’ fees and costs. The Parties hereby agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury. This Section 20 will not prevent
either party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of their dispute relating to Employee’s obligations under this Agreement and the agreements
incorporated herein by reference. 
  
 21. Authority. The
Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he
has the capacity to act on his/her own behalf and on behalf of all who might claim through him/her to bind them to the terms and conditions of this Agreement. Each party warrants and represents that there are no liens or claims of lien or
assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
  
 22. No Representations. The Parties represent that each has had the opportunity to consult with an attorney, and has carefully read and understands
the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations or statements made by the other party hereto which are not specifically set forth in this Agreement. 
  
 23. Severability. In the event that any provision hereof becomes or is
declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision so long as the remaining provisions remain intelligible and continue to reflect the
original intent of the Parties. 
  
 24. Entire Agreement.
This Agreement represents the entire agreement and understanding between the Company and Employee concerning the subject matter of this Agreement and Employee’s relationship with the Company, and supersedes and replaces any and all prior
agreements and understandings between the Parties concerning the subject matter of this Agreement and Employee’s relationship with the Company, with the exception of the Confidentiality Agreement, the agreements governing the Options (including
the equity compensation plan under which such Options were granted) and any right to indemnification Employee has pursuant to any indemnification agreement between Employee and Company. 
  
 25. Public Filing. Employee and the Company understand and agree that this Agreement will need to be filed with the
Securities and Exchange Commission and that its confidentiality cannot be protected. 

 26. Code Section 409A. If any payments or benefits due under this Agreement would subject
Employee to any penalty tax imposed under Section 409A of the Internal Revenue Code of 1986, as amended, if such payments and benefits were made at the time as contemplated herein, then the Parties agree to cooperate with each other and to take
reasonably necessary steps to avoid the imposition of any such penalty tax. 
  
 27. No Waiver. The failure of any party to insist upon the performance of any of the terms and conditions in this Agreement, or the failure to prosecute any breach of any of the terms and conditions of this
Agreement, shall not be construed thereafter as a waiver of any such terms or conditions. This entire Agreement shall remain in full force and effect as if no such forbearance or failure of performance had occurred. 
  
 28. No Oral Modification. Any modification or amendment of this
Agreement, or additional obligation assumed by either party in connection with this Agreement, shall be effective only if placed in writing and signed by both Parties or by authorized representatives of each party. 
  
 29. Governing Law. This Agreement shall be deemed to have been
executed and delivered within the State of California, and it shall be construed, interpreted, governed, and enforced in accordance with the laws of the State of California, without regard to conflict of law principles. To the extent that either
party seeks injunctive relief in any court having jurisdiction for any claim relating to the alleged misuse or misappropriation of trade secrets or confidential or proprietary information, each party hereby consents to personal and exclusive
jurisdiction and venue in the state and federal courts of the State of California. 
  
 30. Attorneys’ Fees. In the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing party shall be entitled to recover its costs and expenses,
including the costs of mediation, arbitration, litigation, court fees, plus reasonable attorneys’ fees, incurred in connection with such an action. 
  
 31. Effective Date. This Agreement is effective after it has been signed by both Parties and after eight (8) days have passed since Employee
has signed the Agreement (the “Effective Date”), unless revoked by Employee within seven (7) days after the date the Agreement was signed by Employee. 
  
 32. Counterparts. This Agreement may be executed in counterparts, and each counterpart shall have the same force and
effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
  
 33. Successors and Assigns. This Agreement, and any and all rights, duties, and obligations under this Agreement, will not be assigned,
transferred, delegated, or sublicensed by Employee without the Company’s prior written consent. Subject to the foregoing and except as otherwise provided in this Agreement, in the event of an acquisition of the Company or a sale of all or
substantially all of its assets, where the obligations of this Agreement are not assumed by the acquiror, successor or purchaser, then all consulting fees under Section 2(b) shall be due and payable and all then remaining unvested shares
subject to the First Option, the Second Option, the Third Option and the Fourth Option shall become 100% fully vested and immediately exercisable. 

 34. Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any
duress or undue influence on the part of or on behalf of the Parties hereto, with the full intent of releasing all claims, except as otherwise provided by this Agreement. The Parties acknowledge that: 
  
 (a) They have read this Agreement; 
  
 (b) They have been represented in the preparation, negotiation, and execution
of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel; 
  
 (c) They understand the terms and consequences of this Agreement and of the releases it contains; and 
  
 (d) They are fully aware of the legal and binding effect of this Agreement.

  
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 
  

					
	 	 	 FoxHollow Technologies, Inc.

			
	 Dated: January 3, 2006
	 	 By
	 	 /s/ John Simpson, M.D.

	 	 	 	 	 John Simpson, M.D.

	 	 	 	 	 Interim Chief Executive Officer

		
	 	 	 Robert W. Thomas, an individual

		
	 Dated: January 3, 2006
	 	 /s/ Robert W. Thomas

	 	 	 Robert W. Thomas

  
 [Signature Page to
Agreement] 

 EXHIBIT 1 
  
 RESIGNATION LETTER 
  
 January 3, 2006 
  
 Board of Directors of FoxHollow Technologies, Inc. 
 740 Bay Road 
 Redwood City, California 94063-2469 
  
 Dear Board members: 
  
 Effective today, I hereby resign
as President and Chief Executive Officer and Director of FoxHollow Technologies, Inc. 
  

	
	 Sincerely,

	
	 /s/ Robert W. Thomas

	 Robert W. ThomasAsset Purchase Agreement

 Exhibit 10.37 
  
 ASSET PURCHASE AGREEMENT 
  
 by and between 
  
 CASEY’S RETAIL COMPANY 
 (as Purchaser) 
  
 and 
  
 GAS ‘N SHOP, INC. 
 (as Company) 
  
 and 
  
 LARRY W. COFFEY 
 (as Shareholder) 
  
 Dated as of January 4, 2006 

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 ARTICLE I. - DEFINITIONS
	  	1
		
	 ARTICLE II. - SALE AND TRANSFER OF THE ACQUIRED ASSETS
	  	7
	 Section 2.01. Transfer of Assets
	  	7
	 Section 2.02. Sale Free of Encumbrances
	  	8
	 Section 2.03. Certain Excluded Assets
	  	8
	 Section 2.04. No Assumption of Liabilities
	  	9
	 Section 2.05. Subsequent Documentation
	  	9
	 Section 2.06. Assignment of Contracts
	  	9
		
	 ARTICLE III. - PURCHASE PRICE
	  	9
	 Section 3.01. Purchase Price
	  	9
	 Section 3.02. Allocation of the Cash Purchase Price
	  	10
	 Section 3.03. Inventory; Consideration
	  	10
	 Section 3.04. Payment
	  	11
	 Section 3.05. Fair Consideration.
	  	12
	 Section 3.06. Taxes
	  	12
	 Section 3.07. Seller’s Lease Option
	  	13
	 Section 3.08. Purchaser’s Right of Set-Off and Hold-Back
	  	13
		
	 ARTICLE IV. - CLOSING
	  	14
	 Section 4.01. Closing Date
	  	14
	 Section 4.02. Deliveries by Seller
	  	14
	 Section 4.03. Deliveries by Purchaser
	  	15
		
	 ARTICLE V. - REAL PROPERTY; LOCATION ASSETS
	  	16
	 Section 5.01. Real Property
	  	16
	 Section 5.02. Leases, Licenses Terminated
	  	16
	 Section 5.03. Right of First Refusal Released
	  	17
	 Section 5.04. Transfers Delayed
	  	17
	 Section 5.05. Debranding; Removal of Signage
	  	17
	 Section 5.06. Palmyra Site Subdivided
	  	18
	 Section 5.07. Elevated Pylon Sign at Hastings
	  	18
	 Section 5.08. Leased Advertising Signs
	  	19
	 Section 5.09. Satellite Dishes
	  	19
	 Section 5.10. Automatic Teller Machines
	  	19
	 Section 5.11. Company/Shareholder Leases Terminated
	  	19
	 Section 5.12. Purchaser’s Option to Buy Stores Nos. 48 and 51.
	  	19
	 Section 5.13. Conformity of the Real Property
	  	20

  

 -i- 

			
	 Section 5.14. Equipment and Machinery
	  	20
	 Section 5.15. Inventories
	  	20
	 Section 5.16. Title Evidence
	  	21
		
	 ARTICLE VI. - ENVIRONMENTAL MATTERS
	  	22
	 Section 6.01. Environmental Matters
	  	22
	 Section 6.02. Environmental Response and Indemnification Agreement Executed
	  	26
		
	 ARTICLE VII. - REPRESENTATIONS AND WARRANTIES OF SELLER AND SHAREHOLDER
	  	26
	 Section 7.01. Organization: Power
	  	27
	 Section 7.02. Authorization and Validity of Agreement
	  	27
	 Section 7.03. No Conflict or Violation
	  	27
	 Section 7.04. Consents and Approvals
	  	27
	 Section 7.05. Financial Information
	  	28
	 Section 7.06. Absence of Certain Changes or Events
	  	28
	 Section 7.07. Tax Matters
	  	29
	 Section 7.08. Absence of Undisclosed Liabilities
	  	29
	 Section 7.09. Intellectual Property
	  	29
	 Section 7.10. Employee Benefit Plans
	  	30
	 Section 7.11. Personnel; Labor Relations
	  	31
	 Section 7.12. Licenses and Permits
	  	33
	 Section 7.13. Insurance; Bonds with Respect to the Acquired Assets
	  	33
	 Section 7.14. Contracts and Commitments
	  	33
	 Section 7.15. Suppliers
	  	34
	 Section 7.16. Compliance with Law
	  	34
	 Section 7.17. Litigation
	  	34
	 Section 7.18. Title to the Acquired Assets and Related Matters
	  	35
	 Section 7.19. Absence of Certain Business Practices
	  	35
	 Section 7.20. No Other Agreements to Sell Assets
	  	35
	 Section 7.21. Due Diligence
	  	35
	 Section 7.22. Broker’s and Finder’s Fees
	  	36
	 Section 7.23. All Material Information
	  	36
	 Section 7.24. Survival
	  	36
		
	 ARTICLE VIII. - REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	36
	 Section 8.01. Corporate Organization
	  	36
	 Section 8.02. Authorization and Validity of Agreement
	  	36
	 Section 8.03. No Conflict or Violation
	  	37
	 Section 8.04. Approvals and Consents
	  	37
	 Section 8.05. Broker’s and Finder’s Fees
	  	37
	 Section 8.06. Due Diligence Report.
	  	37

  

 -ii- 

			
	 ARTICLE IX. - PRE-CLOSING COVENANTS OF SELLER
	  	37
	 Section 9.01. Maintenance of Corporate Status
	  	37
	 Section 9.02. Operation of Business
	  	37
	 Section 9.03. Actions Before the Closing Date
	  	38
	 Section 9.04. Maintenance of Acquired Assets
	  	38
	 Section 9.05. Maintenance of Records and Compliance with Laws
	  	38
	 Section 9.06. Access; Cooperation
	  	38
	 Section 9.07. Governmental Approvals
	  	38
	 Section 9.08. Notification of Certain Matters
	  	39
		
	 ARTICLE X. - PRE-CLOSING COVENANTS OF PURCHASER
	  	39
	 Section 10.01. Action Before the Closing Date
	  	39
	 Section 10.02. Cooperation
	  	39
	 Section 10.03. Governmental Approvals
	  	39
	 Section 10.04. Notification of Certain Matters
	  	39
		
	 ARTICLE XI. - CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER AND SHAREHOLDER
	  	40
	 Section 11.01. Deliveries by Purchaser
	  	40
	 Section 11.02. Representations and Warranties of Purchaser
	  	40
	 Section 11.03. Performance of the Obligations of Purchaser
	  	40
	 Section 11.04. No Violation of Orders
	  	40
	 Section 11.05. Required Approvals
	  	40
		
	 ARTICLE XII. - CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER
	  	41
	 Section 12.01. Deliveries by Seller
	  	41
	 Section 12.02. Representations and Warranties of Seller
	  	41
	 Section 12.03. Performance of the Obligations of Seller
	  	41
	 Section 12.04. No Violation of Orders
	  	41
	 Section 12.05. Required Approvals
	  	41
	 Section 12.06. Board Approval
	  	41
		
	 ARTICLE XIII. - OTHER AGREEMENTS
	  	41
	 Section 13.01. Taxes
	  	41
	 Section 13.02. Cooperation on Tax Matters
	  	42
	 Section 13.03. Files and Records
	  	42
	 Section 13.04. License to Use Name and Logo
	  	42
	 Section 13.05. Change of Company Name
	  	42
	 Section 13.06. Divestiture of Retained Locations
	  	43
	 Section 13.07. Restrictive Covenant
	  	43
	 Section 13.08. Licenses and Permits
	  	43
	 Section 13.09. Gift Card Program
	  	43

  

 -iii- 

			
	 ARTICLE XIV. - INDEMNIFICATION
	  	44
	 Section 14.01. Indemnification by Company and Shareholder
	  	44
	 Section 14.02. Indemnification by Purchaser
	  	45
	 Section 14.03. Procedure
	  	45
	 Section 14.04. Limitation on Indemnification by Company and Shareholder
	  	46
		
	 ARTICLE XV. - TERMINATION
	  	46
	 Section 15.01. Events of Termination
	  	46
	 Section 15.02. Effect of Termination
	  	47
		
	 ARTICLE XVI. - MISCELLANEOUS
	  	47
	 Section 16.01. Confidential Information
	  	47
	 Section 16.02. Public Announcements
	  	47
	 Section 16.03. Expenses
	  	47
	 Section 16.04. Utilities Proration
	  	47
	 Section 16.05. Risk of Loss
	  	48
	 Section 16.06. Reasonable Efforts: Cooperation
	  	48
	 Section 16.07. Notices
	  	48
	 Section 16.08. Headings
	  	50
	 Section 16.09. Construction
	  	50
	 Section 16.10. Severability
	  	50
	 Section 16.11. Entire Agreement
	  	50
	 Section 16.12. Amendments; Waivers
	  	51
	 Section 16.13. Parties in Interest
	  	51
	 Section 16.14. Successors and Assigns
	  	51
	 Section 16.15. Governing Law; Jurisdiction
	  	51
	 Section 16.16. Counterparts
	  	51

  

 -iv- 

  
 ASSET PURCHASE AGREEMENT

  
 THIS ASSET PURCHASE AGREEMENT (the “Agreement”),
dated as of January 4, 2006, by and among Casey’s Retail Company (“Purchaser”), an Iowa corporation, Gas N’ Shop, Inc.(the “Company”) a Nebraska corporation, and Larry W. Coffey, individually
(“Shareholder”). 
  
 WITNESSETH 
  
 WHEREAS, Company and Shareholder are engaged in the business of owning and
operating convenience stores (the “Stores”) located in Kansas, Nebraska and Iowa; 
  
 WHEREAS, the Shareholder owns all of the outstanding shares of capital stock of Company and various parcels of real estate used by the Company; and 
  
 WHEREAS, Purchaser desires to purchase from Company and Shareholder, and Company and Shareholder desire to sell to Purchaser
the Acquired Assets, as hereinafter defined, upon the terms and subject to the conditions set forth in this Agreement; 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants, and agreements herein contained, and intending to
be legally bound, the parties hereto agree as follows: 
  
 ARTICLE I. DEFINITIONS 
  
 As used in this
Agreement, the following terms have the meanings indicated below: 
  
 “Abstract” has the meaning specified in Section 5.16(a). 
  
 “Accounts Receivable” means all accounts and notes receivable, rights to refunds, and deposits of any kind of Seller. 
  
 “Acquire”, with respect to the Purchaser, means purchase, acquire and accept the subject assets. 
  
 “Acquired Assets” means, with respect to the Locations, the Real Property owned by Seller, the Assigned Contracts, Equipment and
Machinery, Files and Records, Intangible Assets, Intellectual Property, Inventory, assignable Licenses and Permits and all other assets of Seller as of the Closing Date presently situated at, pertaining to or associated with said Locations, of every
kind, nature, character, and description, whether real, 

  

 -1- 

 
personal or mixed, whether accrued, contingent or other, whether or not reflected in any financial statement of Seller, but excluding, in any such case, the
Excluded Assets. 
  
 “Acquired Company Assets” means the Company’s
name, logo, any and all Intellectual Property related to the Company’s name and logo and all Assigned Contracts of the Company not specific to a single Location or Locations. 
  
 “Affiliate” means any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is
under common control with, Seller or which together with Seller is a member of a controlled group (within the meaning of Code Section 1563(a) determined without regard to Code Sections 1563(a)(4) and 1563(e)(3)(C).) 
  
 “Agreement” has the meaning specified in the first paragraph of this Agreement and
shall include the Exhibits and Schedules referred to herein which are incorporated herein by reference. 
  
 “Assigned Contracts” means those contracts, agreements and arrangements assigned to Purchaser by Seller hereunder and set forth in Schedule I-A. 
  
 “Basket” means One-Hundred Sixty Thousand Dollars ($160,000). 
  
 “Business” means the convenience store business of Seller conducted at the Locations, including all ancillary services and
products currently sold or provided by Seller in connection therewith. 
  
 “CERCLA” means the Comprehensive Environmental Response Compensation and Liabilities Act of 1980, as amended. 
  
 “Claim” has the meaning specified in Section 14.01. 
  
 “Closing” has the meaning specified in Section 4.01. 
  
