Document:

EX-4.2

 Exhibit 4.2 
 EXECUTION VERSION 
  
  

REGISTRATION RIGHTS AGREEMENT 
 Dated as of August 1, 2013 
 Among 

TESORO LOGISTICS LP, 
 TESORO LOGISTICS FINANCE CORP., 
 THE GUARANTORS LISTED ON SCHEDULE I HERETO

 and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 As Representative for the Initial Purchasers 
 6.125% Senior Notes due 2021

  
  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of August 1, 2013, among TESORO LOGISTICS LP, a
limited partnership organized under the laws of Delaware (the “Partnership”), TESORO LOGISTICS FINANCE CORP., a Delaware corporation (together with the Partnership, the “Issuers”), the guarantors of the Senior Notes
(as defined below) listed on Schedule I hereto (the “Guarantors”) and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED as the representative (the “Representative”) of the several initial purchasers
(the “Initial Purchasers”) named on Schedule I to the Purchase Agreement (as defined below). 
 This
Agreement is entered into in connection with the Purchase Agreement, dated July 29, 2013 (the “Purchase Agreement”), by and among the Issuers, the Guarantors and the Representative, which provides for, among other things, the
sale by the Issuers to the Initial Purchasers of $550,000,000 aggregate principal amount of their 6.125% Senior Notes due 2021 (the “Senior Notes”), which will be guaranteed by the Guarantors. Pursuant to the Purchase Agreement and
the Indenture (as defined below), the Guarantors are required to guarantee (collectively, the “Guarantees”) the Issuers’ obligations under the Senior Notes and the Indenture. References to the “Securities”
shall mean one or more Senior Notes and the Guarantees thereof. In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth in this Agreement for the benefit of
the Initial Purchasers and any subsequent holder or holders of the Securities. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligations under the Purchase Agreement. 

The parties hereby agree as follows: 
 1. Definitions 
 As used in this Agreement, the following
terms shall have the following meanings: 
 Additional Interest: See Section 5(a) hereof. 

Advice: See the last paragraph of Section 6 hereof. 

Agreement: See the introductory paragraphs hereto. 

Applicable Period: See Section 2(b) hereof. 

Business Day: Shall have the meaning ascribed to such term in Rule 14d-1 under the Exchange Act. 

Effectiveness Date: With respect to any Shelf Registration Statement, the 90th day after the Filing Date with respect thereto; provided,
however, that if the Effectiveness Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding Business Day. 

Effectiveness Period: See Section 3(a) hereof. 

 Event Date: See Section 5(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 Exchange Notes: See Section 2(a) hereof. 

Exchange Offer: See Section 2(a) hereof. 

Exchange Offer Registration Statement: See Section 2(a) hereof. 

Exchange Securities: See Section 2(a) hereof. 

Filing Date: The 90th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof; provided,
however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 

FINRA: See Section 6(r) hereof. 

Guarantees: See the introductory paragraphs hereto. 

Guarantors: See the introductory paragraphs hereto. 

Holder: Any holder of a Registrable Security or Registrable Securities. 

Indenture: The indenture, dated as of the date hereof, among the Issuers, the Guarantors and U.S. Bank National
Association, as trustee, pursuant to which the Senior Notes are being issued (the “Indenture”), as amended or supplemented from time to time in accordance with the terms thereof. 

Information: See Section 6(n) hereof. 

Initial Purchasers: See the introductory paragraphs hereto. 

Initial Shelf Registration: See Section 3(a) hereof. 

Inspectors: See Section 6(n) hereof. 

Issue Date: August 1, 2013, the date of original issuance of the Senior Notes. 

Issuers: See the introductory paragraphs hereto. 

New Guarantees: See Section 2(a) hereof. 

Participant: See Section 8(a) hereof. 

Participating Broker-Dealer: See Section 2(b) hereof. 

  
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 Person: An individual, trustee, corporation, partnership, limited
liability company, joint stock company, trust, unincorporated association, union, business association, firm or other legal entity. 
 Private Exchange: See Section 2(b) hereof. 
 Private
Exchange Notes: See Section 2(b) hereof. 
 Prospectus: The prospectus included in any
Registration Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon
Rule 430A and Rule 430C under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the introductory
paragraphs hereof. 
 Records: See Section 6(n) hereof. 

Registrable Securities: Each Security upon its original issuance and at all times subsequent thereto, each Exchange
Security as to which Section 2(d)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note (and the related Guarantees) upon original issuance thereof and at all times subsequent
thereto, until, in each case, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Securities as to which Section 2(d)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering
such Security, Exchange Security or Private Exchange Note (and the related Guarantees) has been declared effective by the SEC and such Security, Exchange Security or such Private Exchange Note (and the related Guarantees), as the case may be, has
been disposed of in accordance with such effective Registration Statement, (ii) such Security has been exchanged pursuant to the Exchange Offer for an Exchange Security or Exchange Securities that may be resold without restriction under state
and federal securities laws or (iii) such Security, Exchange Security or Private Exchange Note (and the related Guarantees), as the case may be, ceases to be outstanding for purposes of the Indenture. 

Registration Statement: Any registration statement of the Issuers that covers any of the Securities, the Exchange
Securities or the Private Exchange Notes (and the related Guarantees) filed with the SEC under the Securities Act, including, in each case, the Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 Rule 144: Rule 144 under the Securities Act. 
 Rule
144A: Rule 144A under the Securities Act. 

  
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 Rule 405: Rule 405 under the Securities Act. 

Rule 415: Rule 415 under the Securities Act. 

Rule 424: Rule 424 under the Securities Act. 

SEC: The U.S. Securities and Exchange Commission. 

Securities: See the introductory paragraphs hereto. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 Senior Notes: See the introductory paragraphs hereto. 

Shelf Notice: See Section 2(c) hereof. 

Shelf Registration: See Section 3(b) hereof. 

Shelf Registration Statement: Any Registration Statement relating to a Shelf Registration. 

Shelf Suspension Period: See Section 3(a) hereof. 

Subsequent Shelf Registration: See Section 3(b) hereof. 

TIA: The Trust Indenture Act of 1939, as amended. 

Trustee: (i) The trustee under the Indenture and (ii) the trustee under any indenture(s) (if different)
governing the Exchange Securities and Private Exchange Notes (and the related Guarantees). 
 Underwritten
registration or underwritten offering: A registration in which securities of the Issuers are sold to an underwriter for reoffering to the public. 
 Except as otherwise specifically provided, all references in this Agreement to acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively,
“Regulatory Requirements”) shall be deemed to refer also to any amendments thereto and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule
144 shall not be deemed to amend or replace Rule 144A. 
 2. Exchange Offer 

(a) Unless the Exchange Offer would violate applicable law or any applicable interpretation of the staff of the SEC, the
Issuers and the Guarantors shall use commercially reasonable efforts to file with the SEC a Registration Statement (the “Exchange Offer Registration Statement”) on an appropriate registration form with respect to a registered offer
(the “Exchange Offer”) to exchange any and all of the 

  
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Registrable Securities for a like aggregate principal amount of debt securities of the Issuers (the “Exchange Notes”), guaranteed, to the extent applicable, on an unsecured
senior basis by the Guarantors (the “New Guarantees” and, together with the Exchange Notes, the “Exchange Securities”), that are identical in all material respects to the Senior Notes except that (i) the
Exchange Notes shall contain no restrictive legend thereon, (ii) interest thereon shall accrue from the last date on which interest was paid on the Senior Notes or, if no such interest has been paid, from the Issue Date and (iii) the
Exchange Securities shall be entitled to the benefits of the Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary
to comply with the TIA) and which, in either case, has been qualified under the TIA. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws. The Issuers and the
Guarantors shall use commercially reasonable efforts to (x) prepare and file with the SEC the Exchange Offer Registration Statement with respect to the Exchange Offer; (y) keep the Exchange Offer open for at least 20 Business Days (or
longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to the 365th day following the Issue Date. 
 Each Holder (including, without limitation, each Participating Broker-Dealer) that participates in the Exchange Offer, as a condition to participation in the Exchange Offer, will be required to represent
to the Issuers in writing (which may be contained in the applicable letter of transmittal) that: (i) any Exchange Securities acquired in exchange for Registrable Securities tendered are being acquired in the ordinary course of business of the
Person receiving such Exchange Securities, whether or not such recipient is such Holder itself; (ii) at the time of the commencement or consummation of the Exchange Offer neither such Holder nor, to the actual knowledge of such Holder, any
other Person receiving Exchange Securities from such Holder has an arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions
of the Securities Act; (iii) neither the Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Securities from such Holder is an “affiliate” (as defined in Rule 405) of an Issuer or, if it is an
affiliate of an Issuer, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable and will provide information to be included in the Shelf Registration Statement in accordance with
Section 6 hereof in order to have their Securities included in the Shelf Registration Statement and benefit from the provisions regarding Additional Interest in Section 5 hereof; (iv) if such Holder is not a broker-dealer, neither
such Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Securities from such Holder is engaging in or intends to engage in a distribution of the Exchange Securities; and (v) if such Holder is a Participating
Broker-Dealer, such Holder has acquired the Registrable Securities for its own account in exchange for Securities that were acquired as a result of market-making activities or other trading activities and that it will comply with the applicable
provisions of the Securities Act (including, but not limited to, the prospectus delivery requirements thereunder). 

  
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 Upon consummation of the Exchange Offer in accordance with this
Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Securities that are Private Exchange Notes (and the related Guarantees), Exchange Securities as to which
Section 2(c)(iv) is applicable and Exchange Securities held by Participating Broker-Dealers, and the Issuers shall have no further obligation to register Registrable Securities (other than Private Exchange Notes (and the related Guarantees) and
Exchange Securities as to which clause 2(d)(iv) hereof applies) pursuant to Section 3 hereof. 
 (b) The
Issuers shall include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” which shall contain a summary statement of the positions taken or policies made by the staff of
the SEC with respect to the potential “underwriter” status of any broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange
Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such
“Plan of Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Participating Broker-Dealers, and include a statement describing the
means by which Participating Broker-Dealers may resell the Exchange Securities in compliance with the Securities Act. 
 The Issuers and the Guarantors shall use commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein in order
to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the
Exchange Securities; provided, however, that such period shall not be required to exceed 90 days, such longer period if extended pursuant to the last paragraph of Section 6 hereof (the “Applicable Period”).

 If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Senior Notes acquired by them
that have the status of an unsold allotment in the initial distribution, the Issuers, upon the request of the Initial Purchasers, shall simultaneously with the delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in exchange
(the “Private Exchange”) for such Senior Notes held by any such Holder, a like principal amount of notes (the “Private Exchange Notes”) of the Issuers, guaranteed by the Guarantors, that are identical in all
material respects to the Exchange Notes except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number
as the Exchange Notes if permitted by the CUSIP Service Bureau. 
 In connection with the Exchange Offer, the
Issuers shall: 
 (1) mail, or cause to be mailed, to each Holder of record entitled to participate in the
Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

  
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 (2) use their respective reasonable best efforts to keep the Exchange Offer
open for at least 20 Business Days from the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable law); 
 (3) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York or in Wilmington, Delaware; 

(4) permit Holders to withdraw tendered Senior Notes at any time prior to the close of business, New York time, on the
last Business Day on which the Exchange Offer remains open; and 
 (5) otherwise comply in all material respects
with all laws, rules and regulations applicable to the Exchange Offer. 
 As soon as practicable after the close
of the Exchange Offer and any Private Exchange, the Issuers shall: 
 (1) accept for exchange all Registrable
Securities validly tendered and not validly withdrawn pursuant to the Exchange Offer and any Private Exchange; 

(2) deliver to the applicable Trustee for cancellation all Registrable Securities so accepted for exchange; and

 (3) cause the applicable Trustee to authenticate and deliver promptly to each Holder of Senior Notes, Exchange
Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Senior Notes of such Holder so accepted for exchange; provided that, in the case of any Senior Notes held in global form by a depositary, authentication and
delivery to such depositary of one or more replacement Senior Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement.

