Document:

Exhibit 10.4

 

TLP MANAGEMENT SERVICES LLC

SAVINGS AND RETENTION PLAN

 

Pursuant to the terms of the TLP Management Services LLC 2016 Long-Term Incentive Plan (the “LTIP”), TLP Management Services LLC, a Delaware limited liability company (the “Company”), hereby establishes the TLP Management Services LLC Savings and Retention Plan (the “Plan”), effective as of February 26, 2016 (the “Effective Date”). The purpose of the Plan is to provide for the reward and retention of certain key employees by means of compensation that vests over future service periods.  The benefits provided under the Plan are in addition to any right participating employees may have under other compensatory plans offered by the Company and in which the employee is eligible to participate.  The Plan is subject to all of the terms and conditions of the LTIP and to the extent the terms of the Plan and of the LTIP conflict, the terms of the LTIP shall control.

 

RECITALS

 

A.            TransMontaigne Inc., a Delaware corporation (“Predecessor Plan Sponsor”), established the TransMontaigne Services Inc. Savings and Retention Plan, effective as of January 1, 2007 (as amended and restated, the “Predecessor Plan”).

 

B.            On February 1, 2016 (the “Acquisition Closing Date”), Gulf TLP Holdings, LLC, a Delaware limited liability company and owner of all of the outstanding equity interests in the Company (the “Parent”) acquired all of the outstanding equity interests in the General Partner (the “Acquisition”) from a subsidiary of the Predecessor Plan Sponsor.

 

C.            In connection with the Acquisition, (i) it is expected that certain employees providing services with respect to the Partnership Group will transfer employment to the Company and (ii) the Parent has agreed to satisfy or to cause one of its Affiliates or a member of the Partnership Group to satisfy outstanding obligations with respect to certain awards previously granted under the Predecessor Plan (the “Assumed Awards”).  The Assumed Awards generally consist of awards of Covered Compensation granted in 2015 to employees who provide services with respect to the Partnership Group, as set forth more fully in agreements entered into by the Parent in connection with the Acquisition.

 

D.            In addition to awards granted under the Plan on or after the Effective Date, this Plan is intended to govern the payment of all outstanding obligations with respect to the Assumed Awards.

 

E.             The parties involved in the Acquisition have determined that no Participant holding Assumed Awards will be deemed to incur a “separation from service,” as that term is defined in Code Section 409A(a)(2)(A)(i) and Treas. Regs. Section 1.409A-1(h), and as amplified by any other official guidance, as a result of the Acquisition or such Participant’s transfer of employment to the Company.

 

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ARTICLE 1

 

Definitions

 

1.1                               Acquisition shall have the meaning ascribed thereto in the Recitals.

 

1.2                               Acquisition Closing Date shall have the meaning ascribed thereto in the Recitals.

 

1.3                               Administrator shall mean the Board, or the person or group of persons appointed by the Board to administer the Plan pursuant to Article 5 of the Plan.

 

1.4                               Affiliate shall mean, with respect to any entity, any other entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the entity in question.  As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership of voting securities, by contract or otherwise.

 

1.5                               Assumed Awards shall have the meaning ascribed thereto in the Recitals

 

1.6                               Beneficiary shall mean the person(s) or entity(ies) designated to receive payment of Covered Compensation in the event of a Participant’s death.  A Participant’s Beneficiary designation shall apply to all Covered Compensation Accounts of such Participant and shall be effective when it is submitted in writing to and acknowledged by the Company during the Participant’s lifetime on the Beneficiary Designation form provided in Appendix B of the Plan.  The submission of a properly completed new Beneficiary Designation form shall supersede and cancel all prior Beneficiary designations.  If (a) a Participant fails to designate a Beneficiary, (b) each person designated as a Beneficiary predeceases the Participant, (c) a Beneficiary disclaims all or a portion of such Participant’s Covered Compensation, (d) the Administrator cannot determine the identity of a Beneficiary or locate a Beneficiary without effort or expense that the Administrator deems unreasonable or excessive, or (e) a dispute arises between Beneficiaries or those claiming to be Beneficiaries of a Participant, then the Administrator shall direct the distribution of such benefits to the Participant’s estate.

 

1.7                               Board shall mean the Board of Directors of the General Partner.

 

1.8                               Business Day shall mean each calendar day, excluding Saturdays, Sundays or other holidays observed by the Company.

 

1.9                               Cause shall mean the Participant (a) is convicted of a felony involving theft, fraud, moral depravity or any other conduct that the Board determines materially injures the Company’s business or reputation, (b) willfully engages in misfeasance or malfeasance demonstrated by a pattern of failure to perform job duties for the Company diligently and professionally, which remains uncured for a period of thirty (30) days after Participant’s receipt of written notice by the Company, (c) commits any act or omission which causes or constitutes the need for a material restatement of the financial results of the Partnership; or (d) commits a material violation of any securities, commodities or banking law, any rules or regulations issued pursuant to such laws, or rules and regulations of any securities or commodities exchange or

 

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association of which the Company or any Company Affiliate is a member or of any policy of the Company or any Company Affiliates relating to compliance with any of the foregoing.

 

1.10                        Change in Control means, and shall be deemed to have occurred upon one or more of the following events:

 

(a)                                 any “person” or “group” within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act, other than the Company or an Affiliate (as determined immediately prior to such event), shall become the beneficial owner, by way of merger, acquisition, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the combined voting power of the equity interests in the Parent, the Company, the Partnership or the General Partner;

 

(b)                                 the limited partners of the Partnership approves, in one or a series of transactions, a plan of complete liquidation of the Partnership;

 

(c)                                  the sale or other disposition by the Company, the Partnership or the General Partner of all or substantially all of the Company’s, the Partnership or the General Partner’s assets, respectively, in one or more transactions to any Person other than the Company, the Partnership, the General Partner or their Affiliates; or

 

(d)                                 a transaction resulting in a Person other than the General Partner or an Affiliate of the General Partner (as determined immediately prior to such event) being the sole general partner of the Partnership.

 

Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Covered Compensation Award which provides for the deferral of compensation subject to Section 409A or such compensation otherwise would be subject to Section 409A, the transaction or event described in subsection (i), (ii), (iii) or (iv) above with respect to such Covered Compensation Award must also constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5), and as relates to the holder of such Covered Compensation Award, to the extent required to comply with Section 409A.  In addition, the Administrator may designate an alternate definition of Change in Control to apply with respect to any particular Covered Compensation Award or a portion thereof.

 

1.11                        Code shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

1.12                        Company shall have the meaning ascribed thereto in the preamble.

 

1.13                        Covered Compensation shall mean the amount of compensation that the Administrator may in its discretion award as of a particular Grant Date to certain employees of the Company or any of its Affiliates under the terms of the Plan to reward and retain those employees by means of Covered Compensation that vests over future service periods and shall include all amounts of compensation covered by or that constitute the Assumed Awards.

 

1.14                        Covered Compensation Account shall mean a notional account that tracks a Participant’s Covered Compensation with respect to a particular Grant Date, as adjusted by

 

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earnings, gains and losses of the Investment Funds in which such Covered Compensation is deemed to be invested in accordance with the terms of the Plan.

 

1.15                        Covered Compensation Award shall mean any award of Covered Compensation to a Participant granted under this Plan on or after the Effective Date and any Assumed Award.

 

1.16                        Effective Date shall have the meaning ascribed thereto in the Recitals.

 

1.17                        Disability shall mean a condition causing a Participant to be “disabled” as such term is defined under Code Section 409A(a)(2)(C), the regulations thereunder, and any other published interpretive authority, as issued or amended from time to time.

 

1.18                        First Payment Date shall mean the Company’s first regular payroll payment date after the last Trading Day of the month during which any portion of a Participant’s Covered Compensation Account vests under Section 3.1(a) (or would have vested under Section 3.1(a) in the absence of any acceleration of vesting that may have applied under Section 3.2 with respect to such Participant’s Covered Compensation Account).

 

1.19                        General Partner shall mean TransMontaigne GP L.L.C., a Delaware limited liability company.

 

1.20                        Good Reason shall mean, in connection with a Termination of Employment from the Company or any of its subsidiaries by a Participant following a Change in Control, (i) a materially adverse alteration in the Participant’s position or in the nature or status of the Participant’s responsibilities from those in effect immediately prior to the Change in Control, or (ii) the Company’s or such subsidiary’s requiring the Participant’s principal place of employment to be located more than 30 miles from the location where the Participant is principally employed at the time of the Change in Control (except for required travel on the Company’s or such subsidiary’s business to an extent substantially consistent with the Participant’s business travel obligations in the ordinary course of business prior to the Change in Control).