 “Closing Date” has the meaning specified in Section 4.01. 
  
 “COBRA” means Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Company” has the meaning specified in the first paragraph of this Agreement. 
  
 “Company’s Benefit Obligations” has the meaning specified in
Section 7.10(a). 
  

 -2- 

 “Company’s Plans” has the meaning specified in Section 7.10(a). 
  
 “Contracts” has the meaning specified in Section 7.14. 
  
 “Confidentiality Agreement” has the meaning specified in Section 9.06.

  
 “C&R Locations” means the Locations that the Purchaser has
planned to either close or to rebuild which are: Store no. 26 located in Norfolk; Stores no.s 15, 20, 52, and 79 located in Lincoln; Store no. 58 located in Stromsburg; Store no. 64 located in Grand Island; Store no. 66 located in Beloit; Stores
nos. 5 and 31 located in McCook; Store no. 7 located in Holdrege; Store no. 8 located in Beatrice; Store no. 16 located in York; Store no. 18 located in Tecumseh; Store no. 24 located in Central City; Store no. 34 located in Schuyler; and Store no.
49 located in Hastings. 
  
 “DSD Product” has the meaning specified in
Section 3.03. 
  
 “Employee Benefit Plan” or “Employee Benefit
Plans” has the meaning specified in Section 7.10. 
  
 “Encumbrances” has the meaning specified in Section 5.01. 
  
 “Environmental Test Date” has the meaning specified in Section 6.01(h). 
  
 “Environmental Requirements” means all past and present Laws, rules, regulations, ordinances, policies, guidance documents, approvals, plans, authorizations, licenses or permits issued by any government
agency, department, commission, board, bureau or instrumentality of the United States, State or political subdivision thereof, and any foreign governmental body and all judicial, administrative, and regulatory decrees, judgments, and orders relating
to human health, pollution, or protection of the environment (including ambient air, surface water, ground water, land surface or surface strata), including (i) Laws relating to emissions, discharges, releases, or threatened releases of
Hazardous Materials, (ii) Laws relating to the identification, generation, manufacture, processing, distribution, use, treatment, storage, disposal, recovery, transport or other handling of Hazardous Materials, (iii) CERCLA; the Toxic
Substances Control Act, as amended; the Hazardous Materials Transportation Act, as amended; RCRA; the Clean Water Act, as amended; the Safe Drinking Water Act, as amended; the Clean Air Act, as amended; the Atomic Energy Act of 1954, as amended; and
the Occupational Safety and Health Act, as amended; and (iv) any similar Law. 
  
 “Equipment and Machinery” means (i) all the equipment, machinery, furniture, fixtures and improvements, shelving, trade fixtures, business machines, pizza ovens, cash registers, refrigeration equipment, tools, tooling, spare
parts, supplies, computer hardware 

  

 -3- 

 
and software, and any and all other items of equipment used by Seller in connection with the Business (including all leases of such property), (ii) any
rights of Seller to warranties applicable to the foregoing (to the extent assignable), and licenses received from manufacturers and sellers of any such item, and (iii) any related claims, credits, and rights of recovery with respect thereto.

  
 “ERISA” means the Employee Retirement Income Security Act of 1974,
as amended. 
  
 “Excluded Assets” has the meaning specified in
Section 2.03. 
  
 “Extended Representations and Warranties” means
the representations and warranties contained in Section 7.01 (Organization: Power), 7.02 (Authorization and Validity of Agreement), 7.03 (No Conflict or Violation), 7.04 (Consents and Approvals), 7.07 (Tax Matters), 7.08 (Absence of Undisclosed
Liabilities), 7.16 (Compliance with Law), 7.18 (Title to the Acquired Assets and Related Matters), and 7.23 (All Material Information). 
  
 “Files and Records” means all files and records of Seller relating to the Business and the Locations, whether in hard copy or magnetic or other format including
customer and supplier records, equipment maintenance records, equipment warranty information, specifications and drawings, sales and advertising material, computer software and records relating to employees to be employed by Purchaser following the
Closing. 
  
 “Governmental Entity” means any court, government agency,
department, commission, board, bureau or instrumentality of the United States, any local, county, state, federal or political subdivision thereof, or any foreign governmental body of any kind. 
  
 “Hazardous Materials” means (i) any substance that is defined as a
“hazardous substance,” “hazardous waste,” “hazardous material,” pollutant, or contaminant under any Environmental Requirements, including CERCLA; the Superfund Amendments and Reauthorization Act, as amended; RCRA; and
any analogous and applicable Law; (ii) petroleum (including crude oil and any fraction thereof); and (iii) any natural or synthetic gas (whether in liquid or gaseous state). 
  
 “Indemnified Party” has the meaning specified in Section 14.03. 
  
 “Indemnifying Party” has the meaning specified in Section 14.03. 
  
 “Intangible Assets” means all intangible personal property rights of Seller,
including without limitation, goodwill, customer lists and information, all contract rights and all rights on the part of Seller to proceeds of any insurance policies and claims on the part of Seller for recoupment, reimbursement and coverage under
any insurance policies. 
  
 “Intellectual Property” means all United
States patents and patent applications (whether 

  

 -4- 

 
utility, design, or plant product), registered and unregistered trademarks, service marks, trade names (including the name “Gas ‘N Shop”),
logos, brands, business identifiers, private labels, trade dress (including without limitation all goodwill and reputation symbolized by any of the foregoing), rights of publicity, processes, industrial designs, inventions, registered and
unregistered copyrights and copyright applications, know-how and trade secrets, and all rights with respect to the foregoing, and all other proprietary rights that Seller owns, licenses or possesses the right to use with respect to the Acquired
Assets or in the conduct of the Business. 
  
 “Inventory” means all the
stock-in-trade including merchandise, gasoline for sale, and supplies owned by Seller and situated at the Locations on the Transfer Date, and all rights of Seller to warranties received from its suppliers with respect to the foregoing (to the extent
assignable), and related claims, credits, and rights of recovery with respect thereto. 
  
 “Law” or “Laws” means any local, county, state, federal, foreign or other law, statute, regulation, ordinance, rule, order, decree, judgment, consent decree, settlement agreement or governmental requirement enacted,
promulgated, entered into, agreed or imposed by any Governmental Entity. 
  
 “Licenses and Permits” means all governmental licenses, permits, franchises, authorizations, and approvals that relate directly or indirectly to, or are necessary for, the conduct of the Business, including without limitation,
those described in Schedule 7.12. 
  
 “Locations” means all the Stores
excepting the Retained Locations. The term “Location” includes land, buildings, equipment and machinery and the goodwill associated with the Business conducted at the Location. 
  
 “Material Adverse Effect,” when used with respect to Company and Shareholder, means any event, change, occurrence, condition or
circumstance which has had or may have a material adverse impact on any of the Acquired Assets, the prospects, operations or financial condition of the Business conducted by Seller immediately prior to the Closing, or the ability of any party hereto
to consummate any of the transactions contemplated by this Agreement. 
  
 “NLRB” has the meaning specified in Section 7.11(b). 
  
 “Permitted Encumbrances” has the meaning specified in Section 5.01. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, or unincorporated organization, or any governmental agency, office,
department, commission, board, bureau or instrumentality thereof. 
  

 -5- 

 “Personnel” means the officers, employees and/or agents of Seller whose primary place of work is at one of the
Locations and those employees with supervisory responsibility for the Business. 
  
 “Policies” and “Policy” has the meanings specified in Section 7.13(a). 
  
 “Purchase Price” has the meaning specified in Section 3.01. 
  
 “Purchaser” has the meaning specified in the first paragraph of this Agreement. 
  
 “RCRA” means the Resource Conservation and Recovery Act, as amended. 
  
 “Real Property” has the meaning specified in Section 5.01. 
  
 “Retained Locations” means Store no. 4 located in Hastings; Stores nos. 9, 11, 13, 14, 35 and 51, all located in Lincoln; Store no. 17 located in Scottsbluff;
Store no. 25 located in Beatrice; Store no. 33 located in Alda; Store No. 48 located in Seward; Stores nos. 54 and 55 located in Sidney; Store no. 72 located in Grand Island; and Store no. 77 located in Alliance; and the Store location
constructed by the Shareholder pursuant to a joint venture arrangement with David Capp at Sun Valley Blvd. and “O” St. in Lincoln, Nebraska sometimes referred to as Store No. 81. 
  
 “Seller” means the Company, the Shareholder, or both, as context of the term as
used herein requires. 
  
 “Shareholder” has the meaning specified in the
first paragraph of this Agreement. 
  
 “Stores” has the meaning
specified in the first page of this Agreement and specifically excludes tobacco shops and any real property which is not a retail location including, but not limited to, the Company’s central office located at 701 Marina Bay Place, Lincoln,
Nebraska. 
  
 “Survey” has the meaning specified in
Section 5.16(d). 
  
 “Survival Date” means (1) for claims made
based on an alleged breach of the Extended Representations and Warranties, the date on which the applicable statute of limitations would bar such claim, (2) for claims made based on an alleged breach of the provisions of Article VI
(Environmental Matters), the applicable date set forth in the Environmental Response and Indemnification Agreement which is Exhibit 6.02, (3) for claims made based on an alleged breach of Section 13.07 (Restrictive Covenant), the date on
which such covenant expires as set forth in the Non-Competition Agreement, (4) for claims made based on alleged breach of the provisions of Article V (Real Property; Location Assets), the date that is 36 months after the Transfer Date of any
Location, and (5) for all 

  

 -6- 

 
other claims, the date that is twenty-four (24) months after the later of the Closing Date or the Transfer Date of any Location. 
  
 “Tax” or “Taxes” means all federal, state, local and foreign taxes
(including excise taxes, value added taxes, occupancy taxes, employment taxes, unemployment taxes, ad valorem taxes, custom duties, transfer taxes and fees), levies, imposts, fees, impositions, assessments and other governmental charges of any
nature imposed upon a Person including all taxes and governmental charges imposed upon any of the personal properties, real properties, tangible or intangible assets, income, receipts, payrolls, transactions, stock transfers, capital stock, net
worth or franchises of a Person (including all sales, use, withholding or other taxes which a Person is required to collect and/or pay over to any government), and all related additions to tax, penalties or interest thereon. 
  
 “Tax Returns” means all returns, reports, information returns, and other documents
(including all related and supporting information) filed or required to be filed with any Governmental Entity in connection with the determination, assessment, collection, or administration of any Taxes. 
  
 “Transfer” (which includes the term “Transferred”), with respect to the
Seller, means to sell, convey, transfer, assign and deliver the subject assets and, with respect to Real Property and Equipment and Machinery that is leased by Seller to Purchaser pursuant to Section 3.07, the term “Transfer” shall
mean the lease of such Assets to Purchaser. 
  
 “Transfer Date”, with
respect to each Location, means the date designated by Purchaser for the Transfer of said Location, whether by sale or lease (pursuant to Section 3.07), and with respect to Company assets which are not situated at a Location but are Acquired
Assets, the Transfer Date shall be the Closing Date. 
  
 “Transfer
Period” means a period beginning with the Closing Date and ending on the third monthly anniversary of the Closing Date. 
  
 “UCC Search” has the meaning specified in Section 5.16(c). 
  
 “Unsatisfactory Exceptions” has the meaning specified in Section 5.16(e). 
  
 “Unsatisfactory States of Fact” has the meaning specified in Section 5.16(e). 
  
 “WARN Act” has the meaning specified in Section 7.11(d). 
  
 ARTICLE II. SALE AND TRANSFER OF THE ACQUIRED ASSETS 
  
 Section 2.01. Transfer of Assets. Subject to the terms and
conditions herein set 

  

 -7- 

 
forth, during the Transfer Period Seller shall Transfer to Purchaser, and Purchaser shall Acquire from Seller, all of the respective rights, titles, and
interests of Seller in and to the Acquired Assets, except as set forth in Section 3.07 hereof with respect to assets as to which Seller has elected to postpone the sale and to enter into a lease with the Purchaser. A list of the Acquired Assets
is set forth on Schedule 2.01 hereto. The Acquired Assets are to be Transferred as follows: 
  
 A. The Company: Acquired Company Assets. All Acquired Assets other than those assets comprising, situated at, associated with or
specific to the Locations shall be Transferred and Acquired as of the Closing Date, subject to the provisions of this Agreement. 
  
 B. Locations: Acquired Assets. All the Locations set forth on Schedule 2.01 hereto and the other Acquired Assets situated at,
associated with or specific to each Location shall be Transferred by Seller and Acquired (or leased pursuant to Section 3.07) by Purchaser at the Purchaser’s convenience, provided all Locations are Transferred during the Transfer Period.
Purchaser shall endeavor to provide Seller at least five (5) business days notice (exclusive of Saturdays, Sundays and holidays) in writing prior to the Transfer Date of each Location. 
  
 Section 2.02. Transfer Free of Encumbrances. Except as set forth
on Schedule 2.02, Seller agrees that the Transfer by Seller of the Acquired Assets to Purchaser as herein provided shall be on the Transfer Date (except as set forth on Schedule 2.01), free and clear of all Encumbrances, and shall be made by
appropriate deeds, bills of sale, endorsements, assignments and other instruments of transfer and conveyance reasonably satisfactory in form and substance to Purchaser and its counsel. 
  
 Section 2.03. Certain Excluded Assets. Notwithstanding any other provision of this Agreement to the contrary,
the Acquired Assets shall not include the following assets of Seller wherever situated (collectively, the “Excluded Assets”): 
  
 (a) all cash on hand or on deposit; 
  
 (b) all inventory at the Locations which in the exercise of good faith is not found to be of merchantable quality or which is otherwise excluded pursuant
to Section 3.03; 
  
 (c) all assets of any kind or character
located at, associated with or specific to the Retained Locations; 
  
 (d) all securities issued by any Person and owned by Seller; 
  
 (e) all Accounts Receivable; 
  
 (f) the Real Property of
Company and Shareholder not situated at, associated with or specific to the Locations; 
  
 (j) all original copies of financial statements, Tax Returns and other financial or Tax records and information of Seller; 
  
 (k) Seller’s copies of all Files and records provided to Purchaser (Purchaser may retain the original); 
  

 -8- 

 (h) the stock records and minute books of Seller; and 
  
 (i) all rights, causes of action and claims of Seller under or pursuant to
the terms and conditions of this Agreement. 
  
 Within a
reasonable time (but not more than thirty (30) days) following the Transfer Date (except as permitted in Section 5.04), Seller shall remove all tangible personal property included in the Excluded Assets from any of the Locations. The
Purchaser grants Seller the right and license to enter upon the properties or facilities of the Purchaser at reasonable times and upon reasonable notice to the Purchaser to remove the Excluded Assets as provided in the foregoing sentence.

  
 Section 2.04. No Assumption of Liabilities. Except
as set forth on Schedule 2.04, Purchaser shall not assume, and will not agree to assume or pay or perform, and Purchaser shall not be responsible for in any manner, any obligations or liabilities of Seller , direct or indirect, known or unknown,
choate or inchoate, absolute, fixed or contingent. 
  
 Section 2.05. Subsequent Documentation. At any time and from time to time after the Closing Date, Seller and Shareholder shall, upon the request of Purchaser, and Purchaser shall, upon the request of Seller, promptly execute,
acknowledge and deliver, or cause to be executed, acknowledged, and delivered, such further instruments and other documents, and perform or cause to be performed such further acts, as may be reasonably required to evidence or effectuate (a) the
Transfer hereunder of the Acquired Assets, (b) the performance by the parties of any of their other respective obligations under this Agreement, and (c) the purposes and intent of this Agreement. 
  
 Section 2.06. Assignment of Contracts. To the extent that the
assignment of all or any portion of any of the Assigned Contracts shall require the consent of any other party thereto, the execution of this Agreement shall not constitute an agreement to assign the same if an attempted assignment would constitute
a breach thereof. Prior to the Closing, Seller agrees to obtain the consent of each such other party to the assignment thereof to Purchaser; provided, that no modification of any such Assigned Contracts shall be made without Purchaser’s prior
written consent. 
  
 ARTICLE III. PURCHASE PRICE 

 
 Section 3.01. Purchase Price. As full consideration for the
Acquired Assets, Purchaser shall pay Seller an aggregate amount equal to Twenty-Nine Million, One Hundred Ninety-Four Thousand United States Dollars ($29,194,000) (the “Purchase Price”) plus the value of Inventory determined in accordance
with Section 3.03 hereof, below, subject to the terms and conditions of this Agreement. 
  

 -9- 

 Section 3.02. Allocation of the Cash Purchase Price. Purchaser and Seller agree to the
following allocation of the Purchase Price between the Company and the Shareholder and among the several Acquired Assets and the Non-Competition Agreement which is Exhibit 13.07 hereto: 
  

																
	 	  	(In Thousands)

	 	  	Land

	  	Equip.