 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that
(i) the Exchange Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the SEC; (ii) no action or proceeding shall have been instituted or threatened in any court or
by any governmental agency which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect
to the Issuers; and (iii) all governmental approvals shall have been obtained, which approvals the Issuers deem necessary for the consummation of the Exchange Offer or Private Exchange. 

(c) The Exchange Securities and the Private Exchange Notes (and related guarantees) shall be issued under (i) the
Indenture or (ii) an indenture identical in all material respects to the Indenture and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that the Exchange Securities

  
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shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Senior
Notes outstanding shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Senior Notes outstanding will have the right to vote or consent as a separate class on any matter.

 (d) If, (i) because of any change in law or in currently prevailing interpretations of the staff of the
SEC, the Issuers are not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated within 365 days of the Issue Date, (iii) any holder of Private Exchange Notes so requests in writing to the Issuers at any time
within 30 days after the consummation of the Exchange Offer, or (iv) in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Securities on the date of the exchange that may be sold without
restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of the Issuers within the meaning of the Securities Act) and so notifies the Issuers within 30 days after such Holder first
becomes aware of such restrictions, in the case of each of clauses (i) to and including (iv) of this sentence, then the Issuers shall promptly deliver to the applicable Trustee (to deliver to the Holders) written notice thereof (the
“Shelf Notice”) and shall file a Shelf Registration pursuant to Section 3 hereof. 
 3. Shelf
Registration 
 If at any time a Shelf Notice is delivered as contemplated by Section 2(d) hereof, then:

 (a) Shelf Registration. The Issuers shall promptly file with the SEC a Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Securities (the “Initial Shelf Registration”). The Issuers and the Guarantors shall use reasonable best efforts to file with the SEC the
Initial Shelf Registration on or prior to the Filing Date. The Initial Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Securities for resale by Holders in the manner or manners
designated by them (including, without limitation, one or more underwritten offerings). 
 The Issuers and the
Guarantors shall use commercially reasonable efforts to cause the Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Initial Shelf Registration continuously effective under the
Securities Act until the earliest of (i) two years after the Issue Date, (ii) such shorter period ending when all Registrable Securities covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated
in the Initial Shelf Registration or, if applicable, a Subsequent Shelf Registration or (iii) the date upon which all Registrable Securities are resold to the public pursuant to Rule 144 (the “Effectiveness Period”);
provided, however, that the Effectiveness Period in respect of the Initial Shelf Registration shall be extended to the extent required to permit dealers to comply with the 

  
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applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein. Notwithstanding anything to the contrary in this Agreement, at any time, the
Issuers may delay the filing of any Initial Shelf Registration Statement or delay or suspend the effectiveness thereof, for a reasonable period of time, but not in excess of 60 consecutive days or more than three (3) times during any calendar
year (each, a “Shelf Suspension Period”), if the Boards of Directors of the Issuers determine reasonably and in good faith that the filing of any such Initial Shelf Registration Statement or the continuing effectiveness thereof
would require the disclosure of non-public material information that, in the reasonable judgment of the Boards of Directors of the Issuers, would be detrimental to the Issuers if so disclosed or would otherwise materially adversely affect a
financing, acquisition, disposition, merger or other material transaction or such action is required by applicable law. 
 (b) Withdrawal of Stop Orders; Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases to be effective for any reason at any time during the
Effectiveness Period (other than because of the sale of all of the Securities registered thereunder), the Issuers and the Guarantors shall use commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness
thereof, and in any event shall file an additional Shelf Registration Statement pursuant to Rule 415 covering all of the Registrable Securities covered by and not sold under the Initial Shelf Registration or an earlier Subsequent Shelf Registration
(each, a “Subsequent Shelf Registration”). If a Subsequent Shelf Registration is filed, the Issuers shall use commercially reasonable efforts to cause the Subsequent Shelf Registration to be declared effective under the Securities
Act as soon as practicable after such filing and to keep such subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf
Registration or any Subsequent Shelf Registration was previously continuously effective. As used herein the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration. 

(c) Supplements and Amendments. The Issuers shall promptly supplement and amend the Shelf Registration if required
by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate principal amount of the
Registrable Securities (or their counsel) covered by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or, if reasonably requested by any underwriter of such Registrable
Securities, with respect to the information included therein with respect to such underwriter. 

  
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 4. [Reserved]. 
 5. Additional Interest 
 (a) The
Issuers, the Guarantors and the Initial Purchasers agree that the Holders will suffer damages if the Issuers or the Guarantors fail to fulfill their respective obligations under Section 2 or Section 3 hereof and that it would not be
feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers and the Guarantors agree to pay, jointly and severally, as liquidated damages, additional interest on the Senior Notes (“Additional Interest”)
if (A) the Issuers have neither (i) exchanged Exchange Securities for all Securities validly tendered in accordance with the terms of the Exchange Offer nor (ii) had a Shelf Registration Statement declared effective, in either case on
or prior to the 365th day after the Issue Date,
(B) notwithstanding clause (A), the Issuers are required to file a Shelf Registration Statement and such Shelf Registration Statement is not declared effective on or prior to the 365th day after the date such Shelf Registration Statement filing was requested or required or (C), if applicable, a Shelf
Registration has been declared effective and such Shelf Registration ceases to be effective at any time during the Effectiveness Period (other than because of the sale of all of the Securities registered thereunder), then Additional Interest shall
accrue on the principal amount of the Senior Notes at a rate of 0.25% per annum (which rate will be increased by an additional 0.25% per annum for each subsequent 90-day period that elapses, provided that the aggregate increase in
such annual interest rate may in no event exceed 1.00% per annum) (such Additional Interest to be calculated by the Issuers) commencing on the (x) 366th day after the Issue Date, in the case of (A) above, (y) the 366th day after the date such Shelf Registration Statement filing was
requested or required in the case of (B) above or (z) the day such Shelf Registration ceases to be effective in the case of (C) above; provided, however, that upon the exchange of the Exchange Securities for all
Securities tendered (in the case of clause (A) of this Section 5), upon the effectiveness of the applicable Shelf Registration Statement (in the case of (B) of this Section 5), or upon the effectiveness of the applicable Shelf
Registration Statement which had ceased to remain effective (in the case of (C) of this Section 5), Additional Interest on the Senior Notes in respect of which such events relate as a result of such clause (or the relevant subclause
thereof), as the case may be, shall cease to accrue. Notwithstanding any other provisions of this Section 5, the Issuers shall not be obligated to pay Additional Interest provided in Section 5(a)(B) during a Shelf Suspension Period
permitted by Section 3(a) hereof; provided, that no Additional Interest shall accrue on the Senior Notes following the second anniversary of the Issue Date. 

(b) The Issuers shall notify the applicable Trustee within one business day after each and every date on which an event
occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant to (a) of this Section 5 will be payable in cash semiannually on the payment dates
stated in the Indenture (to the holders of record on the record dates stated in the Indenture immediately preceding such dates), commencing with the first such date occurring after any such Additional Interest commences to accrue. The amount of
Additional Interest will be determined by the Issuers by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Securities, multiplied 

  
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by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360 day year comprised of twelve 30 day
months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 
 6.
Registration Procedures 
 In connection with the filing of any Registration Statement pursuant to
Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any
Registration Statement filed by the Issuers hereunder the Issuers and the Guarantors shall: 
 (a) Prepare and
file with the SEC (prior to the applicable Filing Date in the case of a Shelf Registration), a Registration Statement or Registration Statements as prescribed by Section 2 or 3 hereof, and use reasonable best efforts to cause each such
Registration Statement to become effective and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period relating thereto from whom the
Issuers have received prior written notice that it will be a Participating Broker-Dealer in the Exchange Offer, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford
counsel for the Holders of the Registrable Securities covered by such Registration Statement (with respect to a Registration Statement filed pursuant to Section 3 hereof) or counsel for such Participating Broker-Dealer (with respect to any such
Registration Statement), as the case may be, and counsel to the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all
exhibits thereto) proposed to be filed (in each case at least three business days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in
aggregate principal amount of the Registrable Securities covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object. 

(b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement or
Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period, the Applicable Period or until consummation of the Exchange Offer, as the case
may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424; and comply with the provisions of the Securities Act and the Exchange Act
applicable to it with respect to the disposition of all securities covered by such Registration 

  
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Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by an Participating Broker-Dealer covered by any such
Prospectus in all material respects. The Issuers and the Guarantors shall be deemed not to have used reasonable best efforts to keep a Registration Statement effective if they voluntarily take any action that is reasonably expected to result in
selling Holders of the Registrable Securities covered thereby or Participating Broker-Dealers seeking to sell Exchange Securities not being able to sell such Registrable Securities or such Exchange Securities during that period unless such action is
required by applicable law or permitted by this Agreement. 
 (c) If (1) a Shelf Registration is filed
pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Securities during the Applicable Period relating thereto from whom the Issuers have received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable
Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing
underwriters, if any, promptly (but in any event within three Business Days), and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed copy of
such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending
the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the
Securities Act to be delivered in connection with sales of the Registrable Securities or resales of Exchange Securities by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any
underwriting agreement) contemplated by Section 6(m) hereof cease to be true and correct, (iv) of the receipt by the Issuers of any notification with respect to the suspension of the qualification or exemption from qualification of a
Registration Statement or any of the Registrable Securities or the Exchange Securities to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose,
(v) of the happening of any event, the existence of any condition or any information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or 

  
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documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuers’ determination that a post-effective amendment to a Registration Statement would be appropriate. 

(d) Use reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration
Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Securities or the Exchange Securities to be sold by any Participating
Broker-Dealer, for sale in any jurisdiction. 
 (e) If a Shelf Registration is filed pursuant to Section 3
and if requested during the Effectiveness Period by the managing underwriter or underwriters (if any) or the Holders of a majority in aggregate principal amount of the Registrable Securities being sold in connection with an underwritten offering,
(i) as promptly as practicable incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or counsel for either of them reasonably request to be
included therein, (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Issuers have received notification of the matters to be incorporated in such prospectus supplement
or post-effective amendment, and (iii) supplement or make amendments to such Registration Statement. 
 (f)
If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act
by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, furnish to each selling Holder of Registrable Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof) and to
each such Participating Broker-Dealer who so requests (with respect to any such Registration Statement) and to their respective counsel and each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration
Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits.

 (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during

  
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the Applicable Period, deliver to each selling Holder of Registrable Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case may be, their respective counsel, and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses (including each form of
preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 6, the Issuers hereby consent to the
use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Securities or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in
connection with the offering and sale of the Registrable Securities covered by, or the sale by Participating Broker-Dealers of the Exchange Securities pursuant to, such Prospectus and any amendment or supplement thereto. 

