Document:

EX-10.16

 Exhibit 10.16 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is entered into as of
            , by and between Azure Power Global Limited, a Mauritius company (the “Company”) and
                     (the “Indemnitee”). 

RECITALS 
 1. The Company
recognizes that highly competent persons are becoming more reluctant to serve corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against risks of claims
and actions against them arising out of their services to the corporation. 
 2. The Board of Directors of the Company (the
“Board”) has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company
to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation. 

3. The Company is willing to indemnify the Indemnitee to the fullest extent permitted by applicable law, and the Indemnitee is willing to
serve and continue to serve the Company on the condition that he or she be so indemnified. 
 AGREEMENT 

In consideration of the premises and the covenants contained herein, the Company and the Indemnitee do hereby covenant and agree as follows:

  

	A.	DEFINITIONS 

 The following terms shall have the meanings defined below: 

Expenses shall include damages, judgments, fines, penalties, settlements and costs, attorneys’ fees and disbursements and costs of
attachment or similar bond, investigations, and any expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

 Indemnifiable Event means any event or occurrence that takes place either before or after the execution of this Agreement,
related to the fact that the Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or was a
director or officer of an entity that was a predecessor of the Company or another entity at the request of such predecessor entity, or related to anything done or not done by the Indemnitee in any such capacity. 

Participant means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding. 

  
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 Proceeding means any threatened, pending, or completed action, suit or proceeding, or any
inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, in which the Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event, including, without limitation,
any threatened, pending, or completed action, suit or proceeding by or in the right of the Company. 
  

	B.	AGREEMENT TO INDEMNIFY 

 1. General Agreement. In the event the Indemnitee was, is, or
becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which the Indemnitee incurs or becomes obligated to incur in connection with such
Proceeding, to the fullest extent permitted by applicable law. 
 2. Indemnification of Expenses of Successful Party. Notwithstanding
any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Indemnitee shall be indemnified against all
Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be. 
 3. Partial
Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the
portion of such Expenses to which the Indemnitee is entitled. 
 4. Exclusions. Notwithstanding anything in this Agreement to the
contrary, the Indemnitee shall not be entitled to indemnification under this Agreement: 
 (a) subject to Section E.4 below, to the extent
that payment is actually made to the Indemnitee under a valid, enforceable and collectible insurance policy; 
 (b) in connection with a
judicial action by or in the right of the Company, in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by final judgment in a court of law to be liable for gross negligence or willful misconduct in the
performance of his duty to the Company, unless and only to the extent that the court in which such action was brought determines upon application, that notwithstanding the adjudication of such liability, in view of all the circumstances of the case,
the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses as such court shall deem proper; 
 (c) in connection with
any Proceeding initiated by the Indemnitee against the Company or any director or officer of the Company, and not by way of defense, unless (i) the Company has joined in, or the Board has consented to, the initiation of such Proceeding; or
(ii) the Proceeding is one to enforce indemnification rights under this Agreement or any applicable law; 
 (d) for a disgorgement of
profits made from the purchase and sale by the Indemnitee of securities pursuant to Section 16(b) of the Securities Exchange Act of 1934, as may be amended from time to time, or similar provisions of any applicable U.S. state statutory law or
common law; 

  
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 (e) brought about by the dishonesty or fraud of the Indemnitee seeking payment hereunder;
provided, however, that the Indemnitee shall be protected under this Agreement as to any claims upon which a suit may be brought against him by reason of any alleged dishonesty on his part, unless a judgment or other final adjudication thereof
adverse to the Indemnitee establishes that he committed acts of active and deliberate dishonesty with actual dishonest purpose and intent and such acts were material to the cause of action so adjudicated; 

(f) for any judgment, fine or penalty which the Company is prohibited by applicable law from paying as indemnity; or 

(g) in respect of any losses that have been determined by final judgment in a court of law to have resulted from the Indemnitee’s breach
of an agreement, if any, with the Company or any of its subsidiaries. 
 5. No Employment Rights. Nothing in this Agreement is
intended to create in the Indemnitee any right to continued employment with the Company. 
 6. Contribution. If the indemnification
provided in this Agreement is unavailable and may not be paid to the Indemnitee for any reason other than those set forth in Section 4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably
incurred and paid or payable by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction from which such
Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation or any other
method of allocation which does not take account of the foregoing equitable considerations. 
  

	C.	INDEMNIFICATION PROCESS 

 1. Notice and Cooperation By the Indemnitee. the Indemnitee
shall, as a condition precedent to his right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against the Indemnitee for which indemnification will or could be sought under this
Agreement, provided that the delay of the Indemnitee to give notice hereunder shall not prejudice any of the Indemnitee’s rights hereunder, unless such delay results in the Company’s forfeiture of substantive rights or defenses. Notice to
the Company shall be given in accordance with Section F.7 below. In addition, the Indemnitee shall give the Company such information and cooperation as the Company may reasonably request. 

  
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 2. Indemnification Payment. 

(a) Advancement of Expenses. The Indemnitee may submit a written request to the Company requesting that the Company advance to the
Indemnitee all Expenses that may be reasonably incurred by the Indemnitee in connection with a Proceeding as such Expenses are incurred. The Company shall, within ten business days of receiving such a written request by the Indemnitee, advance all
requested, documented Expenses to the Indemnitee. 
 (b) Reimbursement of Expenses. To the extent the Indemnitee has not requested
any advanced payment of Expenses from the Company, the Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after the Indemnitee makes a written request to the
Company for reimbursement. 
 (c) Determination by the Reviewing Party. For the purposes of this Agreement, the “Reviewing
Party” with respect to each indemnification request of the Indemnitee shall be (A) the Board by a majority vote of a quorum consisting of Disinterested Directors (as defined below), or (B) if a quorum of the Board consisting of
Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, an Independent Counsel (as defined below) in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee.
For the purposes of this Agreement, “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to
represent (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or
(ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. Notwithstanding any other provision of this
Agreement, in the event the Reviewing Party informs the Company that the Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by the
Indemnitee for all the Expenses previously advanced or otherwise paid to or on behalf of the Indemnitee in connection with such Proceeding; provided, however, that the Indemnitee may bring a suit to enforce his indemnification right in
accordance with Section C.3 below. 
 3. Suit to Enforce Rights. Regardless of any action by the Reviewing Party, if the Indemnitee
has not received full indemnification within 30 days after making a written demand in accordance with Section C.2 above, the Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any
court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party with respect to any aspect of this Agreement. Any determination by the Reviewing Party not challenged by the Indemnitee and
any judgment entered by the court shall be binding on the Company and the Indemnitee. 