	  	Building

	  	Goodwill

	  	 Total
 Value

	 Allocation to the Company:
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 - Locations
	  	$	775	  	$	450	  	$	2,013	  	$	293	  	$	3,531
	 - Intangible Assets
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	1
	 - Non-Compete Agreement
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	5
	 Subtotal:
	  	 	 	  	 	 	  	 	 	  	 	 	  	$	3,537
	 	  	 	 	  	 	 	  	 	 	  	 	 	  	
	

	 Allocation to Shareholder:
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 - Locations
	  	$	3,725	  	$	2,025	  	$	11,604	  	$	8,208	  	$	25,562
	 - Non-Compete Agreement
	  	 	 	  	 	 	  	 	 	  	 	 	  	 	95
	 	  	 	 	  	 	 	  	 	 	  	 	 	  	
	

	 Subtotal:
	  	 	 	  	 	 	  	 	 	  	 	 	  	$	25,657
	 	  	 	 	  	 	 	  	 	 	  	 	 	  	
	

	 Total Purchase Price
	  	 	 	  	 	 	  	 	 	  	 	 	  	$	29,194
	 	  	 	 	  	 	 	  	 	 	  	 	 	  	
	

  
 Schedule 3.02 provides further
breakdown as to the above allocations among the individual Locations. The Purchaser and Seller agree that the Purchase Price shall be allocated to the Acquired Assets as set forth above and on Schedule 3.02, and shall file Internal Revenue Service
Form 8594 (and/or other appropriate Tax Returns) with the applicable Taxing authorities, and shall not file any amendments or take any action inconsistent with the foregoing in any audit, refund claim, Tax Return or any other administrative or
judicial proceeding, pursuant to Section 1060 of the Code and underlying Treasury Regulations promulgated thereunder. 
  
 Section 3.03. Inventory; Consideration. Prior to the Transfer Date the Seller shall remove from each Location identified by Purchaser for
closure, including stores nos. 5 (McCook), 7 (Holdrege), 8 (Beatrice), 15 (Lincoln), 16 (York), 18 (Tecumseh), 20 (Lincoln), 24 (Central City), 31 (McCook), 49 (Hastings) and 78 (Lincoln) all liquor, beer, pop, chips, salted snacks, breads and
cakes, milk and as much of the remaining inventory received at the Location by direct store delivery from the vendor (“DSD product”) as the vendors will take back, and all inventory that is outdated or otherwise unmerchantable, or listed
in Schedule 3.03 as excluded from this transaction. The purchase price of all Inventory purchased hereunder at each Location shall be determined by a physical count to be taken as of the Transfer Date of said Location, under the joint direction of
the parties hereto, at the expense of the Purchaser. Inventory which in the exercise of good faith is determined to be outdated or otherwise not of merchantable 

  

 -10- 

 
quality or which is listed in Schedule 3.03 as excluded from the transaction herein contemplated shall be excluded and shall be Excluded Assets. The
Inventory at each Location shall be valued, for purposes of this Agreement, as follows: 
  
 Beer and Pop (Soda) will be valued at Seller’s net cost, based on the last invoice for each product delivered to the Location. 
  
 Cigarettes and Tobacco Products will be valued at Seller’s net wholesale cost, based on Seller’s paid
invoices or the wholesale supplier’s quoted price on the Transfer Date, as Seller may elect and provide suitable evidence acceptable to the Purchaser, less any manufacturer’s promotional monies (buy-down funds) attributable thereto,
received or receivable by the Seller. 
  
 Coffee used for
Brewing on-site will be valued at Seller’s net cost, based on the vendor’s invoice for the last delivery of each type of product received at the Location, less any discounts and promotional allowances taken by the Seller with respect
thereto. 
  
 All Grocery-Category Product will be valued
at a forty percent (40%) markdown from the retail price on the Transfer Date. 
  
 All DSD Product exclusive of beer and pop, including but not limited to milk, breads and cakes, chips, nuts, snacks and ice cream, will be valued at a twenty- five percent (25%) markdown from the retail
price on the Transfer Date. 
  
 Gasoline and Motor Fuels
at each Location will be valued at the Seller’s laid-in cost per gallon of the last delivery of each type of product received at the Location prior to the Transfer Date. Seller will provide to Purchaser paid invoices for purposes of confirming
Seller’s cost. 
  
 All other inventory of products and
supplies will be valued at the Seller’s cost, according to Seller’s paid invoices therefor, except as the parties may mutually agree in writing to employ a different methodology. 
  
 For purposes of the foregoing, Seller’s “cost” shall be deemed to include
freight or delivery charges, if any, actually incurred by the Seller. Purchaser shall have no obligation to purchase any partial packages or opened containers of merchandise or supplies. However, the parties shall deal in good faith as to packages
and containers of which the contents are themselves individually packaged. 
  
 Section 3.04 Payment. Purchaser shall make payment for the Acquired Assets by certified check or by wire transfer in immediately available funds to an account or accounts designated by Company and
Shareholder as follows: 
  

 -11- 

 A. Inventory. The amount for the Inventory, on a Location by Location basis, will be paid
within three (3) business days after the physical count and pricing have been completed. Notwithstanding anything herein to the contrary, the physical count and pricing shall be completed within two (2) business days of the Transfer Date
of each Location. 
  
 B. Acquired Assets:
Locations. The total amount allocated to the Acquired Assets (except Inventory) at each Location, as set forth in Schedule 3.02 hereto, net of prorated real estate taxes and other charges and credits consistent with this Agreement as are usual in
real estate transactions of this kind, shall be paid upon the Transfer Date of said Location, subject to Seller’s option set forth in Section 3.07 hereof. 
  
 C. Acquired Company Assets: Not Situated At Any Location. The amount attributable to Acquired Company Assets
not situated at, pertaining to or associated with a specific Location shall be paid upon the Closing Date. 
  
 Section 3.05. Fair Consideration. The parties acknowledge and agree that the consideration provided for in this Article III represents fair
consideration and reasonable equivalent value for the sale and transfer of the Acquired Assets and the transactions, covenants and agreements set forth in this Agreement, which consideration was agreed upon as the result of arm’s-length
good-faith negotiations between the parties and their respective representatives. 
  
 Section 3.06. Taxes. Company and Shareholder shall pay (i) to the appropriate authorities all Taxes arising out of the ownership of the Acquired Assets and Excluded Assets and out of the operation of
the Business on and before the Closing; and (ii) to the appropriate authorities all Taxes, including without limitation, gross and net income Taxes, and sales and use Taxes arising out of the transfer of the Acquired Assets, if any. All special
assessments on the Real Property, whether or not currently due and payable, shall be paid in full by Seller on the Transfer Date. Seller shall pay all real estate and personal property taxes which become delinquent in 2005. The parties shall apply
the “rural” Nebraska rule in allocating real estate and personal property taxes payable in subsequent years. All real estate and personal property taxes which would become delinquent in 2006 (as to property Transferred in 2005) shall be
prorated between the Purchaser and Seller as of the Transfer Date, based on time of possession in the year of Transfer. Seller’s portion of the property Taxes shall be an amount equal to the property Taxes payable in the year of Transfer
multiplied by a fraction, the numerator of which shall be the number of days in the applicable Taxing period on or before the Transfer Date and the denominator of which shall be the total number of days in the applicable Taxing period. As to
property transferred in 2006, Seller’s portion of the property Taxes shall be the full amount of the Taxes which would become delinquent in 2006, plus Seller’s prorata portion of the Taxes which would become delinquent in 2007, based on
time of possession in 2006, according to the foregoing formula. 
  

 -12- 

 Section 3.07. Seller’s Lease Option. At Seller’s option, the Seller may elect to
postpone the sale of the Land, Building, Equipment and Machinery with respect to any Location for a period up to five (5) years and accept in lieu of immediate payment for sums allocated to the Land, Building and Equipment and Machinery,
pursuant to Schedule 3.02, a Lease in a form attached hereto as Exhibit 3.07. The election of this option shall not diminish or otherwise change Purchaser’s obligation to pay Seller for Inventory according to Section 3.04(a) as of the
Transfer Date for each Location. The monthly lease payment shall be set to return to Seller on a net basis (after all costs including real estate taxes, as provided in the Lease Agreement) an amount equal to six percent (6%) per annum on the
total value of all assets (including goodwill) attributed to the Location on Schedule 3.02. Notwithstanding anything herein to the contrary, Seller, at any time, upon Seller’s option and with forty-five (45) days notice (unless Purchaser
shall agree to a shorter notice period), shall have a put option (an option to require the Purchaser to buy the Location under lease) with respect to each Location at any time during the lease term. If Seller fails to exercise the put option during
the lease term with respect to any or all of the leased Locations, Purchaser shall acquire said Locations at the end of each lease term for the full purchase price thereof shown on Schedule 3.02 hereof, which shall be deemed allocated among land,
building, equipment and machinery, and goodwill, as set forth on said Schedule 3.02. Seller’s Lease Option shall not be applicable to the C&R Locations for a lease term or terms exceeding six (6) months in length, without the expressed
written consent of the Purchaser. The foregoing notwithstanding, the Purchaser shall in all events purchase the Locations comprising stores numbers 39 and 41 on or before January 15, 2006. 
  
 Section 3.08. Purchaser’s Right of Set-Off and Hold-Back.
Notwithstanding the foregoing provisions of this Article III, the Purchaser may set off against the unpaid balance of the Purchase Price from time to time remaining (including the unpaid portion of the Purchase Price attributable to Locations as to
which the Seller has elected the lease option under Section 3.07) the amount of any and all Claims for which Purchaser is or may become entitled to indemnification under the provisions of Article XIV hereof, subject to the following:

  
 (a) the said right of set-off shall be effective as to Claims
arising on or before the third anniversary of the Closing Date. 
  
 (b) if the Purchaser has a Claim or Claims as so defined prior to the expiration of such three-year period, then the Purchaser may from time to time on not less than ninety (90) days’ written notice to Seller set off any amounts
determined in good faith for which Purchaser is entitled to indemnification pursuant to Section 14.01 hereof. If within such ninety-day notice period Seller notifies Purchaser that Seller in good faith questions the propriety of the proposed
set off by Purchaser, Purchaser shall hold any such set-off until final resolution of any dispute with respect thereto, pursuant to order of the appropriate court or other means agreed to by Purchaser and Seller. 
  

 -13- 

 (c) when the remaining unpaid balance of the Purchase Price has been reduced to a sum equal to $500,000
plus the aggregate amount of unsettled Claims for which notice of the intent to set off against the Purchase Price has been provided to Seller pursuant to part (b) of this Section 3.08, then no further payments shall be made by Purchaser
to the Seller until the third anniversary of the Closing Date; provided, however, any amount for which notice of set-off has been provided pursuant to part (b), above, may be held until a final resolution thereof. 
  
 (d) the foregoing shall not be construed as limiting in any way the amount of
Claims for which the Purchaser is or may be entitled to indemnification pursuant to Article XIV hereof or the time within which such Claim or Claims may be asserted, nor shall the foregoing be deemed to limit the Purchaser’s right of set-off
under applicable statutory or common law against any or all amounts due the Seller hereunder, including but not limited to rents payable under lease agreements entered into pursuant to Section 3.07 hereof. 
  
 (e) the assertion by Purchaser of any right of set-off hereinabove provided
shall not authorize the Seller to refuse to deliver possession of any Acquired Assets to the Purchaser or to execute any lease agreement, warranty deed, or other instrument of conveyance to which the Purchaser may be entitled hereunder, and Seller
shall execute and deliver the same to Purchaser as though the amount withheld or set off had been paid in full. 
  
 ARTICLE IV. CLOSING 
  
 Section 4.01. Closing Date. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at One Convenience Boulevard, Ankeny, Iowa, 50021, at 10:00 A.M. local
time on January 11, 2006, or at such other place and time, or on such other date, as may be mutually agreed to by the parties (the “Closing Date”). 
  
 Section 4.02. Deliveries by Seller. At the Closing, Company and Shareholder shall deliver to Purchaser executed
copies of the following agreements, documents and other items: 
  
 (a) A Bill of Sale and other instruments of assignment transferring all of the Acquired Company Assets in the form attached hereto as Exhibit 4.02(a): 
  

(b) A Bill of Sale and with respect to Real Property, a Warranty Deed, in the form attached hereto as Exhibit 4.01(b), of all the Acquired Assets as to
which Purchaser determines that the Transfer Date and Closing Date shall coincide; 
  

 -14- 

 (c) Possession of the Acquired Assets referred to in paragraphs (a) and (b) immediately above;

  
 (d) If applicable, the Leases by and between Shareholder and
Purchaser in the form attached hereto as Exhibit 4.02(d); 
  
 (e)
Copies of all the corporate resolutions adopted by the Board of Directors and the Shareholder of Company authorizing and approving the execution and delivery of this Agreement and all agreements contemplated hereby and the consummation of the
transactions hereby and thereby, certified to be true and complete and in full force and effect by the corporate secretary; 
  
 (f) An Assignment Agreement in the form attached hereto as Exhibit 4.02(e): 
  
 (g) Copies of each consent, waiver, authorization and approval required pursuant to Section 7.04 of this Agreement;

  
 (h) Certificate of Good Standing or Existence of the Seller
issued by the appropriate Secretary of State or other appropriate Governmental Entity of the jurisdiction of its incorporation, dated within thirty (30) days of the Closing; 
  
 (i) Certificates of the Seller pursuant to Section 12.02 of this Agreement; 
  
 (j) Certificates of the Seller pursuant to Section 12.03 of this
Agreement; 
  
 (k) The Noncompetition Agreement by and between
Purchaser and Seller and Shareholder in the form attached hereto as Exhibit 4.02(k); 
  
 (l) Certificate signed by an officer of the Seller acknowledging delivery by Purchaser of the items set forth in Section 4.03 of this Agreement; and 
  
 (m) Copies or originals of all documents and records in possession of the Seller relating to the Assigned Contracts.

  
 Section 4.03. Deliveries by Purchaser. At the
Closing, Purchaser shall deliver to Seller the following agreements, documents and other items: 
  
 (a) the portion of the Purchase Price payable in accordance with Section 3.04: 
  
 (b) Copies of all corporate resolutions adopted by the Board of Directors of Purchaser authorizing and approving the
execution and delivery of this Agreement and all agreements contemplated hereby and the consummation of the transactions hereby and thereby, certified to be true and complete and in full force and effect by the corporate secretary; 
  
 (c) If applicable, the Leases by and between Purchaser and Seller in the form
attached hereto as Exhibit 4.02(d): 
  
 (d) Certificates of the
Purchaser pursuant to Section 11.02 of this Agreement; 
  
 (e) Certificates of the Purchaser pursuant to Section 11.03 of this Agreement; 
  
 (f) The Noncompetition Agreement by and between Purchaser and Seller and Shareholder in the form attached hereto as Exhibit 4.02(k): and 
  
 (g) Certificate signed by an officer of the Purchaser acknowledging delivery by Seller of the items set forth in
Section 4.02 of this Agreement. 
  

 -15- 

 ARTICLE V. REAL PROPERTY; LOCATION ASSETS 
  
 Section 5.01. Real Property. As a material inducement to
Purchaser to enter into this Agreement and to consummate the transactions contemplated hereby, Company and Shareholder jointly and severally represent and warrant to Purchaser as follows: 
  
 Schedule 5.01 sets forth a list of all real property that constitute Acquired Assets owned by Company and/or Shareholder,
including real property in which Company or Shareholder holds an option to purchase exercisable on or before the applicable Transfer Date (“Real Property”). The Seller shall exercise its option to purchase the Real Property comprising
store no. 22 in Crete, Nebraska and shall hold the fee title thereto as of the Transfer Date with respect to said Location. Real Property includes active underground storage tanks and gasoline dispensers, storage sheds and canopies. Except as set
forth in Schedule 5.01, Company and Shareholder have good and merchantable title to the Real Property, free and clear of all liens, (statutory or other) leases, mortgages, pledges, security interests, conditional sales agreements, charges, claims,
options, easements, rights of way and other encumbrances of any kind or nature whatsoever (collectively, “Encumbrances”), other than the following (collectively, the “Permitted Encumbrances”): 
  
 (a) the provisions of all applicable zoning Laws; 
  
 (b) liens for current real estate taxes not delinquent; and 
  
 (c) the Encumbrances listed on Schedule 5.01. 
  
 Except as set forth on Schedule 5.01. none of the Real Property is subject to any lease or
grant to any Person of any right to the use, occupancy or enjoyment of such property or any portion thereof. The Real Property is not subject to any use restrictions, exceptions, reservations or limitations which in any respect interfere with or
impair the present and continued use thereof as currently used by Seller in the conduct of the Business. There are no pending or, to the knowledge of Company or Shareholder, threatened condemnation proceedings relating to any of the Real Property.

  
 Section 5.02. Leases, Licenses Terminated. On or
before the applicable Transfer Date, Seller shall terminate and record suitable evidence of termination of the following leases, licenses or similar agreements granted by the Seller, permitting a third party or parties to occupy, use, or conduct
business operations upon the Locations: 
  
 (a) leases or other
agreements granting to one or more third parties the right to operate Subway sandwich shops on the premises of store no. 53 in Seward, Nebraska and store no. 32 in Waverly, Nebraska. 
  
 (b) a lease granting to a third party the right to operate a Zippy Lube Shop in a facility on the Real Estate comprising
store no. 26 at Norfolk, Nebraska (except as the Purchaser may agree that the lessee may continue to operate the said Zippy Lube Shop for a period of time not to exceed four (4) months following the Transfer Date). 
  

 -16- 

 (c) a franchise agreement pursuant to which Seller was granted a franchise to establish and operate a
Blimpie’s sandwich shop on the premises of the Location known as store no. 80 at Ottawa, Kansas. 
  
 All costs associated with the termination of such leases or other agreements shall be borne by the Seller, and the Seller shall protect, defend, hold harmless and indemnify the Purchaser from any costs, damages,
claims or liability of any kind arising out of said terminations. 
  