(h) Prior to any public offering of Registrable Securities or any delivery of a Prospectus contained in the Exchange Offer
Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, use reasonable best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Securities or
each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of
such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in
writing; provided, however, that where Exchange Securities held by Participating Broker-Dealers or Registrable Securities are offered other than through an underwritten offering, the Issuers agree to cause their counsel to perform Blue
Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 6(h), keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is
required to be kept effective and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Exchange Securities held by Participating Broker-Dealers or the Registrable Securities covered by the
applicable Registration Statement; provided, however, that the Issuers shall not be required to (A) qualify generally to do business in any jurisdiction where they are not then so qualified, (B) take any action that would
subject them to general service of process in any such jurisdiction where they are not then so subject or (C) subject themselves to taxation in excess of a nominal dollar amount in any such jurisdiction where they are not then so subject.

  
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 (i) If a Shelf Registration is filed pursuant to Section 3 hereof,
cooperate with the selling Holders of Registrable Securities and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates
shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Securities to be in such denominations (subject to applicable requirements contained in the Indenture)
and registered in such names as the managing underwriter or underwriters, if any, or Holders may request. 
 (j)
Use reasonable best efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved by such other U.S. governmental agencies or authorities as may be necessary to enable the seller or sellers
thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers will
cooperate in all respects with the filing of such Registration Statement and the granting of such approvals. 

(k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, upon the
occurrence of any event contemplated by paragraph 6(c)(v) or 6(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 6(a) hereof) file with the SEC, at the sole expense of the Issuers, a supplement or post-effective
amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities
being sold thereunder (with respect to a Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of the Exchange Securities to whom such Prospectus will be delivered by a Participating Broker-Dealer (with respect to any
such Registration Statement), any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. 
 (l) Prior to the effective date of the first Registration
Statement relating to the Registrable Securities, (i) provide the applicable Trustee with certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the
Registrable Securities. 
 (m) In connection with any underwritten offering of Registrable Securities pursuant to
a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Securities (including, without limitation, a customary condition to the obligations of the underwriters that the
underwriters shall have received “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to 

  
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the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public accountants of the Issuers, or
of any business acquired by the Issuers, for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such letters to be in
customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Securities), and take all such other actions as are reasonably
requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Securities and, in such connection, (i) make such representations and warranties to, and covenants
with, the underwriters with respect to the business of the Issuers (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by
reference therein, in each case, as are customarily made by Issuers to underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when requested; (ii) obtain the written opinions
of counsel to the Issuers, and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions reasonably
requested in underwritten offerings; and (iii) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the sellers and underwriters, if any, than those set forth in
Section 8 hereof (or such other provisions and procedures reasonably acceptable to Holders of a majority in aggregate principal amount of Registrable Securities covered by such Registration Statement and the managing underwriter or underwriters
or agents, if any). The above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, make available for inspection by any Initial Purchaser, any selling Holder of such Registrable
Securities being sold (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Securities,
if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, or underwriter (any such Initial Purchasers,
Holders, Participating Broker-Dealers, underwriters, attorneys, accountants or agents, collectively, the “Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent
financial and other records, pertinent corporate documents and instruments of the Issuers and subsidiaries of the Issuers (collectively, the “Records”), as shall be reasonably necessary to

  
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enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuers and any of its subsidiaries to supply all information
(“Information”) reasonably requested by any such Inspector in connection with such due diligence responsibilities. Each Inspector shall agree in writing that it will keep the Records and Information confidential, to use the
Information only for due diligence purposes, to abstain from using the Information as the basis for any market transactions in Securities of the Issuers and that it will not disclose any of the Records or Information that the Issuers determine, in
good faith, to be confidential and notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records or Information is necessary to avoid or correct a misstatement or omission in such Registration Statement or
Prospectus, (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such Records or Information is necessary or advisable, in the opinion
of counsel for any Inspector, in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving this Agreement or the
Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records or Information has been made generally available to the public other than by an Inspector or an
“affiliate” (as defined in Rule 405) thereof; provided, however, that prior notice shall be provided as soon as practicable to the Issuers of the potential disclosure of any information by such Inspector pursuant to clauses
(i) or (ii) of this sentence to permit the Issuers to obtain a protective order (or waive the provisions of this paragraph (o)) and that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of
such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 

(o) Provide an indenture trustee for the Registrable Securities or the Exchange Securities, as the case may be, and cause
the Indenture or the trust indentures provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first Registration Statement relating to the Registrable Securities; and in
connection therewith, cooperate with the trustee under any such indentures and the Holders of the Registrable Securities, to effect such changes (if any) to such indentures as may be required for such indentures to be so qualified in accordance with
the terms of the TIA; and execute, and use its commercially reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to
enable such indenture to be so qualified in a timely manner. 
 (p) Comply in all material respects with all
applicable rules and regulations of the SEC and make generally available to its securityholders with regard to any applicable Registration Statement, a consolidated earning statement satisfying the provisions of Section 11(a) of the Securities
Act and Rule 158 

  
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thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any fiscal quarter (or 90 days after the end of any 12-month period if such period is
a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering,
commencing on the first day of the first fiscal quarter of the Partnership, after the effective date of a Registration Statement, which statements shall cover said 12-month periods; provided that this requirement shall be deemed satisfied by
the Issuers complying with Section 4.03 of the Indenture. 
 (q) Upon consummation of the Exchange Offer or
a Private Exchange, obtain an opinion of counsel to the Issuers, in a form customary for underwritten transactions, addressed to the applicable Trustee for the benefit of all Holders of Registrable Securities participating in the Exchange Offer or
the Private Exchange, as the case may be, that the Exchange Securities or Private Exchange Notes (and the related Guarantees), as the case may be, the related guarantee and the related indenture constitute legal, valid and binding obligations of the
Issuers and the Guarantors, as applicable, enforceable against the Issuers and the Guarantors, as applicable, in accordance with their respective terms, subject to customary exceptions and qualifications. If the Exchange Offer or a Private Exchange
is to be consummated, upon delivery of the Registrable Securities by Holders to the Issuers (or to such other Person as directed by the Issuers), in exchange for the Exchange Securities or the Private Exchange Notes (and the related Guarantees), as
the case may be, the Issuers shall mark, or cause to be marked, on such Registrable Securities that such Registrable Securities are being cancelled in exchange for the Exchange Securities or the Private Exchange Notes (and the related Guarantees),
as the case may be; in no event shall such Registrable Securities be marked as paid or otherwise satisfied. 

(r) Use reasonable efforts to cooperate with each seller of Registrable Securities covered by any Registration Statement
and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority Inc.
(“FINRA”). 
 (s) Use reasonable best efforts to take all other steps reasonably necessary to
effect the registration of the Exchange Securities and/or Registrable Securities covered by a Registration Statement contemplated hereby. 
 The Issuers may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Issuers such information regarding such seller and the distribution of such
Registrable Securities as the Issuers may, from time to time, reasonably request. The Issuers may exclude from such registration the Registrable Securities of any seller so long as such seller fails to furnish such information within a reasonable
time after receiving such request. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the
Issuers by such seller not materially misleading. 

  
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 If any such Registration Statement refers to any Holder by name or otherwise
as the holder of any securities of the Issuers, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder
of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements
of the Issuers, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or
supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
 Each Holder of Registrable Securities and each Participating Broker-Dealer agrees by its acquisition of such Registrable Securities or Exchange Securities to be sold by such Participating Broker-Dealer,
as the case may be, that, upon actual receipt of any notice from the Issuers of the happening of any event of the kind described in Section 6(c)(ii), 6(c)(iv), 6(c)(v), or 6(c)(vi) hereof, such Holder will forthwith discontinue disposition of
such Registrable Securities covered by such Registration Statement or Prospectus or Exchange Securities to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(k) hereof, or until it is advised in writing (the “Advice”) by the Issuers that the use of the applicable Prospectus may be resumed, and
has received copies of any amendments or supplements thereto. In the event that the Issuers shall give any such notice, each of the Applicable Period and the Effectiveness Period shall be extended by the number of days during such periods from and
including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement or Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be,
shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 6(k) hereof or (y) the Advice. 
 7. Registration Expenses 
 All fees and expenses incident to
the performance of or compliance with this Agreement by the Issuers or the Guarantors of their respective obligations under Sections 2, 3, 4, 6 and 9 shall be borne by the Issuers and the Guarantors, whether or not the Exchange Offer Registration
Statement or any Shelf Registration Statement is filed or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to
filings required to be made with the FINRA in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws 

  
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(including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Securities or Exchange Securities and determination of
the eligibility of the Registrable Securities or Exchange Securities for investment under the laws of such jurisdictions in the United States (x) where the holders of Registrable Securities are located, in the case of the Exchange Securities,
or (y) as provided in Section 6(h) hereof, in the case of Registrable Securities or Exchange Securities to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation,
printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable Securities included in any Registration Statement
or in respect of Registrable Securities or Exchange Securities to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) fees and expenses of the applicable Trustee, any exchange agent and their
counsel, (iv) fees and disbursements of counsel for the Issuers and, in the case of a Shelf Registration, reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Securities selected by the Holder of a
majority in aggregate principal amount of Registrable Securities covered by such Shelf Registration (which counsel shall be reasonably satisfactory to the Issuers) exclusive of any counsel retained pursuant to Section 8 hereof), (v) fees
and disbursements of all independent certified public accountants referred to in Section 6(m) hereof (including, without limitation, the expenses of any “cold comfort” letters required by or incident to such performance),
(vi) rating agency fees, if any, and any fees associated with making the Registrable Securities or Exchange Securities eligible for trading through The Depository Trust Company, (vii) Securities Act liability insurance, if the Issuers
desire such insurance, (viii) fees and expenses of all other Persons retained by the Issuers, (ix) internal expenses of the Issuers and the Guarantors (including, without limitation, all salaries and expenses of officers and employees of
the Issuers and the Guarantors performing legal or accounting duties), (x) the expense of any annual audit, (xi) any fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange,
and the obtaining of a rating of the securities, in each case, if applicable and (xii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents
necessary in order to comply with this Agreement. 
 8. Indemnification and Contribution 

(a) The Issuers and the Guarantors, jointly and severally, agree to indemnify and hold harmless each Holder of Registrable
Securities and each Participating Broker-Dealer selling Exchange Securities during the Applicable Period, and each Person, if any, who controls such Person or its affiliates within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act (each, a “Participant”) against any losses, claims, damages or liabilities, joint or several, to which any Participant may become subject under the Securities Act, the Exchange Act or otherwise, insofar as any such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 

  
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 (i) any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus; or 

(ii) the omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as
amended or supplemented if the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any other document or any amendment or supplement thereto, a material fact required to be stated therein or necessary
to make the statements therein not misleading, 
 except, in each case, insofar as such losses, claims, damages or liabilities
are arising out of or based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or any Holder furnished to the Issuers in
writing through the Initial Purchasers or any selling Holder expressly for use therein; 
 and agree (subject to the limitations
set forth in the proviso to this sentence) to reimburse, as incurred, the Participant for any reasonable legal or other expenses incurred by the Participant in connection with investigating, defending against or appearing as a third-party witness in
connection with any such loss, claim, damage, liability or action; provided, however, neither the Issuers nor the Guarantors will be liable in any such case to the extent that any such loss, claim, damage, or liability arises out of or
is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuers shall have furnished any amendments
or supplements thereto) or any preliminary prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information relating to any Participant furnished to the Issuers by such Participant specifically for use
therein. The indemnity provided for in this Section 8 will be in addition to any liability that the Issuers may otherwise have to the indemnified parties. The Issuers and the Guarantors shall not be liable under this Section 8 to any
indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by the Issuers and the Guarantors, which consent shall not be unreasonably withheld.