  
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 4. Assumption of Defense. In the event the Company is obligated under this Agreement to
advance any Expenses for any Proceeding against the Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by the Indemnitee, upon delivery to the Indemnitee of written notice of its election to do
so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by
the Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by the Indemnitee has been previously authorized by the Company, (ii) the Indemnitee has reasonably concluded, based on written advice of counsel,
that there may be a conflict of interest of such counsel retained by the Company between the Company and the Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to
the defense of such Proceeding, in any of which events the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company. At all times, the Indemnitee shall have the right to employ counsel in any Proceeding at the
Indemnitee’s expense. 
 5. Defense to Indemnification, Burden of Proof and Presumptions. It shall be a defense to any action
brought by the Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any
determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company. Neither the failure of the Reviewing
Party or the Company to have made a determination prior to the commencement of such action by the Indemnitee that indemnification is proper under the circumstances because the Indemnitee has met the standard of conduct set forth in applicable law,
nor an actual determination by the Reviewing Party or the Company that the Indemnitee had not met such applicable standard of conduct shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of
conduct. 
 6. No Settlement Without Consent. The Company shall not settle any Proceeding in any manner that would impose any damage,
loss, penalty or limitation on the Indemnitee without the Indemnitee’s prior written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its consent to any proposed settlement, provided that the Indemnitee may withhold
his consent if any proposed settlement imposes any damage, loss, penalty or limitation on the Indemnitee. 
 7. Company
Participation. The Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of
such action, unless such lack of opportunity does not result in the Company’s forfeiture of substantive rights or defenses. 
 8.
Reviewing Party. 
 (a) If the Reviewing Party determines that the Indemnitee is entitled to indemnification under this Agreement,
the Company shall make payment to the Indemnitee within ten days after such determination, provided that notwithstanding any other provision of 

  
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this Agreement, the Indemnitee shall not be entitled to be reimbursed more than once for the same expense. The Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to the Indemnitee and reasonably necessary for such determination. Any Independent Counsel or member of the Board shall act reasonably and in good faith in making a determination under this Agreement
with respect to the Indemnitee’s entitlement to indemnification. Any costs or expenses (including attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by the Indemnitee. 

(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected in
accordance with this Section 8(b). The Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee requests that such selection be made by the Board), and the Indemnitee shall give written notice to the Company advising it of
the identity of the Independent Counsel so selected, provided that if such selection is made by the Board at the request of the Indemnitee, the Board shall provide written notice to the Indemnitee of the identity of the Independent Counsel so
selected. Within 10 days after such written notice of selection has been given, the non-selecting party may deliver a written objection to such selection; provided, however, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by the Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the
Company or the Indemnitee may petition the a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or the Indemnitee to the other’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The
Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the
procedures of this Section 8(b), regardless of the manner in which such Independent Counsel was selected or appointed. 
 (c) In making
a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that the Indemnitee is entitled to indemnification under this Agreement if the Indemnitee has submitted a request for indemnification in

  
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accordance with this Agreement, and the Company shall have the burden of proof to overcome such presumption in connection with the making by any person or entity of any determination contrary
to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create a presumption that the Indemnitee did not act in good faith and in a manner which he reasonably believed
to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful. For purposes of any determination of good faith, the
Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s action is based on (i) the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which the Indemnitee
is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, (ii) on information supplied to the Indemnitee by the officers and directors of the Company or such
other corporation, partnership, joint venture or other entity in the course of their duties, (iii) on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or (iv) on information
or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or an appraiser or other expert selected with reasonable care by the Company or such
other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other
entity shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section 8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances
in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.  
  

	D.	DIRECTOR AND OFFICER LIABILITY INSURANCE 

 1. Good Faith Determination. The Company shall
from time to time make a good faith determination as to whether it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with
coverage for losses incurred in connection with their services to the Company or to ensure the Company’s performance of its indemnification obligations under this Agreement. 

2. Coverage of the Indemnitee. To the extent the Company maintains an insurance policy or policies providing directors’ and 

officers’ liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage obtained for any of the Company’s directors or officers. 
 3. No Obligation. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such
insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit. 

  
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	E.	NON-EXCLUSIVITY; FEDERAL PREEMPTION; TERM 

 1. Non-Exclusivity. The indemnification
provided by this Agreement shall not be deemed exclusive of any rights to which the Indemnitee may be entitled under the Company’s current memorandum and articles of association, applicable law or any written agreement between the Indemnitee
and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to the Indemnitee for any action or omission while serving in an indemnified capacity even though he may
have ceased to serve in any such capacity at the time of any Proceeding. 
 2. Federal Preemption. Notwithstanding the foregoing,
both the Company and the Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such
instances include, but are not limited to, the U.S. Securities and Exchange Commission’s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. The Indemnitee understands and acknowledges that the
Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify the
Indemnitee. 
 3. Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the
period the Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and
shall continue thereafter so long as the Indemnitee shall be subject to any Proceeding by reason of his former or current capacity at the Company, whether or not he is acting or serving in any such capacity at the time any expense is incurred for
which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company’s
request. 
 4. Fund Indemnitors. The Company hereby acknowledges that the Indemnitee has certain rights to indemnification,
advancement of expenses or insurance, provided by [FC VI India Venture (Mauritius) Ltd.][Helion Venture Partners II, LLC and Helion Venture Partners India, II, LLC][International Finance Corporation][IFC GIF Investment Company I] and certain
of its affiliates (collectively, the “Fund Indemnitors”). In the event that the Indemnitee is, or is threatened to be made, a party to or a participant in any proceeding to the extent resulting from any claim based on the
Indemnitee’s service to the Company as a director or other fiduciary of the Company, then the Company shall (i) be an indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of
the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) be required to advance reasonable expenses incurred by Indemnitee, and (iii) be liable
for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this  

  
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Agreement and any provision of the Company memorandum and articles of association (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have
against the Fund Indemnitors. The Company irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. No
advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution
or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Fund Indemnitors are third party beneficiaries of the terms of this Section E.4. 