 Section 5.03. Right of First Refusal Released. Seller further acknowledges that the Location known as store no. 80 in Ottawa, Kansas is subject to a Right of First Refusal in favor of Ottawa Cooperative Association, from whom
the Seller acquired the said Location, to purchase the said Location in the event of subsequent sale. Seller will obtain the release of the said Right of First Refusal and record suitable evidence thereof, and will bear all costs of obtaining such
release and will hold harmless and indemnify the Purchaser from any and all costs, damages, claims or other liability in connection therewith. 
  
 Section 5.04. Transfers Delayed. It is agreed that in the event any of the leases, licenses or other agreements referred to in
Section 5.02, above or the Right of First Refusal referred to in Section 5.03, above have not been terminated or released, as appropriate, as of the end of the Transfer Period, then notwithstanding Section 2.01 hereof, the Location(s)
subject thereto shall not be transferred to the Purchaser and payment therefor shall not be made until such time as the Seller has fully complied with the provisions of said sections 5.02 and 5.03 with respect to such Location(s). The Seller agrees
that in all events the Seller shall have fully complied with the provisions of Section 5.02(a) on or before August 31, 2006; that Seller shall have fully complied with the provisions of Section 5.02(b) on or before March 31,
2006; and that Seller shall have fully complied with the provisions of Sections 5.02(c) and 5.03, above, on or before March 31, 2006. 
  
 Section 5.05. Debranding; Removal of Signage. As of the Transfer Date the Seller shall have terminated any and all agreements with producers
and/or distributors of gasoline and other motor fuels requiring that Seller purchase specified or determinable quantities of such products at prices or according to pricing formulas specified, with respect to each of the Locations, including but not
limited to agreements with CENEX, Phillips 66, Conoco- Phillips, or Sinclair, or requiring that any Locations be branded in the name of any of such suppliers or offer for sale the products thereof. As of said Date, or within a reasonable time
thereafter, as the parties may agree, the Seller shall have removed from each of the Locations any and all CENEX, Phillips 66, Conoco- Phillips or Sinclair signage, products, imaging, trade dress or other visible indications that the Locations or
any of them are or were branded CENEX, Phillips 66, Conoco- Phillips or Sinclair, and shall have terminated any and all branding, signage and other agreements 

  

 -17- 

 
with said companies with respect to such Locations. The Seller shall cooperate with the Purchaser on the timing of signage removal, to assure that removal
occurs when and as the Purchaser’s replacement signage is available and ready for installation. The parties will, whenever possible, employ the same contractor to perform both removal of existing signage and installation of replacement signage.
Seller will bear responsibility for and the cost of the handling and disposition of removed signage. Seller shall protect, defend, hold harmless and indemnify the Purchaser against any and all costs, claims, damages or liability of any kind arising
out of such contract terminations and signage removal. Seller’s obligation under this Section 5.05 to remove and dispose of signage is limited to branded signage of one or more of the aforementioned petroleum companies, and in the event
Seller and Purchaser employ a single contractor to perform both signage removal and installation at a single Location, Seller’s liability for the contractor’s services shall be the actual reasonable charges for removal and handling of
removed signage on site, not to exceed $750.00, however. 
  
 Section 5.06. Palmyra Site Subdivided. The parties acknowledge that the Palmyra Location is part of a larger tract that includes a number of storage units owned by the Shareholder, which the Shareholder will retain. The parties
agree that the said tract of land will be subdivided so as to separate the land, Building, Equipment and Machinery, signage and other improvements comprising and used in connection with the business of Gas ‘N Shop store no. 76 from that portion
of the said tract improved with storage units and/or used in connection with the operation of Shareholder’s storage unit business. If the foregoing can be accomplished by setting over to the Purchaser Lot One (1) of the Replat of Royal
Subdivision and allowing the Seller to retain Lots Two (2) and Three(3) of said Subdivision, then the parties will so divide the Palmyra Location. The parties further agree that to the extent the two said businesses currently share highway
access approaches and drive areas leading thereto, utility lines passing over or through one of the subdivided parcels serve the other parcel (or both), the parcels share common water detention facilities or drainage structures, and to the extent
structures, improvements or signage located on one of the parcels serve the business conducted on the other parcel, the Shareholder and Purchaser will grant suitable cross-easements to allow the continued maintenance of the same and will provide in
an appropriate easement agreement for the sharing of responsibility and costs for the maintenance of, and activities conducted upon, areas of common use. 
  
 Section 5.07. Elevated Pylon Sign at Hastings. The parties acknowledge that Gas ‘N Shop store no. 38 at Hastings, Nebraska is served by
an elevated pylon sign owned by the Seller, situated on or near State-owned land and constructed and operated pursuant to an agreement with the Nebraska Department of Transportation (NDOT), which pylon sign includes a digital display of information
concerning the store’s products and prices and receives electric power from a source within the store Location. As of the Transfer Date with respect to store no. 38, the Seller will assign to Purchaser all of its rights in, to, and under any
written agreement with NDOT, including any easements for 

  

 -18- 

 
the right of entry upon State-owned property for maintenance of the same and for the installation, maintenance and repair of the electric service line and
any other utility lines serving the said pylon sign. 
  
 Section 5.08. Leased Advertising Signs. The parties acknowledge that the Seller has granted to one or more third parties, including TLC Properties, Inc., among others, certain leases or easements including the right to
construct, maintain and operate outdoor advertising structures at certain Locations, including store no. 64 in Grand Island. As of the Date of Transfer as to each of said Locations the Seller will assign and transfer to Purchaser all of its rights
and interests in, to and under any written agreements pursuant to which Seller has any rights to periodic payments or other performance due from the lessee or licensee thereunder. 
  
 Section 5.09. Satellite Dishes. The parties acknowledge that some of the Locations are equipped with a satellite
dish and related equipment for the receipt and transmission of electronic data. Seller represents that the satellite dishes attached to Nebraska Locations are owned by the Nebraska Lottery Commission and are used exclusively for lottery purposes.
The satellite dish attached to the Ottawa, Kansas Location is owned by CENEX and is used for purposes determined by CENEX. Each of the said dishes is the subject of a written agreement between the owner thereof and the Seller. At Purchaser’s
option, the Seller will terminate any or all such agreements, provide the Purchaser suitable evidence of termination, and will hold harmless and indemnify the Purchaser from and against any and all costs, claims, actions, damages or other liability
by reason of such termination. 
  
 Section 5.10. Automatic
Teller Machines. Schedule 5.10 hereto is a complete listing of all Locations equipped with an Automatic Teller Machine (ATM). The Seller warrants that all ATMs situated at the Locations and used in connection with the Business thereof, except as
indicated in Schedule 5.10, are owned by the Seller and are maintained and serviced by Pinnacle Bank pursuant to a written agreement. At the Purchaser’s option the Seller will assign and transfer to the Purchaser its rights and interests under
any leases or service agreements with respect to said ATMs, or will terminate the same and hold Purchaser harmless with respect thereto. 
  
 Section 5.11. Company/Shareholder Leases Terminated. As of the Transfer Date the Seller shall have terminated and recorded suitable evidence
of termination of each Lease pursuant to which the Shareholder has leased to the Company a Location or Locations and/or any Equipment and Machinery located thereon. 
  
 Section 5.12. Purchaser’s Option to Buy Stores Nos. 48 and 51. From and after the Closing Date the
Purchaser shall have an option to Acquire the assets comprising Gas ‘N Shop stores numbers 48, situated in Seward, Nebraska, and 51, situated in Lincoln, Nebraska, which option shall be effective for a period of one (1) year. If the

  

 -19- 

 
Purchaser exercises such option with respect to either of said Locations, then the price and allocation thereof shall be as set forth in Schedule 5.12
hereto, and in all other respects the terms of sale with respect to the Acquired Locations as set forth in this Article V shall apply, except to the extent such provisions are date-specific. The Seller may elect to lease the Location comprising
Store No. 48 according to the provisions of Section 3.07 hereof. Seller shall not, prior to expiration of the said one-year option period, impose upon said Locations any encumbrances or leases not in effect as of the Closing Date, except
that Seller may grant expanded (more space but not term) leasehold rights to Subway with respect to Store No. 48. 
  
 Section 5.13. Conformity of the Real Property. Company and Shareholder jointly and severally represent and warrant to Purchaser as follows:

  
 All buildings, structures and improvements located on,
fixtures contained in, and appurtenances attached to the Real Property conform in all respects to applicable Laws, including, inter alia, those related to zoning, use and construction, and all Real Property is zoned for the purposes
for which it is presently used by the Seller. All such buildings, structures, improvements, fixtures and appurtenances are in good condition and repair, subject to normal wear and tear, and no condition exists which interferes with the economic
value or use thereof. 
  
 Section 5.14. Equipment and
Machinery. Company and Shareholder jointly and severally represent and warrant to Purchaser as follows: 
  
 (a) Schedule 5.14(a) sets forth a list of, or otherwise describes, all material Equipment and Machinery included in the Acquired Assets. Except as set
forth in Schedule 5.14(a), Seller has good title, free and clear of all Encumbrances (other than the Permitted Encumbrances) to the Equipment and Machinery listed. Except as set forth on Schedule 5.14(a), Seller holds good and transferable leasehold
interests in all Equipment and Machinery leased by it, in each case under valid and enforceable leases. 
  
 (b) The Equipment and Machinery are in good operating condition and repair (except for ordinary wear and tear), are sufficient for the operation of the
Business as presently conducted, and are in conformity in all respects with all applicable Laws or other requirements. 
  
 (c) Except as provided hereafter or in Schedule 5.14(c), no Equipment is kept, used, maintained or operated on the Real Property pursuant to a lease or
other contract or understanding with a third party which is not terminable at will or upon sale of the Real Property to Purchaser. At Purchaser’s request, the Seller will direct the owner(s) of any Equipment not owned by Seller to be removed
from the Locations as of the Closing Date. 
  
 Section 5.15. Inventories. Company and Shareholder jointly and severally represent and warrant to Purchaser that all items of Inventory included in the Acquired Assets consists and shall consist on the Transfer Date of a quality
and quantity usable and 

  

 -20- 

 
saleable in the ordinary course of the Business. All Inventory (other than Inventory in transit in the ordinary course of the Business) is located at the
Locations. 
  
 Section 5.16. Title Evidence. As
evidence of title to and condition of the Real Property, Seller or Shareholder shall obtain and deliver to Purchaser, within twenty (20) days after the date hereof: 
  
 (a) Abstract: Unless the Company or Shareholder has elected to provide title evidence as to some or all of the Real Property
in the form of title insurance pursuant to part (b) of this Section 5.16, then the Company or Shareholder, at Company’s or Shareholder’s expense, shall promptly obtain an abstract (the “Abstract”) or abstracts of title
to the Real Property continued and certified through the date of this Agreement, and shall deliver same to Purchaser for examination by Purchaser’s attorney. Each abstract shall show merchantable title in the Company or Shareholder in
conformity with this Agreement, applicable law, and prevailing title standards in the State where the Real Property is situated, subject only to easements, covenants and restrictions of record which are acceptable to, and are approved by,
Purchaser’s examining attorney. The Company or Shareholder shall have a reasonable time to correct any title objections or deficiencies which may be found to exist and to satisfy the title requirements of Purchaser’s attorneys. Company or
Shareholder shall bear the cost of any additional abstracting and title work due to any act or omission of the Company or Shareholder prior to Closing, including transfers by operation of law. If the Company or Shareholder are unable to produce
marketable title in conformity with the foregoing within a reasonable period of time, then, in addition to any other remedies available under applicable law, Purchaser shall have the option to declare this Agreement null and void. The abstracts of
title as to each separate parcel shall become the property of the Purchaser when the Purchase Price is paid in full. 
  
 (b) Title Insurance: If the Company or Shareholder has elected not to provide title evidence as to some or all of the Real Property in the form of
Abstracts of Title pursuant to part (a) of this Section 5.16, then the Company or Shareholder shall promptly provide to the Purchaser a commitment for an owner’s title insurance policy in a form acceptable to Purchaser insuring title
to the Real Property comprising each of the Locations for a sum equal to that portion of the total Purchase Price of such Location attributable to land and buildings, as set forth in Section 3.02, unless the parties have agreed upon a lower
level of coverage. Purchaser shall have a reasonable time after receipt of the commitment to submit written title objections to the Company or Shareholder. The Company or Shareholder shall have a further reasonable time to correct any title
objections or deficiencies which may be found to exist and to satisfy all requirements of this commitment. If the Company or Shareholder is unable to produce marketable title in conformity with this Agreement within a reasonable period of time, then
in addition to any other remedies available under applicable law, Purchaser shall have the option to declare this Agreement null and void with respect to the Location or Locations at issue and the Purchase Price shall be adjusted in conformity with
the Purchase Price allocation to the Location(s) set forth on Schedule 3.02. 
  

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 (c) UCC Search: A Uniform Commercial Code search against Seller from the Office of the Secretary of State
of the appropriate state and county, if required, as of a current date, together with complete copies of all documents which are shown as exceptions therein (the “UCC Search”) and which would affect the title to any of the Acquired Assets.

  
 (d) Survey: Seller shall provide to the Purchaser prior to the
closing all originals or copies (if originals are not available) of any and all survey maps, drawings or plats of survey of Real Property in Seller’s possession. If requested by Purchaser, Seller shall provide to purchaser a copy of a staked
survey of any of the Real Property made in accordance with the “Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys,” jointly established and adopted by the American Land Title Association and the American Congress on
Surveying and Mapping, and meeting the accuracy requirements of a Class A Survey, as defined therein, by a registered engineer or surveyor satisfactory to Purchaser, certified to Purchaser and, if applicable, the Title Insurer as of a current
date, containing an exact perimeter legal description of the Land showing the topographic contours of the Land and the exact gross and net acreage of the Land (the “Survey”). 
  
 (e) Reports: Within ten (10) days after receipt of the Abstract or Title Insurance Commitment, the UCC Search and any
Survey, Purchaser shall give Seller copies of the same. Seller shall, at its sole cost and expense, cause any exceptions enumerated in the Abstract or Title Insurance Commitment or the UCC Search not expressly waived or accepted by the Purchaser
(“Unsatisfactory Exceptions”) to be released, and any states of fact shown on the survey unsatisfactory to the Purchaser (“Unsatisfactory States of Fact”) to be corrected and any requirements of the Purchaser to be satisfied, or
shall make arrangements therefor satisfactory to Purchaser, no later than seven (7) days prior to the Transfer Date. Whether or not the transactions provided for and contemplated by this Agreement are consummated, all costs and expenses of
obtaining the Abstract(s) or Title Insurance and any new Survey shall be borne equally by the Seller and Purchaser, and the costs of obtaining the UCC Search shall be borne solely by Seller. Charges of any title insurance company for closing
services in connection with this Transaction shall be shared equally by the Seller and Purchaser. 
  
 ARTICLE VI. ENVIRONMENTAL MATTERS 
  
 Section 6.01. Environmental Compliance. As a material inducement to Purchaser to enter into this Agreement and to consummate the transactions contemplated hereby, Company and Shareholder jointly and
severally represent and warrant to Purchaser as follows: 
  
 (a)
Except as set forth in Schedule 6.01(a), no material amount of Hazardous Material has been disposed of, spilled, leaked or otherwise released on any Real Property nor has any material amount of Hazardous Material come to be located in the soil,
surface 

  

 -22- 

 
water or groundwater on or below any Real Property or Leased Real Property. Except as set forth in Schedule 6.01(a) since the applicable Environmental Test
Date, no material amounts of Hazardous Materials are or have been generated, manufactured, treated, stored, transported, used or otherwise handled by Sellers on any Real Property. There is no material condition affecting any Real Property known to
Sellers which is in violation of any Environmental Requirement. 
  
 (b) Except as set forth in Schedule 6.01(b), Seller is in compliance and has complied in all material respects with all federal, state and local Environmental Requirements and has not been cited for any violation of any such Environmental
Requirements. No material capital expenditures will be required for compliance with any applicable Environmental Requirements presently in effect. Except as set forth in Schedule 6.01(b), there is no pending investigation, civil, criminal or
administrative action, notice or demand letter, notice of violation, or other proceeding known to Seller by any Governmental Entity with respect to ground or surface water, soil or air contamination, the storage, treatment, release, transportation
or disposal of Hazardous Materials, the use of underground storage tanks by Seller or the violation of any Environmental Requirement. Except as set forth in Schedule 6.01(b), Seller has received no notice or other communication concerning any past,
present or future events, actions or conditions which under present Law may give rise to any liability of Seller relating to the presence of Hazardous Materials on the Real Property or on the real property of any Person. Seller has no agreement with
any Governmental Entity relating to any such environmental matter or any environmental or Hazardous Materials cleanup. 
  
 (c) The Seller and Shareholder represent to Purchaser that, except as hereinafter specifically provided otherwise, the following are true or will be true
as of the Transfer Date, as to each parcel of Real Property and the improvements, fixtures and Equipment included therein: 
  
 (i) all storage tanks, lines, pumps, and related systems and facilities in which gasoline, gasohol, or other motor fuels are stored,
transferred, or dispensed on the Real Property are in good working condition, ordinary wear and tear excepted, and the same do not leak and have not suffered any damage which might produce a leak or spillage of fossil fuel into the environment which
has not been repaired or corrected. 
  
 (ii) no
third party has or alleges any claim for damages due to a spillage or release of gasoline, gasohol or other motor fuel or any hazardous substance or pollutant into the environment on, about, or from the Real Property. 
  