 

1.21                        Grant Date shall mean the date on which the Administrator grants Covered Compensation to an employee of the Company or any of its Affiliates under the terms of the Plan, provided that, in the case of Covered Compensation relating to the Assumed Awards, the Grant Date shall mean the date on which the applicable Assumed Award was granted under the terms of the Predecessor Plan.

 

1.22                        Investment Fund shall mean the investment funds designated on Appendix A from time to time.

 

1.23                        LTIP shall have the meaning ascribed thereto in the preamble.

 

1.24                        Parent shall have the meaning ascribed thereto in the Recitals.

 

1.25                        Participant shall mean an employee of or other individual service provider to the Company or one of its Affiliates, with respect to whom the Administrator has awarded Covered Compensation under the Plan.

 

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1.26                        Partnership means TransMontaigne Partners L.P., a Delaware limited partnership.

 

1.27                        Partnership Group means, collectively, the General Partner, the Partnership and the Partnership’s direct and indirect subsidiaries.

 

1.28                        Plan shall have the meaning ascribed thereto in the preamble.

 

1.29                        Predecessor Plan shall have the meaning ascribed thereto in the Recitals.

 

1.30                        Predecessor Plan Sponsor shall have the meaning ascribed thereto in the Recitals.

 

1.31                        Proprietary Information shall mean, with respect to any Participant, any information that may have intrinsic value to the Company, the Company’s customers or other parties with which the Company has a relationship, or that may provide the Company with a competitive advantage, including, without limitation, any trade secrets, inventions (whether or not patentable); formulas; flow charts; computer programs, access codes or other systems information; algorithms, technology and business processes; business, product, or marketing plans; sales and other forecasts; financial information; customer lists or other intellectual property; information relating to compensation and benefits; and public information that becomes proprietary as a result of the Company’s compilation of that information for use in its business; provided that such Proprietary Information does not include any information which is, or has become, publicly available other than as a result of the Participant’s action.  Proprietary Information may be in any medium or form including, without limitation, physical documents, computer files or discs, videotapes, audiotapes, and oral communications.

 

1.32                        Retirement shall mean with respect to any Participant, the attainment of the earliest of (a) age sixty (60), (b) age fifty-five (55) and ten (10) years of service as an officer of the Company or any Affiliate of the Company, or (c) age fifty (50) and twenty (20) years of service with the Company or any Affiliate of the Company as an employee.  A Participant’s status as an officer shall be determined as of the Grant Date of the relevant Covered Compensation Award hereunder.  Years of service shall be determined based on the number of full years that the individual has served as an officer or employee of the Company or any Affiliate of the Company, measured by anniversaries of the date that the individual commenced employment with the Company or any Affiliate of the Company, as indicated on the Participant’s personnel records, which shall include, without limitation, prior years of service with Coastal Fuels Marketing, Inc.; Radcliff/Economy Services, Inc.; Louis Dreyfus Energy Corp; El Paso CGP Company; and the Predecessor Plan Sponsor and its subsidiaries.

 

1.33                        Second Payment Date shall mean the Company’s first regular payroll payment date after the last Trading Day of the month during which any portion of a Participant’s Covered Compensation Account vests under Section 3.1(b) (or would have vested under Section 3.1(b) in the absence of any acceleration of vesting that may have applied under Section 3.2 with respect to such Participant’s Covered Compensation Account).

 

1.34                        Termination of Employment shall mean a “separation from service” as that term is defined in Code Section 409A(a)(2)(A)(i) and Treas. Regs. Section 1.409A-1(h), and as amplified by any other official guidance, with respect to a Participant’s employment or other service with the Company and its Affiliates.  For the avoidance of doubt, with respect to

 

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Assumed Awards, no Participant shall be deemed to incur a separation from service as a result of such Participant’s transfer of employment to the Company.

 

1.35                        Trading Day shall mean each day that the New York Stock Exchange Inc. or its successor is open for the trading of securities listed on such exchange.

 

1.36                        Unauthorized Comments shall mean comments made by a Participant, directly or indirectly, which contain or involve any negative, derogatory or disparaging comment, whether written, oral or in electronic format, to any reporter, author, producer or similar person or entity or to any general public media in any form (including, without limitation, books, articles or writings of any other kind, as well as film, videotape, audio tape, computer/Internet format or any other medium) that concerns, directly or indirectly, the Company or any Affiliate of the Company, its business or operations or any Affiliate’s business or operations, or any of it or any Affiliate’s current or former agents, employees, officers or directors.

 

ARTICLE 2

 

Deemed Investment of Covered Compensation

 

2.1                               Investments.

 

(a)                                 The amount that is ultimately payable to the Participant with respect to Covered Compensation shall be the amount notionally credited to such Participant’s vested Covered Compensation Account as if such Covered Compensation Account had been invested in some or all of the Investment Funds set forth in Appendix A.  The Administrator shall have the authority, in its sole discretion, with or without notice, to add, change or eliminate one or more of the Investment Funds in Appendix A at any time by updating such Appendix.

 

(b)                                 Subject to the discretion of the Administrator, it is generally anticipated that all or a portion of each grant of Covered Compensation to each Participant will be designated on the applicable Grant Date as being deemed to be invested in one of more of the Investment Funds.  To the extent that the Board or the Administrator does not designate a specific Investment Fund with respect to all or any portion of a grant of Covered Compensation as of the applicable Grant Date (the “Undesignated Portion”), in accordance with any additional rules, procedures or options that the Administrator may establish, the Administrator may permit each Participant to recommend that such Undesignated Portion be deemed to be invested in any one or more of the Investment Funds by submitting to the Company an Investment Direction in the form set forth at Appendix C within thirty (30) days after the applicable Grant Date, or such longer period as the Administrator may, in its discretion, allow.  If validly completed and timely received by the Company, such Investment Direction shall, if determined by the Company in its sole discretion to be put into effect, be effective as of the date of receipt by the Administrator, and shall remain in effect until such Covered Compensation vests and is paid or is forfeited in accordance with the Plan.  To the extent that the Administrator has not received a validly completed Investment

 

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Direction with respect to any Undesignated Portion of a Participant’s Covered Compensation Account or the Company determines in its sole discretion not to effectuate the recommendation in a validly completed, timely received Investment Direction, it shall deemed to be invested in the TransMontaigne Partners Common Units Fund or in such other Investment Fund as may be selected by the Administrator from time to time.  The Administrator, in its sole discretion, may restrict or limit the investment elections of any Participant who is subject to Section 16 of the Securities Exchange Act of 1934, as amended.

 

(c)                                  Anything in the Plan to the contrary notwithstanding, and notwithstanding the election by any Participant to designate the Investment Funds in which all or a portion of such Participant’s Covered Compensation Account is deemed to be invested and the deemed allocation of such Participant’s Covered Compensation Account among such Investment Funds, the Company is under no obligation to segregate or otherwise set aside any property or assets with respect to such Participant’s Covered Compensation Account.

 

2.2                               Investment Earnings or Losses.  Any notional amounts credited to a Participant’s Covered Compensation Account shall increase or decrease based on any increase or decrease in the value of the Investment Fund in which such amounts are deemed to be invested in accordance with Section 2.1.  In a manner consistent with the allocations described in Section 2.1, the notional investment earnings or losses under this Section 2.2 shall be credited to a Participant’s Covered Compensation Account, as determined in good faith by the Administrator.

 

2.3                               Contribution of Notional Distributions.  The Covered Compensation Account of each Participant shall be credited with notional dividends and other notional distributions at the same time, in the same form, and in equivalent amounts as dividends and other distributions, if any, are payable from time to time with respect to the Investment Funds in which such Covered Compensation Account is deemed to be invested.  Any such notional dividends and other notional distributions shall be valued as of the date on which they are credited to a Participant’s Covered Compensation Account and reallocated to acquire additional interests in the Investment Funds in which such Covered Compensation Account is deemed to be invested.  If such notional dividends and other notional distributions are credited in a form other than common stock, common units or cash, the Administrator will determine their value in good faith and may treat such dividends and distributions as having been made in a like amount of cash.

 

2.4                               Valuation of Participant’s Covered Compensation Account.  The value of a Participant’s Covered Compensation Account as of any time shall be determined based on the value of the underlying investments, which comprise the Investment Fund, in which such Covered Compensation Account is deemed to be invested as of such date.  The value of each deemed underlying investment that is publicly traded shall be determined based on the closing sales price for such investment as quoted or otherwise reported on the date of determination (or, if no closing sales price was reported on such date, on the last trading date such closing sales price was reported), as reported in The Wall Street Journal, or such other source as the Administrator deems reliable.

 

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ARTICLE 3

 

Vesting and Payment of Covered Compensation

 

3.1                               Vesting of Covered Compensation Account.   Subject to the provisions of Section 3.2, a Participant’s Covered Compensation Account with respect to Covered Compensation awarded as of a particular Grant Date shall become vested as follows:

 

(a)                                 Subject to subparagraph (c) of Section 3.6 and to Section 3.7, fifty percent (50%) of such Covered Compensation Account shall become vested as of the first day of the month that falls closest to the second anniversary of the Grant Date applicable to such Covered Compensation Account.