 (b) Each Participant, severally and not jointly, agrees to indemnify and hold harmless the Issuers, the
Guarantors, their respective directors (or equivalent), their respective officers who sign any Registration Statement and each person, if any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act against any losses, claims, damages or liabilities to which the Issuers, the Guarantors or any such director, officer or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue 

  
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statement or alleged untrue statement of any material fact contained in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus, or
(ii) the omission or the alleged omission to state therein a material fact necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with written information concerning such Participant, furnished to the Issuers by or on behalf of such Participant, specifically for use therein; and subject to the limitation
set forth immediately preceding this clause, will reimburse, as incurred, any reasonable legal or other expenses incurred by the Issuers, the Guarantors or any such director, officer or controlling person in connection with investigating or
defending against or appearing as a third party witness in connection with any such loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 8 will be in addition to any liability that the
Participants may otherwise have to the indemnified parties. The Participants shall not be liable under this Section 8 to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such
settlement, compromise or consent is consented to by the Participants, which consent shall not be unreasonably withheld. The Issuers and the Guarantors shall not, without the prior written consent of such Participant, effect any settlement or
compromise of any pending or threatened proceeding in respect of which such Participant is or could have been a party, or indemnity could have been sought hereunder by such Participant, unless such settlement (A) includes an unconditional
written release of such Participant, in form and substance reasonably satisfactory to such Participant, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of
fault, culpability or failure to act by or on behalf of such Participant. 
 (c) Promptly after receipt by an
indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party
of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such
action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraphs (a) and (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to
represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed
by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying
party’s election to appoint counsel (including local counsel) to represent the indemnified party in an 

  
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action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest (based on the advice of counsel to the indemnified person); (ii) such
action includes both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded (based on the advice of counsel to the indemnified person) that there may be legal defenses available to it and/or other
indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. It is understood and agreed
that the indemnifying person shall not, in connection with any proceeding or separate but related or substantially similar proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm (in addition to any local counsel) representing the indemnified parties under paragraph (a) or paragraph (b) of this Section 8, as the case may be, who are parties to such
action or actions. Any such separate firm for any Participants shall be designated in writing by Participants who sold a majority in interest of the Registrable Securities and Exchange Securities sold by all such Participants in the case of
paragraph (a) of this Section 8 or the Issuers in the case of paragraph (b) of this Section 8. In the event that any Participants are indemnified persons collectively entitled, in connection with a proceeding or separate but
related or substantially similar proceedings in a single jurisdiction, to the payment of fees and expenses of a single separate firm under this Section 8(c), and any such Participants cannot agree to a mutually acceptable separate firm to act
as counsel thereto, then such separate firm for all such Indemnified Persons shall be designated in writing by Participants who sold a majority in interest of the Registrable Securities and Exchange Securities sold by all such Participants. An
indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include any statement as to, or any admission of, fault, culpability or failure to act by or on behalf of any indemnified party. All fees and
expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. 
 (d) After
notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will not be liable to such
indemnified party under this Section 8 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party
shall have employed separate counsel in accordance with the third sentence of paragraph (c) of this Section 8 

  
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or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party. After such notice from the indemnifying
party to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent
shall not be unreasonably withheld), unless such indemnified party waived in writing its rights under this Section 8, in which case the indemnified party may effect such a settlement without such consent. 

(e) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 8 is
unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) (other than by virtue of the failure of an indemnified party to notify the indemnifying
party of its right to indemnification pursuant to paragraph (a) or (b) of this Section 8, where such failure materially prejudices the indemnifying party (through the forfeiture of substantial rights or defenses)), each indemnifying
party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as
is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the offering of the Securities or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements
or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative benefits received by the Issuers and the Guarantors on the one hand and such Participant on
the other shall be deemed to be in the same proportion that the total net proceeds from the offering (before deducting expenses) of the Securities received by the Issuers bear to the total discounts and commissions received by such Participant in
connection with the sale of the Securities (or if such Participant did not receive discounts or commissions, the value or receiving the Securities). The relative fault of the parties shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers and the Guarantors on the one hand, or the Participants on the other, the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission, and any other equitable considerations appropriate in the circumstances. The parties
agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the first
sentence of this paragraph (e). Notwithstanding any other provision of this paragraph (e), no Participant shall be obligated to make contributions hereunder that in the aggregate exceed the total discounts, commissions and other compensation or net
proceeds on the sale of Securities received by such Participant in connection with the sale of the Securities, less the aggregate amount of any damages that such Participant has otherwise been required to pay by reason of the untrue or alleged
untrue statements or the omissions or alleged 

  
 -24-

 
omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same
rights to contribution as the Participants, and each director of the Issuers and the Guarantors, each officer of the Issuers and the Guarantors and each person, if any, who controls any of the Issuers and the Guarantors within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Issuers. 

9. Rule 144A 
 The Issuers covenant and agree that they will use reasonable best efforts to file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time the Issuers are not required to file such reports, the Issuers will, upon the request of any Holder or
beneficial owner of Registrable Securities, make available such information necessary to permit sales pursuant to Rule 144A. The Issuers further covenant and agree, for so long as any Registrable Securities remain outstanding that it will take such
further action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144A unless the Issuers are then subject to Section 13 or 15(d) of the Exchange Act and reports filed thereunder satisfy the information requirements of Rule 144A then in effect. 

10. Underwritten Registrations 
 The Issuers shall not be required to assist in an underwritten offering unless requested by the Holders of a majority in aggregate principal amount of the Registrable Securities. If any of the Registrable
Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate
principal amount of such Registrable Securities included in such offering and shall be reasonably acceptable to the Issuers. 
 No Holder of Registrable Securities may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in
any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under
the terms of such underwriting arrangements. 

  
 -25-

 11. Miscellaneous 

(a) No Inconsistent Agreements. Neither the Issuers nor any Guarantor has, as of the date hereof, and the Issuers
and the Guarantors shall not, after the date of this Agreement, enter into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers other issued and outstanding securities under any such
agreements. The Issuers and the Guarantors shall not enter into any agreement with respect to any of its securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 

(b) Adjustments Affecting Registrable Securities. The Issuers and the Guarantors shall not, directly or indirectly,
take any action with respect to the Registrable Securities as a class that would adversely affect the ability of the Holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement.

 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Issuers, and (II) (A) the Holders of not less than a majority in aggregate principal
amount of the then outstanding Registrable Securities and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the
Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 8 and this Section 11(c) may not be amended, modified or supplemented without the prior written consent of each Holder and each
Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Securities or Exchange Securities, as the case may be, disposed of pursuant to any Registration Statement) affected by any such
amendment, modification or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are
being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Securities may be given by Holders of at least a majority in aggregate principal
amount of the Registrable Securities being sold pursuant to such Registration Statement. 
 (d) Notices.
All notices and other communications (including, without limitation, any notices or other communications to the applicable Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day
air courier or facsimile: 
 (i) if to a Holder of the Registrable Securities or any Participating Broker-Dealer,
at the most current address of such Holder or Participating Broker-Dealer set forth on the records of the registrar under the Indenture, with a copy in like manner to the Initial Purchasers as follows: 

  
 -26-

 Merrill Lynch, Pierce, Fenner & Smith Incorporated 

One Bryant Park 

New York, New York 10036 
 Attention: High Yield Legal Department 
 with a copy to: 

Cahill Gordon & Reindel LLP 
 80 Pine Street 
 New York, New York 10005 

Facsimile No.: (212) 269-5420 
 Attention: Douglas Horowitz, Esq. 
   (ii) if to the
Initial Purchasers, at the address specified in Section 11(d)(i); 
   (iii) if to the Issuers, at
the address as follows: 
 Tesoro Logistics LP 
 19100 Ridgewood Parkway 
 San Antonio, Texas 75259-1828 

Facsimile No.: 

Attention: General Counsel 
 with a copy to: 
 Simpson Thacher & Bartlett LLP

 425 Lexington Ave. 
 New York, New York 10017 
 Facsimile No.: (212) 455-2502

 Attention: Kenneth B. Wallach, Esq. 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and upon written confirmation, if sent by facsimile. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same
to the Trustee at the address and in the manner specified in such Indenture. 
 (e) Successors and
Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. 

  
 -27-

 (f) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (i) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable. 
 (j) Notes Held by the Issuers or their Affiliates. Whenever
the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be
counted in determining whether such consent or approval was given by the Holders of such required percentage. 

(k) Third-Party Beneficiaries. Holders of Registrable Securities and Participating Broker-Dealers are intended
third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. 
 (l) Entire
Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers and the Guarantors on the
other, or between or among any agents, representative, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

  
 -28-

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

			
	Very truly yours,
	
	TESORO LOGISTICS LP
		
	By:	 	Tesoro Logistics GP, LLC, its general partner
		
	By:	 	/s/ TRACY D. JACKSON
		 	Name: Tracy D. Jackson
		 	Title: Vice President and Treasurer
	
	TESORO LOGISTICS FINANCE CORP.
		
	By:	 	/s/ TRACY D. JACKSON
		 	Name: Tracy D. Jackson
		 	Title: Vice President and Treasurer
	
	TESORO HIGH PLAINS PIPELINE COMPANY LLC
		
	By:	 	/s/ TRACY D. JACKSON
		 	Name: Tracy D. Jackson
		 	Title: Vice President and Treasurer
	
	TESORO LOGISTICS OPERATIONS LLC
		
	By:	 	/s/ TRACY D. JACKSON
		 	Name: Tracy D. Jackson
		 	Title: Vice President and Treasurer
	
	TESORO LOGISTICS PIPELINES LLC
		
	By:	 	/s/ TRACY D. JACKSON
		 	Name: Tracy D. Jackson
		 	Title: Vice President and Treasurer

 [Signature Page to Registration Rights Agreement] 

 
			
	TESORO LOGISTICS NORTHWEST PIPELINE LLC
		
	By:	 	/s/ TRACY D. JACKSON
		 	Name: Tracy D. Jackson
		 	Title: Vice President and Treasurer

 [Signature Page to Registration Rights Agreement] 

			
	The foregoing Agreement is hereby confirmed and
accepted as of the date first above written.
	
	 MERRILL LYNCH, PIERCE, FENNER & SMITH
 INCORPORATED.

	
	Acting as Representative of the several Initial Purchasers.
		