 (iii) no material spillage, loss, escape or release of
gasoline, gasohol or other motor fuel or any hazardous or controlled substance or pollutant has occurred on the Real Property which has not been fully remediated or corrected, except as otherwise disclosed herein. 
  
 (iv) the Real Property and Leased Real Property and the
groundwater therein are not contaminated with any hazardous or controlled substance, material or pollutant, including gasoline and its byproducts, to the extent that cleanup, monitoring or other corrective or investigative action or assessment is
required under applicable Federal, state or local environmental laws or regulations. 
  

 -23- 

 (d) Any and all underground fuel storage tanks located on the Real Estate have been duly registered with
the Kansas Department of Health and Environment (KDHE), the Nebraska State Fire Marshall, or the Iowa Department of Natural Resources (IDNR), as appropriate, and that all taxes, fees, penalties, and other charges by reason thereof have been paid in
full. If not, then the Company or Shareholder will take all steps necessary to assure that all such tanks are duly registered and that all taxes, fees, penalties and other charges payable in order to bring the Real Property into compliance with all
such registration laws and/or regulations have been paid in full, as of the Closing Date. 
  
 (e) Only the Iowa Real Property is presently insured pursuant to a policy or policies providing coverage against losses, liability or the expenses of remediation, investigation, assessment or monitoring due to the
presence of contamination of the soil or groundwater by gasoline, its by-products, or hazardous or controlled substances or pollutants; that all premiums for such coverage through the Closing Date have been paid; and that Seller’s or
Shareholder’s policies of insurance will be in full force and effect as of the Closing Date hereunder. At Purchaser’s option, the Seller or Shareholder will assign and transfer to Purchaser, as of the Closing Date, the Seller’s or
Shareholder’s rights, entitlements, benefits and interest in, to, and under such policy or policies of insurance provided through PMMIC and any other policy, contract, plan or program providing similar coverage or benefits, including any
environmental remedial/corrective fund or program of any state or government agency such as the Nebraska Title 200 Petroleum Release Remedial Action Fund; provided, however, that any such assignment or transfer does not work a termination of the
Seller’s or Shareholder’s rights to coverage for, or benefits payable with regard to, losses occurring or claims arising prior to the effective date of the assignment. 
  
 (f) As of the Closing Date, the Real Property and all fuel storage tanks, lines, dispensers and related systems and
facilities included therein will be in material compliance with all applicable rules and regulations of the Kansas Department of Health and Environment (KDHE), Nebraska State Fire Marshall, the Iowa Department of Natural Resources (IDNR), any other
state agency(ies) having jurisdiction of the same, and the U.S. Environmental Protection Agency (EPA), and that all leak detection devices, overfill and spill protection systems, monitoring wells and other equipment or facilities then required to be
in place and operative under such rules, regulations and all applicable laws will be installed and operating properly as of the closing Date. 
  
 (g) The Seller and Purchaser acknowledge that previous to the execution hereof the Purchaser has caused, and prior to the Closing Date may again cause,
tests to be conducted of any or all fuel storage tanks, lines and related facilities to determine if the same are tight and do not leak. The initial tests were conducted by Tanknology, Inc. The cost of any such tests shall be borne by the Purchaser.
However, if any repairs or other work is necessary to gain access to the equipment or facilities tested or to render the same fit for testing, Company or Shareholder will arrange and pay for the same or will reimburse Purchaser the actual reasonable
cost thereof. Purchaser shall have no responsibility for any repairs, corrections or replacements indicated by the test results to be necessary or advisable, however. 
  

 -24- 

 (h) The Seller and Purchaser acknowledge that previous to the execution hereof the Purchaser has caused,
and prior to the Closing Date shall have the further right and option to cause, tests of the soil and groundwater to the Real Property to be conducted by a qualified testing agency and/or laboratory to determine whether contamination from gasoline
or any hazardous or controlled substance(s) or pollutant(s) may be present. The initial tests were conducted by Sunbelt Environmental. The cost of such tests will be borne by the Purchaser. The date as of which such tests of the soil and groundwater
were completed at each Location is referred to herein as the “Environmental Test Date” as to such Location. Any clean-up or other investigative, corrective or remedial procedures which may be indicated as necessary as a result of such
tests will be the responsibility of the Company or Shareholder, subject to the remaining provisions of this Agreement. Notwithstanding the foregoing, the Seller and the Purchaser shall each have the right to rescind this Agreement as to any Location
in the event tests of such Location reveal the presence of contamination requiring clean-up or other corrective or remedial procedures, including monitoring, under applicable laws or regulations; provided, however, that the Seller or Shareholder
shall not be entitled to so rescind if, within ten (10) days following receipt of Seller’s or Shareholder’s notice of rescission, Purchaser elects to acquire the subject Location notwithstanding a finding of contamination, pursuant to
part (k) of this Section 6.01, or to waive in writing its right of rescission hereunder and agrees to accept the said Location in its current environmental condition. 
  
 (i) Purchaser shall have the further right to rescind this Agreement and terminate its obligations hereunder as to any
Location, at any time prior to the Closing Date, in the event that any test, inspection or investigation reveals that the tanks, fuel lines, dispensers, and other fuel-handling facilities are not in fact as represented in part (c) of this
Section 6.01 (and are not satisfactorily repaired or corrected by the Seller prior to the Closing Date), or that any other matter the Seller in part (c) of this Section 6.01 has represented as true, with respect to third-party claims,
spills, losses or releases of motor fuel or any hazardous or controlled substance or pollutant on the Location, or contamination of the Location and/or the groundwater therein is in fact untrue in any material respect. 
  
 (j) The Purchaser has made available to Seller the reports of soil and
groundwater tests conducted pursuant to Section 6.01(h) hereof. The disclosures made by Company and/or Shareholder in Schedule 6.01(j) are a complete and accurate statement of the significant environmental histories of the Real Property
comprising each Location, as known to the Seller and based on a prudent inquiry and investigation conducted by them, and the only known contamination or pollution on any of the Real Property in addition to that reflected in the reports of
Purchaser’s environmental consultant(s) is as set forth in said Schedule 6.01(j). 
  
 (k) If Purchaser elects to close this transaction as to a particular Location notwithstanding a finding that some or all of the Real Property comprising said Location is or may be contaminated, then in that event the
Seller shall not be entitled to rescind Seller’s obligations under this Agreement with respect thereto, but shall assign and 

  

 -25- 

 
transfer (provided such benefits and coverage are assignable) to Purchaser all their rights and interest in, under and to any program, policy, plan or fund
described in part (e) of this Section 6.01 and covering against contamination-related hazards as to such Location for losses, damages, remediation obligations, or liability and/or any other state insurance program, commercial insurance
policy, or other reputable and fiscally sound entity, plan or program providing collectible benefits and all benefits receivable thereunder; and Seller shall have no further duty to Purchaser with respect to the contamination present on the
Location, and Purchaser shall be solely responsible therefor. In such event, Purchaser shall not be required to reimburse Seller the amount of any deductible or co-payment amount incurred to date under any program, contract, plan or policy providing
insurance benefits with respect to the subject Real Property. If such benefits and/or coverage are not transferable or assignable, then Seller will retain their insurance coverage as an insured or additional insured and will perform all required
cleanup, remediation, monitoring or other work and file claims for and collect all available insurance proceeds or other benefits receivable and apply the same to the cost thereof, for the mutual benefit of the Company or Shareholder and Purchaser.

  
 (l) The Seller hereby authorizes Purchaser to obtain from
Seller’s environmental consultants or contractors, KDHE, the Nebraska State Fire Marshall, the IDNR, and any other State, Federal, or local agency(ies) having jurisdiction of matters related to contamination of the Real Property, any and all
information which may be available concerning the environmental history of the Real Property, tests or investigations performed on the Real Property and the results thereof, remediation and/or monitoring performed or to be performed, and the
reports, findings and/or opinions of such consultants, contractors or agencies concerning the same; and the Seller will execute appropriate forms of consent authorizing representatives of such consultants, contractors or agencies to discuss the
foregoing matters with representatives of Purchaser and Purchaser’s consultant(s). 
  
 Section 6.02. Environmental Response and Indemnification Agreement Executed. As of the Closing Date the Seller and Purchaser shall execute an Environmental Response and Indemnification Agreement in the
form of Exhibit 6.02, setting forth the respective rights, responsibilities and obligations of the parties with respect to contamination of the soil and/or groundwater at the Locations which occurred before the Transfer Date of each Location
(“Pre-Transfer Contamination”), as well as contamination occurring after the applicable Transfer Date (“Post-Transfer Contamination”). 
  

 -26- 

 ARTICLE VII. REPRESENTATIONS AND WARRANTIES OF 
 SELLER AND SHAREHOLDER 
  
 As a material inducement to Purchaser to enter into this Agreement and to consummate the transactions contemplated hereby, Company and Shareholder jointly
and severally represent and warrant to Purchaser as follows: 
  
 Section 7.01. Organization: Power. Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of Nebraska. Company is also qualified to do business and is in good standing in the
States of Iowa and Kansas and is not required to be qualified as a foreign corporation in any other state or jurisdiction. 
  
 Section 7.02. Authorization and Validity of Agreement. The Company has all requisite corporate power and corporate authority to own, lease and
operate the Acquired Assets, to carry on the Business as it is now being conducted, and to enter into, execute and deliver this Agreement and all agreements contemplated hereby, to consummate the transactions contemplated by this Agreement and to
comply with and fulfill the terms and conditions of this Agreement. Shareholder has the legal capacity and authority to enter into this Agreement and to carry out his obligations hereunder and thereunder. The execution and delivery of this Agreement
by Company and Shareholder and the consummation by Company and Shareholder of the transactions contemplated by this Agreement have been duly authorized by all necessary action on the part of Company and Shareholder, and no other corporate or other
proceedings on the part of Company or Shareholder are necessary to authorize the execution, delivery and performance of this Agreement. This Agreement has been duly executed and delivered by Company and Shareholder and constitutes the legal, valid
and binding obligation of the Company and Shareholder, enforceable against Company and Shareholder in accordance with its terms and conditions. 
  
 Section 7.03. No Conflict or Violation. The execution, delivery and performance of this Agreement by Company and Shareholder do not and shall
not: (a) violate or conflict with any provision of the articles of incorporation, bylaws or other governing document of Company, (b) violate any provision of Law of any Governmental Entity applicable to Company, Shareholder or the
Business; (c) violate or result in a breach of or constitute (with due notice or lapse of time or both) a default under any contract, lease, loan agreement, mortgage, security agreement, indenture, license, consent order or other instrument or
obligation to which Company or Shareholder is a party, or by which Company’s or Shareholder’s assets or properties may be bound; or (d) result in the imposition of any Encumbrance or restriction on the Business or any of the Acquired
Assets. 
  
 Section 7.04. Consents and Approvals.
Schedule 7.04 sets forth a list of each consent, waiver, authorization or approval of any Governmental Entity, or of any other Person, and each declaration to or filing or registration with any Governmental Entity required in connection with the
execution and delivery of this Agreement by Company and Shareholder or the performance by Company and Shareholder of their obligations hereunder. 
  

 -27- 

 Section 7.05. Financial Information. Each income statement (by Location) for the calendar
years 2002, 2003 and 2004 plus the first nine months of 2005, and all other financial information provided by Seller to Purchaser with respect to the Business of the Locations, including but not limited to, gross sales, gas sales (the number of
gallons of gasoline ), prepared food sales, Tobacco sales and other inside sales, for periods preceding the Closing Date, including, without limitation, the aforementioned calendar years plus the first nine months of 2005, is accurate and not
misleading. 
  
 Section 7.06. Absence of Certain Changes
or Events. Except as set forth on Schedule 7.06, since June 20, 2005, Seller and Shareholder have operated the Business at the Locations in the ordinary course consistent with past practice and there has not been any: 
  
 (a) Material Adverse Effect; 
  
 (b) (i) except for normal periodic increases in the ordinary course of
the Business consistent with past practice, increase in the compensation payable or to become payable to any Personnel at the Locations engaged in the Business, (ii) bonus, incentive compensation, service award or other like benefit granted,
made, or accrued, contingently or otherwise, for or to the credit of any Personnel at the Locations engaged in the Business, (iii) employee welfare, pension, retirement, profit-sharing, or similar payment or arrangement made or agreed to by
Seller for any Personnel at the Locations engaged in the Business other than in the ordinary course of the Business, or (iv) new employment agreement with any Personnel at the Locations engaged in the Business to which Seller is a party;

  
 (c) addition to or modification of any employee benefit plan,
arrangement, or practice described in Schedule 7.10 other than (i) the extension of coverage to other employees of Seller who became eligible after June 20,, 2005, or (ii) changes required by Law; 
  
 (d) sale, assignment or transfer of any of the assets or properties of Seller
used in the Business and situated at the Locations except in the ordinary course of the Business consistent with past practice; 
  
 (e) execution and delivery, amendment, cancellation or termination of any contract, license or other instrument material to the Business involving the
Locations; 
  
 (f) with respect to the Locations, capital
expenditure or the execution of any lease or any incurring of liability therefor in connection with the Business involving payments in excess of $10,000 in the aggregate; 
  
 (g) with respect to the Locations, failure to repay or discharge any material obligation or liability; 
  
 (h) with respect to the Locations, failure to operate the Business in the
ordinary course or to preserve the Business intact, to keep available to Purchaser the services of the Personnel and to preserve for Purchaser the goodwill of Seller’s dealers, suppliers, customers and others having business relations with it;

  
 (j) revaluation of any of the Acquired Assets; 
  

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 (k) damage, destruction or loss (whether or not covered by insurance) affecting the Acquired Assets or
the Business; 
  
 (l) mortgage, pledge or other encumbrance of any
of the Acquired Assets; 
  
 (m) agreement to do any of the
foregoing; or 
  
 (n) other event or condition of any character
which in any one case or in the aggregate has had or may have a Material Adverse Effect on the Business as conducted at the Locations. 
  
 Section 7.07. Tax Matters. Seller has duly and timely filed all Tax Returns required to have been filed with any federal, state, local or
foreign Taxing authority on or before the Closing Date and has timely paid all Taxes due and payable by Seller on or before the Closing Date, whether or not shown on such Tax Returns. Seller has set up reserves or accruals which are adequate for the
payment of all Taxes for all periods through the Closing Date. No Taxing authority has asserted any claim against Seller for the assessment of any additional Tax liability or initiated any action or proceeding which could result in such an
assertion. Seller has made all withholding of Taxes required to be made under all applicable Laws and regulations, including without limitation, withholding with respect to sales and use Taxes and compensation paid to employees, and the amounts
withheld have been properly paid over to the appropriate Taxing authorities. Seller is not a “foreign person” within the meaning of Section 1445(f)(3) of the Code. The transactions contemplated by this Agreement are not subject to the
Tax withholding provisions of Section 3406 of the Code or of Sub-Chapter A or Chapter 3 of the Code, or of any other comparable provision of Law. 
  
 Section 7.08. Absence of Undisclosed Liabilities. Except as set forth on Schedule 7.08, the Acquired Assets will be conveyed to Purchaser
pursuant to this Agreement free and clear of all Encumbrances. 
  
 Section 7.09 Intellectual Property. All Intellectual Property owned by Seller and material to the Business is listed on Schedule 7.09. Except as set forth on Schedule 7.09, all Intellectual Property material to the Business is
owned by Seller, free and clear of all Encumbrances, and is in good standing, is duly authorized, validly issued and enforceable, has not been canceled, and is not known by Seller or Shareholder to be the subject of any challenge. Neither Seller nor
Shareholder is aware of any facts that would invalidate or render any Intellectual Property unenforceable. Except as disclosed on Schedule 7.09, (a) there are no licenses now outstanding or other rights granted to third parties under any
Intellectual Property, and (b) neither Seller nor Shareholder is a party to any agreement or understanding with respect to any Intellectual Property. Except as described on Schedule 7.09, there are no unresolved claims made, and there has not
been communicated to Seller or Shareholder the threat of any such claim, that any of the Intellectual Property or activities of Seller in connection with the Intellectual Property constitutes unfair competition or is in violation or infringement of
any patent, trademark, trade name, service mark, trade dress, right of publicity, copyright or registration therefor, 

  

 -29- 

 
of any other Person. The Intellectual Property does not infringe the patent, trademark, copyright, trade secret or other proprietary right of any third
party. All filings or recordations necessary or appropriate to protect the interests of Seller in any Intellectual Property have been duly made and are in full force and effect. 
  
 Section 7.10. Employee Benefit Plans. 
  
 (a) As used in this Section 7.10 and Section 14.01. the following terms have the meanings set forth below:

  
 “Company’s Benefit Obligations” means all
obligations, arrangements, or customary practices, whether or not legally enforceable, to provide benefits, other than salary or wages, as compensation for services rendered, to present or former directors, employees, or agents, other than
obligations, arrangements, and practices that are Plans, that are owed, adopted, or followed by the Company. Company’s Benefit Obligations also include consulting agreements under which the compensation paid does not depend upon the amount of
service rendered, severance payment policies and fringe benefits within the meaning of Code Section 132. 
  
 “Company’s Plans” means each voluntary employees’ beneficiary association under Section 501(c)(9) of the Code whose members
include employees of the Company and all employee benefit plans, as defined in Section 3(3) of ERISA, to which the Seller is a plan sponsor, as defined in Section 3(16)(B) of ERISA, or to which the Company otherwise contributes or has
contributed, or in which the Seller otherwise participates or has participated. 
  