 

(b)                                 Subject to subparagraph (c) of Section 3.6 and to Section 3.7, the remainder of such Covered Compensation Account shall become vested as of the first day of the month that falls closest to the third anniversary of the Grant Date applicable to such Covered Compensation Account.

 

3.2                               Acceleration of Vesting.  Notwithstanding the provisions of Section 3.1, a Participant’s Covered Compensation Account(s) shall become fully vested upon:

 

(a)                                 The Participant’s death, Disability or attainment of Retirement;

 

(b)                                 The involuntary Termination of Employment of such Participant by the Company without Cause at a time when the Participant is otherwise willing and able to continue providing services; or

 

(c)                                  The Participant’s Termination of Employment for Good Reason within eighteen (18) months after the date of a Change in Control.

 

3.3                               Payment of Covered Compensation Account.  Fifty percent (50%) of a Participant’s vested Covered Compensation Account with respect to Covered Compensation awarded as of a particular Grant Date shall be paid to such Participant (or to such Participant’s Beneficiary in the event of the Participant’s death), within five (5) business days following the First Payment Date, and the remainder of such Participant’s vested Covered Compensation Account with respect to Covered Compensation awarded as of a particular Grant Date shall be paid to such Participant (or to such Participant’s Beneficiary in the event of the Participant’s death) within five (5) business days following the Second Payment Date.  Notwithstanding the foregoing sentence and subject to any six-month delay of the payment required by Section 3.7 below, in the event any of the following events occurs prior to a Participant’s First Payment Date and/or Second Payment Date, the Participant’s vested Covered Compensation Account shall be paid on the first Business Day occurring on or immediately following sixty (60) calendar days after the earliest to occur of the following events:

 

(a)                                 The Participant’s death,

 

(b)                                 The Participant’s involuntary Termination of Employment by the Company without Cause at a time when the Participant is otherwise willing and

 

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able to continuing providing services or Termination of Employment by the Participant for Good Reason, occurring in either case within eighteen (18) months after the date of a Change in Control, or

 

(c)                                  The Participant’s Termination of Employment following his or her attainment of Retirement.

 

Notwithstanding the prior provisions of this Section 3.3, however, the Company’s obligation to make any such payment to a Participant on account of the Participant’s Termination of Employment shall be subject (except in the case of death) to the Participant’s prior execution and delivery to the Company within fifty (50) days following such Participant’s Termination of Employment of a legal release substantially in the form of Appendix D attached hereto, which release becomes effective and irrevocable in its entirety within the time period specified in Appendix D.

 

3.4                               Form of Payment.  The value of all or a portion of a Covered Compensation Account that is payable under the Plan shall be determined as of the last Trading Day of the month during which it vests.  A Participant’s vested Covered Compensation Account shall be paid in cash or in kind, at the sole discretion of the Administrator based on the Investment Fund(s) in which the Participant’s Covered Compensation Account is deemed invested under the terms of the Plan.  With respect to the vested portion of a Participant’s Covered Compensation Account that is deemed invested in common units of the Partnership, payment shall be made in the form of Partnership common units, unless otherwise determined by the Administrator and subject to the terms, conditions and limitations of the LTIP.  The Administrator shall not make or authorize a distribution of securities of the Partnership if the General Partner believes that such distribution would require any governmental, security holder or other third party consent or approval, or would otherwise be prohibited or subject to registration or restriction under applicable law, regulation or stock exchange rule.

 

3.5                               Tax Withholding and Reporting.  The Company shall have the right to withhold all applicable taxes from any payment under the Plan, including any federal, state, local, and foreign income, employment or other taxes, and may require Participants to make arrangements to satisfy all applicable withholding requirements prior to any payment being made hereunder.

 

In addition, in its sole discretion, and pursuant to the provisions of Treasury Regulations Sections 1.409A-3(i)(2)(i) and 1.409A-3(j)(4)(vi), the Administrator may permit acceleration of the time or schedule of payment of any portion of a Participant’s vested Covered Compensation Account solely to the extent as may be necessary to pay (i) the Federal Insurance Contributions Act (“FICA”) taxes imposed under Section 3101, 3121(a) and 3121(v)(2) of the Code (as applicable) with respect to a Participant’s vested Covered Compensation Account; (ii) the income tax at source on wages imposed under Section 3401 of the Code or the corresponding withholding provisions of applicable state, local, or non-U.S. tax laws as a result of the payment of the FICA tax; and (iii) the additional income tax at source on wages attributable to the pyramiding Section 3401 wages and taxes.  Notwithstanding the foregoing, the total accelerated distribution to a Participant under this Section 3.5 shall not exceed the aggregate amount of FICA taxes referred to in subsection (i) above, plus the income tax withholding related to the distribution in the amount of such FICA taxes.

 

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3.6                               Forfeiture of Covered Compensation Account(s).

 

(a)                                 With respect to any Covered Compensation Award, if the Participant has a Termination of Employment for any reason other than as described in Section 3.2 above, before the date an applicable portion of the Participant’s Covered Compensation Account(s) becomes vested as prescribed in Section 3.1(a) or 3.1(b) above, the Participant shall automatically forfeit all unvested portions of his or her Covered Compensation Account(s) for no consideration.

 

(b)                                 With respect to any Covered Compensation Award, a Participant shall automatically forfeit his or her Covered Compensation Account(s) pertaining thereto, including any portions thereof which may previously have become vested and paid to a Participant pursuant to the Plan, for no consideration if the Plan Administrator shall determine that the Participant, while employed with the Company or any Affiliate of the Company, or during the one (1) year period following Participant’s Termination of Employment with the Company or any Affiliate of the Company:

 

(i)                                     has misused Proprietary Information, or has otherwise failed to comply with his or her obligations with respect to the use of Proprietary Information in violation of Company policies pertaining thereto, including the Company’s Code of Conduct, as such policies may be amended from time to time;

 

(ii)                                  has made any Unauthorized Comments;

 

(iii)                               has cooperated with any third party in litigation proceedings adverse to the Company or any Affiliate of the Company, except to any extent such cooperation was compelled by legal process or otherwise required by law;

 

(iv)                              has refused to honor the Company’s request to cooperate or participate on behalf of the Company or any Affiliate of the Company in any litigation proceedings involving the Company or any Affiliate of the Company;

 

(v)                                 has been terminated for Cause;

 

(vi)                              has, directly or indirectly, solicited the employment, or hired any employee of the Company or any Affiliate of the Company, or induced any employee of the Company or any Affiliate of the Company to terminate his/her employment with the Company or any Affiliate of the Company; provided, however, that this provision shall apply only if such solicitation, hiring or inducement to terminate employment relates to an employee of the Company or any Affiliate of the Company having the status of Executive Director or higher, and further provided that this provision shall not apply if any such hiring, solicitation or inducement of the employee (A) is as a result of any general solicitation for employees

 

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(including through the use of employment agencies) not specifically directed at any such persons and such person responds to any such general solicitation; (B) if such employee approaches the Participant on an unsolicited basis; or (C) such solicitation occurs following cessation of such employee’s employment with the Company or any Affiliate of the Company without any solicitation or encouragement from the Participant; or

 

(vii)                           has, directly or indirectly, solicited or enticed away, or in any manner attempted to persuade any customer, or prospective customer of the Company or any Affiliate of the Company (A) to discontinue or diminish his, her or its relationship or prospective relationship with the Company or any Affiliate of the Company, or (B) to otherwise provide his, her or its business to any person, company, partnership or other business entity which is engaged in any line of business in which the Company or any Affiliate of the Company is engaged; provided, however, that this provision shall apply only to customers, or prospective customers, that Participant had contact with while working on an actual or prospective project or assignment during the 180 days preceding Participant’s Termination of Employment.

 

To the extent Participant is required to repay any amounts previously paid from his or her Covered Compensation Account pursuant to this Section 3.6(b), such Participant shall promptly repay such amounts in full to the Company in a lump sum in cash.

 

(c)                                  The Plan Administrator may require a Participant to provide the Plan Administrator with a written certification or other evidence that the Plan Administrator deems appropriate, in its sole discretion, that the Participant has not engaged in the conduct described in Section 3.5(b)(i) or (ii) above.

