Document:

exv10w2

Exhibit 10.2

REGISTRATION RIGHTS AGREEMENT

BY AND AMONG

BUCKEYE PARTNERS, L.P.

AND

VOPAK BAHAMAS B.V.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 

	ARTICLE I DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.01
	 	Definitions	 	 	1	 
	Section 1.02
	 	Registrable Securities	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE II REGISTRATION RIGHTS	 	 	3	 
	 
	 	 	 	 	 	 
	Section 2.01
	 	Registration	 	 	3	 
	Section 2.02
	 	Piggyback Rights	 	 	5	 
	Section 2.03
	 	Delay Rights	 	 	6	 
	Section 2.04
	 	Underwritten Offerings	 	 	8	 
	Section 2.05
	 	Sale Procedures	 	 	8	 
	Section 2.06
	 	Cooperation by Holders	 	 	11	 
	Section 2.07
	 	Restrictions on Public Sale by Holders of Registrable Securities	 	 	11	 
	Section 2.08
	 	Expenses	 	 	12	 
	Section 2.09
	 	Indemnification	 	 	12	 
	Section 2.10
	 	Rule 144 Reporting	 	 	15	 
	Section 2.11
	 	Transfer or Assignment of Registration Rights	 	 	15	 
	Section 2.12
	 	Limitation on Subsequent Registration Rights	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE III MISCELLANEOUS	 	 	15	 
	 
	 	 	 	 	 	 
	Section 3.01
	 	Communications	 	 	15	 
	Section 3.02
	 	Successor and Assigns	 	 	16	 
	Section 3.03
	 	Assignment of Rights	 	 	17	 
	Section 3.04
	 	Recapitalization, Exchanges, Etc. Affecting the Units	 	 	17	 
	Section 3.05
	 	Aggregation of Registrable Securities	 	 	17	 
	Section 3.06
	 	Specific Performance	 	 	17	 
	Section 3.07
	 	Counterparts	 	 	17	 
	Section 3.08
	 	Headings	 	 	17	 
	Section 3.09
	 	Governing Law	 	 	17	 
	Section 3.10
	 	Severability of Provisions	 	 	17	 
	Section 3.11
	 	Entire Agreement	 	 	17	 
	Section 3.12
	 	Amendment	 	 	18	 
	Section 3.13
	 	No Presumption	 	 	18	 
	Section 3.14
	 	Obligations Limited to Parties to Agreement	 	 	18	 
	Section 3.15
	 	Interpretation	 	 	18	 

 

 

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
February 15, 2011, by and among Buckeye Partners, L.P., a Delaware limited partnership (the
“Partnership”), and Vopak Bahamas B.V.. a public company with limited liability
incorporated under the laws of the Netherlands (the “Investor”).

     WHEREAS, this Agreement is made in connection with the entry into the Unit Purchase Agreement,
dated on or prior to the date hereof, by and between the Partnership and the Investor (the
“Unit Purchase Agreement”); and

     WHEREAS, the Partnership has agreed to provide the registration and other rights set forth in
this Agreement for the benefit of the Investor pursuant to the Unit Purchase Agreement.

     NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by each party hereto, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.01 Definitions. Capitalized terms used herein without definition shall have
the meanings given to them in the Unit Purchase Agreement. The terms set forth below are used
herein as so defined:

     “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is under common control
with, the Person 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 a Person,
whether through ownership of voting securities, by contract or otherwise.

     “Agreement” has the meaning specified therefor in the introductory paragraph of this
Agreement.

     “ArcLight/Kelso Registration Rights Agreement” means that certain Registration Rights
Agreement, by and among the Partnership, BGH GP Holdings, LLC, ArcLight Energy Partners Fund III,
L.P., ArcLight Energy Partners Fund IV, L.P., Kelso Investment Associates VII, L.P. and KEP VI,
LLC, dated as of June 10, 2010.

     “Class B Unit Price” means $57.04.

     “Commission” means the U.S. Securities and Exchange Commission.

     “Consideration Units” has the meaning specified in the Unit Purchase Agreement.

     “Effectiveness Period” has the meaning specified therefor in Section 2.01(a)
of this Agreement.

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     “Existing Registration Rights Agreements” means, collectively, (a) that certain
Registration Rights Agreement by and among the parties to the LP Unit Purchase Agreement, dated as
of December 18, 2010, (b) that certain Registration Rights Agreement by and among the parties to
the Class B Unit Purchase Agreement, dated as of December 18, 2010 and (c) the ArcLight/Kelso
Registration Rights Agreement.