 (b) Schedule 7.10(a) contains a true and complete list of all Company’s Plans and Company’s Benefit Obligations. All such Company’s Plans and Company’s Benefit Obligations are in full force and
effect and are in compliance in all respects, both as to form and operation, with applicable provisions of ERISA, the Code, and any other applicable Laws, and with any applicable collective bargaining agreement. No event has occurred, and there
exists no condition or set of circumstances which has resulted in or which could result in the imposition of any liability on Company under ERISA, the Code or other applicable Law with respect to such Seller’s Plans or Company’s Benefit
Obligations; 
  
 (c) It is expressly understood that Purchaser
assumes no liability or obligation for any of Company’s Plans or Company’s Benefit Obligations, and that the ongoing operations or termination of such Company’s Plans or Company’s Benefit Obligations, and any expenses incidental
thereto, shall be the sole responsibility of Company; 
  
 (d)
Company is not part of a controlled group of employers with any other person (as defined in Section 7701(a)(l) of the Code) which is considered a single employer under Sections 414(b), (c), (m), or (o) of the Code, or Section 3(5) or
4001(b)(l) of ERISA, or the regulations promulgated thereunder; 
  
 (e) Except as set forth in Schedule 7.10(e), Company does not sponsor, maintain, contribute to, or is required to contribute to, any “multi-employer plan” within the meaning of Section 3(37) or 4001 (a)(3) of ERISA, and has
no liability of any nature, 

  

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whether known or unknown, fixed or contingent, with respect to any such multi-employer plan; and 
  
 (f) Company does not sponsor, maintain, contribute to, or is required to
contribute to, any medical, health, life or other welfare benefits for present or future terminated or retired employees or their spouses or dependents, other than as required by Part 6 of Subtitle B of Title I of ERISA, COBRA, or any comparable
state Law, and has no liability of any nature, whether known or unknown, fixed or contingent, with respect to any such post-termination welfare benefits. 
  
 Section 7.11. Personnel; Labor Relations. 
  
 (a) Schedule 7.11(a) sets forth all collective bargaining agreements and relationships with personnel (other than the employment contracts specified on
Schedule 7.11), to which Seller is a party, identifying the parties thereto, the expiration dates, and the status thereof. 
  
 (b) Except as set forth in Schedule 7.11(b), (i) there is no labor strike, lockout, dispute, slowdown or stoppage pending or, to the knowledge of
Company or Shareholder, threatened against or involving Seller, nor has any such event or labor difficulty occurred within the past five (5) years; (ii) no union claims to represent Seller’s Personnel, except as those identified in
Schedule 7.11(a); (iii) except as set forth in Schedule 7.11(a), Seller is not a party to nor bound by any collective bargaining or similar agreement with any labor organization, written work rules or practices or unwritten work rules or
practices material to Seller agreed to with any labor organization or employee or Personnel association; (iv) except as set forth in Schedule 7.11(a), none of Seller’s Personnel are represented by any labor organization and there has been
no attempt to organize any group or all of Seller’s Personnel within the past five (5) years, and Seller has not received notice of any current union organizing petition to the National Labor Relations Board or any other Governmental
Entity (collectively referred to as “NLRB”), nor has Seller received notice of any NLRB procedure concerning representation of any of its Personnel; (v) Seller is in compliance in all respects with all applicable Laws respecting
employment and employment practices, terms and conditions of employment, wages, hours of work, and occupational safety and health; (vi) there is no unfair labor practice charge or complaint against Seller pending or, to the knowledge of Seller
or Shareholder, threatened before the NLRB (and Seller and Shareholders do not believe that there exists any reasonable basis therefor); (vii) there is no grievance arising out of any collective bargaining agreement or other grievance procedure
(and Seller does not believe that there exists any reasonable basis therefor; (viii) there is no charge with respect to or relating to Seller pending before the Equal Employment Opportunity Commission or any other agency responsible for the
prevention of unlawful and/or discriminatory employment practices (and Seller does not believe that there exists any reasonable basis therefor); (ix) Seller has not received any written notice of the intent of any Governmental Entity
responsible for the enforcement of labor or employment Laws to conduct an investigation 

  

 -31- 

 
or other inquiry relating to Seller, and no such investigation or other inquiry is in progress; (x) there is no claim, action, suit, proceeding,
investigation or inquiry pending or, to the knowledge of Seller or any Shareholder, threatened, in any forum by or on behalf of any present or former Personnel of Seller, any applicant for employment, or classes of the foregoing alleging breach of
any express or implied contract of employment, any Law governing employment or the termination thereof or other discriminatory, wrongful, or tortious conduct in connection with the employment relationship; (xi) there is no private agreement
which restricts Seller from relocating, closing, or terminating any of its operations or facilities; (xii) Seller is not aware that any of its Personnel have any current or immediate plans to terminate employment with Seller; (xiii) Seller
has no present intention to terminate the employment of any Personnel due to misconduct or unsatisfactory performance; and (xiv) Seller has not received notice of any assertion or allegation of any wrongful employment action or practice,
including, without limitation, discrimination and harassment, by any present or former Personnel of Seller, any applicant for employment, or classes of the foregoing. 
  
 (c) Seller shall pay its Personnel as required under its policies and/or by applicable Law for accrued but unused and unpaid
vacation, sick leave, other accrued benefits, and commissions as of the Closing Date. 
  
 (d) Seller has not, in the past five (5) years, with respect to the Business, effectuated: (i) a “plant closing” (as defined in the Worker Adjustment and Retraining Notification Act (“WARN
Act”)) affecting any site of employment or one or more facilities or operating units within any site of employment or facility of the Business; or (ii) a “mass layoff” (as defined in the WARN Act) affecting any site of employment
or facility of the Business; nor has the Business been affected by any transaction or engaged in layoffs or employment terminations sufficient in number to trigger application of any similar state or local Law. None of Seller’s Personnel has
suffered an “employment loss” (as defined in the WARN Act) during the previous six months. 
  
 (e) Nothing contained in this Agreement shall confer upon any Personnel of Seller any right with regard to continued employment by Purchaser nor any third
party beneficiary rights, nor shall anything herein interfere with the right of Purchaser after the Closing Date to: (i) terminate the employment of any of its Personnel at any time, with or without cause or notice; (ii) restrict Purchaser
in the exercise of its independent business judgment in establishing or modifying any of the terms or conditions of the employment of its Personnel. Purchaser will not incur any liability on account of Seller’s Personnel in connection with the
transactions contemplated by this Agreement, including without limitation, any liability on account of unemployment insurance contributions, termination payments, retirement, pension, profit-sharing, bonus, severance pay, disability, health, accrued
vacation, accrued sick leave or other employee benefit plans, practices, agreements or understandings. 
  
 (f) Except as set forth in Schedule 7.11(f), Seller has not entered into any severance or similar arrangement in respect of any present or former
Personnel that shall result in any obligation (absolute or contingent) of Seller or Purchaser to make any payment to any present or former Personnel following termination of employment, 

  

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including the termination of employment effected, directly or indirectly, by the transactions contemplated by this Agreement. The consummation of the
transaction contemplated by this Agreement will not trigger, directly or indirectly, any severance or similar arrangement of Seller payable by Purchaser after the Closing. 
  
 (g) Neither Seller nor any Affiliate has any obligation to provide any medical or health benefits to any former employees or
retired employees, except to the extent required by COBRA. Seller and each Affiliate is and has been in full compliance with the requirements of COBRA and neither Seller nor any Affiliate is subject to any excise tax under Code Section 4980B
for the current or any prior taxable year. Seller and each Affiliate, and each of them, shall be solely responsible and liable for providing any and all benefits to employees or others (or their covered dependents) of Seller and each Affiliate
required under COBRA arising from any qualifying event as defined under Code Section 4980(B)(f)(3) and ERISA Section 603 occurring on or before the Closing Date. 
  
 Section 7.12. Licenses and Permits. Seller has obtained all material Licenses and Permits necessary for the
conduct of the Business and all material Licenses and Permits are in full force and effect. The Licenses and Permits are described in Schedule 7.12. Seller has made true and complete copies of all Licenses and Permits available to Purchaser. Except
as set forth in Schedule 7.12, the consummation of the transactions contemplated hereby shall not interrupt or give any Governmental Entity the right to terminate or interrupt the continuation of any of the Licenses and Permits or the conduct of the
Business. Seller is in compliance with all terms, conditions and requirements of all Licenses and Permits and no proceeding is pending or, to the knowledge of Company or Shareholder, threatened relating to the revocation or limitation of any of the
Licenses or Permits. 
  
 Section 7.13. Insurance; Bonds
With Respect to the Acquired Assets. With respect to the Acquired Assets: 
  
 (a) Schedule 7.13 lists all policies of title, liability, fire, casualty, business interruption, workers’ compensation and other forms of insurance (collectively, “Policies” and individually, a
“Policy”) insuring the properties, assets or operations of Seller, setting forth the carrier, policy number, expiration dates, premiums, description of type of coverage and coverage amounts. Seller has made true and complete copies of all
such policies available to Purchaser. 
  
 (b) There are no
outstanding bonds or other surety arrangements issued or entered into in connection with the assets and properties of Seller or the Business. No bond is required to satisfy any contractual, statutory, or regulatory requirement applicable to Seller.

  
 Section 7.14. Contracts and Commitments. With
respect to the Acquired Assets and the Business and/or Personnel, Schedule 7.14 lists all of the following (collectively, the “Contracts”). 
  

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 (a) employment, consulting, bonus, profit-sharing, percentage compensation, deferred compensation,
pension, welfare, retirement, stock purchase or stock option plans and agreements and commitments with the directors, Personnel, or Affiliates; 
  
 (b) contracts, agreements, and commitments relating to any joint venture, partnership, strategic alliance, or sharing of profits or losses with any Person
to which Seller is a party or is bound; 
  
 (c) contracts,
agreements, and commitments containing covenants purporting to limit the freedom of Seller or any Personnel to compete in any business or in any geographic area; 
  
 (d) contracts, agreements, and commitments requiring payments or distributions to any shareholder, director, or Personnel of
Seller, or any relative or Affiliate of any such Person; and 
  
 (e) contracts not made in the ordinary course of the Business; and identifies whether those plans, notes, mortgages, contracts, agreements, and commitments are Assigned Contracts. Seller has made true and complete copies of all the
foregoing plans, notes, mortgages, contracts, agreements, and commitments available to Purchaser. All of the Contracts are in full force and effect. Except as set forth in Schedule 7.14, neither the Company or any Shareholder, nor, to the knowledge
of Seller or any Shareholder, any other party thereto, has breached any provision of, or is in default under, the terms of, nor does any condition exist which, with notice or lapse of time, or both, would cause Seller or, to the knowledge of Company
or Shareholder, any other party to be in default under, any Contract, insofar as such breach, default or condition would affect the Business, the Acquired Assets or Personnel. 
  
 Section 7.15. Suppliers. Schedule 7.15 sets forth a list of Seller’s ten (10) largest suppliers by
dollar volume (with specification of the dollar volume) in the calendar years ended 2003 and 2004. No material supplier has terminated or changed in any material respect, or to the knowledge of Company or Shareholder, intends to terminate or change
in any material respect, its relationship with Seller. 
  
 Section 7.16. Compliance With Law. Except as set forth on Schedule 7.16, Seller and the Business as conducted at the Locations are in compliance with all applicable Laws, including without limitation, those applicable to
discrimination in employment, occupational safety and health, trade practices, competition and pricing, product warranties, zoning, building, sanitation, employment, retirement, labor relations, and product advertising. Seller is not in default with
respect to any order, writ, judgment, award, injunction or decree of any Governmental Entity or arbitrator applicable to Seller, its Personnel, the business conducted at the Locations or any of the Acquired Assets, or is aware that any factual
circumstances are likely to result in such default. 
  
 Section 7.17. Litigation. Except as set forth on Schedule 7.17, (a) there are no claims, actions, suits, proceedings, arbitral actions or investigations pending or, to the 

  

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knowledge of Company or Shareholder, threatened against the Seller, its officials, employees, Business or the assets thereof which would have any effect
whatsoever on the Acquired Assets, the business conducted at the Locations or the Personnel before or by any Governmental Entity; and (b) there are no unsatisfied judgments of any kind against the Seller or the Acquired Assets with respect
thereto. 
  
 Section 7.18. Title to the Acquired Assets
and Related Matters. Seller has good, marketable and insurable title to all of the Acquired Assets, free and clear of all Encumbrances, except for the Permitted Encumbrances. Seller has complete and unrestricted power and the unqualified right
to sell, convey, assign, transfer and deliver the Acquired Assets, and the deeds and other instruments of assignment and transfer to be executed and delivered by Seller to Purchaser at the Transfer Date will be valid and binding obligations of
Seller, enforceable in accordance with their respective terms, and will effectively vest in Purchaser good, marketable and insurable title to the Acquired Assets. All consents necessary to consummate the transactions contemplated by this Agreement
have been obtained, or will be obtained on or prior to and be in effect as of the Closing Date, and are or will be when obtained valid and binding upon the persons giving the same. Except as set forth in Schedule 7.18, the Acquired Assets are in
good operating condition and repair, subject to normal wear and tear, and are suitable for the purposes used. There does not exist any condition which interferes with the economic value or use of any of the Acquired Assets. The Acquired Assets
include all properties and assets (tangible and intangible, and all leases, licenses and other agreements, but excluding the Excluded Assets) necessary or desirable to permit Purchaser to carry on the Business subsequent to the Closing as presently
conducted by Seller. 
  
 Section 7.19. Absence of Certain
Business Practices. Except as set forth on Schedule 7.19, within the five (5) years immediately preceding the date of this Agreement, neither Seller nor any Shareholder, official or employee, nor any other Person acting on behalf of Seller
has given or agreed to give, directly or indirectly, any gift or similar benefit to any dealer, supplier, customer, governmental employee or other Person who is or may be in a position to help or hinder the Business (or assist Seller in connection
with any actual or proposed transaction relating to the Business or the Acquired Assets), which might subject Seller to any damage or penalty in any civil, criminal, or governmental litigation or proceeding. 
  
 Section 7.20. No Other Agreements to Sell Assets. Neither Company
nor Shareholder has any obligation, absolute or contingent, to any other Person to sell any of the Acquired Assets, or to effect any merger, consolidation, or other reorganization of Seller, or to enter into any agreement with respect thereto.

  
 Section 7.21. Due Diligence. With respect to all
representations and warranties which are qualified “to the knowledge of Seller or any Shareholder,” “known to Company or Shareholder,” or words of similar import, Company and Shareholder have made 

  

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reasonable investigation of the subject matter of the representation or warranty (and in the case of Company conferred with its officials, employees and
other appropriate personnel or other Company representatives), and examined appropriate documents. 
  
 Section 7.22. Broker’s and Finder’s Fees. No broker, finder or other Person is entitled to any commission or finder’s fee in
connection with this Agreement or transactions contemplated by this Agreement as a result of any actions or commitments of Seller (or its Affiliates) or Shareholder, except MM Partners of Naperville, Illinois, whose fee or commission shall be the
sole responsibility and obligation of the Seller. 
  
 Section 7.23. All Material Information. Neither Company nor Shareholder has withheld from Purchaser any material facts relating to the Acquired Assets, the Business or its prospects, the operations of Company, or the financial
or other condition of Seller. No representation or warranty made herein by Company or Shareholder and no statement contained in any certificate or other instrument furnished or to be furnished to Purchaser by Company or Shareholder in connection
with the transactions contemplated by this Agreement contains or will contain an untrue statement of a material fact or omits to state any material fact necessary in order to make any representation, warranty, or other statement of Seller or
Shareholder not misleading. 
  
 Section 7.24.
Survival. All representations and warranties contained in this Agreement shall survive the execution, delivery and performance hereof until the applicable Survival Date. 
  
 ARTICLE VIII. REPRESENTATIONS AND WARRANTIES OF PURCHASER 
  
 Purchaser hereby represents and warrants to Seller as follows: 
  
 Section 8.01. Corporate Organization. Purchaser is a corporation
duly organized and validly existing under the Laws of the State of Iowa and has all requisite corporate power and authority to own its properties and assets and to conduct its business as now conducted. 
  
 Section 8.02. Authorization and Validity of Agreement. Purchaser
has all requisite corporate power and corporate authority to enter into this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement and the performance of the obligations of Purchaser hereunder have been
duly authorized by all necessary corporate action by the board of directors of Purchaser, and no other corporate proceedings on the part of Purchaser are necessary to authorize the execution, delivery, or performance. This Agreement has been duly
executed by Purchaser and constitutes Purchaser’s valid and binding obligation, enforceable against Purchaser in accordance with its terms. 
  

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 Section 8.03. No Conflict or Violation. The execution, delivery and performance of this
Agreement by Purchaser do not and shall not: (a) violate or conflict with any provision of its articles of incorporation, bylaws, or other governing document of Purchaser, (b) violate any provision of Law of any Governmental Entity, or
(b) violate or result in a breach of, or constitute (with due notice or lapse of time or both) a default under any contract, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which
Purchaser is a party or by which it is bound or to which any of its properties or assets is subject. 
  
 Section 8.04. Approvals and Consents. The execution, delivery and performance of this Agreement by Purchaser do not require Purchaser to
obtain the consent or approval of, or to make any filing with, any Governmental Entity or other Person except as may be required to obtain the transfer of any Licenses or Permits. 
  