 

	F.	MISCELLANEOUS 

 1. Amendment of this Agreement. No supplement, modification, or amendment
of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a
continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver. 

2. Subrogation. In the event of payment to or on behalf of the Indemnitee by the Company under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents
necessary to enable the Company to bring suit to enforce such rights. 
 3. Assignment; Binding Effect. Neither this Agreement nor
any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in
interest to an entity which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the
Company’s successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as the Indemnitee’s spouses,
heirs, and personal and legal representatives. As a condition to any purchase, merger, consolidation or other business combination transaction involving the Company, the Company’s successor shall expressly assume the obligations under this
Agreement. 
 4. Severability and Construction. Nothing in this Agreement is intended to require or shall be construed as requiring
the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any
portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto
acknowledge that they each have had opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of
or against either of the parties hereto. 

  
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 5. Counterparts. This Agreement may be executed in two counterparts, both of which taken
together shall constitute one instrument. 
 6. Governing Law. This agreement and all acts and transactions pursuant hereto and the
rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, U.S.A, without giving effect to conflicts of law provisions thereof. 

7. Notices. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and
shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at: 

Azure Power Global Limited 
 8
Local Shopping Complex, 
 Pushp Vihar, Madangir, 

New Delhi 1100062, India 

Attention: Inderpreet Singh Wadhwa 

and to the Indemnitee at its last address notified to the Company. 

8. Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both
written and oral, between the parties with respect to the subject matter hereof. 
 (Signature page follows) 

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

COMPANY 
 Azure Power Global Limited 

 

	
	  

	 Name:

	 Title:

 INDEMNITEE 
  

	
	  

	Name:

  
 11EX-10.1

 Exhibit 10.1 

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

THIS SEVENTH AMENDMENT, CONSENT AND WAIVER TO DELAYED DRAW TERM LOAN AND BRIDGE LOAN CREDIT AGREEMENT (this
“Amendment”) is dated as of June 15, 2016 by and among Par Pacific Holdings, Inc. (f/k/a Par Petroleum Corporation), a Delaware corporation (the “Borrower”), the Guarantors party hereto (the
“Guarantors” and together with the Borrower, each a “Credit Party” and collectively, the “Credit Parties”), the lenders party hereto (the “Lenders”), and
Jefferies Finance LLC, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 

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

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders consent to (x) the Borrower and Par Wyoming (hereinafter
defined) executing and performing their respective obligations under and in accordance with that certain Unit Purchase Agreement dated as of June 14, 2016 among Par Wyoming, Black Elk Refining, LLC, a Delaware limited liability company, and for
certain limited purposes stated therein, the Borrower, in the form approved by the Borrower’s board of directors prior to the execution of this Amendment, together with any modifications, consents, amendments or waivers thereto to the extent
that such modifications, consents, amendments or waivers are not materially adverse to the Lenders or the Administrative Agent unless consented to by the Lenders, and, if applicable, the Administrative Agent (as amended or modified (including,
without limitation, by way of consent or waiver), the “Par Wyoming Acquisition Agreement”), and (y) the consummation of the acquisition of all of the Equity Interests of Wyoming Refining Company (hereinafter defined) in
accordance with the terms and conditions of the Par Wyoming Acquisition Agreement (such acquisition, the “Par Wyoming Acquisition”); 

WHEREAS, the Borrower has also requested that the Administrative Agent and Lenders (x) amend the Credit Agreement to permit the Borrower to
issue up to $52,500,000 of the Borrower’s 2.5% Convertible Subordinated Bridge Notes due 90 days following issuance thereof (which shall be convertible into the Common Stock issued pursuant to the Second Rights Offering (hereinafter defined))
(such convertible notes, the “Bridge Convertible Notes”), (y) amend the Credit Agreement to permit the Borrower to issue the Borrower’s unsecured convertible senior notes due 2021 in accordance with the terms and
conditions set forth in that certain preliminary offering memorandum, including the description of notes set forth therein, in substantially the form provided to the Lenders prior to the execution of this Amendment (the “Preliminary
OM”), as supplemented by the related pricing term sheet 

 
(which shall not be inconsistent with the Preliminary OM) (such convertible notes, to the extent issued on or before July 31, 2016, the “Convertible Notes”) and (z)
consent to various other amendments to the Credit Agreement related to the execution and performance of the Par Wyoming Acquisition Agreement, the consummation of the Par Wyoming Acquisition and the issuance and sale of the Bridge Convertible Notes
and the Convertible Notes as contemplated herein; and 
 WHEREAS, the Administrative Agent and Lenders have agreed to consent to the
execution and performance of the Par Wyoming Acquisition Agreement and the consummation of the Par Wyoming Acquisition and to amend the Credit Agreement to, among other things, permit the issuance and sale of the Bridge Convertible Notes and the
Convertible Notes, in each case, subject to the terms and conditions hereof. 
 NOW, THEREFORE, in consideration of the mutual promises
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Defined Terms. All capitalized terms used herein (including in the recitals hereto) shall have the respective meaning assigned
to such terms in the Credit Agreement, unless otherwise defined herein. 
 2. Consent. Effective as of the Effective Date, to
the extent such consent is or may be required under the Credit Agreement and notwithstanding anything to the contrary contained in the Credit Agreement and/or the other Loan Documents, the Lenders and the Administrative Agent hereby consent to (and
ratify, as applicable) (i) the Borrower and Par Wyoming (hereinafter defined) executing and performing their respective obligations under and in accordance with the Par Wyoming Acquisition Agreement and (ii) the consummation of the Par Wyoming
Acquisition in accordance with the terms and conditions of the Par Wyoming Acquisition Agreement; provided that (A) the Par Wyoming Acquisition is consummated in accordance with the Par Wyoming Acquisition Agreement on or before July 31, 2016 and
(B) the Par Wyoming Acquisition (and all other transactions contemplated under the Par Wyoming Acquisition Agreement) is consummated, in all material respects, in accordance with all applicable Legal Requirements. 