 

(d)                                 Each Participant accepting Covered Compensation shall be deemed to agree that for a period of one (1) year following the Participant’s Termination of Employment with the Company and within a fifty (50) mile radius of any location where the Company is actively engaged in the business of refined petroleum product (A) terminaling or (B) transportation (collectively, the “Business”), or proposes to engage in the Business, on or prior to such Participant’s Termination of Employment:

 

(i)                                     Participant shall not, directly or indirectly, through one or more other persons or entities, engage in, or have any financial or other interests (whether as a principal, partner, shareholder, director, officer agent, employee, consultant or otherwise) (other than ownership of 1% or less of the outstanding stock of any corporation listed on the New York Stock Exchange, the American Stock Exchange or NASDAQ) in, or provide assistance to, any person, firm, corporation or business that engages in any activity which is the same as the Business.

 

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(ii)                                  Participant shall not solicit or attempt to solicit any of the Company’s customers, clients, members, vendors, licensees, lessees, business partners or suppliers, or otherwise interfere with any business relationship or contract between the Company and any of its customers, clients, members, vendors, licensees, lessees, business partners or suppliers.

 

(iii)                               Participant shall not solicit, induce, recruit or encourage any of the Company’s employees, independent contractors or consultants to terminate their relationship with the Company, or take away such employees, independent contractors or consultants, or attempt to solicit, induce, recruit, encourage or take away employees, independent contractors or consultants of the Company.

 

3.7                               Section 409A and No Guarantee of Tax Consequences.  The Administrator shall delay the payment of any benefits payable under this Plan to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded companies) and in such event, any such amount to which a Participant would otherwise be entitled during the six (6) month period immediately following his or her separation from service will be paid on the first Business Day following the expiration of such six (6) month period.  Each payment or amount due to a Participant under this Plan shall be considered a separate payment, and a Participant’s entitlement to a series of payments under this Plan is to be treated as an entitlement to a series of separate payments.  This Plan is intended to comply with or otherwise be exempt from the provisions of Code Section 409A and shall be interpreted consistent with such intention, and the Company reserves the right (but shall have no obligation) to amend the Plan in its discretion in order to make the Plan comply with Code Section 409A.   None of the Board, the Company, the Partnership or the General Partner makes any representation or guarantee that the benefits provided under the Plan will comply with Code Section 409A or that any particular federal, state, local or other tax treatment will (or will not) apply or be available to any Participant or other Person or makes any undertaking to prevent Code Section 409A from applying to the benefits provided under the Plan or to mitigate its effects on any deferrals or payments made under the Plan or assumes any liability with respect to any tax or associated liabilities to which any Participant or other Person may be subject.

 

ARTICLE 4

 

Amendment and Termination of Plan

 

4.1                               Amendment, Suspension, and Early Termination.  The Administrator shall have the authority, in its discretion, to amend, alter, suspend, discontinue or terminate the Plan in any manner at any time for any reason or for no reason without the consent of any Participant.  The Administrator shall notify Participants of any amendment, suspension or early termination of the Plan as soon as administratively possible after such amendment, alteration, suspension, discontinuation or early termination.

 

4.2                               Termination of the Plan.  The Plan shall terminate on the date when no Participant (or Beneficiary) has any right to or expectation of payment of benefits under the Plan.

 

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ARTICLE 5

 

Administration

 

5.1                               Administration.  The Administrator shall administer the Plan and interpret, construe and apply its provisions in accordance with its terms and otherwise in accordance with the administration provisions set forth in Section 3 of the LTIP, including the delegation provisions set forth in Section 3(b) thereof.  The Administrator shall further establish, adopt or revise such rules and regulations as it may deem necessary or advisable for the administration of the Plan.  All decisions of the Administrator shall be final and binding, subject only to a determination otherwise by the Administrator.

 

5.2                               Delegation of Authority.  As of the Effective Date and until such time as the Board shall determine to revoke this delegation, the Board hereby delegates its authority as the Administrator of the Plan to the board of managers of the Company (the “Company Board”), subject to the limitations set forth in Section 3(b) of the LTIP, provided, however, that (i) the Board shall also have the authority in its sole discretion to exercise any and all rights and duties of the Administrator under the Plan and (ii) the Board may request from time to time that all awards of Covered Compensation granted by the Company Board be made subject to prior approval or ratification by the Board.

 

5.3                               No Liability.  The Administrator shall not be liable for any determination, decision, or action made in good faith with respect to the Plan.  The Company will indemnify, defend and hold harmless the Administrator from and against any and all liabilities, costs, and expenses incurred by such person(s) as a result of any act, or omission, in connection with the performance of such person’s duties, responsibilities, and obligations under the Plan, other than such liabilities, costs, and expenses as may result from the bad faith, gross misconduct, breach of fiduciary duty, failure to follow the lawful instructions of the Administrator or criminal acts of such persons.

 

ARTICLE 6

 

Conditions Related to Benefits

 

6.1                               Nonassignability.  The compensation and benefits provided under the Plan may not be alienated, assigned, transferred, pledged, encumbered or hypothecated by any person, at any time, or to any person whatsoever.  Such amounts shall be exempt from the claims of creditors or other claimants of the Participant or Beneficiary and from all orders, decrees, levies, garnishment or executions to the fullest extent allowed by law.

 

6.2                               No Right to Company Assets.  Covered Compensation paid under the Plan shall be paid from the general funds of the Company, and the Participant and any Beneficiary shall be no more than unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder.  The Plan shall not be deemed to confer any legal rights or benefits on a Participant until payment of Covered Compensation is authorized by the Administrator.

 

13

 

6.3                               Trust.  At its discretion, the Company may establish one or more grantor trusts for the purpose of providing for payment of Covered Compensation under the Plan.  Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Company’s and its Affiliates’ creditors.  Amounts paid to the Participant or the Participant’s Beneficiary from any such trust or trusts shall be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan.

 

ARTICLE 7

 

Miscellaneous

 

7.1                               Incorporation of the LTIP. This Plan is subject to the terms and conditions set forth in the LTIP, which is incorporated herein by reference, and is intended to constitute a “Program” (as defined in the LTIP) under the LTIP.  In the event of any inconsistency between this Plan and the LTIP, the terms of the LTIP will control.  For the avoidance of doubt, in no event will any Partnership common units be issued in respect of any awards of Covered Compensation unless and until the unitholder approval described in Section 9 of the LTIP has been obtained.  The Administrator may delay any payment to be made hereunder as the Administrator may determine appropriate with respect to complying with the preceding sentence unless (i) such payment is with respect to an amount that constitutes “non-qualified deferred compensation” within the meaning of Section 409A or (ii) such delay would cause the amount to become “non-qualified deferred compensation” within the meaning of Section 409A.  Notwithstanding anything to the contrary in this Plan, nothing in this Plan is intended to or shall change the time of payment with respect to any Assumed Award as compared to the time of payment provided under the terms of the applicable Assumed Award.  The terms of the Predecessor Plan shall control, in all respects, for purposes of determining the time of payment with respect to any Assumed Award.

 

7.2                               Successors of the Company.  The rights and obligations of the Company under the Plan shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company.

 

7.3                               Employment or Other Service Not Guaranteed.  Nothing contained in the Plan nor any action taken hereunder shall be construed as a contract of employment or for other service with the Company or any Affiliate of the Company, as amending or modifying any term or condition of a Participant’s written employment agreement with the Company or any Affiliate of the Company (if any such agreement is in effect, now or in the future) or as giving any Participant any right to continued employment with or other service to the Company or any Affiliate of the Company.

 

7.4                               Gender, Singular and Plural.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require.  As the context may require, the singular may be read as the plural and the plural as the singular.

 

14

 

7.5                               Captions.  The captions of the Articles and paragraphs of the Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

 

7.6                               Validity.  In the event any provision of the Plan is held invalid, void or unenforceable, the same shall not affect, in any respect whatsoever, the validity of any other provisions of the Plan.

 

7.7                               Waiver of Breach.  The waiver by the Company of any breach of any provision of the Plan shall not operate or be construed as a waiver of any subsequent breach.

 

7.8                               Notice.  Any notice or filing required or permitted to be given to the Company, the Participant or a Participant’s Beneficiary under the Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, in the case of the Company, to the principal office of the Company, directed to the attention of the Administrator, and in the case of the Participant or a Participant’s Beneficiary, to the last known address of the Participant or a Participant’s Beneficiary indicated on the records of the Company.  Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

 

7.9                               No Effect on Retirement or Other Benefits.  Except as specifically provided in a retirement or other benefit plan of the Company, or any Affiliate of the Company, amounts payable under the Plan shall not be deemed compensation for purposes of computing benefits or contributions under any other compensatory or retirement plan of the Company, or any Affiliate of the Company, and shall not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted by the Company under which the availability or amount of benefits is related to level of compensation, except as otherwise determined by the Administrator; provided, however, that nothing in this Section 7.9 or any other provision of the Plan shall be construed to prevent payments under the Plan from being treated as compensation under any 401(k) plan maintained by the Company or any Affiliate of the Company would otherwise treat payments under the Plan as compensation.