	By:	 	 /s/ GERRY ROONEY

		 	Name: Gerry Rooney
		 	Title: Managing Director

 [Signature Page to Registration Rights Agreement] 

 SCHEDULE I 
 THE GUARANTORS 
 TESORO HIGH PLAINS PIPELINE COMPANY LLC 

TESORO LOGISTICS OPERATIONS LLC 
 TESORO
LOGISTICS PIPELINES LLC 
 TESORO LOGISTICS NORTHWEST PIPELINE LLCEX-10.12

 Exhibit 10.12 
 SHARE LENDING AGREEMENT 
 Dated as of
[            ], 2013 
 Between 

SolarCity Corporation (“Lender”) 
 and 
 Goldman Sachs Financial Markets, L.P. (“Borrower”)

 and 

Goldman, Sachs & Co. (“Agent”) 
 This AGREEMENT sets forth the terms and conditions under which Borrower may, from time to time, borrow from Lender shares of Common Stock. Borrower is acting as principal and Agent, its Affiliate, is
acting as agent for Borrower under this Agreement. 
 The parties hereto agree as follows: 

Section 1. Certain Definitions. The following capitalized terms shall have the following meanings: 

“Affiliate” means, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity
that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the
entity or person. 
 “Business Day” means a day on which (i) regular trading occurs in the principal
trading market for the Common Stock and (ii) the Clearing Organization is open. 
 “Cash” means any coin
or currency of the United States as at the time shall be legal tender for payment of public and private debts. 

“Clearing Organization” means The Depository Trust Company, or, if agreed to by Borrower and Lender, such other
securities intermediary at which Borrower and Lender maintain accounts. 
 “Closing Sale Price” on any day
means the closing per-share sale price (or if no closing per-share sale price is reported, the average of the last bid and ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) on that
day as reported on the NASDAQ Global Market or, if the Common Stock is not listed on the NASDAQ Global Market, then as reported by the New York Stock Exchange or the principal other national or regional securities exchange on which the shares of
Common Stock are then traded or, if the Common Stock is not listed or approved for trading on the New York Stock Exchange or another national or regional securities exchange, on the principal market on which shares of Common Stock are then traded.
If the Common Stock is not so traded, or if such price is, in Borrower’s good faith determination, clearly erroneous, such Closing Sale Price shall be as reasonably determined in good faith by the Borrower. 

“Common Stock” means the shares of common stock, par value $0.0001 per share, of Lender; provided that, if the
Common Stock shall be exchanged for or converted into any other security, assets and/or other consideration (including cash) as the result of any merger, consolidation, other business combination, reorganization, reclassification, recapitalization
or other corporate action (including, without limitation, a reorganization in bankruptcy), then, effective upon such exchange or conversion, the amount of such other security, assets and/or other consideration received in exchange for one share of
Common Stock shall be deemed to become one share of Common Stock. For purposes of the foregoing, where a share of Common Stock may be converted into or exchanged for more than a single type of consideration based upon any form of stockholder
election, such consideration will be deemed to be the weighted average of the types and amounts of consideration received by the holders of the Common Stock that affirmatively make such an election. 

 “Common Stock Underwriting Agreement” means the Underwriting Agreement,
dated as of [PRICING DATE], 2013, entered into between Lender and [                    ], as representatives for the several underwriters named
therein, providing for the public offering of the Common Stock. 
 “Convertible Notes” means (i) up to
$[        ] aggregate principal amount of [    ]% Convertible Senior Notes due 2018 issued by Lender and (ii) up to $[        ] aggregate
principal amount of such securities to the extent the option to purchase such additional securities is exercised as set forth in the Underwriting Agreement dated as of [PRICING DATE], 2013, entered into between Lender and
[                    ], as representatives for the several underwriters named therein, providing for the public offering of the Convertible Notes
(“Convertible Notes Underwriting Agreement”). 
 “Credit Support Document” means the Guarantee
provided by the Parent Entity as soon as practicable following the issuance of the Convertible Notes. 
 “Credit Support
Provider” means the Parent Entity. 
 “Cutoff Time” means 10:00 a.m. in the jurisdiction of the
Clearing Organization, or such other time on a Business Day by which a transfer of Loaned Shares must be made by the Lender to the Borrower, as shall be determined in accordance with market practice, in which case such other time will be the
“Cutoff Time.” 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 “Facility Termination Date” means the
earliest to occur of (i) the 5th Trading Day (as such
term is defined in the Indenture) immediately following the date on which Lender (or the Trustee for the Indenture for the Convertible Notes at the request of Lender) provides notice to Borrower that all Convertible Notes have been redeemed,
repurchased, converted or otherwise acquired for value, (ii) the date, if any, on which the Loan hereunder is terminated, (iii) the date, if any, on which this Agreement is terminated and (iv) the date, if any, on which, as a result
of any reclassification, conversion, exchange or cancellation of the Common Stock pursuant to any consolidation, merger, combination or binding share exchange or any sale or conveyance to another person of all or substantially all of the property
and assets of Lender or a similar event, the Convertible Notes become convertible into all or substantially all cash, securities or other property that are not traded on a United States national securities exchange. 

“Indenture” means the indenture, to be dated as of
[            ], 2013, to be entered into by and between Lender and Wells Fargo Bank, National Association, a national banking association, as trustee, to provide for the form, terms and
other provisions of the Convertible Notes. 
 “Lender’s Designated Account” means the securities account
of Lender maintained on the books of [                    ], as securities intermediary, and with such designation as notified by Lender to Borrower
promptly following the date hereof and in no event later than [            ], 2013. 
 “Loaned Shares” means shares of Common Stock transferred in the Loan hereunder until such Common Stock (or identical Common Stock) is transferred back to Lender hereunder; provided
that, to the extent Borrower subsequently transfers to another transferee shares of Common Stock initially transferred to Borrower hereunder, “Loaned Shares” means an equivalent number of identical shares of Common Stock. If, as the
result of a stock dividend, stock split or reverse stock split, the number of outstanding shares of Common Stock is increased or decreased, then the number of outstanding Loaned Shares shall, effective as of the payment or delivery date of any such
event, be proportionately increased or decreased, as the case may be. If the outstanding shares of Common Stock shall be exchanged for or converted into any new or different security or securities, assets and/or other consideration, as described in
the definition of “Common Stock,” such new or different security or securities, assets and/or other consideration shall, effective upon such exchange or conversion, as the case may be, be deemed to become a Loaned Share in substitution for
the former Loaned Share for which such exchange is made and in the same proportions as described in the definition of “Common Stock.” For purposes of return of Loaned Shares by Borrower or purchase or sale of securities pursuant to
Section 4 or 10, Borrower may return securities of the same issuer, class and quantity as the Loaned Shares as adjusted pursuant to the two preceding sentences. 

 “Maximum Number of Shares” means
[                ] shares of Common Stock, subject to adjustment as follows: 
 (a) If, as the result of a stock dividend, stock split or reverse stock split, the number of outstanding shares of Common Stock is increased or decreased, the Maximum Number of Shares shall,
effective as of the payment or delivery date of any such event, be proportionally increased or decreased, as the case may be. 

(b) If, at any time on or after the exercise or expiration of the overallotment option pursuant to the Convertible Notes
Underwriting Agreement, the Maximum Number of Shares exceeds the product of (A) the aggregate principal amount of Convertible Notes outstanding at such time (it being understood and agreed, notwithstanding anything to the contrary in the
Indenture, that for purposes of this clause (b), Convertible Notes surrendered for conversion by the holders thereof shall not cease to be outstanding until the day on which Lender delivers to the relevant converting holder the consideration due
upon conversion), divided by $1,000 and (B) the Conversion Rate (as defined in the Indenture), Lender may so notify Borrower in writing of such fact. Upon receipt of such notice by Borrower, effective five Business Days following
such receipt, the Maximum Number of Shares shall be reduced by such excess. 
 (c) Upon the termination of the Loan
pursuant to Section 4(a), the Maximum Number of Shares shall be reduced by the number of Loaned Shares surrendered by Borrower to Lender, in accordance with a direction of Borrower that Borrower will provide to Lender in connection with any
such surrender of Loaned Shares; provided that if Borrower does not provide any such direction in connection with any such surrender, the Maximum Number of Shares shall be reduced by the number of Loaned Shares deposited by Borrower into
Lender’s Designated Account. 
 “Merger Without Assumption” means, in the event that Borrower or any
Credit Support Provider of Borrower consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganizes, reincorporates or reconstitutes into or as, another entity and, at the time of such
consolidation, amalgamation, merger, transfer, reorganization, reincorporation or reconstitution: 
  

	 	(1)	the resulting, surviving or transferee entity fails to assume all the obligations of Borrower or such Credit Support Provider of Borrower under this Agreement or any
Credit Support Document to which it or its predecessor was a party; or 

  

	 	(2)	the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity
of its obligation under this Agreement. 

 “Parent Entity” means The Goldman Sachs Group, Inc.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “securities intermediary” means a “securities intermediary” as defined by
Section 8-102(a)(14) of the UCC. 
 “Specified Indebtedness” means any obligation (whether present or
future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified
Entity” means any Affiliate of Borrower. 
 “Threshold Amount” means, with respect to Borrower and
Lender, an amount equal to 3% of the Parent Entity’s stockholders’ equity or Lender’s stockholders’ equity, as the case may be, which shall be determined in accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”) by reference to the Parent Entity’s and Lender’s, respectively, most recent consolidated quarterly balance sheet prepared in accordance with U.S. GAAP. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York on the date hereof and as it may be
amended from time to time. Any reference to particular sections of the UCC shall be deemed to embrace successor renumbered provisions thereof. 
 “VWAP Price” on any day means, with respect to the Common Stock, the volume-weighted average price per share for the regular trading session (including any extensions thereof) on such
market or service on such day (without regard to pre-open or after hours trading outside of such regular trading session for such day), as published by Bloomberg at 4:15 p.m. New York time (or 15 minutes following the end of any extension of the
regular trading session) on such day, on Bloomberg page “SCTY.Q <Equity> AQR” (or any successor thereto), or if such price is not so reported on such day for any reason or is, in Borrower’s good faith determination, clearly
erroneous, such VWAP Price shall be equal to the Closing Sale Price as of such day. 

 Section 2. Loan Of Shares; Transfers of Loaned Shares. 

(a) Subject to the terms and conditions of this Agreement and subject to the closing of the issuance of the Convertible Notes, Lender
hereby agrees promptly to make available for borrowing by Borrower a number of shares of Common Stock equal to the Maximum Number of Shares. Any Loaned Shares that have been transferred to Lender by the Borrower may not be reborrowed. 

(b) Subject to the terms and conditions of this Agreement, Borrower may, by written notice to Lender (a “Borrowing
Notice”) delivered at least one (1) Business Day prior to the closing of the offering of the Convertible Notes, initiate one transaction in which Lender will lend all of the Loaned Shares to Borrower through the issuance by Lender of
such Loaned Shares to Borrower contemporaneously with the issuance of the Convertible Notes pursuant to the Convertible Notes Underwriting Agreement upon the terms, and subject to the conditions, set forth in this Agreement (such issuance and loan,
a “Loan”); provided that no Loaned Shares shall be lent by Lender to Borrower pursuant to this Agreement if the closing of the issuance of the Convertible Notes does not occur pursuant to the terms of the Convertible Notes
Underwriting Agreement. Such Loan shall be confirmed through the book-entry settlement system of the Clearing Organization. The records maintained by the Clearing Organization shall constitute conclusive evidence with respect to the Loan, including
the number of shares of Common Stock that are the subject of such Loan to which the applicable records relate. 