3. Waiver. Effective as of the Effective Date, the Administrative Agent and the Lenders hereby waive any Default or Event of Default
arising out of the Credit Parties’ failure to notify the Administrative Agent and the Lenders of Borrower opening deposit account number xxxxxxxx8405 at Key Bank, N.A. (“New Deposit Account”) and Borrower’s failure to enter into
a new deposit account control agreement with respect to the New Deposit Account (such deposit account control agreement, the “New DACA”) prior to opening the New Deposit Account in accordance with the Loan Documents (collectively,
the “Specified Defaults”); provided that the Borrower shall deliver the fully executed New DACA, in form and substance satisfactory to the Administrative Agent and the Lenders, to the Administrative Agent within 45 days
after the Effective Date. 

  
 2 

 4. Amendments to Credit Agreement. 

(a) The following defined terms are hereby added to Appendix I of the Credit Agreement in their appropriate alphabetical order:

 ‘“Bank of America Loan Documents” means the Third Amended and Restated Loan Agreement dated as of
April 30, 2015, by and among Bank America, N.A., the Wyoming Targets, as borrowers, and Par Wyoming, as guarantor, and all agreements, documents and/or instruments executed and/or delivered in connection therewith, as each of such agreements,
documents, and/or instruments may be amended, restated, modified and/or supplemented from time to time, and any credit agreement, loan agreement, notes, indentures or other financing or loan documents evidencing indebtedness that refinances the
indebtedness evidenced by such agreements, documents and/or instruments.’ 
 ‘“Bridge Convertible
NPA” means that certain note purchase agreement pursuant to which the Bridge Convertible Notes are issued.’ 

‘“Bridge Convertible Notes” means up to $52,500,000 principal amount of 2.5% convertible subordinated
bridge notes due 90 days following issuance thereof (which shall be convertible into the Common Stock issued pursuant to the Second Rights Offering).’ 

‘“Convertible Note Indenture” means that certain indenture pursuant to which the Convertible Notes are
issued.’ 
 ‘“Convertible Notes” means the senior unsecured convertible notes of the Borrower due
2021 issued by the Borrower on or before July 31, 2016 pursuant to the Convertible Note Indenture and consistent with the terms and conditions set forth in that certain preliminary offering memorandum, including the description of notes set forth
therein, in substantially the form provided to the Lenders prior to the execution of the Seventh Amendment, as supplemented by the related pricing term sheet (which shall not be inconsistent with such preliminary offering memorandum).’ 

‘“Par-WY Holdco” means Par Wyoming Holdings, LLC, a Delaware limited liability company and a wholly owned
direct or indirect Subsidiary of Par Petroleum, LLC.’ 
 ‘“Par–WY Holdco Loan Documents”
means the term loan credit agreement entered into among Par-WY Holdco, as borrower, the lenders party thereto, and Chambers Energy Management, LP, as administrative agent, and all agreements, documents and/or instruments executed and/or delivered in
connection therewith, as each of such agreements, documents, and/or instruments may be amended, restated, modified and/or supplemented from time to time, and any credit agreement, loan agreement, notes, indentures or other financing or loan
documents evidencing indebtedness that refinances the indebtedness evidenced by such agreements, documents and/or instruments.’ 

‘“Par Wyoming” means Par Wyoming, LLC, a Delaware limited liability company and a wholly owned direct or
indirect Subsidiary of Par Petroleum, LLC.’ 

  
 3 

 ‘“Second Rights Offering” means the Borrower’s
registered rights offering to be made pursuant to the Prospectus dated as of June 23, 2015 filed with the SEC, as supplemented from time to time, including pursuant to a Prospectus Supplement to be filed with the SEC following the Seventh Amendment
Effective Date (the “Rights Offering Prospectus Supplement”) pursuant to which, among other things, the Borrower will issue subscription rights to purchase newly-issued shares of Common Stock.’ 

‘“Seventh Amendment” means that certain Seventh Amendment, Consent and Waiver to Delayed Draw Term Loan
and Bridge Loan Credit Agreement, dated as of the Seventh Amendment Effective Date, by and among the Borrower, the other Credit Parties thereto, the Lenders party thereto, and the Administrative Agent.’ 

‘“Seventh Amendment Effective Date” means June 15, 2016.’ 