 

7.10                        Applicable Law.  With respect to matters that are not addressed directly under the terms of the LTIP, this Plan is to be construed in accordance with and governed by the internal laws of the State of Colorado without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Colorado to the rights and duties of the parties.  Matters that are addressed directly under the terms of the LTIP shall be governed in accordance with Section 8(h) of the LTIP.

 

7.11                        Dispute Resolution.  Each Participant accepting Covered Compensation shall be deemed to agree that this Section 7.11 shall be the exclusive means for resolving any dispute arising out of or relating to the Plan.  The Participant and the Company shall attempt in good faith to resolve any disputes arising out of or relating to the Plan by negotiation between individuals who have authority to settle the controversy.  Negotiations shall be commenced by either party by providing notice of a written statement of the party’s position (the “Initiating Notice”) and the name, title, mailing address, telephone number, and e-mail address of the individual who will represent the party.  Within fifteen (15) days of receipt of the Initiating

 

15

 

Notice, the other party shall provide the initiating party a written statement of its position.  Within fifty (50) days of the exchange of written notifications, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the dispute.  If the dispute has not been resolved by negotiation within ninety (90) days of the date of receipt of the Initiating Notice, the parties agree that any dispute or other matter in question of any kind arising out of or relating to the Plan shall be settled by binding, mandatory arbitration in Colorado to be conducted by a single, neutral arbitrator mutually acceptable to the parties in accordance with the American Arbitration Association’s National Rules for Employment Disputes.  The parties shall have the right to conduct discovery which provides them with access to documents and witnesses that are essential to the dispute, as determined by the arbitrator.  The parties agree that the arbitrator shall have no authority to vary the terms of the Plan or to award any punitive, consequential, incidental, indirect or special damages, interest, fees or expenses.  The arbitrator’s written award shall include the essential findings and conclusions upon which the award is based.  The decision of the arbitrator shall be final and may be enforced in any court of competent jurisdiction.  In no event shall a demand for arbitration be made after the date when the applicable statute of limitations would bar the institution of a legal or equitable proceeding based on such claim, dispute or other matter in question.  The parties shall bear their own attorneys’ fees and other costs arising under this Section 7.11 except as otherwise required by law, and shall share equally in the cost of the arbitrator.

 

7.12                        Modification and Severability.  If any restriction set forth in this Plan is found by any court of competent jurisdiction, or an arbitrator appointed under the terms of this Plan, to be unenforceable because it is too broad, or extends for too long a period of time, or over too great a range of activities, or in too broad a geographic area, it shall be modified by the court or arbitrator and interpreted to extend only over the maximum scope, period of time, range of activities or geographic area as to which it may be enforceable.  If any provision of this Plan, or application thereof to any person, place, or circumstance, shall be held by a court of competent jurisdiction, or an arbitrator appointed under the terms of this Plan, to be invalid, unenforceable, or void, the remainder of this Plan and such provisions as applied to other persons, places and circumstances shall remain in full force and effect.

 

16

 

TLP MANAGEMENT SERVICES LLC

SAVINGS AND RETENTION PLAN

 

APPENDIX A

 

Investment Funds

 

1.                                      Fixed Interest Fund.  Amounts deemed to be invested in this Fund with respect to a Participant will accrue interest at a fixed rate to be determined annually by the Administrator.  For all Covered Compensation Awards granted under the Plan, the interest rate shall be 5%, unless otherwise set forth in the award.

 

2.                                      Dodge & Cox Income Fund.  Amounts deemed to be invested in this Fund with respect to a Participant will be treated as though invested in the Dodge & Cox Income Fund, which is an open-end fund incorporated in the USA.  The Fund’s objective is a high and stable rate of current income, consistent with long-term preservation of capital.  The Fund invests primarily in a diversified portfolio of high-quality bonds and other fixed-income securities, including US government obligations, mortgage and asset-backed securities and corporate bonds.

 

3.                                      TransMontaigne Partners Common Units Fund.  Amounts deemed to be invested in this Fund with respect to a Participant will be treated as though invested in TransMontaigne Partners L. P. Common Units (NYSE:  TLP), and as though all distributions paid on such Common Units are re-invested in TransMontaigne Partners L.P. Common Units.

 

4.                                      Equity Index Fund.  Amounts deemed to be invested in this Fund with respect to a Participant will be treated as though invested in the SPDR Trust Series 1 (AMEX:  SPY) (which has an investment goal of tracking the performance of the Standard & Poors 500 Index), or such other equity index as the Administrator may from time to time select, and calculated based on the reported value of such index in The Wall Street Journal, or such other source as the Administrator deems reliable.

 

A-1

 

TLP MANAGEMENT SERVICES LLC

SAVINGS AND RETENTION PLAN

 

APPENDIX B

 

BENEFICIARY DESIGNATION FORM

 

Participant’s Name:

 

Spouse’s Name (if any):

 

Address:

 

In the event of my death prior to the payment of all or any portion of my Covered Compensation, and in lieu of disposing of my interest in the Covered Compensation by my will or the laws of intestate succession, I hereby designate the following persons as Primary Beneficiary(ies) and Contingent Beneficiary(ies) of my interest in the Covered Compensation (please attach additional sheets if necessary):

 

	
 
    	
 
    	
Primary   Beneficiary(ies) (Select only one of the three alternatives)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
o  (a)   Individuals   and/or Charities 
    	
 
    	
%
   Share
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
1)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
o  (b)   Residuary   Testamentary Trust
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
In trust, to the trustee of the trust named   as the beneficiary of the residue of my probate estate.
    	
 
    	
 
    

 

B-1

 

	
 
    	
 
    	
o  (c)     Living Trust
    	
 
    	
 
    

 

	
 
    	
 
    	
The
    	
 
    	
 
    	
Trust, dated
    	
 
    
	
 
    	
 
    	
 
    	
(print name of trust)
    	
 
    	
 
    	
(fill in date trust was established)
    

 

	
 
    	
 
    	
Contingent   Beneficiary(ies) (Select only one of the three alternatives)
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
o  (a)   Individuals and/or Charities
    	
 
    	
%
   Share
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
1)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4)
    	
 
    	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
o  (b)   Residuary Testamentary Trust
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
In trust, to the trustee of the   trust named as the beneficiary of the residue of my probate estate.
    	
 
    	
 
    

 

	
 
    	
 
    	
o  (c)   Living Trust
    	
 
    	
 
    

 

	
 
    	
 
    	
The
    	
 
    	
 
    	
Trust, dated
    	
 
    
	
 
    	
 
    	
 
    	
(print name of trust)
    	
 
    	
 
    	
(fill in date trust was established)
    

 

Should all the individual Primary Beneficiary(ies) fail to survive me or if the trust named as the Primary Beneficiary does not exist at my death (or no will of mine containing a residuary trust is admitted to probate within six months of my death), the Contingent Beneficiary(ies) shall be entitled to my interest in the Covered Compensation in the shares indicated.  Should any

 

B-2

 

individual beneficiary fail to survive me or a charity named as a beneficiary no longer exists at my death, such beneficiary’s share shall be divided among the remaining named Primary or Contingent Beneficiaries, as appropriate, in proportion to the percentage shares I have allocated to them.  This beneficiary designation is effective until I file another such designation with the Administrator and such designation is acknowledged by the Administrator during my lifetime.  Any previous beneficiary designations are hereby revoked.

 

	
Submitted by:
    	
 
    	
Accepted by:
    
	
 
    	
 
    	
 
    
	
o  Participant o  Participant’s Spouse
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
(Signature)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Its:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
Date:
    	
 
    
					

 

Spousal Consent (alternative to separate designation by spouse):

 

I hereby consent to the beneficiary designation contained herein and agree that the designation of beneficiaries provided herein shall apply to my community property interest in any Covered Compensation payable to my spouse in connection with his or her employment with the Company or any Affiliate of the Company.

 

	
 
    	
 
    	
 
    
	
(Signature of Spouse)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    
				

 

B-3

 

TLP MANAGEMENT SERVICES LLC

SAVINGS AND RETENTION PLAN

 

APPENDIX C

 

INVESTMENT DIRECTION

 

The undersigned Participant by execution and submittal to the Administrator of this Investment Direction form hereby recommends that the portions of Participant’s Covered Compensation Account in the Plan with respect to the [date of award] Grant Date be deemed to be invested in the Investment Fund(s) listed below in accordance with the percentages indicated opposite each Investment Fund(s).