 Section 8.05. Broker’s and Finder’s Fees. No broker, finder or other Person is entitled to any
commission or finder’s fee in connection with this Agreement or the transactions contemplated by this Agreement as a result of any actions or commitments of Purchaser (or its Affiliates). 
  
 Section 8.06 Due Diligence Report. Purchaser shall give to the
Company or Shareholder written notice of the existence or occurrence of any condition of which Purchaser has actual knowledge based upon the due diligence conducted by Purchaser which would make any representation or warranty of Company or
Shareholder herein contained untrue or which might reasonably be expected to prevent the timely consummation of the transactions contemplated hereby. 
  
 ARTICLE IX. PRE-CLOSING COVENANTS OF SELLER 
  
 Seller covenants and agrees to comply with the following provisions: 
  
 Section 9.01. Maintenance of Corporate Status. Company will be maintained at all times as a duly organized
corporation validly existing under the Laws of the state in which it is presently incorporated. 
  
 Section 9.02. Operation of Business. Seller shall operate the Business in the usual, regular and ordinary manner only (other than as
contemplated or permitted by the provisions of this Agreement) and Seller shall use its best efforts to (a) preserve its present business organization intact, (b) preserve its relationships with employees, dealers, suppliers, customers,
lenders and others having business dealings with it, (c) timely file all Tax Returns and timely withhold and pay all Taxes, and (d) maintain in full force and effect all licenses and permits reasonably required for the operation of the
Business as presently conducted. Except as contemplated or permitted by the provisions 

  

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of this Agreement, Company shall not incur any material liabilities with respect to the Acquired Assets after the date hereof other than in the ordinary
course of the Business. 
  
 Section 9.03. Actions Before
the Closing Date. Seller shall not take any action which shall cause it to be in breach of any representation, warranty, covenant or agreement contained in this Agreement or cause it to be unable to perform in any material respect its
obligations hereunder, and Seller shall use commercially reasonable best efforts (subject to any conditions set forth in this Agreement) to perform and satisfy all conditions to Closing to be performed or satisfied by Seller under this Agreement,
including action necessary to obtain all consents and approvals of third parties required to be obtained by Seller to effect the transactions contemplated by this Agreement. 
  
 Section 9.04. Maintenance of Acquired Assets. Seller shall maintain all of the Acquired Assets in their present
order and condition (including routine or necessary maintenance), subject to normal wear and tear and normal obsolescence and the requirements of the Business, and will maintain insurance upon all of its assets and operations of the kind and in the
amounts existing as of the date of this Agreement, to the extent available on a reasonably comparable basis. 
  
 Section 9.05. Maintenance of Records and Compliance with Laws. Seller shall maintain its books, accounts and records in the usual, regular and
ordinary manner in accordance with past practices and will comply in all respects with all Laws, permits and licenses applicable to it and to the conduct of the Business. 
  
 Section 9.06. Access; Cooperation. Seller shall provide (and has heretofore provided) Purchaser and its
accountants, attorneys and other authorized representatives, subject to the agreements and provisions regarding confidentiality and use of information contained in that certain Confidentiality Agreement dated July 28, 2004, by and between
Seller and Purchaser (the “Confidentiality Agreement”), the right, upon reasonable notice and during normal business hours, to enter upon its offices and facilities in order to inspect its records and business operations and to consult
with its officers and key employees regarding any of the Acquired Assets or the Business. Seller shall generally cooperate with Purchaser and its employees, attorneys, accountants and other agents and, generally, do such other acts and things in
good faith as may be reasonable to timely effectuate the purposes of this Agreement and the consummation of the transactions contemplated herein in accordance with the provisions of this Agreement. 
  
 Section 9.07. Governmental Approvals. Promptly after the
execution of this Agreement, Seller shall file all applications and reports which are required to be filed by it with any Governmental Entity in connection with the transactions contemplated by this Agreement. Seller shall also promptly provide all
information that any Governmental Entity may require in connection with any such application or report. 
  

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 Section 9.08. Notification of Certain Matters. Seller shall give prompt notice to Purchaser
of: 
  
 (a) the occurrence, or failure to occur, of any event
which occurrence or failure would be likely to cause any representation or warranty of Seller contained in this Agreement to be untrue or inaccurate in any material respect at any time from the date hereof to the Closing Date; and 
  
 (b) any failure of Seller to comply with or satisfy in any respect any
material covenant, condition or agreement to be complied with or satisfied by Seller hereunder. Seller shall use its commercially reasonable efforts to remedy promptly any such failure. 
  
 ARTICLE X. PRE-CLOSING COVENANTS OF PURCHASER 
  
 Purchaser covenants and agrees to comply with the following provisions: 
  
 Section 10.01. Actions Before the Closing Date. Purchaser shall
not take any action which shall cause it to be in breach of any representation, warranty, covenant or agreement contained in this Agreement or cause it to be unable to perform in any material respect its obligations hereunder, and Purchaser shall
use commercially reasonable best efforts (subject to any conditions set forth in this Agreement) to perform and satisfy all conditions to Closing to be performed or satisfied by Purchaser under this Agreement, including action necessary to obtain
all consents and approvals of third parties required to be obtained by Purchaser to effect the transactions contemplated by this Agreement. 
  
 Section 10.02. Cooperation. Purchaser shall generally cooperate with Seller and its employees, attorneys, accountants and other agents and,
generally, do such other acts and things in good faith as may be reasonable to timely effectuate the purposes of this Agreement and the consummation of the transactions contemplated herein in accordance with the provisions of this Agreement.

  
 Section 10.03. Governmental Approvals. Promptly
after the execution of this Agreement, Purchaser shall file all applications and reports which are required to be filed by Purchaser with any Governmental Entity in connection with the transactions contemplated by this Agreement. Purchaser shall
also promptly provide all information that any Governmental Entity may require in connection with any such application or report. 
  
 Section 10.04. Notification of Certain Matters. Purchaser shall give prompt notice to Seller of: 
  
 (a) the occurrence, or failure to occur, of any event which occurrence

  

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or failure would be likely to cause any representation or warranty of Purchaser contained in this Agreement to be untrue or inaccurate in any material
respect at any time from the date hereof to the Closing Date; and 
  
 (b) any failure of Purchaser to comply with or satisfy in any material respect any covenant, condition, or agreement to be complied with or satisfied by Purchaser hereunder. Purchaser shall use commercially reasonable efforts to remedy
promptly any such failure. 
  
 ARTICLE XI. 
 CONDITIONS PRECEDENT TO OBLIGATIONS OF 
 SELLER AND SHAREHOLDER 
  
 The obligation of
Company and Shareholder to consummate the transactions provided for in this Agreement are subject to the fulfillment, at or before the Closing, of the following conditions, any one or more of which may be waived in writing by Seller in its sole
discretion: 
  
 Section 11.01. Deliveries by
Purchaser. Purchaser shall have made delivery to Seller of the documents and items specified in Section 4.03 herein. 
  
 Section 11.02. Representations and Warranties of Purchaser. All representations and warranties made by Purchaser in this Agreement shall be
true and correct in all material respects on and as of the Closing Date as if made by Purchaser on and as of that date, and Seller shall have received a certificate to that effect from Purchaser dated the Closing Date. 
  
 Section 11.03. Performance of the Obligations of Purchaser.
Purchaser shall have performed in all material respects all obligations required under this Agreement to be performed by Purchaser on or before the Closing Date, and Seller shall have received a certificate to that effect from Purchaser dated the
Closing Date. 
  
 Section 11.04. No Violation of
Orders. No preliminary or permanent injunction or other order issued by any Governmental Entity that declares this Agreement invalid or unenforceable in any material respect or prevents or attempts to prevent the consummation of the transactions
contemplated hereby or thereby shall be in effect. 
  
 Section 11.05. Required Approvals. All consents and approvals of any Governmental Entity or any Person necessary to permit the consummation of the transactions contemplated by this Agreement shall have been received. 

 

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 ARTICLE XII. CONDITIONS PRECEDENT TO OBLIGATIONS 
 OF PURCHASER 
  
 The obligation of Purchaser to consummate the transactions provided for in this Agreement is subject to the fulfillment, at or before the Closing, of the
following conditions, any one or more of which may be waived in writing by Purchaser in its sole discretion: 
  
 Section 12.01. Deliveries by Seller. Seller shall have made delivery to Purchaser of the documents and items specified in Section 4.02
herein. 
  
 Section 12.02. Representations and Warranties
of Seller. All representations and warranties made by Seller in this Agreement shall be true and correct in all material respects on and as of the Closing Date as if made by Seller on and as of such date, and Purchaser shall have received a
certificate to that effect from Seller dated the Closing Date. 
  
 Section 12.03. Performance of the Obligations of Seller. Unless performance is contemplated to be completed after the execution of this Agreement or Purchaser has otherwise waived in writing performance for a stated period of
time, Seller shall have performed in all material respects all obligations required under this Agreement to be performed by Seller on or before the Closing Date, including without limitation, all obligations under Section 5.16 (and all
Unsatisfactory Exceptions shall have been released, all Unsatisfactory States of Facts shall have been corrected and all of the requirements of Purchaser shall have been satisfied), and Purchaser shall have received a certificate to that effect from
Seller dated the Closing Date. 
  
 Section 12.04. No
Violation of Orders. No preliminary or permanent injunction or other order issued by any Governmental Entity which declares this Agreement invalid or unenforceable in any respect or prevents or attempts to prevent the consummation of the
transactions contemplated hereby or thereby shall be in effect. 
  
 Section 12.05. Required Approvals. All consents and approvals of any Governmental Entity or any Person necessary to permit the consummation of the transactions contemplated by this Agreement shall have been received. 

 
 Section 12.06. Board Approval. The Purchaser shall have
received the approval of its Board of Directors. 
  
 ARTICLE
XIII. OTHER AGREEMENTS 
  
 Section 13.01. Taxes.
Seller shall pay all Taxes and any Tax deficiency, interest or penalty asserted with respect thereto, and all recording and filing fees, that may be 

  

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imposed by reason of the sale, transfer, assignment or delivery by Seller of the Acquired Assets. Seller shall be responsible for the preparation and filing
of all required Tax Returns and (except for any Taxes expressly assumed by Purchaser pursuant to Section 3.06) shall be liable for the payment of any and all Taxes relating to all periods through the Closing Date (including all Taxes resulting
from the sale and transfer by Seller of Acquired Assets hereunder). 
  
 Section 13.02. Cooperation on Tax Matters. Seller shall furnish or cause to be furnished to Purchaser, as promptly as practicable, whether before or after the Closing Date, such information and assistance relating to the
Business as is reasonably necessary for the preparation and filing by Purchaser of any Tax Return, claim for refund, or other required or optional filings relating to Tax matters, for the preparation by Purchaser for, and proof of facts during, any
Tax audit, for the preparation by Purchaser for any Tax protest, for the prosecution or defense by Purchaser of any suit or other proceeding relating to Tax matters, or for the answer by Purchaser to any governmental or regulatory inquiry relating
to Tax matters. 
  
 Section 13.03. Files and Records.
Purchaser shall retain possession of all Files and Records transferred to Purchaser hereunder and coming into existence after the Closing Date which relate to the Business before the Closing Date, for a period not to exceed seven (7) years from
the Closing Date. In addition, from and after the Closing Date, upon reasonable notice and during normal business hours, Purchaser shall provide access to Seller and its attorneys, accountants and other representatives, at Seller’s expense, to
such Files and Records as Seller may reasonably deem necessary to properly prepare for, file, prove, answer, prosecute, and/or defend any such return, filing, audit, protest, claim, suit, inquiry or other proceeding. 
  
 Section 13.04. License to Use Name and Logo. Purchaser shall
License and otherwise authorize the Company to use the name Gas ‘N Shop and Company’s logo for two (2) years at a cost of One Dollar ($1.00) per year. The License shall be limited to the Stores now owned by the Company or the
Shareholder and not included in the Acquired Assets (Retained Locations), including the one Store in Lincoln recently constructed at West “O” Street and Sun Valley Blvd. by the Shareholder and David Capp and sometimes referred to as Gas
‘N Shop Store No. 81; and the name and logo of Gas ‘N Shop shall not be used by Seller at any other site or location or in connection with any other business. The License shall be non-assignable and shall terminate upon the sale by
Shareholder of his interest in the Company. Upon the sale or transfer of any Retained Location the Seller shall remove all signage, imaging, products or other indicia of operation under the name Gas ‘N Shop and shall restrict any Successor or
acquiring party from any use of the name, logo, or imaging by appropriate recorded covenants. 
  
 Section 13.05. Change of Company Name. Within sixty (60) days following the Closing Date the Company shall file with the Nebraska Secretary of State an 

  

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amendment to its Articles of Incorporation and/or such other or additional documents as may be necessary to effectively change its corporate name to a name
other than Gas ‘ N Shop, Inc. or any variation thereof. 
  
 Section 13.06. Divestiture of Retained Locations. Except as expressly provided in the Non-Competition Agreement which is Exhibit 13.07 hereto, Shareholder shall within two (2) years following the Closing Date be fully
divested of any and all interests in the Retained Locations (including the Store at West “O” Street and Sun Valley Blvd.) or shall thereupon cease any business operations thereon as convenience stores or gasoline filling stations.
Purchaser shall be entitled to enforce this provision by an action at law for damages and/or an action for injunctive relief. 
  
 Section 13.07. Restrictive Covenant. In further consideration of the payments to be made by the Purchaser hereunder, the Shareholder covenants
and agrees that for a period of twenty (20) years from and after the Closing Date he will not engage in a business the same as or similar to the business conducted by Purchaser at its Casey’s General Stores or participate therein in any
capacity, as an owner, investor, director, officer, consultant, employee or financier, within an area encompassing any state in which Purchaser or its Affiliates own, operate or franchise a convenience store as of the date of execution of this
Agreement, except as expressly provided in the Non-Competition Agreement which is Exhibit 13.07 hereto. 
  
 Section 13.08. Licenses and Permits. The Purchaser shall obtain new operating licenses, product licenses and permits, and tax permits, as
necessary, for each Location and shall promptly notify all concerned state, federal, and local governmental agencies of the change in ownership. To the extent permitted by law, Purchaser shall be permitted to use any permits or licenses of the
Seller held in connection with the Business and any Location, until new permits and/or licenses have been obtained; and Seller, upon request, agrees to grant any consents or approvals necessary to implementation of such use by the Purchaser, subject
to Purchaser’s obligation to hold Seller harmless from all expenses, liability or other consequences of such use. Purchaser agrees to reimburse Seller for the unused portion of any pre-paid fees for licenses or permits assigned to the
Purchaser. Upon receipt of all necessary permits and licenses by the Purchaser, Seller shall cancel its existing licenses and permits (except those assigned to the Purchaser) and shall file final reports and/or tax returns with each concerned agency
or official and shall pay any taxes, penalties or other charges due thereunder not attributable to Purchaser’s use thereof. 
  
 Section 13.09. Gift Card Program. The parties acknowledge that the Company has issued to its customers a number of Gift Cards either purchased
by customers or issued as reward cards to loyal customers, which Cards may only be redeemed at Gas ‘N Shop stores, according to the terms thereof. The Company shall continue to honor such Gift Cards at the Retained Locations according to the
terms of issuance of the said Cards, to the extent required by law. The Purchaser shall have no obligation to honor any Gas 

  

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‘N Shop Gift Card. Seller will also implement and give notice to its customers of a refund program whereby holders of Gas ‘N Shop Gift Cards may
obtain a refund from the Company for the unused value of any Gift Card upon returning it to the Company. 
  
 ARTICLE XIV. INDEMNIFICATION 
  
 Section 14.01. Indemnification by Company and Shareholder. Company and Shareholder shall jointly and severally indemnify and hold harmless Purchaser and its successors and their respective shareholders,
employees, officers, directors, representatives and agents from and against any and all damages, losses, obligations, liabilities, claims, encumbrances, penalties, costs and expenses, including without limitation, reasonable attorneys’ fees
(and costs and reasonable attorneys’ fees as is provided by Law in respect of any suit to enforce this provision) (each a “Claim”) arising from or relating to (a) any misrepresentation, breach of warranty or nonfulfillment of any
of the covenants or agreements of Company or Shareholder in this Agreement; (b) any liability, obligation or commitment of any nature (absolute, accrued, contingent or other) of Seller or relating to the Acquired Assets or the operation of the
Business arising out of transactions entered into or events occurring prior to the Closing, including without limitation, any successor liability or responsible officer liability asserted against Purchaser for Taxes or otherwise relating to events
occurring prior to the Closing; (c) any investigation, civil, criminal or administrative action, notice or demand letter, notice of violation, or other proceeding by any Governmental Entity with respect to ground or surface water, soil or air
contamination, the storage, treatment, release, transportation or disposal of Hazardous Materials, or the use of underground storage tanks by Seller to the extent such contamination, storage, treatment, release, transportation, disposal or use
occurred relating to any time on or before the Closing Date; (d) any investigation, civil, criminal or administrative action with respect to the Company’s Benefit Obligations or Company’s Plans; (e) any COBRA obligation of Seller
arising from any qualifying event as defined under Code Section 4980B(f)(3) and ERISA Section 603 occurring on or before the Closing Date; and (f) any and all actions, suits, investigations, proceedings, demands, assessments, audits
and judgments arising out of any of the foregoing. 
  