‘“Wyoming Pipeline Company” means Wyoming Pipeline Company LLC, a Wyoming limited liability
company.’ 
 ‘“Wyoming Refining Company” means Hermes Consolidated, LLC, a Delaware limited
liability company d/b/a Wyoming Refining Company.’ 
 ‘“Wyoming Targets” means Wyoming Refining
Company and Wyoming Pipeline Company.’ 
 (b) The definition of “Change of Control” in Appendix I of the Credit
Agreement is hereby amended, restated and replaced in its entirety as follows: 
 ‘“Change in Control” means that, for
any reason (i) any Person or group (as defined in Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934) other than a Permitted Holder shall become the direct or indirect beneficial owner (as defined in Sections 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934) of greater than 30% of the total voting power of all classes of capital stock then outstanding of Borrower entitled (without regard to the occurrence of any contingency) to vote in elections of directors of
Borrower, (ii) any Credit Party ceases to own, either directly or indirectly, 100% of the Equity Interest in any wholly-owned Subsidiary (other than an Excluded Subsidiary) other than as a result of a sale of assets, other Disposition or merger
permitted under Section 6.4; and (iii) the occurrence of a “Change of Control” (or similar defined term as defined in the JV Credit Agreement and/or in any of the following agreements, as each of such agreements may be amended,
restated and/or modified from time to time and including any credit agreement, loan agreement, notes, indentures or other financing or loan documents evidencing indebtedness that refinances the indebtedness evidenced by any of the following
agreements) under the JV Credit Agreement, any of the S&O Transaction Documents, the Key Credit Agreement, the Convertible Notes and/or the Convertible Note Indenture, the Bridge Convertible Notes and/or the Bridge Convertible NPA, the Bank of
America Loan Documents, or the Par-WY Holdco Loan Documents; provided that for purposes of determining whether a Change in Control has occurred, transfers of Voting Securities by any Lender or an Affiliate of any Lender to a third party shall be
disregarded.’ 

  
 4 

 (c) The definition of “Excluded Subsidiary” in Appendix I of the Credit
Agreement is hereby amended, restated and replaced in its entirety as follows: 
 “‘Excluded
Subsidiary” means (a) HPE and its Subsidiaries, including Hawaii Independent Energy, HIE Retail, LLC, Par Hawaii, Inc. (f/k/a Koko’oha Investments, Inc., successor by merger to Bogey, Inc.) and its Subsidiaries (including, without
limitation, the Mid Pac Entities), Par-WY Holdco and its Subsidiaries (including, without limitation, Par Wyoming and the Wyoming Targets), and Par Hawaii Shared Services, LLC, (b) Texadian Energy, Inc. and Texadian Energy Canada Limited,
(c) Castle Exploration Company, Inc. provided that (i) the Borrower is diligently pursuing the clearances necessary to apply for the dissolution of Castle Exploration Company, Inc. under Pennsylvania law and takes commercially reasonable action
to complete the dissolution process (which could take three years or longer) and (ii) Castle Exploration Company, Inc. does not at any time own more than $250,000 of Property after the Closing Date, (d) any Subsidiary of Borrower formed after the
Closing Date for the sole purpose of facilitating an acquisition or merger (or signing an acquisition or merger agreement) permitted hereunder unless and until the earlier to occur of (i) the consummation of such acquisition or merger or (ii) such
Subsidiary owns more than $1,000,000 of assets at any time and (e) any Subsidiary of an Excluded Subsidiary referenced in clauses (a), (b) and (c) of this definition.’ 

(d) The definition of “Restricted Payment” in Appendix I of the Credit Agreement is hereby amended by adding the
following sentence to the end of the definition thereof: 
 “For the avoidance of doubt, notwithstanding any other provisions set forth
in this definition, “Restricted Payments” (i) shall not be deemed to include (A) any conversion of the Convertible Notes into cash, shares of Common Stock or any combination thereof in accordance with the terms of the Convertible Notes
and/or the Convertible Note Indenture, (B) any conversion of the Bridge Convertible Notes into cash, shares of Common Stock or any combination thereof in accordance with the terms of the Bridge Convertible Notes and/or the Bridge Convertible NPA,
(C) any payment of principal, interest, fees or any other payment (including, without limitation, any make-whole payment (payable in cash or stock or any combination thereof) due upon redemption of the Convertible Notes) on account of the
Convertible Notes and/or the redemption of the Convertible Notes, in each case pursuant to the terms of the Convertible Notes and/or the Convertible Note Indenture, or (D) any payment of principal, interest, fees or any other payment (including,
without limitation, any make-whole payment (payable in cash or stock or any combination thereof) due upon redemption of the Bridge Convertible Notes) on account of the Bridge Convertible Notes and/or the redemption of the Bridge Convertible
Notes, in each case pursuant to the terms of the Bridge Convertible Notes and/or the Bridge Convertible NPA and (ii) shall be deemed to include the acquisition and/or purchase of the Convertible Notes and/or the Bridge Convertible Notes on the
open market or otherwise (each such acquisition and/or purchase, other than an acquisition and/or purchase referred to in clause (i) above, a “Convertible Notes Acquisition”).” 

(e) Section 6.2 of the Credit Agreement is hereby amended by deleting the “and” after “Sections 6.2(i),
6.2(r)” and substituting “,” in lieu thereof and adding “, 6.2(u), and 6.2(v)” immediately after “6.2(t)” (immediately prior to Section 6.2(a)). 

  
 5 

 (f) Section 6.2 of the Credit Agreement is hereby further amended by
(i) deleting “and” immediately after Section 6.2(s), (ii) deleting the “.” from the end of Section 6.2(t) and substituting “;” in lieu thereof and (iii) adding the following immediately after Section 6.2(t): 

“(u) Debt evidenced by the Convertible Notes issued pursuant to the Convertible Note Indenture; and 

(v) Debt evidenced by the Bridge Convertible Notes issued pursuant to the Bridge Convertible NPA.” 

(g) Section 6.5 of the Credit Agreement is hereby amended by (i) deleting the “and” immediately before
“(x)”, (ii) inserting a “,” immediately after the end of clause (ix) and (iii) adding the following immediately after the end of clause (x): 

“and (xi) the Borrower may consummate a Convertible Notes Acquisition so long as (a) no Event of Default shall have occurred and be
continuing before or after giving effect to the consummation of such Convertible Notes Acquisition and (b) the aggregate amount of all Convertible Notes Acquisitions consummated, after giving effect to the contemplated Convertible Notes Acquisition,
shall not exceed the lesser of (x) $10,000,000 and (y) 10% of the aggregate principal amount of the then outstanding Convertible Notes and Bridge Convertible Notes.” 