     “General Partner” means Buckeye GP LLC, a Delaware limited liability company.

     “Holder” means the record holder of any Registrable Securities.

     “Included Registrable Securities” has the meaning specified therefor in Section
2.02(a) of this Agreement.

     “Investor” has the meaning specified therefor in the introductory paragraph of this
Agreement.

     “Liquidated Damages” has the meaning specified therefor in Section 2.01(b) of
this Agreement.

     “Liquidated Damages Multiplier” means the product of the LP Unit Price times the
number of Purchased Units issued to such Investor and that may not be disposed of without
restriction pursuant to any section of Rule 144 (or any similar provision then in effect) under the
Securities Act.

     “Losses” has the meaning specified therefor in Section 2.09(a) of this
Agreement.

     “LP Unit Price” means $60.40, provided however, that if the Closing Date is after the
record date for the distribution to the Partnership’s holders of LP Units with respect to the
quarter ending December 31, 2010, the LP Unit Price shall be reduced by an amount equal to such per
unit distribution.

     “Managing Underwriter” means, with respect to any Underwritten Offering, the
book-running lead manager of such Underwritten Offering.

     “Opt-Out Notice” has the meaning specified therefor in Section 2.02(a) of this
Agreement.

     “Parity Securities” has the meaning specified therefor in Section 2.02(b) of
this Agreement.

     “Partnership” has the meaning specified therefor in the introductory paragraph of this
Agreement.

     “Person” means an individual or a corporation, limited liability company, partnership,
joint venture, trust, unincorporated organization, association, government agency or political
subdivision thereof or other entity.

     “Purchased Units” means the Consideration Units.

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     “Registrable Securities” means (i) the Purchased Units to be acquired by the Investor
pursuant to the Unit Purchase Agreement, (ii) LP Units issued upon the conversion of the Class B
Units, (iii) Class B Units issued on the Class B Units as a distribution in kind in lieu of cash
distributions and (iv) any LP Units issued as Liquidated Damages pursuant to Section
2.01(b) of this Agreement.

     “Registration Expenses” has the meaning specified therefor in Section 2.08(b)
of this Agreement.

     “Registration Statement” has the meaning specified therefor in Section 2.01(a)
of this Agreement.

     “Selling Expenses” has the meaning specified therefor in Section 2.08(b) of
this Agreement.

     “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a
registration statement.

     “Selling Holder Indemnified Persons” has the meaning specified therefor in Section
2.09(a) of this Agreement.

     “Underwritten Offering” means an offering (including an offering pursuant to a
Registration Statement) in which LP Units are sold to an underwriter on a firm commitment basis for
reoffering to the public or an offering that is a “bought deal” with one or more investment banks.

     “Unit Purchase Agreement” has the meaning specified therefor in the recitals of this
Agreement.

     Section 1.02 Registrable Securities. Any Registrable Security will cease to be a
Registrable Security (a) when a registration statement covering such Registrable Security becomes
or has been declared effective by the Commission and such Registrable Security has been sold or
disposed of pursuant to such effective registration statement; (b) when such Registrable Security
has been disposed of pursuant to any section of Rule 144 (or any similar provision then in effect)
under the Securities Act; (c) when such Registrable Security is held by the Partnership or one of
its subsidiaries or Affiliates; (d) when such Registrable Security has been sold or disposed of in
a private transaction in which the transferor’s rights under this Agreement are not assigned to the
transferee of such securities pursuant to Section 2.11 hereof or (e) one year following
their issuance as LP Units, including the issuance of LP Units as Liquidated Damages and the
issuance of LP Units upon conversion of Class B Units.

ARTICLE II

REGISTRATION RIGHTS

     Section 2.01 Registration.

     (a) Effectiveness Deadline. Following the date hereof, but no later than fifteen (15)
days following the Closing Date, the Partnership shall prepare and file a registration statement