(c) Notwithstanding anything to the contrary in this Agreement, Borrower shall not be permitted to borrow, and may not initiate the
Loan hereunder with respect to, any shares of Common Stock at any time to the extent (in the case of clause (i) below) or to the extent that Borrower determines in its sole discretion (in the case of clause (ii) below) that after receipt
of any shares of Common Stock in connection with such Loan, (i) the Section 16 Percentage would exceed 8.5% or (ii) the Share Amount would exceed the Applicable Share Limit. The “Section 16 Percentage” as of
any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of shares of Common Stock that Borrower and each person subject to aggregation of shares of Common Stock with Borrower under Section 13 or
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder) as of such day and (B) the denominator of which is the number of shares of Common Stock outstanding as of such day. The “Share Amount” as of any day is the number of shares of Common Stock that a
Borrower Person under any law, rule, regulation, regulatory order or organizational documents or contracts of Lender that are, in each case, applicable to ownership of shares of Common Stock (the “Applicable Restrictions”) owns,
beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Borrower in its reasonable discretion. A “Borrower
Person” is Borrower and any person whose ownership position would be aggregated with that of Borrower. The “Applicable Share Limit” is, as of any day, a number of shares of Common Stock equal to (A) the minimum
number of shares of Common Stock that could give rise to materially adverse reporting obligations, materially adverse registration obligations or other materially adverse requirements (including obtaining prior approval from any person or entity) of
a Borrower Person, or could result in an adverse effect on a Borrower Person, under any Applicable Restriction, as determined by Borrower in its reasonable discretion, minus (B) 1% of the number of shares of Common Stock outstanding as
of such day. If any delivery owed to Borrower hereunder is not made, in whole or in part, as a result of this provision, Lender’s obligation to make such delivery shall not be extinguished and Lender shall make such delivery as promptly as
practicable after, but in no event later than one Business Day after, Borrower gives notice to Lender that such delivery would not result in such Excess Ownership Position being exceeded. If, notwithstanding the foregoing, any delivery of Common
Stock is erroneously made to Borrower or Borrower otherwise receives or is deemed to have received Common Stock in excess of the foregoing limitation contrary to the first sentence of this clause (c), such Common Stock shall remain the property of
Lender and Borrower shall be deemed to hold the same as bailee of Lender and shall have no voting, dispositive control or pecuniary interest with respect thereto. 
 (d) Lender shall transfer Loaned Shares to Borrower on or before the Cutoff Time on the date specified in the Borrowing Notice for the commencement of the Loan, which date shall not be earlier than
(subject to Section 2(b)) the third Business Day following the receipt by Lender of the Borrowing Notice as specified in the Borrowing Notice. Delivery of the Loaned Shares to Borrower shall be made in the manner set forth under Section 11
below. 
 (e) All obligations of Borrower required to be performed by Borrower under this Agreement will be guaranteed by Parent
Entity pursuant to the Guarantee set forth on Exhibit A hereto, which shall be provided to Lender as soon as practicable following the issuance of the Convertible Notes but not later than 30 days thereafter (the “Guarantee”).

 Section 3. Loan Fee. Borrower agrees to pay Lender a single loan fee per Loan (a
“Loan Fee”) equal to $0.0001 per Loaned Share included in such Loan. Such Loan Fee shall be paid by Borrower on a delivery-versus-payment basis through the facilities of the Clearing Organization. For the avoidance of doubt, after
payment of the Loan Fee by Borrower and transfer of the Loaned Shares to Borrower, Lender has no obligation to make any further payment or deliver any additional Shares of Common Stock to Borrower except as set forth in Section 10(b) with
respect to Legal Obstacle Legal Costs or Section 12. 
 Section 4. Loan Terminations. 

(a) Borrower may terminate all or any portion of the Loan on any Business Day by transferring the corresponding number of Loaned
Shares to Lender, without any consideration being payable in respect thereof by Lender to Borrower; provided that such termination shall not relieve Borrower from the obligation to make such other payments and/or deliveries required to be
made by it to Lender hereunder, including any such payments and/or deliveries pursuant to Section 5 hereof. Any such loan termination shall be effective immediately upon delivery of the Loaned Shares in accordance with the terms hereof.

 (b) Subject to Section 10 below, the Loan shall terminate on the Facility Termination Date, and all Loaned Shares,
if any, then outstanding shall be delivered by Borrower to Lender, without any consideration being payable in respect thereof by Lender to Borrower, no later than the twenty fifth Business Day following the Facility Termination Date; provided
that such termination shall not relieve Borrower from the obligation to make such other payments and/or deliveries required to be made by it to Lender hereunder, including any such payments and/or deliveries pursuant to Section 5 hereof.

 (c) Subject to Section 10 below, if the Loan is terminated upon the occurrence of a Default as set forth in
Section 9, the Loaned Shares in respect of such Loan shall be delivered by Borrower to Lender, without any consideration being payable in respect thereof by Lender to Borrower, no later than the twenty fifth Business Day following the
termination date of such Loan as provided in Section 9; provided that such termination shall not relieve Borrower from the obligation to make such other payments and/or deliveries required to be made by it to Lender hereunder, including
any such payments and/or deliveries pursuant to Section 5 hereof. 
 (d) Subject to Section 10 below, if at any
time the aggregate number of Loaned Shares outstanding under this Agreement exceeds the Maximum Number of Shares, then the Loan (or portions thereof) to the extent of such excess shall immediately terminate and, subject to Section 10 below,
such excess number of Loaned Shares in respect of such terminated Loan (or portions thereof) shall be delivered by Borrower to Lender, without any consideration being payable in respect thereof by Lender to Borrower, no later than the twenty fifth
Business Day (or such earlier date, to the extent commercially practicable, as determined by Borrower acting in good faith) following the first date as of which such excess exists; provided that such termination shall not relieve Borrower
from the obligation to make such other payments and/or deliveries required to be made by it to Lender hereunder, including any such payments and/or deliveries pursuant to Section 5 hereof. 

(e) Subject to Section 10 below, if the Common Stock shall be exchanged for or converted into any other security, assets and / or
other consideration, which in each case includes cash, the Loan shall terminate on the fifth Business Day following the date on which holders of shares of Common Stock receive such cash, and the Loan shall continue with respect to any such other
property. 
 Section 5. Distributions. 
 (a) If, at any time when there are Loaned Shares outstanding under this Agreement, Lender pays a cash dividend or makes a cash distribution in respect of all its outstanding shares of Common Stock,
Borrower shall pay to Lender (whether or not Borrower is a holder of any or all of the outstanding Loaned Shares), within three Business Days after the payment of such dividend or distribution, an amount in cash equal to the product of (i) the
amount per share of Common Stock of such dividend or distribution, as the case may be, and (ii) the number of Loaned Shares outstanding at such time; provided that if Borrower returns any Loaned Shares to Lender following a record
date for such a dividend or distribution on such Loaned Shares but prior to the payment of such dividend or distribution on such Loaned Shares, Borrower shall nonetheless pay to Lender the amount of such dividend or distribution, as the case may be,
within three Business Days after the payment of such dividend or distribution. 
 (b) If, at any time when there are Loaned
Shares outstanding under this Agreement, Lender makes a distribution in respect of all its outstanding shares of Common Stock (other than a distribution upon liquidation or a reorganization in bankruptcy) in property or securities, including any
spin-off securities or assets, options, warrants, rights or privileges in respect of securities (other than a distribution of Common Stock, but including any spin-off securities or assets, options, warrants, rights or privileges exercisable for,
convertible into or exchangeable for Common Stock) (a “Non-Cash Distribution”), Borrower shall deliver to Lender in kind (whether or not Borrower is a holder of any or all of the outstanding Loaned Shares) the property or securities
so distributed in an 

 
amount (the “Delivery Amount”) equal to the product of (i) the amount per share of Common Stock of such Non-Cash Distribution, and (ii) the number of Loaned
Shares outstanding at such time; provided that if Borrower returns any Loaned Shares to Lender following a record date for such a Non-Cash Distribution on such Loaned Shares but prior to the settlement of such Non-Cash Distribution on such
Loaned Shares, Borrower shall nonetheless deliver to Lender the Delivery Amount in respect of such Non-Cash Distribution. Such deliveries shall be made not later than the twenty fifth Business Day (or such earlier date, to the extent commercially
practicable, as determined by Borrower acting in good faith) after the settlement date of such distribution. If following the twenty fifth Business Day, Borrower is unable, after using commercially reasonable efforts, taking into account market
conditions, to acquire such property or securities, Lender shall have the right at any time thereafter to notify Borrower of its election that Borrower pay to Lender, in lieu of the Delivery Amount, an amount in immediately available funds equal to
the value of such Delivery Amount, as reasonably determined in good faith by Borrower; and Borrower’s obligation to return the Delivery Amount shall be suspended until the time Lender exercises such right. 

Section 6. Rights in Respect of Loaned Shares. 
 Subject to the terms of this Agreement, including Borrower’s obligation to return the Loaned Shares in accordance with the terms of this Agreement, and except as otherwise agreed by Borrower and
Lender or Borrower and any subsequent transferee of Loaned Shares, insofar as such person is the record owner of any such Loaned Shares, such person shall have all of the incidents of ownership in respect of any such Loaned Shares, including the
right to transfer the Loaned Shares to others. 
 Section 7. Representations and Warranties. 

(a) Each of Borrower and Lender represent and warrant to the other that: 

(i) it has full power to execute and deliver this Agreement, to enter into the Loan contemplated hereby and to
perform its obligations hereunder; 
 (ii) it has taken all necessary action to authorize such execution,
delivery, entry and performance; 
 (iii) this Agreement constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject,
as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to
indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto; and 
 (iv) the execution, delivery and performance of this Agreement does not and will not violate, contravene, or constitute a default under, (A) its certificate of incorporation, bylaws or other
governing documents, (B) any laws, rules or regulations of any governmental authority to which it is subject, (C) any contracts, agreements or instrument to which it is a party or (D) any judgment, injunction, order or decree by
which it is bound, except in the case of clause (C) or (D) that would not have a material adverse effect on the ability of such party to perform its obligations under this Agreement. 

(b) Lender represents and warrants to Borrower, as of the date hereof, and as of the date any Loaned Shares are transferred to
Borrower in respect of the Loan hereunder, that the Loaned Shares in respect of such Loan and all other outstanding shares of Common Stock of Lender have been duly authorized and, upon the issuance (if necessary) and delivery of such Loaned Shares
to Borrower in accordance with the terms and conditions hereof, and subject to the contemporaneous or prior receipt of the applicable Loan Fee by Lender, will be duly authorized, validly issued, fully paid nonassessable shares of Common Stock, and
the stockholders of Lender have no preemptive rights with respect to such Loaned Shares. 
 (c) Lender represents and
warrants to Borrower, as of the date hereof, and as of the date any Loaned Shares are transferred to Borrower in respect of the Loan hereunder, that all of the outstanding shares of Common Stock are listed on the NASDAQ Global Market, and the Loaned
Shares in respect of such Loan have been approved for listing on the NASDAQ Global Market. 
 (d) Lender represents and
warrants to Borrower, as of the date any Loaned Shares are transferred to Borrower in respect of the Loan hereunder, that Lender is not “insolvent” (as such term is defined under Section 101(32) of Title 11 of the United States Code
(the “Bankruptcy Code”)) and Lender would be able to purchase a number of shares of Common Stock equal to the Maximum Number of Shares in compliance with the corporate law of Lender’s jurisdiction of incorporation. 