 

	
INVESTMENT
    	
 
    	
Percentage
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Fixed Interest   Fund
    	
 
    	
 
    	
%
    
	
Dodge &   Cox Income Fund
    	
 
    	
 
    	
%
    
	
TransMontaigne   Partners L.P. Common Units Fund
    	
 
    	
 
    	
%
    
	
Equity Index   Fund
    	
 
    	
 
    	
%
    
	
 
    	
 
    	
100
    	
%
    

 

	
 
    	
Participant:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Signature:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Date:
    	
 
    	
 
    

 

C-1

 

TLP MANAGEMENT SERVICES LLC

SAVINGS AND RETENTION PLAN

 

APPENDIX D

 

LEGAL RELEASE

 

This Legal Release (the “Agreement”) is executed by undersigned employee (“Employee”) for the benefit of TLP Management Services LLC, its subsidiaries, affiliates and predecessors, and their respective officers, directors, employees, agents, equityholders, representatives and insurers (collectively “TransMontaigne” or the “Company”).  References herein to “you” and “your” and other similar references refer to the Employee.

 

1.                                      You acknowledge that you have read and understand the TLP Management Services LLC Savings and Retention Plan (the “Plan”).

 

2.                                      You agree that you wish to receive the payment of the vested portion(s) of your Covered Compensation Account(s) described in the Plan (the “Vested Benefits”), that your decision to do so is entirely voluntary, that you have not been pressured into accepting the Vested Benefits and that you have enough information about the Vested Benefits to decide whether to sign this Agreement.  If, for any reason, you believe that your acceptance of the Vested Benefits is not entirely voluntary, or if you believe that you do not have enough information, then you should not sign this Agreement.

 

3.                                      You, for yourself, your heirs, personal representatives and assigns, and any other person or entity that could or might act on behalf of you, including, without limitation, your counsel (all of whom are collectively referred to as “Releasor”), hereby fully and forever release and discharge the Company and its present and future affiliates and subsidiaries, and each of their past, present and future officers, directors, employees, shareholders, independent contractors, attorneys, insurers and any and all other persons or entities that are now or may become liable to Releasor due to any act or omission of such person or entity (all of whom are collectively referred to as “Releasees”) of and from any and all actions, causes of action, claims, demands, costs and expenses, including attorneys’ fees, of every kind and nature whatsoever, in law or in equity, whether now known or unknown, that Releasor, or any person acting under or on behalf of Releasor, may now have, or claim at any future time to have, based in whole or in part upon any act or omission occurring on or before the date of execution and delivery of this Agreement to the Company, in any way relating to your employment with TLP Management Services LLC or any of its Affiliates, as that term is defined in the Plan, including your separation from employment, if applicable, except your rights to the Vested Benefits provided pursuant to the Plan, your vested rights, if any, in any Company-sponsored retirement savings plan, and your COBRA, unemployment compensation and workers compensation rights, if any. Such release is made without regard to present actual knowledge of such acts or omissions, including specifically, but not by way of limitation, matters which may arise at common law, such as breach of contract, express or implied, promissory estoppel, wrongful discharge, tortious interference with contractual rights, infliction of emotional distress, defamation, or under all federal, state or local laws that protect employees from discrimination in employment on the basis of sex, race, national origin, religion, disability and age, such as the Fair Labor Standards

 

D-1

 

Act, the Employee Retirement  Income Security Act, the National Labor Relations Act, Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1987, the Rehabilitation Act of 1973, the Equal Pay Act, the Americans With Disabilities Act, and the Family and Medical Leave Act, the Workers Adjustment and Retraining Notification Act (“WARN”); EXCEPT for the rights and obligations created by this Agreement.  You agree that you have had a full and fair opportunity to consult with an attorney of your choosing concerning the agreements and representations set forth in the previous sentence and all other provisions of this Agreement.

 

You understand and agree that by signing this Agreement you are giving up your right to bring any legal claim against the Company concerning, directly or indirectly, your employment relationship with the Company, including your separation from employment, if applicable.  You agree that this legal release is intended to be interpreted in the broadest possible manner in favor of the Company, to include all actual or potential legal claims that you may have against the Company, except as specifically provided otherwise in this Agreement. You further agree that if you bring any kind of legal claim against the Company that you have released and discharged by signing this Agreement, then you will be in violation of this Agreement and must pay all legal fees and other costs and expenses incurred by the Company in defending against any such claim.

 

4.                                      You agree that the Vested Benefits that you are accepting by signing this Agreement have value to you, that you would not be entitled to the Vested Benefits without signing this Agreement, that you will receive the Vested Benefits in exchange for the benefit to TransMontaigne from your signing this Agreement, and that TransMontaigne will withhold from the Vested Benefits all applicable federal, state and local taxes.

 

5.                                      You agree that the only benefit you are to receive by signing this Agreement are the Vested Benefits, and that in signing this Agreement you did not rely on any information, oral or written, from anyone, including your supervisor, other than the information contained in the Plan.

 

6.                                      You represent that you have not previously assigned or transferred any of the legal rights and claims that you have given up by signing this Agreement, and you agree that this Agreement also binds all persons who might assert a legal right or claim on your behalf, such as your heirs, personal representatives and assigns, now and in the future.

 

7.                                      You agree that:  (a) this Agreement constitutes the entire agreement between you and TransMontaigne, without regard to any other oral or written information that you may have received about this Agreement; (b) if any part of this Agreement is declared to be unenforceable, all other provisions of this Agreement shall remain enforceable; and (c) this Agreement shall be governed by federal law and by the internal laws of the State of Colorado, irrespective of the choice of law rules of any jurisdiction.

 

8.                                      You agree and acknowledge that you: (i) understand the language used in this Agreement and the Agreement’s legal effect; (ii) understand that by signing this Agreement you are giving up the right to sue the Company for age discrimination; (iii) will receive compensation under this Agreement to which you would not otherwise have been entitled without signing this 

 

D-2

 

Agreement; (iv) have been advised by the Company to consult with an attorney before signing this Agreement; and (v) were given no less than forty-five (45) calendar days to consider whether to sign this Agreement. During such forty-five (45) calendar day period, you, in considering whether to sign this Agreement, may wish to review the terms of the Vested Benefits set forth herein.

 

For a period of seven (7) calendar days after the signing of this Agreement, you may, in your sole discretion, rescind this Agreement by delivering a written notice of revocation to the Company by delivering a written revocation statement to Michael A. Hammell, Executive Vice President, General Counsel and Secretary, at 1670 Broadway, Suite 3100, Denver, Colorado 80202. If you rescind this Agreement within seven (7) calendar days after the signing date, this Agreement shall be void, all actions taken pursuant to this Agreement shall be reversed, and neither this Agreement, nor the facts of or circumstances surrounding its execution shall be admissible for any purpose whatsoever in any proceeding between the parties, except in connection with a claim or defense involving the validity or effective rescission of this Agreement.  If you do not rescind this Agreement within seven (7) calendar days after the signing date, this Agreement shall become final and binding and shall be irrevocable.

 

Acknowledgment

 

By signing below, you acknowledge that you have read and understand this Agreement and understand that it is a legally binding document that may affect your legal rights, and that you have been advised to consult a lawyer of your choosing before signing this Agreement and have had an opportunity to do so.

 

 

	
Signed:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Print name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

D-3Exhibit

Exhibit 10.111

PLAINSCAPITAL BANK – LOAN NO. 

PROMISSORY NOTE
$50,000,000.00    FEBRUARY 29, 2016

FOR VALUE RECEIVED, CLEAN ENERGY FUELS CORP., a Delaware corporation (“CEFC”), and CLEAN ENERGY, a California corporation (“CE,” and together with CEFC, individually and collectively, “Debtor”), jointly and severally and unconditionally promises to pay to the order of PLAINSCAPITAL BANK, a Texas state bank (together with its successors and assigns, “Lender”), without setoff, at its offices at 2911 Turtle Creek Boulevard, Suite 1300, Dallas (Dallas County), TX 75219, or at such other place as may be designated by Lender, the principal amount of FIFTY MILLION AND NO/100 DOLLARS ($50,000,000.00), or so much thereof as may be advanced from time to time in immediately available funds, together with interest computed daily on the outstanding principal balance hereunder, at an annual interest rate (the “Rate”), and in accordance with the payment schedule indicated below.  This PROMISSORY NOTE (this “Note”) is executed pursuant to and evidences a Loan funded and to be funded by Lender under that certain LOAN AND SECURITY AGREEMENT dated as of even date herewith (the “Effective Date”), between Debtor and Lender (as amended, restated or otherwise modified from time to time, the “Loan Agreement”), to which reference is made for a statement of the collateral, rights and obligations of Debtor and Lender in relation thereto, but neither this reference to the Loan Agreement nor any provision thereof shall affect or impair the absolute and unconditional obligation of Debtor to pay unpaid principal of and interest on this Note when due.  Capitalized terms not otherwise defined herein shall have the same meanings as in the Loan Agreement.