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(the “Registration Statement”) under the Securities Act with respect to all of the
Registrable Securities. The Registration Statement filed pursuant to this Section 2.01(a)
shall be on such appropriate registration form of the Commission as shall be selected by the
Partnership. The Partnership shall use its commercially reasonable efforts to cause the
Registration Statement to become effective on or as soon as practicable after the Closing Date. Any
Registration Statement shall provide for the resale pursuant to any method or combination of
methods legally available to, and requested by, the Holders of any and all Registrable Securities
covered by such Registration Statement. The Partnership shall use its commercially reasonable
efforts to cause the Registration Statement filed pursuant to this Section 2.01(a) to be
effective, supplemented and amended to the extent necessary to ensure that it is available for the
resale of all Registrable Securities by the Holders until all Registrable Securities covered by
such Registration Statement have ceased to be Registrable Securities (the “Effectiveness
Period”). The Registration Statement when effective (including the documents incorporated
therein by reference) will comply as to form in all material respects with all applicable
requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading (in the case of any prospectus contained in such Registration
Statement, in the light of the circumstances under which a statement is made). As soon as
practicable following the date that the Registration Statement becomes effective, but in any event
within two (2) Business Days of such date, the Partnership shall provide the Holders with written
notice of the effectiveness of the Registration Statement.

     (b) Failure to Go Effective. If the Registration Statement required by Section
2.01(a) is not declared effective within one hundred eighty (180) days after the Closing Date,
then each Holder shall be entitled to a payment (with respect to the Purchased Units of each such
Holder), as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier
per thirty (30)-day period, that shall accrue daily, for the first sixty (60) days following the
180th day, increasing by an additional 0.25% of the Liquidated Damages Multiplier per thirty
(30)-day period, that shall accrue daily, for each subsequent thirty (30) days, up to a maximum of
1.00% of the Liquidated Damages Multiplier per thirty (30)-day period (the “Liquidated
Damages”); provided, however, the aggregate amount of Liquidated Damages payable by the
Partnership under this Agreement to each Holder shall not exceed 5.00% of the Liquidated Damages
Multiplier with respect to such Holder. The Liquidated Damages payable pursuant to the immediately
preceding sentence shall be payable within ten (10) Business Days after the end of each such thirty
(30)-day period. Any Liquidated Damages shall be paid to each Holder in immediately available
funds; provided, however, if the Partnership certifies that it is unable to pay Liquidated Damages
in cash because such payment would result in a breach under a credit facility or other debt
instrument, then the Partnership may pay the Liquidated Damages in kind in the form of the issuance
of additional LP Units. Upon any issuance of LP Units as Liquidated Damages, the Partnership shall
promptly (i) prepare and file an amendment to the Registration Statement prior to its effectiveness
adding such LP Units to such Registration Statement as additional Registrable Securities and (ii)
prepare and file a supplemental listing application with the NYSE to list such additional LP Units.
The determination of the number of LP Units to be issued as Liquidated Damages shall be equal to
the amount of Liquidated Damages divided by the volume-weighted average closing price of the LP
Units on the NYSE for the ten (10) trading days immediately preceding the date on which the
Liquidated Damages payment is due, less a discount to such average closing price of 2.00%. The
payment of Liquidated Damages to a

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Holder shall cease at the earlier of (i) the Registration Statement becoming effective or (ii)
the Purchased Units of such Holder becoming eligible for resale without restriction under any
section of Rule 144 (or any similar provision then in effect) under the Securities Act, assuming
that each Holder is not an Affiliate of the Partnership, and any payment of Liquidated Damages
shall be prorated for any period of less than thirty (30) days in which the payment of Liquidated
Damages ceases. If the Partnership is unable to cause a Registration Statement to go effective
within one hundred eighty (180) days after the Closing Date as a result of an acquisition, merger,
reorganization, disposition or other similar transaction, then the Partnership may request a waiver
of the Liquidated Damages, and each Holder may individually grant or withhold its consent
to such request in its discretion.

     Section 2.02 Piggyback Rights.