 (e) Lender represents and warrants to Borrower that, as of the date hereof, and as of
the date any Loaned Shares are transferred to Borrower in respect of the Loan hereunder, Lender is not, and will not be required to register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as
amended. 
 (f) Lender represents and warrants to Borrower that Lender (A) is capable of evaluating investment risks
independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated
persons, unless it has otherwise notified the broker-dealer in writing; and (C) has total assets of at least $50 million as of the date hereof. Lender will notify Borrower if any of the statements contained in this clause (f) ceases to be
true. 
 (g) Borrower represents and warrants to Lender that (i) it (and any successor, transferee or assignee) is on the
date hereof a United States person within the meaning of Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended (a “U.S. Person”), and (ii) Borrower shall not cease to be a U.S. Person if as a result thereof
Lender will receive a payment from which an amount has been deducted or withheld for, or on account of, any tax in excess of that which would have been deducted and withheld if Borrower did not cease to be a U.S. Person, unless Borrower agrees to
gross up such payment so that after giving effect to such deduction or withholding, the amount received by Lender would not be less than the amount that Lender would have received if Borrower continued to be a U.S. Person. 

(h) Borrower represents and warrants to Lender that any shares of Common Stock that Borrower transfers to Lender in respect of any Loan
Termination, and any property or securities comprising any Non-Cash Distribution that Borrower transfers to Lender, in each case, shall be made free from any lien, charge, claim or other encumbrance or restrictions (other than (x) a lien,
charge, claim or other encumbrance or restriction routinely imposed on all securities by the relevant Clearance System and (y) any lien, charge, claim or other encumbrance or restriction (i) in the case of any shares of Common Stock, that
exists in respect to all outstanding shares of Common Stock and (ii) in the case of any property or securities comprising any Non-Cash Distribution, that exists in respect of all such property or securities so distributed, and other than as may
result from the Lender being the issuer of the shares of Common Stock). 
 (i) Lender represents and warrants to Borrower, as of
the date hereof and as of the date any Loaned Shares are transferred to Borrower in respect of the Loan hereunder, that (A) this Agreement is not unsuitable for it in the light of its financial situation, investment objectives and needs and
(B) it is entering into this Agreement in reliance upon such tax, accounting, regulatory, legal and financial advice as it deems necessary and not upon any view expressed by the other.

(j) The representations and warranties of Borrower and Lender under this Section 7 shall remain in full force and effect at all
times during the term of this Agreement and shall survive the termination for any reason of this Agreement. 
 Section 8.
Covenants. 
 (a) Borrower covenants and agrees with Lender that it will not transfer or dispose of any Loaned Shares
initially transferred to Borrower by Lender as a Loan hereunder of which it remains the record owner, if any, except pursuant to a registration statement that is effective under the Securities Act; provided that, subject to Section 16,
Borrower may transfer any such Loaned Shares to any of its Affiliates without registration so long as such transfer is exempt from registration requirements under the Securities Act and such affiliate transferee agrees in connection with such
transfer not to sell, transfer or dispose of such Loaned Shares to any non-affiliated transferee except pursuant to a registration statement that is effective under the Securities Act at the time of such transfer. 

(b) The parties hereto acknowledge that Borrower has informed Lender that Borrower is a “financial participant” within the
meaning of Section 101(22A) of the Bankruptcy Code. The parties hereto further acknowledge and agree that (i) each Loan hereunder is intended to be a “securities contract,” as such term is defined in Section 741(7) of
the Bankruptcy Code; (ii) each and every transfer of funds, securities and other property under this Agreement is intended to be a “transfer” and a “settlement payment” or a “margin payment,” as such terms are used
in Section 546(e) of the Bankruptcy Code; and (iii) Borrower is intended to be entitled to the protections afforded by, among other sections, Sections 362(b)(6), 546(e), 555 and 561 of the Bankruptcy Code. 

(c) Lender covenants and agrees that, on any day on which Lender effects any repurchase of Common Stock, Lender shall give Borrower
a written notice of the number of its outstanding Common Stock (a “Repurchase Notice”) if, following such 

 
repurchase, the number of outstanding Common Stock (which shall include on any determination date the Loaned Shares then outstanding) shall have decreased by more than 0.5% since the immediately
preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, the number of outstanding Common Stock as of the date hereof). Lender covenants and agrees that neither it, nor any other person, will purchase Common Stock, directly
or indirectly, such that, after giving effect to such purchase, the Maximum Number of Shares will be in excess of 8.50% of the number of outstanding Common Stock at such time. 
 (d) Borrower covenants and agrees that (i) it will sell the Loaned Shares in accordance with the terms and conditions of the Common Stock Underwriting Agreement and (ii) it intends to sell the
Loaned Shares pursuant to the Common Stock Underwriting Agreement and create a short position thereunder only to the extent necessary to facilitate hedging transactions by investors in the Convertible Notes through privately negotiated derivatives
transactions. 
 (e) Lender covenants and agrees that, on the date hereof, Lender will provide to Borrower a properly executed
Internal Revenue Service Form W-9. 
 Section 9. Events of Default. 

(a) The Loan, and any further obligation to make Loans under this Agreement, may, at the option of the non-defaulting party by a
written notice to the defaulting party (which option shall be deemed exercised, even if no notice is given, immediately on the occurrence of an event specified in Section 9(a)(v) or 9(a)(vi) below), be terminated (1) immediately
on the occurrence of any of the events set forth in Section 9(a)(v) or 9(a)(vi) below or (2) two Business Days following such notice on the occurrence of any of the other events set forth below (each, a
“Default”): 
 (i) Borrower fails to deliver Loaned Shares to Lender as required by
Section 4; 
 (ii) Borrower fails to deliver or pay to Lender when due any cash, securities or other
property as required by Section 5; 
 (iii) Borrower fails to pay Lender a Loan Fee when due as
required by Section 3; 
 (iv) Borrower fails to pay Lender any amount when due as required by
Section 10; 
 (v) the filing by or on behalf of Lender or Borrower or any Credit Support Provider of a
voluntary petition or an answer seeking reorganization, arrangement, readjustment of its debts or for any other relief under any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution, moratorium,
delinquency, winding-up or liquidation or similar act or law, of any state, federal or other applicable foreign jurisdictions, now or hereafter existing (“Bankruptcy Law”), or any action by such party for, or consent or acquiescence
to, the appointment of a receiver, trustee, conservatory, custodian or similar official of such party, or of all or a substantial part of its property; or the making by such party of a general assignment for the benefit of creditors; or the
admission by such party in writing of its inability to pay its debts as they become due; 
 (vi) the filing
of any involuntary petition against Lender or Borrower or any Credit Support Provider in bankruptcy or seeking reorganization, arrangement, readjustment of its debts or for any other relief under any Bankruptcy Law and an order for relief by a court
having jurisdiction in the premises shall have been issued or entered therein; or any other similar relief shall be granted under any applicable federal or state law or law of any other applicable foreign jurisdictions; or a decree or order of a
court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee or other officer having similar powers over such party or over all or a part of its property shall have been entered; or the involuntary
appointment of an interim receiver, trustee or other custodian of such party or of all or a substantial part of its property or the issuance of a warrant of attachment, execution or similar process against any substantial part of the property of
such party; and continuance of any such event for 15 consecutive calendar days unless dismissed, bonded to the satisfaction of the court having jurisdiction in the premises or discharged; 

(vii) Borrower fails to deliver to Lender the Guarantee as required by Section 3(e) within the time period required
therefor; or 
 (viii) (A) there occurs a default, event of default or other similar condition or event
(however described) in respect of Lender, Borrower or any Credit Support Provider of Borrower under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal
amount of such agreements 

 
or instruments, either alone or together with the amount, if any, referred to in clause (B) below, is not less than the applicable Threshold Amount which has resulted in such Specified
Indebtedness becoming due and payable under such agreements or instruments before it would otherwise have been due and payable; 
 (B) there occurs a default by Lender, Borrower or any Credit Support Provider of Borrower in making one or more payments under such agreements or instruments on the due date for payment (after giving
effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (A) above, of not less than the applicable Threshold Amount; 

provided that a default under subsection (viii) shall not constitute a Default if (x) the default was caused solely by
error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due and (z) the payment is made within two local Business Days of such party’s receipt of written
notice of its failure to pay; 
 (viii) there occurs a Merger without Assumption with respect to Borrower or any
Credit Support Provider; 
 (ix) Lender fails to provide any indemnity as required by Section 12;
provided that Borrower may waive such Default by Lender in its sole discretion; 
 (x) Borrower notifies
Lender of its inability to or intention not to perform Borrower’s obligations hereunder or otherwise disaffirms, fails to perform, rejects or repudiates any of its obligations hereunder; or 

(xi) any representation made by Borrower under this Agreement in connection with the Loan hereunder shall be incorrect or
untrue in any material respect during the term of the Loan hereunder, or Borrower fails to comply in any material respect with any of its covenants under this Agreement. 
 Section 10. Right to Extend; Lender’s Remedies. 
 (a) Except
to the extent the Loan is terminated pursuant to Section 4(c) as a result of a Default by Borrower, Borrower may, following the termination of the Loan pursuant to Section 4, delay the date on which the related Loan Shares are due to
Lender (the “Settlement Due Date”, as so delayed to the extent applicable), with respect to some or all (as the case may be) of such Loaned Shares, if Borrower reasonably determines in good faith (i) that delivery on such date
is commercially impracticable due to market illiquidity, or as a result of market closure, trading suspension or deregistration of the Common Stock or (ii) based on the advice of counsel that such extension with respect to some or all (as the
case may be) of such Loan Shares is reasonably necessary to enable Borrower (or any of its Affiliates) to effect purchases of Common Stock related to the delivery of Loan Shares due to Lender in connection with this Agreement in a manner that would
be in compliance with legal and regulatory requirements (A) applicable to Borrower or such Affiliates in purchasing such shares of Common Stock or (B) if Borrower were deemed to be Lender or an Affiliate of Lender, that would be applicable
to Lender in purchasing such shares of Common Stock; provided that in no event shall the Settlement Due Date be extended pursuant to this provision in an amount greater than sixty Business Days. 