1.Rate.  Prior to the Maturity Date (as defined below) or an Event of Default, the Rate shall be the lesser of (a) the MAXIMUM RATE (as defined below) or (b) the GREATER of (i) the LIBOR RATE plus TWO AND THREE TENTHS OF ONE PERCENT (2.30%) or (ii) TWO AND SEVEN TENTHS OF ONE PERCENT (2.70%).  From and after the Maturity Date, the Rate shall be the Maturity Rate.  As used herein, the term “LIBOR Rate” shall mean, on any applicable date of determination, the London Interbank Offered Rate of interest per annum as published on that date on the website of http://www.bloomberg.com as the current “1 Month LIBOR Rate.”  On days when http://www.bloomberg.com does not publish the current 1 Month LIBOR Rate, the LIBOR Rate will be the most recently published 1 Month LIBOR Rate on http://www.bloomberg.com.  In the event http://www.bloomberg.com shall cease to exist or shall cease to publish a current 1 Month LIBOR Rate, then the LIBOR Rate will be the London Interbank Offered Rate of interest per annum as published on the website of http://online.wsj.com/public/us as the “One Month Libor Rate.”  Commencing on the date of this Note and continuing through the Maturity Date, the LIBOR Rate shall be determined on the FIRST (1st) day of each calendar month and shall be fixed for such calendar month.  Thereafter, the LIBOR Rate shall be readjusted on the first day of each succeeding calendar month.  In the event the date of this Note is a date other than the first day of a calendar month, then the LIBOR Rate in effect from the date of this Note until the day immediately prior to the first day of the next succeeding calendar month shall be the LIBOR Rate in effect as of the date of this Note.  Any change in the Rate resulting from an adjustment of the LIBOR Rate on the first day of each calendar month or any change in the Maximum Rate in effect from day to day shall be effective without notice to Debtor (which notice of change in the Rate is hereby expressly waived by Debtor) on the same date as the change in the Rate.  Notwithstanding any provision of this Note or any other agreement or commitment between Debtor and Lender, whether written or oral, express or implied, Lender shall never be entitled to charge, receive or collect, nor shall amounts received hereunder be credited so that Lender shall be paid, as interest a sum greater than interest at the Maximum Rate.  It is the intention of the parties that this Note, and all instruments securing the payment of this Note or executed or delivered in connection therewith, shall comply with applicable law.  If Lender ever contracts for, charges, receives or collects anything of value which is deemed to be interest under applicable law, and if the occurrence of any circumstance or contingency, whether acceleration of maturity of this Note, prepayment of this Note, delay in advancing proceeds of this Note or any other event, should cause such interest to exceed the Maximum Rate, any amount which exceeds interest at the Maximum Rate shall be applied to the reduction of the unpaid principal balance of this Note or any other Indebtedness, and if this Note and such other Indebtedness are paid in full, any remaining excess shall be paid to Debtor.  In determining whether the interest exceeds interest at the Maximum Rate, the total amount of interest shall be spread, prorated and amortized throughout the entire term of this Note until its payment in full.  The term “Maximum Rate” as used in this Note means the maximum nonusurious rate of interest per annum permitted by whichever of applicable United States federal law or Texas law permits the higher interest rate, including to the extent permitted by applicable law, any amendments thereof hereafter or any new law hereafter coming into effect to the extent 

a higher Maximum Rate is permitted thereby.  If at any time the Rate shall exceed the Maximum Rate, the Rate shall be automatically limited to the Maximum Rate until the total amount of interest accrued hereunder equals the amount of interest which would have accrued if there had been no limitation to the Maximum Rate.  To the extent, if any, that Chapter 303 of the Texas Finance Code, as amended (the “Act”), is relevant to Lender for purposes of determining the Maximum Rate, the parties elect to determine the Maximum Rate under the Act pursuant to the “weekly ceiling” from time to time in effect, as referred to and defined in §303.001-303.016 of the Act; subject, however, to any right Lender subsequently may have under applicable law to change the method of determining the Maximum Rate.

2.    Accrual Method.  Interest on the Indebtedness evidenced by this Note shall be computed on the basis of a THREE HUNDRED SIXTY (360) day year and shall accrue on the actual number of days elapsed for any whole or partial month in which interest is being calculated.  In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made, and the day on which funds are repaid shall be included unless repayment is credited prior to the close of business on the Business Day received as provided herein. 

3.    Payment Schedule.  Except as expressly provided herein to the contrary, all payments on this Note shall be applied in the following order of priority: (a) the payment or reimbursement of any expenses, costs or obligations (other than the outstanding principal balance hereof and interest hereon) for which either Debtor shall be obligated or Lender shall be entitled pursuant to the provisions of this Note or the other Loan Documents, (b) the payment of accrued but unpaid interest hereon, and (c) the payment of all or any portion of the principal balance hereof then outstanding hereunder.  If an Event of Default exists, then Lender may, at the sole option of Lender, apply any such payments, at any time and from time to time, to any of the items specified in clauses (a), (b) or (c) above without regard to the order of priority otherwise specified herein and any application to the outstanding principal balance hereof may be made in either direct or inverse order of maturity.  If any payment of principal or interest on this Note shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest in connection with such payment.  The outstanding principal balance of this Note shall be due and payable on the EARLIER of (i) the acceleration of the Indebtedness pursuant to the terms of the Loan Documents; or (ii) FEBRUARY 29, 2017 (the EARLIER of such date being, the “Maturity Date”).  Accrued and unpaid interest on the outstanding principal balance of this Note shall be due and payable monthly commencing on MARCH 29, 2016, and continuing on the SAME day of each calendar month thereafter (or if no corresponding date shall exist in any calendar month, on the LAST day of such calendar month) and on the Maturity Date.  Debtor may borrow, repay and reborrow hereunder at any time, up to a maximum aggregate amount outstanding at any one time equal to the principal amount of this Note, provided that Debtor is not in Default and that the borrowings hereunder do not exceed the borrowing base or other limitation on borrowings by Debtor.  Lender shall incur no liability for its refusal to advance funds based upon its determination that any conditions of such further advances have not been met.  Lender’s records of the amounts borrowed from time to time shall be conclusive proof thereof absent manifest error.  Lender and Debtor expressly agree that Chapter 346 of the Act shall not apply to this Note or to any advances under this Note and that neither this Note nor any such advances shall be governed by or subject to the provisions of such Chapter in any manner whatsoever.

4.    Delinquency Charge.  In the event any installment owing under this Note, or any part thereof, remains unpaid for TEN (10) or more days past the due date thereof as provided above, Debtor shall pay to Lender, in addition to any other amounts to which Lender may be entitled hereunder, a reasonable late payment fee equal to FIVE PERCENT (5.00%) of the amount of said installment, which amount is stipulated by Debtor to be reasonable in order to compensate Lender for its additional costs incurred as a result of having to attend to such delinquency.  This late charge should be paid only once as to such amount as is due and owing, but promptly, as to each respective late payment.  It is further agreed that the imposition of any such late payment fee shall in no way prejudice or limit Lender’s rights or remedies against Debtor under this Note or any of the other Loan Documents.  In the event any check or other payment item used to make a payment to Lender is dishonored for any reason, Debtor shall pay to Lender, in addition to any other amounts to which Lender may be entitled hereunder, a reasonable processing fee of THIRTY AND NO/100 DOLLARS ($30.00) (or the maximum amount provided from time to time in Section 3.506(b) of the Texas Business and Commerce Code).  This processing fee should be paid once with respect to each dishonor of a check or other payment item.  It is further agreed that the imposition of any such processing fee shall in no way prejudice or limit Lender’s rights or remedies against Debtor under this Note or any of the other Loan Documents.