(h) Section 6.6 of the Credit Agreement is hereby amended by deleting the “and” immediately before “(h)” and
inserting the following immediately after the end of clause (h) “; (i) the issuance of the Convertible Notes pursuant to the Convertible Note Indenture; (j) the issuance of the Bridge Convertible Notes pursuant to the Bridge Convertible NPA;
and (k) the Second Rights Offering (including any backstop agreement related thereto) and any agreements evidencing the same”. 

(i) Section 6.12(b) of the Credit Agreement is hereby amended, restated and replaced in its entirety as follows: 

“(b) (i) amend or modify, or permit the amendment or modification of, any provision of any Debt that is subordinated to the Obligations
in any manner that is adverse in any material respect to the interests of the Lenders as determined by the Requisite Lenders in their sole discretion unless such amendment, modification or change is permitted at such time under the applicable
subordination agreement or (ii) amend or modify, or permit the amendment or modification of, any provision of the Convertible Note Indenture and/or the Convertible Notes or the Bridge Convertible NPA and/or the Bridge Convertible Notes in any manner
that is materially adverse to the interests of the Lenders or the Administrative Agent; provided that, for the avoidance of doubt, any amendment or modification to (A) provide collateral to secure the Convertible Notes or the Bridge
Convertible Notes, (B) shorten the maturity date or the date(s) on which the Convertible Notes or the Bridge Convertible Notes may be repaid or redeemed or (C) increase the interest rate under the Convertible Note Indenture and/or the Convertible
Notes or the Bridge Convertible NPA and/or the Bridge Convertible Notes shall be deemed to be materially adverse to the Lenders and the Administrative Agent.” 

  
 6 

 (j) Clause (b) of Section 6.19 of the Credit Agreement is hereby amended, restated
and replaced in its entirety as follows: 
 “(b) (i) regularly scheduled or required or mandatory repayments, redemptions, conversions
or prepayments of any Debt that is permitted under Section 6.2, (ii) optional redemptions of the Convertible Notes in accordance with the terms of the Convertible Notes and/or the Convertible Note Indenture and (iii) optional
redemptions of the Bridge Convertible Notes in accordance with the terms of the Bridge Convertible Notes and/or the Bridge Convertible NPA,” 

(k) Section 6.25 of the Credit Agreement is hereby deleted in its entirety and replaced with the phrase “Intentionally
Omitted.” 
 (l) Clause (ii) of Section 7.1(d) of the Credit Agreement is hereby amended and restated in its entirety to
read: 
 “(ii) any other event shall occur or condition shall exist under any agreement or instrument relating to Debt (including,
without limitation, any event of default, termination event or additional termination event under any Hedge Contract) that is outstanding in a principal amount (or termination payment amount or similar amount) of at least $1,000,000, and shall
continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; provided that, for the
avoidance of doubt, an Event of Default shall not be deemed to have occurred under this Section 7.1(d)(ii) upon a conversion, or an event that allows a conversion (unless such event would otherwise cause an Event of Default hereunder), of (x)
the Convertible Notes in accordance with the terms of the Convertible Notes and/or the Convertible Note Indenture or (y) the Bridge Convertible Notes in accordance with the terms of the Bridge Convertible Notes and/or the Bridge Convertible NPA, in
each case whether in cash, shares of Common Stock or any combination thereof,” 
 (m) Clause (iii) of Section 7.1(d) of
the Credit Agreement is hereby amended and restated in its entirety to read: 
 “(iii) any such Debt in a principal amount of at least
$1,000,000 shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled, required prepayment or mandatory prepayment other than a mandatory prepayment of all or substantially all of such Debt), prior to the
stated maturity thereof; provided that, for purposes of this Section 7.1(d), the “principal amount” of the obligations in respect of any Hedging Contracts at any time shall be the maximum aggregate amount (giving effect to
any netting agreements) that would be required to be paid if such Hedging Contracts were terminated at such time; provided that, for the avoidance of doubt, an Event of Default shall not be deemed to have occurred under this Section
7.1(d)(iii) upon a conversion, or an event that allows a conversion (unless such event would otherwise cause an Event of Default hereunder), of (x) the Convertible Notes in accordance with the terms of the Convertible Notes and/or the
Convertible Note Indenture, or (y) the Bridge Convertible Notes in accordance with the terms of the Bridge Convertible Notes and/or the Bridge Convertible NPA, in each case whether in cash, shares of Common Stock or any combination thereof,”

  
 7 

 (n) Section 7.1(d) of the Credit Agreement is hereby amended (i) by deleting the
“and” immediately before “(vii)” and (ii) by adding the following immediately following the end of such clause (vii): 

“(viii) the occurrence of an event of default under the Convertible Note Indenture and/or the Convertible Notes, provided, however, that
if all of such events of default under the Convertible Note Indenture and the Convertible Notes are cured or waived, any Event of Default arising under this Section 7.1(d)(viii) solely as a result of the occurrence of such events of default
shall be deemed to have been cured or waived, as applicable, and provided further, for the avoidance of doubt, an Event of Default shall not be deemed to have occurred under this Section 7.1(d)(viii) upon a conversion, or an event that allows
a conversion (unless such event would otherwise cause an Event of Default hereunder), of the Convertible Notes in accordance with the terms of the Convertible Notes and/or the Convertible Note Indenture, whether in cash, shares of Common Stock or
any combination thereof; (ix) the occurrence of an event of default under the Bridge Convertible NPA and/or the Bridge Convertible Notes, provided, however, that if all of such events of default under the Bridge Convertible NPA and the Bridge
Convertible Notes are cured or waived, any Event of Default arising under this Section 7.1(d)(ix) solely as a result of the occurrence of such events of default shall be deemed to have been cured or waived, as applicable, and provided
further, for the avoidance of doubt, an Event of Default shall not be deemed to have occurred under this Section 7.1(d)(ix) upon a conversion, or an event that allows a conversion (unless such event would otherwise cause an Event of Default
hereunder), of the Bridge Convertible Notes in accordance with the terms of the Bridge Convertible Notes and/or the Bridge Convertible NPA, whether in cash, shares of Common Stock or any combination thereof; (x) the occurrence of an event of default
under the Bank of America Loan Documents, provided, however, that if all of such events of default under the Bank of America Loan Documents are cured or waived, any Event of Default arising under this Section 7.1(d)(x) solely as a result of
the occurrence of such events of default shall be deemed to have been cured or waived, as applicable; and (xi) the occurrence of an event of default under the Par-WY Holdco Loan Documents, provided, however, that if all of such events of default
under the Par-WY Holdco Loan Documents are cured or waived, any Event of Default arising under this Section 7.1(d)(xi) solely as a result of the occurrence of such events of default shall be deemed to have been cured or waived, as
applicable;” 
 (o) Section 7.1(t) of the Credit Agreement is hereby amended by adding the following immediately after
the “;”: 
 “or 