 In
addition, Company and Shareholder shall indemnify and hold Purchaser harmless from and against any loss, claim, expense, damage or liability (including reasonable attorneys’ fees and expenses as is provided by law) to which Purchaser and/or the
Acquired Assets may become subject insofar as such loss, claim, damage or liability (or actions in respect thereof) arises out of or is based upon a breach or alleged breach of, or failure to comply with any provision of, or to give any notice or
make any filing pursuant to, any bulk sales Law or any similar Law of any state or other jurisdiction. Nothing in this Section 14.01 shall estop or prevent either Seller or Purchaser from asserting as a bar or defense to any action or
proceeding brought under any state bulk sales Law that such Law is not applicable to the transactions contemplated by this Agreement. 
  

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 Section 14.02. Indemnification by Purchaser. Purchaser shall indemnify and hold harmless
Company and Shareholder and their respective successors, shareholders, officers, directors, representatives and agents from and against any and all Claims resulting from or relating to (a) any misrepresentation, breach of warranty or
nonfulfillment of any of the covenants or agreements of Purchaser in this Agreement; (b) any and all suits, actions, investigations, proceedings, demands, assessments, audits and judgments arising out of any of the foregoing; and (c) any
liability, obligation or commitment of any nature (absolute, accrued, contingent or other) of Purchaser or relating to the Acquired Assets or the operation of the Business arising out of transactions entered into or events occurring after the
Closing. 
  
 Section 14.03. Procedure. 
  
 (a) After acquiring actual knowledge of any Claim for which one of the
parties hereto (the “Indemnified Party”) may seek indemnification against another party (the “Indemnifying Party”) pursuant to this Article XIV, the Indemnified Party shall give written notice thereof to the Indemnifying Party.
Failure to provide written notice shall not relieve the Indemnifying Party of its obligations under this Article XIV except to the extent that the Indemnifying Party demonstrates actual damage caused by that failure. The Indemnifying Party shall
have the right to assume the defense of any Claim with counsel reasonably acceptable to the Indemnified Party upon delivery of written notice to that effect to the Indemnified Party. If the Indemnifying Party, after written notice from the
Indemnified Party, fails to take timely action to defend the action resulting from the Claim, the Indemnified Party shall have the right to defend the action resulting from the Claim by counsel of its own choosing, but at the cost and expense of the
Indemnifying Party. The Indemnified Party shall have the right to settle or compromise any Claim against it, and, as the case may be, recover from the Indemnifying Party any amount paid in settlement or compromise thereof, if it has given written
notice thereof to the Indemnifying Party and the Indemnifying Party has failed to take timely action to defend the same. The Indemnifying Party shall not settle or compromise any claim against the Indemnified Party without the prior written consent
of the Indemnified Party. 
  
 (b) Upon its receipt of any amount
paid by the Indemnifying Party pursuant to this Article XIV, the Indemnified Party shall deliver to the Indemnifying Party such documents as it may reasonably request assigning to the Indemnifying Party any and all rights, to the extent indemnified,
that the Indemnified Party may have against third parties with respect to the Claim for which indemnification is being received. 
  

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 Section 14.04. Limitation on Indemnification by Company and Shareholder. The obligations of
Company and Shareholder pursuant to the provisions of Section 14.01 are subject to the following limitations: 
  
 The Purchaser shall not be entitled to indemnification under Section 14.01 until the total amount which the Purchaser would recover under
Section 14.01, but for this Section 14.04, exceeds the Basket, in which event the Purchaser shall be entitled to recover for all Claims recoverable under Section 14.01, including the amount in the Basket. The foregoing limitation on
the indemnification obligation by Company and Shareholder shall not apply to recovery under Section 14.01 for Claims made based on an alleged breach of the provisions of Exhibit 6.02 (Environmental Response and Indemnity Agreement) hereto or
other environmental matters. In no event shall claims for ordinary repairs or maintenance occasioned by ordinary wear and tear be included in the Basket. 
  
 ARTICLE XV. TERMINATION 
  
 Section 15.01. Events of Termination. This Agreement may, by notice given in the manner hereinafter provided, be terminated and abandoned at
any time prior to completion of the Closing: 
  
 (a) by Seller if
there has been a material misrepresentation or a material default or material breach by Purchaser with respect to Purchaser’s representations and warranties in Articles V, VI and VII of this Agreement or the due and timely performance of any of
the covenants or agreements of Purchaser contained in this Agreement, and in the case of a covenant or agreement default or breach, such default or breach shall not have been cured within thirty (30) days after receipt by Purchaser of notice
specifying particularly such default or breach or if the breach could not be cured within thirty (30) days, only if the Purchaser fails to begin to take remedial action within the thirty (30) day period or if such remedial action is
commenced within thirty (30) days but does not continue in a businesslike manner until such default or breach is materially cured; 
  
 (b) by Purchaser, if there has been a material misrepresentation or a material default or material breach by Seller or Shareholder with respect to their
representations and warranties in Article VII of this Agreement or the due and timely performance of any of the covenants and agreements of Seller contained in this Agreement, and in the case of a covenant or agreement default or breach, such
default or breach shall not have been cured within thirty (30) days after receipt by Seller of notice specifying particularly such default or breach only if the default or breach could be cured within thirty (30) days, otherwise, only if
the Seller fails to begin to take remedial action within the thirty (30) day period and such remedial action continues in a businesslike manner until such default or breach is materially cured; 
  
 (c) by Purchaser if the results of the due diligence review contemplated by
Section 9.06 of this Agreement are not satisfactory to Purchaser in its sole and absolute discretion, provided that notice of termination is provided to Seller by Purchaser no later than January 4, 2006; 
  
 (d) by Seller or Purchaser at any time after January 31, 2006, if the
Closing has not occurred and the party seeking to terminate this Agreement is not in breach or default of any provisions of this Agreement; or 
  

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 (e) by mutual agreement of Seller and Purchaser. This Agreement may not be terminated after completion of
the Closing. 
  
 Section 15.02. Effect of Termination.
In the event this Agreement is terminated pursuant to Section 15.01 of this Agreement, all obligations of the parties shall terminate without any liability of a party to the other parties; provided, however, that the obligations of the parties
set forth in Sections 16.01.16.02 and 16.03 of this Agreement shall indefinitely survive the termination of this Agreement. 
  
 ARTICLE XVI. MISCELLANEOUS 
  
 Section 16.01. Confidential Information. All parties agree that they will treat in confidence all documents, materials and other information
regarding the other parties which it shall have obtained during the course of the negotiations leading to the consummation of the transactions contemplated by this Agreement (whether obtained before or after the date hereof) or the preparation of
this Agreement and other related documents. The obligation of each party to treat such documents, materials and other information in confidence shall not apply to any information which (a) such party can demonstrate was already lawfully in its
possession prior to the disclosure thereof by the other party, (b) is known to the public and did not become so known through any violation of a legal obligation, (c) became known to the public through no fault of such party, (d) is
later lawfully acquired by such party from other sources, (e) is required to be disclosed under the provisions of any state or United States statute or regulation issued by a duly authorized agency, board or commission thereof, or (f) is
required to be disclosed by a rule or order of any court of competent jurisdiction. 
  
 Section 16.02. Public Announcements. No party shall make any press release or public announcement concerning the transaction provided for in this Agreement except as expressly agreed upon by the other
parties; provided, however, Purchaser shall be permitted to make any public announcement without the consent of Seller in order to comply with the requirements of the Securities Exchange Commission or any other body regulating publicly traded
corporations. 
  
 Section 16.03. Expenses. Except as
otherwise provided herein, each of the parties hereto shall pay its own expenses in connection with this Agreement and the transactions contemplated hereby, including without limitation, any legal fees, accounting fees and any broker or finder fees.

  
 Section 16.04. Utilities Proration. With respect
to each Location, Purchaser shall be solely responsible for all utility charges with respect to the Business on and after the Transfer Date. Seller shall use commercially reasonable efforts to have meters for electricity, telephone, gas and water
read as of the close of business on the day before the 

  

 -47- 

 
Transfer Date or the opening of business on the Transfer Date and for bills to be rendered to Seller based upon such readings. To the extent such meter
readings are not used as the basis for calculating all such charges, the electricity, telephone, gas and water utility charges shall be pro-rated as of the opening of business on the Transfer Date between Seller and Purchaser (based upon the number
of days in applicable pre-Closing and post-Closing periods.) 
  
 Section 16.05. Risk of Loss. Any loss or damage to the Acquired Assets from fire, theft or other casualty or cause, reasonable wear and tear excepted, prior to the Closing, shall be the responsibility of Seller. 
  
 Section 16.06. Reasonable Efforts: Cooperation. Subject to the
terms and conditions of this Agreement, each party will use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under applicable Laws and regulations to
consummate the transactions contemplated by this Agreement. The parties each agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be necessary or desirable in order to
consummate or implement expeditiously the transactions contemplated by this Agreement, and from time to time, upon the request of the other party to this Agreement and without further consideration, to execute, acknowledge and deliver in proper form
any further instruments, and take such other action as the other party may reasonably require, in order to effectively carry out the intent of this Agreement. 
  

Section 16.07. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission if sent via facsimile transmission to the facsimile number given below, provided that
telephonic confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after delivery to a nationally recognized overnight courier service or the Express Mail service maintained by the United States Postal
Service, or (d) on the fifth (5th) day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid and addressed as follows: 
  
 If to Company or Shareholder, to: 
  
 Gas ‘N Shop, Inc 
 Attention: Tom Vik 
 701 Marina Bay Place 
 Lincoln NE 68528 
  

 -48- 

 Tel. No. (402) 475-1101 ext. 
 Fax No. 
 Email address: tomvik@gasnshop.com 
  
 With a copy to: 
  
 William E. Pfeiffer 
 Raynor, Rensch & Pfeiffer 
 10110 Nicholas Street, Suite 102 
 Omaha, NE 68114 
  
 Tel. No. (402) 498-4400 
 Fax No.
(402) 498-0339 
 Email address: jraynor@rrplawyers.com 
  
 If to Purchaser, to: 
  
 Casey’s Retail Company 
 Eli J. Wirtz, Sec./Treas. 
 P.O. Box 3001 
 One Convenience Boulevard 
 Ankeny, Iowa 50021-8045 
  
 Tel. No. 515-965-6501

 Fax. No. 515-965-6160 
 Email Address: legal@caseys.com

  
 with a copy to: 
  
 John D. Hintze 
 Ahlers & Cooney, P.C.

 100 Court Ave., Ste. 600 
 Des Moines, IA 50309 
  
 Tel. No. 515-246-0309 
 Fax. No. 515-243-2149 
 Email Address: JHintze@ahlerslaw.com 
  
 Notwithstanding anything herein to the contrary, notice shall be supplemented by an email
with the required content. Any party may change its address for the purpose of this Section 16.07 by giving the other parties written notice of its new address in the manner set forth above. 
  

 -49- 

 Section 16.08. Headings. The article, section and paragraph headings in this Agreement are
for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
  
 Section 16.09. Construction. 
  
 (a) The parties have participated jointly in the negotiation and drafting of this Agreement, and, in the event of an ambiguity or a question of intent or
a need for interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this
Agreement. 
  
 (b) Except as otherwise specifically provided in
this Agreement (such as by “sole,” “absolute discretion,” “complete discretion”, or words of similar import), if any provision of this Agreement requires or provides for the consent, waiver or approval of a party, such
consent, waiver and/or approval shall not be unreasonably withheld or delayed. 
  
 (c) (i) Nothing in the schedules and/or exhibits to this Agreement shall be deemed adequate to disclose an exception to a representation or warranty made herein unless the schedule or exhibit identifies the
exception with particularity and describes the relevant facts in reasonable detail. 
  
 (ii) The parties intend that each representation, warranty, and covenant herein shall have independent significance. If any party has
breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty, or covenant relating to the same subject matter (regardless of the relative levels of specificity) which
the party has not breached shall not detract from or mitigate the fact that the party is in breach of the first representation, warranty, or covenant, as the case may be. 
  
 (d) (i) Words of any gender used in this Agreement shall be held and construed to include any other gender; words in
the singular shall be held to include the plural; and words in the plural shall be held to include the singular; unless and only to the extent the context indicates otherwise. 
  
 (ii) Any reference to any Law shall be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise. 
  
 (iii) The word “including” means “including, without limitation.” 
  
 Section 16.10. Severability. If any provision of this Agreement is declared by any Governmental Entity to be null, void or unenforceable, this Agreement shall be construed so that the provision at issue
shall survive to the extent it is not so declared and that all of the other provisions of this Agreement shall remain in full force and effect. 
  
 Section 16.11. Entire Agreement. This Agreement contains the entire understanding among the parties hereto with respect to the transactions
contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and 

  

 -50- 

 
understandings, oral or written, with regard to those transactions. All exhibits and schedules hereto are expressly made a part of this Agreement as fully as
though completely set forth herein. 
  
 Section 16.12.
Amendments; Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a
waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation or warranty contained in this Agreement, in any one or more instances, shall not be deemed to be or
construed as a further or continuing waiver of any condition or of the breach of any other provision, term, covenant, representation or warranty of this Agreement. 
  
 Section 16.13. Parties in Interest. Nothing in this Agreement is intended to confer any rights or remedies under
or by reason of this Agreement on any Person other than Seller and Purchaser and their respective successors and permitted assigns. 
  
 Section 16.14. Successors and Assigns. No party hereto shall assign or delegate this Agreement or any rights or obligations hereunder without
the prior written consent of the other parties hereto, and any attempted assignment or delegation without prior written consent shall be void and of no force or effect; provided, however, Purchaser may, without consent, assign all its rights and
delegate its obligations hereunder to a subsidiary of Purchaser or to a corporation under direct or indirect common control with Purchaser. This Agreement shall inure to the benefit of and shall be binding upon the successors and permitted assigns
of the parties hereto. 
  
 Section 16.15. Governing Law;
Jurisdiction. This Agreement shall be construed and enforced in accordance with, and governed by, the Laws of the State of Nebraska (without giving effect to the principles of conflicts of laws thereof). If for any reason whatsoever any dispute
that is not subject to Nebraska law than neither party shall be entitled to or subjected to (and each party waives any entitlement to) punitive and exemplary damages regardless of the nature of a parties conduct. The parties agree to submit any
disputes regarding the transaction contemplated by this Agreement exclusively to the courts located in Lincoln, Nebraska. The parties agree to waive any and all defenses to personal jurisdiction and/or venue. 
  
 Section 16.16. Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which shall together constitute the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have executed, or caused to be executed by their duly authorized representatives, this Agreement as of the date
first above written. 
  

 -51- 

									
	 “SELLER”
	 	 	 	 “PURCHASER”

	 Gas ‘N Shop, Inc.
	 	 	 	 Casey’s Retail Company

					
	By:	 	/s/    LARRY W. COFFEY        	 	 	 	By:	 	/s/    TERRY W. HANDLEY        
	 Print Name:
	 	Larry W. Coffey	 	 	 	 Printed Name:
	 	Terry W. Handley
	 Its:
	 	President	 	 	 	 Its:
	 	President
			
	 	 	 	 	 “SHAREHOLDER”

				
	 	 	 	 	 	 	/s/    LARRY W.
COFFEY        
	 	 	 	 	 	 	Larry W. Coffey

  

 -52- 

  
 LIST OF SCHEDULES AND
EXHIBITS 
  
 SCHEDULES 
  

			
	1-A	  	Assigned Contracts
	2.01	  	Acquired Assets
	2.02	  	Encumbrances
	2.04	  	Assumed Liabilities
	3.02	  	Allocation of Purchase Price
	3.03	  	Inventory excluded from the transaction
	5.01	  	Real Property
	5.10	  	Automatic Teller Machines
	5.12	  	Purchaser’s Option to Buy Stores Nos. 48 and 51
	5.14(a)	  	Equipment and Machinery
	5.14(c)	  	Equipment Subject to a Lease or Other Contract
	6.01(a)	  	Hazardous Material
	6.01(b)	  	Existing Incidences of Non-Compliance with Environmental rules, Investigations, Actions Pending
	6.01(j)	  	Environmental Histories
	7.04	  	Consents and Approvals
	7.06	  	Absence of Certain Changes or Events
	7.08	  	Undisclosed Liabilities
	7.09	  	Intellectual Property
	7.10	  	Employee Benefit Plans
	7.10(a)	  	Company’s Plans and Benefit Obligations
	7.10(e)	  	Multi-Employer Plans
	7.11	  	Employment Contracts
	7.11(a)	  	Collective Bargaining Agreements
	7.11(b)	  	Labor Strikes, lockouts, disputes
	7.11(f)	  	Severance Agreements
	7.12	  	Licenses and Permits
	7.13	  	Insurance Policies
	7.14	  	Contracts and Commitments
	7.15	  	Suppliers
	7.16	  	Compliance with Law
	7.17	  	Litigation
	7.18	  	Acquired Assets not in compliance with contract
	7.19	  	Certain Business Practices in violation of legal requirements

  

 -53- 

 EXHIBITS 
  

			
	  3.07    	 	Form of Lease
		
	  4.01(b)	 	Form of Warranty Deed
		
	  4.02(a)	 	Form of Bill of sale
		
	  4.02(d)	 	Leases between Shareholder and Purchaser
		
	  4.02(e)	 	Assignment Agreement
		
	  4.02(k)	 	Form of Non-Competition Agreement
		
	  6.02    	 	Environmental Response and Indemnification Agreement
		
	13.07    	 	Non-Competition Agreement

  

 -54-

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