(b) If, upon the termination of the Loan as a result of a Default by Borrower under Section 9 or pursuant to
Section 4(c) on any Settlement Due Date, the purchase of Common Stock in an amount equal to all or any portion of the Loaned Shares to be delivered to Lender by Borrower in accordance with Section 4(c) of this Agreement
(i) shall be prohibited by any law, rules or regulation of any governmental authority to which it is or would be subject, (ii) shall violate, or would upon such purchase reasonably likely violate, any order or prohibition of any
court, tribunal or other governmental authority, (iii) shall require the prior consent of any court, tribunal or governmental authority prior to any such repurchase, (iv) would subject Borrower, based on the advice of counsel to Borrower,
to any liability or potential liability under any applicable federal securities laws (including, without limitation, Section 16 of the Exchange Act), or (v) shall be commercially impracticable in the time period required by
Section 4(c), in the commercially reasonable judgment of Borrower as a result of a demonstrable legal or regulatory impediment (including regulations of self-regulatory organizations) to such purchases (each of (i), (ii), (iii), (iv) and
(v), a “Legal Obstacle”), then, in each case, Borrower shall notify Lender of the Legal Obstacle and the basis therefor as soon as reasonably practicable, whereupon Borrower’s obligations under Section 4(c) shall be
suspended until such time as no Legal Obstacle with respect to such obligations shall exist (a “Repayment Suspension”). Following the occurrence of and during the continuation of any Repayment Suspension, Borrower may use its
commercially reasonable efforts to remove or cure the Legal Obstacle as promptly as reasonably practicable, including, in the case of clause (iii), Borrower using its commercially reasonable efforts to obtain the prior consent of the relevant court,
tribunal or governmental authority in order to make any such repurchase; provided that (except in circumstances where the Legal Obstacle resulted from the failure by Borrower to comply with applicable securities laws or regulations) Lender
shall promptly reimburse all commercially reasonable and documented costs and expenses (including of legal counsel to Borrower) incurred in removing or curing such Legal Obstacle (“Legal Obstacle Legal Costs”). 

 (c) If (i) the Settlement Due Date has been extended sixty Business Days pursuant to
Section 10(a) and the related Loan Shares have not been delivered to Lender by the Settlement Due Date (as extended) or (ii) the Borrower does not remove or cure the Legal Obstacle within ten Business Days, then Lender shall have the right
at any time thereafter to notify Borrower of its election that Borrower pay to Lender, in lieu of the delivery of Loaned Shares in accordance with Section 4(c), an amount in immediately available funds (the “Replacement Cash”)
equal to the product of (A) the average of the VWAP Prices for the twenty five consecutive Business Day period commencing on the second Business Day immediately following the date Borrower provides notice of such election, multiplied by
(B) the number of Loaned Shares then outstanding; and Borrower’s obligation to return the Loaned Shares shall be suspended until the time Lender exercises such right. 

(d) If Borrower shall fail to pay the Replacement Cash to Lender in accordance with Section 10(c) above, then, in addition
to any other remedies available to Lender under this Agreement or under applicable law, Lender shall have the right (upon prior written notice to Borrower) to purchase a like number of Loaned Shares (“Replacement Shares”) in the
principal market for such securities in a commercially reasonable manner. To the extent Lender shall exercise such right, Borrower’s obligation to return a like number of Loaned Shares or to pay the Replacement Cash, as applicable, shall
terminate, and Borrower shall be liable to Lender for the purchase price of Replacement Shares (plus all other amounts, if any, due to Lender hereunder), all of which shall be due and payable within three Business Days of notice to Borrower by
Lender of the aggregate purchase price of the Replacement Shares. The purchase price of Replacement Shares purchased under this Section 10(d) shall include broker’s fees and commissions and all other reasonable costs, fees and
expenses related to such purchase. 
 Section 11. Transfers. 

(a) All transfers of Loaned Shares to Borrower hereunder shall be made by the crediting by a Clearing Organization of such Loaned
Shares to Borrower’s “securities account” (within the meaning of Section 8-501 of the UCC) designated in the relevant Borrowing Notice maintained with such Clearing Organization. All transfers of Loaned Shares to Lender hereunder
shall be made by the crediting of such Loaned Shares to Lender’s Designated Account, whereupon, for the avoidance of doubt, such Loaned Shares credited to Lender’s Designated Account shall become the property of Lender and Borrower shall
have no voting, dispositive control or pecuniary interest with respect thereto. In every transfer of “financial assets” (within the meaning of Section 8-102 of the UCC) hereunder, the transferor shall take all steps necessary
(a) to effect a delivery to the transferee under Section 8-301 of the UCC, or to cause the creation of a security entitlement in favor of the transferee under Section 8-501 of the UCC, (b) to enable the transferee to obtain
“control” (within the meaning of Section 8-106 of the UCC), and (c) to provide the transferee with comparable rights under any applicable foreign law or regulation that is applicable to such transfer. 

(b) All transfers of cash hereunder to Borrower or Lender shall be by wire transfer in immediately available, freely transferable
funds. 
 (c) A transfer of securities or cash may be effected under this Section 11 on any day except (i) a day
on which the transferee is closed for business at its address set forth in Section 17 or (ii) a day on which a Clearing Organization or wire transfer system is closed, if the facilities of such Clearing Organization or wire transfer system
are required to effect such transfer, in which case under clause (i) or (ii), such transfer shall be made on the immediately following day on which such exceptions are not in effect. 

Section 12. Indemnities. 
 (a) Lender hereby agrees to indemnify and hold harmless Borrower and its Affiliates and its former, present and future directors, officers and employees from and against any and all liabilities,
judgments, claims, settlements, losses, damages and other expenses (including, without limitation, direct losses relating to Borrower’s market activities as a consequence of becoming subject to Section 16(b) under the Exchange Act, and
including, without limitation, any forbearance from market activities or cessation of market activities and any losses in connection therewith or with respect to this Agreement) (collectively, “Losses”) incurred or suffered by any
such person or entity directly arising from (i) any breach by Lender of any of its representations or warranties contained in Section 7 or (ii) any breach by Lender of any of its covenants or agreements in this Agreement;
provided, however, that Lender shall not be liable for any Losses arising from (i) any breach by Borrower of any of its representations or warranties contained in Section 7 or (ii) any breach by Borrower of any of its
covenants or agreements in this Agreement. 

 (b) In case any claim or litigation which might give rise to any obligation of Lender under
this Section 12 (“Indemnifying Party”) shall come to the attention of the party seeking indemnification hereunder (the “Indemnified Party”), the Indemnified Party shall, as soon as reasonably practicable,
notify the Indemnifying Party in writing of the existence and amount thereof; provided that the failure of the Indemnified Party to give such notice shall not adversely affect the right of the Indemnified Party to indemnification under this
Agreement, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall promptly notify the Indemnified Party in writing if it accepts such claim or litigation as being within its indemnification
obligations under this Section 12. Such response shall be delivered no later than 45 days after the initial notification from the Indemnified Party; provided that, if the Indemnifying Party reasonably cannot respond to such notice within
45 days, the Indemnifying Party shall respond to the Indemnified Party as soon thereafter as reasonably possible. 
 (c) An
Indemnifying Party shall be entitled to participate in and, if (i) in the good faith judgment of the Indemnified Party such claim can properly be resolved by money damages alone and the Indemnifying Party has the financial resources to pay such
damages and (ii) the Indemnifying Party admits that this indemnity fully covers the claim or litigation, the Indemnifying Party shall be entitled to direct the defense of any claim at its expense, but such defense shall be conducted by legal
counsel reasonably satisfactory to the Indemnified Party. An Indemnified Party shall not make any settlement of any claim or litigation under this Section 12 without the written consent of the Indemnifying Party. Nothing in this clause
(c) shall be deemed to limit, or be a waiver of either party in respect of, this Section 12. 
 Section 13.
Termination Of Agreement. 
 (a) This Agreement may be terminated at any time by the written agreement of Lender and
Borrower. 
 (b) This Agreement may be terminated by the non-defaulting party in accordance with the provisions of
Section 9 of this Agreement. 
 (c) Unless otherwise agreed by Borrower and Lender, the provisions of Section 12
shall survive the termination of this Agreement. 
 Section 14. [reserved] 

Section 15. Amendments. No amendment or modification in respect of this Agreement shall be effective unless it shall be
in writing and signed by the parties hereto. 
 Section 16. Transfer and Assignment. To the extent permitted by law,
neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party; provided that Borrower may,
without the consent of Lender, transfer or assign all or any part of its rights or obligations under this Agreement to any of Borrower’s Affiliates whose obligations are guaranteed by the Parent Entity or that have credit quality equivalent or
better than Borrower or Parent Entity and who agrees to assume all of the obligations of Borrower under this Agreement. 

Section 17. Notices. 
 (a) All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when received. 

(b) All such notices and other communications shall be directed to the following address: 

(i) If to Borrower to: 
 Attention: 
 with a copy to: 

Attention: 

Facsimile number: 

 (ii) If to Lender to: 

SolarCity Corporation 
 3055 Clearview Way 
 San Mateo, California, CO 94402 

Attention: 

Facsimile number: 
 with a copy to (which shall not constitute notice): 
 Attention: 

Facsimile number: 
 (c) In the case of any party, at such other address as may be designated by written notice to the other parties. 
 Section 18. Governing Law; Submission To Jurisdiction; Severability. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, but excluding any choice
of law provisions that would require the application of the laws of a jurisdiction other than New York. 
 (b) EACH PARTY
HERETO IRREVOCABLY AND UNCONDITIONALLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY, AND ANY APPELLATE COURT FROM ANY SUCH COURT, SOLELY FOR THE PURPOSE OF ANY SUIT,
ACTION OR PROCEEDING BROUGHT TO ENFORCE ITS OBLIGATIONS HEREUNDER OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE LOAN HEREUNDER AND (B) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY RIGHT OF JURISDICTION ON ACCOUNT OF ITS PLACE OF RESIDENCE OR DOMICILE. 
 (c) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 (d) To the extent permitted by law, the unenforceability or invalidity of any
provision or provisions of this Agreement shall not render any other provision or provisions herein contained unenforceable or invalid. 
 Section 19. Counterparts. This Agreement may be executed in any number of counterparts, and all such counterparts taken together shall be deemed to constitute one and the same agreement.

 Section 20. Amendments. No amendment or modification in respect of this Agreement shall be effective unless it
shall be in writing and signed by the parties hereto. 
 Section 21. Additional Provisions. 

(a) Lender understands and agrees that Agent will act as agent for both parties with respect to this Agreement and each Loan
hereunder. Agent is so acting solely in its capacity as agent for Lender and Borrower pursuant to instructions from Lender and Borrower. Agent shall have no responsibility or personal liability to either party arising from any failure by either
party to pay or perform any obligation under this Agreement. Each party agrees to proceed solely against the other to collect or recover any amount owing to it or enforce any of its rights in connection with or as a result of this Agreement or the
Loan hereunder. 
 (b) Notwithstanding any provisions of the Agreement, all communications relating to this Agreement shall
be transmitted exclusively through Agent at [                    ]. 
 (c) Agent received other remuneration from Borrower in relation to this Agreement. The amount and source of such other remuneration will be furnished upon written request. The time of each Loan is
available upon request. 

 (d) Borrower hereby notifies Lender that (i) in the event of Borrower’s
failure, Lender will likely be considered an unsecured creditor of Borrower, and (ii) the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa through 78lll) does not protect Counterparty with respect to this Agreement or the Loan
hereunder. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the parties hereto to have executed this Share Lending Agreement as of
the date and year first above written. 
  

									
	 SolarCity Corporation, as Lender
	  		 	 Goldman Sachs Financial Markets, L.P. , as Borrower

					
	By:	 	  
	  		 	By:	 	  

	Name:	 		  		 	Name:	 	
	Title:	 		  		 	Title:	 	
				
		 		  		 	 Goldman, Sachs & Co., as Agent

					
		 		  		 	By:	 	  

		 		  		 	Name:	 	
		 		  		 	Title:	 	

 EXHIBIT A 
 Guarantee

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