(u) Insolvency of Par-WY Holdco. (i) (a) Par-WY Holdco or any of its Subsidiaries (including, for the avoidance of doubt, Par
Wyoming and the Wyoming Targets) shall become unable or shall admit in writing its inability or shall fail generally to pay its debts as such debts become due, or shall make a general assignment for the benefit of creditors; or (b) any writ or
warrant of attachment or execution or similar process is issued or levied against all or any material part of the Property of Par-WY Holdco or any of its Subsidiaries (including, for the avoidance of doubt, Par Wyoming and the Wyoming Targets) and
is not released, vacated or fully bonded within sixty (60) days after its issue or levy; (ii) any proceeding shall be instituted by or against Par-WY Holdco or any of its Subsidiaries (including, for the avoidance of doubt,

  
 8 

 
Par Wyoming and the Wyoming Targets) seeking to adjudicate it as bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief, or composition of it or its debts under any law relating to any Debtor Relief Law, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part
of its Property and, in the case of any such proceeding instituted against Par-WY Holdco or any of its Subsidiaries (including, for the avoidance of doubt, Par Wyoming and the Wyoming Targets), either such proceeding shall remain undismissed or
unstayed for a period of sixty (60) days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against Par-WY Holdco or any of its Subsidiaries (including, for the avoidance of doubt, Par
Wyoming and the Wyoming Targets) or the appointment of a receiver, trustee, custodian or other similar official for any of them or for any substantial part of their Property) shall occur; or Par-WY Holdco or any of its Subsidiaries (including, for
the avoidance of doubt, Par Wyoming and the Wyoming Targets) shall take any corporate action to authorize any of the actions set forth above in this paragraph (u);” 

5. Prepayment of Term Loan. Notwithstanding anything to the contrary contained herein, in the Credit Agreement and/or in the Loan
Documents, not later than three (3) Business Days following the Borrower’s receipt of the Net Cash Proceeds from the issuance of the Convertible Notes, the Borrower shall apply $5,000,000 of such Net Cash Proceeds to prepay a like amount of the
aggregate outstanding principal amount of the Term Loan, such prepayment to be apportioned by the Administrative Agent among the Lenders in accordance with each Lender’s respective Pro Rata Share (the “$5,000,000
Prepayment”). Notwithstanding any of the provisions set forth herein or in the Loan Documents, the Borrower shall not be required to make any prepayment of accrued and unpaid interest on the $5,000,000 Prepayment when the $5,000,000
Prepayment is paid (for the avoidance of doubt, (x) all accrued and unpaid Term Loan Cash Interest on account of the $5,000,000 Prepayment shall be due and payable on the next Interest Payment Date after the Seventh Amendment Effective Date and (y)
all accrued and unpaid Term Loan PIK Interest on account of the $5,000,000 Prepayment shall be due and payable in accordance with the Credit Agreement and not on the day the $5,000,000 Prepayment is made (as if the $5,000,000 Prepayment was not made
solely for purposes of determining when such Term Loan PIK Interest is payable)). 
 6. Consent Fee. In consideration for the
Lenders’ consents set forth herein and consent to the amendments set forth herein, Borrower hereby agrees to remit to the Administrative Agent for payment to the Lenders, in cash, on or before the earlier of (x) July 1, 2016 and (y)
the issuance of the Convertible Notes, a consent fee in an aggregate amount equal to $2,500,000 (the “Consent Fee”), of which (A) $1,250,000 shall be paid to WB MACAU55, LTD., (B) $975,000 shall be paid to Highbridge
International, LLC and (C) $275,000 shall be paid to Highbridge Tactical Credit & Convertibles Master Fund, L.P. The Consent Fee shall be fully earned and nonrefundable on the Effective Date. 

  
 9 

 7. Additional Covenant. None of the Credit Parties shall guaranty or otherwise be
liable on account of the loans or other obligations outstanding under the Bank of America Loan Documents or the Par-WY Holdco Loan Documents. 

8. Representations and Warranties. Each of the Borrower and each of the Guarantors hereby confirms, reaffirms, and restates the
representations and warranties made by it in the Credit Agreement, as amended hereby, and confirms that all such representations and warranties are true and correct in all material respects as of the date hereof (except that any representation and
warranty that is qualified as to “materiality” or “Material Adverse Change” shall be true and correct in all respects). The Borrower and each Guarantor further represent and warrant (which representations and warranties shall
survive the execution and delivery of this Amendment) to the Lenders that: 
 (a) The execution, delivery, and performance by each Credit
Party of this Amendment and the consummation of the transactions contemplated hereby, (i) are within such Credit Party’s corporate or limited liability company powers, as applicable, (ii) have been duly authorized by all necessary
corporate or limited liability company action, as applicable, (iii) do not contravene (x) such Credit Party’s Organizational Documents or (y) any law or any contractual restriction binding on or affecting such Credit Party, and (iv) will
not result in or require the creation or imposition of any Lien prohibited by the Loan Documents; 
 (b) No consent, order, authorization,
or approval or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required for the due execution, delivery, and performance by any Credit Party of this Amendment, except for those consents and
approvals that have been obtained, made or waived on or prior to the date hereof and that are in full force and effect; 
 (c) This
Amendment has been duly executed and delivered by such Credit Party and is the legal, valid, and binding obligation of each Credit Party enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited
by any applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer, or similar law affecting creditors’ rights generally and by general principles of equity; 