5.    Waivers, Consents and Covenants.  DEBTOR, ANY INDORSER OR GUARANTOR HEREOF, OR ANY OTHER PARTY HERETO (INDIVIDUALLY AN “OBLIGOR” AND COLLECTIVELY “OBLIGORS”) AND EACH OF THEM JOINTLY AND SEVERALLY: (A) WAIVES PRESENTMENT, DEMAND, PROTEST, NOTICE OF DEMAND, NOTICE OF INTENT TO ACCELERATE, NOTICE OF ACCELERATION OF MATURITY, NOTICE OF PROTEST, NOTICE OF NONPAYMENT, NOTICE OF DISHONOR, AND ANY OTHER NOTICE REQUIRED TO BE GIVEN UNDER THE LAW TO ANY OBLIGOR IN CONNECTION WITH THE DELIVERY, ACCEPTANCE, PERFORMANCE, DEFAULT OR ENFORCEMENT OF THIS NOTE, ANY INDORSEMENT OR GUARANTY OF THIS NOTE, OR ANY OTHER DOCUMENTS EXECUTED IN CONNECTION WITH THIS NOTE OR ANY OTHER LOAN DOCUMENTS NOW OR HEREAFTER EXECUTED IN CONNECTION WITH ANY OBLIGATION OF DEBTOR TO LENDER; (B) CONSENTS TO ALL DELAYS, EXTENSIONS, RENEWALS OR OTHER MODIFICATIONS OF THIS NOTE OR THE LOAN DOCUMENTS AS MAY BE AGREED IN WRITING BY DEBTOR AND LENDER, OR WAIVERS OF ANY TERM HEREOF OR OF THE LOAN DOCUMENTS, OR RELEASE OR DISCHARGE BY LENDER OF ANY OBLIGORS, OR RELEASE, SUBSTITUTION OR EXCHANGE OF ANY SECURITY FOR THE PAYMENT HEREOF, OR THE FAILURE TO ACT ON THE PART OF LENDER, OR ANY INDULGENCE SHOWN BY LENDER (WITHOUT NOTICE TO OR FURTHER ASSENT FROM ANY OBLIGORS); (C) AGREES THAT NO SUCH ACTION, FAILURE TO ACT OR FAILURE TO EXERCISE ANY RIGHT OR REMEDY BY LENDER SHALL IN ANY WAY AFFECT OR IMPAIR THE OBLIGATIONS OF ANY OBLIGORS OR BE CONSTRUED AS A WAIVER BY LENDER OF, OR OTHERWISE AFFECT, ANY OF LENDER’S RIGHTS UNDER THIS NOTE, UNDER ANY INDORSEMENT OR GUARANTY OF THIS NOTE OR UNDER ANY OF THE LOAN DOCUMENTS; AND (D) AGREES TO PAY, ON DEMAND, ALL COSTS AND EXPENSES OF COLLECTION OR DEFENSE OF THIS NOTE OR OF ANY INDORSEMENT OR GUARANTY HEREOF AND/OR THE ENFORCEMENT OR DEFENSE OF LENDER’S RIGHTS WITH RESPECT TO, OR THE ADMINISTRATION, SUPERVISION, PRESERVATION, OR PROTECTION OF, OR REALIZATION UPON, ANY PROPERTY SECURING PAYMENT HEREOF, INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEY’S FEES, INCLUDING FEES RELATED TO ANY SUIT, MEDIATION OR ARBITRATION PROCEEDING, OUT OF COURT PAYMENT AGREEMENT, TRIAL, APPEAL, BANKRUPTCY PROCEEDINGS OR OTHER PROCEEDING, IN SUCH AMOUNT AS MAY BE DETERMINED REASONABLE BY ANY ARBITRATOR OR COURT, WHICHEVER IS APPLICABLE.

6.    Prepayments.  Prepayments may be made in whole or in part at any time without premium or penalty.  

7.    Remedies Upon Default.  Whenever there is an Event of Default the entire balance outstanding hereunder and all other obligations of any Obligor to Lender (however acquired or evidenced) shall, at the option of Lender, become immediately due and payable and any obligation of Lender to permit further borrowing under this Note shall immediately cease and terminate.  From and after (a) an Event of Default, or (b) the Maturity Date (whether by acceleration or otherwise), the Rate on the unpaid principal balance of this Note shall be increased at Lender’s discretion up to the LESSER of (i) EIGHTEEN PERCENT (18.00%), or (ii) the MAXIMUM RATE (the “Maturity Rate”).  The provisions herein for a Maturity Rate (a) shall not be deemed to extend the time for any payment hereunder or to constitute a “grace period” giving Obligors a right to cure any default, and (b) shall be deemed the contract rate of interest applicable to the outstanding principal balance of the Note from and after the occurrence of one of the events set forth in this Section.  At Lender’s option, any accrued and unpaid interest, fees or charges may, for purposes of computing and accruing interest on a daily basis after the due date of this Note or any installment thereof, be deemed to be a part of the principal balance, and interest shall accrue on a daily compounded basis after such date at the Maturity Rate provided in this Note until the entire outstanding balance of principal and interest is paid in full.  Upon an Event of Default, Lender is hereby authorized at any time, at its option and without notice or demand, to set off and charge against any deposit accounts of any Obligor (as well as any money, instruments, securities, documents, chattel paper, credits, claims, demands, income and any other property, rights and interests of any Obligor), which at any time shall come into the possession or custody or under the control of Lender or any of its agents, affiliates or correspondents, any and all obligations due hereunder.  Additionally, Lender shall have all rights and remedies available under each of the Loan Documents, as well as all rights and remedies available at law or in equity.

8.    Waiver.  The failure at any time of Lender to exercise any of its options or any other rights hereunder shall not constitute a waiver thereof, nor shall it be a bar to the exercise of any of its options or rights at a later date.  All rights and remedies of Lender shall be cumulative and may be pursued singly, successively or together, at the option of Lender.  The acceptance by Lender of any partial payment shall not constitute a waiver of any default or of any of Lender’s rights under this Note.  No waiver of any of its rights hereunder, and no modification or amendment of this Note, shall be deemed to be made by Lender unless the same shall be in writing, duly signed on behalf of Lender; each such waiver shall apply only with respect to the specific instance involved, and shall in no way impair the rights of Lender or the obligations of Obligors to Lender in any other respect at any other time.

9.    Applicable Law.  Debtor agrees that this Note shall be deemed to have been made in the State of Texas at Lender’s address indicated at the beginning of this Note and shall be governed by, and construed in accordance with, the laws of the State of Texas and is performable in the City and County of Texas indicated at the beginning of this Note.

10.    Partial Invalidity.  The unenforceability or invalidity of any provision of this Note shall not affect the enforceability or validity of any other provision herein and the invalidity or unenforceability of any provision of this Note or of the Loan Documents to any person or circumstance shall not affect the enforceability or validity of such provision as it may apply to other persons or circumstances.

11.    Binding Effect.  This Note shall be binding upon and inure to the benefit of Obligors and Lender and their respective successors, assigns, heirs and personal representatives, provided, however, that no obligations of Obligors hereunder can be assigned without prior written consent of Lender.

12.    Controlling Document.  To the extent that this Note conflicts with or is in any way incompatible with any other document related specifically to the loan evidenced by this Note, this Note shall control over any other such document, and if this Note does not address an issue, then each other such document shall control to the extent that it deals most specifically with an issue.

13.    Commercial Purpose.  DEBTOR REPRESENTS TO LENDER THAT THE PROCEEDS OF THIS LOAN ARE TO BE USED PRIMARILY FOR BUSINESS, COMMERCIAL OR AGRICULTURAL PURPOSES AND NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES.  DEBTOR ACKNOWLEDGES HAVING READ AND UNDERSTOOD, AND AGREES TO BE BOUND BY, ALL TERMS AND CONDITIONS OF THIS NOTE.

14.    Collection.  If this Note is placed in the hands of an attorney for collection, or if it is collected through any legal proceeding at law or in equity or in bankruptcy, receivership or other court proceedings, Debtor agrees to pay all costs of collection, including, but not limited to, court costs and reasonable attorneys’ fees.

15.    Time is of the Essence.  Time is of the essence with respect to all provisions of this Note and the other Loan Documents.

16.    Notice of Balloon Payment.  At maturity (whether by acceleration or otherwise), Debtor must repay the entire principal balance of this Note and unpaid interest then due.  Lender is under no obligation to refinance the outstanding principal balance of this Note (if any) at that time.  Debtor will, therefore, be required to make payment out of other assets Debtor may own; or Debtor will have to find a lender willing to lend Debtor the money at prevailing market rates, which may be higher than the interest rate on the outstanding principal balance of this Note.  If Obligors have guaranteed payment of this Note, Obligors may be required to perform under such guaranty.

17.    Statement of Unpaid Balance.  At any time and from time to time, Debtor will furnish promptly, upon the request of Lender, a written statement or affidavit, in form satisfactory to Lender, stating the unpaid balance of the Loan evidenced by this Note and that there are no offsets or defenses against full payment of the Loan evidenced by this Note and the terms hereof, or if there are any such offsets or defenses, specifying them.

18.    Waiver of Jury Trial.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OBLIGOR AND LENDER HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY OR THE ACTIONS OF LENDER IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF.  EACH OBLIGOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT DEBTOR HAS BEEN INDUCED TO EXECUTE THIS NOTE AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS SECTION.

NOTICE OF FINAL AGREEMENT

THIS NOTE AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES, AND THE SAME MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

EXECUTED as of the Effective Date.

DEBTOR:    ADDRESS:

CLEAN ENERGY FUELS CORP.        4675 MacArthur Court, Suite 800    
Newport Beach, CA 92660
By:    /s/ Robert M. Vreeland    
Name:    Robert M. Vreeland
Title:    Chief Financial Officer

CLEAN ENERGY        4675 MacArthur Court, Suite 800    
Newport Beach, CA 92660
By:    /s/ Robert M. Vreeland    
Name:    Robert M. Vreeland
Title:    Chief Financial Officer

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