(d) After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing as of the Effective Date or
will result from the execution, delivery and performance of this Amendment; and 
 (e) Par-WY Holdco is a wholly owned subsidiary of Par
Petroleum, LLC and Par Wyoming is a wholly owned subsidiary of Par-WY Holdco. 
 9. Effect of this Amendment. Except as
expressly amended, consented to or waived herein, the Credit Agreement and the other Loan Documents are hereby ratified and confirmed in all respects and shall remain in full force and effect in accordance with their respective terms. Except as
expressly set forth herein, the terms of this Amendment shall not be deemed (i) a waiver of any Default or Event of Default, (ii) a consent, waiver or modification with respect to any term, condition, or obligation of the Borrower or any other
Credit Party in the Credit 

  
 10 

 
Agreement or any other Loan Document, (iii) a consent, waiver or modification with respect to any other event, condition (whether now existing or hereafter occurring) or provision of the
Loan Documents or (iv) to prejudice any right or remedy which the Administrative Agent or any Lender may now or in the future have under or in connection with the Credit Agreement or any other Loan Document. 

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

a) Documentation. The Administrative Agent shall have received the following, duly executed by all the parties thereto, if
applicable, in form and substance satisfactory to the Administrative Agent and the Lenders: 
 i. this Amendment; 

ii. a copy of the Par Wyoming Acquisition Agreement certified by an officer of the Borrower or publicly filed as an exhibit in
the Borrower’s filing with the SEC; 
 iii. a copy of the Preliminary OM; and 

iv. an organizational chart of the Borrower and its Subsidiaries after giving effect to the Par Wyoming Acquisition. 

b) Payment of Fees. On the Effective Date, Borrower shall have paid (i) the administrative agency amendment fee, in the amount
separately agreed to between the Borrower and the Administrative Agent, to the Administrative Agent and (ii) all outstanding and invoiced fees and expenses of the Administrative Agent’s legal counsel to the extent such fees and expenses are
reimbursable pursuant to Section 10.4 of the Credit Agreement. 
 c) No Default. No event or condition exists that
would constitute a Default or Event of Default before (except for the Specified Defaults) or after giving effect to this Amendment. 
 d)
Representations and Warranties. The representations and warranties contained in Article IV of the Credit Agreement, this Amendment, and in each other Loan Document shall be true and correct in all material respects (except that any
representation and warranty that is qualified as to “materiality” or “Material Adverse Change” shall be true and correct in all respects) as of such date (except in the case of representations and warranties that are made solely
as of an earlier date or time, which representations and warranties shall be true and correct as of such earlier date or time). 
 11.
Miscellaneous. 
 (a) Severability. If any provision of this Amendment is held by a court of competent jurisdiction to be
invalid or unenforceable, such provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of this Amendment and the effect thereof shall be confined to the provision so held to
be invalid or unenforceable.

  
 11 

 (b) Expenses. The Borrower agrees to pay or reimburse the Administrative Agent and
the Lenders for all reasonable fees and out-of-pocket disbursements incurred by the Administrative Agent or the Lenders in connection with the preparation, execution, delivery, administration and enforcement of this Amendment, including without
limitation the reasonable fees and disbursements of counsel for the Administrative Agent and the Lenders, to the same extent that the Borrower would be required to do so pursuant to Section 10.4 of the Credit Agreement. 

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

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

(f) Successors and Assigns. This Amendment shall be binding on and inure to the benefit of the parties hereto and their heirs,
beneficiaries, successors and assigns. 
 (g) Governing Law; Venue; Jury Trial. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE CHOICE OF LAW AND VENUE PROVISIONS SET FORTH IN SECTION 10.12 OF THE CREDIT AGREEMENT, AND SHALL BE SUBJECT TO THE JURY TRIAL WAIVER SET FORTH IN SECTION 10.14 OF THE
CREDIT AGREEMENT. 
 (h) Guarantors. Each Guarantor, for value received, hereby expressly consents and agrees to the Borrower’s
execution and delivery of this Amendment, to the 

  
 12 

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

  
 13 

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

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

a Delaware limited liability company
  

EWI LLC, a Delaware limited liability company
  

PAR WASHINGTON LLC,
 a Delaware limited liability company

 
 PAR NEW MEXICO LLC,

a Delaware limited liability company
  

HEWW EQUIPMENT LLC,
 a Delaware limited liability company
	 	
				
		 		 	 By: PAR PACIFIC HOLDINGS, INC.,

a Delaware corporation, as Sole Member of each of the foregoing companies
	 	
					
		 		 		 	By:	 	 /s/ Christopher M. Micklas

		 		 		 	Name: Christopher M. Micklas	 	
		 		 		 	Title: Chief Financial Officer	 	

  
 [Signature Page to
Seventh Amendment, Consent and Waiver] 

			
	ADMINISTRATIVE AGENT:
	
	 JEFFERIES FINANCE LLC, as

Administrative Agent

		
	By:	 	 /s/ J. Paul McDonnell

	Name:	 	J. Paul McDonnell
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment, Consent and Waiver] 

			
	LENDERS:
	
	WB MACAU55, LTD., as a Lender
		
	By:	 	 /s/ Mark Strefling

	Name:	 	Mark Strefling
	Title:	 	General Counsel

  
 [Signature Page to
Seventh Amendment, Consent and Waiver] 

			
	Highbridge International, LLC, as a Lender
	
	By: Highbridge Capital Management, LLC, as trading manager
		
	By:	 	 /s/ Jonathan Segal

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

	Name:	 	Jonathan Segal
	Title:	 	Managing Director

  
 [Signature Page to
Seventh Amendment, Consent and Waiver]

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