     (a) Participation. In the event those Registrable Securities that are LP Units may
not be disposed of without restriction pursuant to any section of Rule 144 (or any similar
provision then in effect) under the Securities Act, if the Partnership proposes to file (i) a shelf
registration statement other than the Registration Statement contemplated by Section
2.01(a), (ii) a prospectus supplement to an effective shelf registration statement, other than
the Registration Statement contemplated by Section 2.01(a) of this Agreement and Holders
may be included without the filing of a post-effective amendment thereto, or (iii) a registration
statement, other than a shelf registration statement, in each case, for the sale of LP Units in an
Underwritten Offering for its own account and/or another Person, then as soon as practicable
following the engagement of counsel by the Partnership to prepare the documents to be used in
connection with an Underwritten Offering, the Partnership shall give notice (including, but not
limited to, notification by electronic mail) of such proposed Underwritten Offering to each Holder
(together with its Affiliates) holding at least $10.0 million of the then-outstanding Registrable
Securities that are LP Units (based on the LP Unit Price) and such notice shall offer such Holders
the opportunity to include in such Underwritten Offering such number of Registrable Securities that
are LP Units (the “Included Registrable Securities”) as each such Holder may request in
writing; provided, however, that if the Partnership has been advised by the Managing Underwriter
that the inclusion of such Registrable Securities for sale for the benefit of the Holders will have
an adverse effect on the price, timing or distribution of the LP Units in the Underwritten
Offering, then (A) the Partnership shall not be required to offer such opportunity to the Holders
or (B) if any Registrable Securities that are LP Units can be included in the Underwritten Offering
in the opinion of the Managing Underwriter, then the amount of such Registrable Securities to be
offered for the accounts of Holders shall be determined based on the provisions of Section
2.02(b). Any notice required to be provided in this Section 2.02(a) to Holders shall
be provided on a Business Day pursuant to Section 3.01 hereof and receipt of such notice
shall be confirmed by the Holder. Each such Holder shall then have two (2) Business Days (or one
(1) Business Day in connection with any overnight or bought Underwritten Offering) after notice has
been delivered to request in writing the inclusion of those Registrable Securities that are LP
Units in the Underwritten Offering. If no written request for inclusion from a Holder is received
within the specified time, each such Holder shall have no further right to participate in such
Underwritten Offering. If, at any time after giving written notice of its intention to undertake
an Underwritten Offering and prior to the closing of such Underwritten Offering, the Partnership
shall determine for any reason not to undertake or to delay such Underwritten Offering, the
Partnership may, at its election, give written notice of such determination to the Selling Holders

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and, (x) in the case of a determination not to undertake such Underwritten Offering, shall be
relieved of its obligation to sell any Included Registrable Securities in connection with such
terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten
Offering, shall be permitted to delay offering any Included Registrable Securities for the same
period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to
withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable
Securities in such Underwritten Offering by giving written notice to the Partnership of such
withdrawal at or prior to the time of pricing of such Underwritten Offering. Any Holder may
deliver written notice (an “Opt-Out Notice”) to the Partnership requesting that such Holder
not receive notice from the Partnership of any proposed Underwritten Offering; provided, however,
that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an
Opt-Out Notice from a Holder (unless subsequently revoked), the Partnership shall not be required
to deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall
no longer be entitled to participate in Underwritten Offerings by the Partnership pursuant to this
Section 2.02(a).

     (b) Priority. If the Managing Underwriter or Underwriters of any proposed
Underwritten Offering advises the Partnership that the total amount of Registrable Securities that
the Selling Holders and any other Persons intend to include in such offering exceeds the number
that can be sold in such offering without being likely to have an adverse effect on the price,
timing or distribution of the LP Units offered or the market for the LP Units, then the LP Units to
be included in such Underwritten Offering shall include the number of those Registrable Securities
that are LP Units that such Managing Underwriter or Underwriters advises the Partnership can be
sold without having such adverse effect, with such number to be allocated (i) first, to the
Partnership and, if applicable, to those holders of Parity Securities who initiated the
Underwritten Offering pursuant to rights granted such holders under the ArcLight/Kelso Registration
Rights Agreement and (ii) second, pro rata among the Selling Holders who have requested
participation in such Underwritten Offering and, except as provided in clause (i), any other holder
of securities of the Partnership having rights of registration that are neither expressly senior
nor subordinated to the Registrable Securities (the “Parity Securities”). As of the date
hereof, Parity Securities include securities of the Partnership covered by the Existing
Registration Rights Agreements. The pro rata allocations for each Selling Holder who has requested
participation in such Underwritten Offering shall be the product of (a) the aggregate number of
those Registrable Securities that are LP Units proposed to be sold in such Underwritten Offering
multiplied by (b) the fraction derived by dividing (x) the number of those Registrable Securities
that are LP Units owned on the Closing Date by such Selling Holder by (y) the aggregate number of
those Registrable Securities that are LP Units owned on the Closing Date by all Selling Holders
plus the aggregate number of Parity Securities owned on the Closing Date by all holders of Parity
Securities that are participating in the Underwritten Offering.

     (c) Termination of Piggyback Registration Rights. Each Holder’s rights under
Section 2.02 shall terminate upon such Holder (together with its Affiliates) ceasing to
hold at least $10.0 million of those Registrable Securities that are LP Units (based on the LP Unit
Price). Each Holder shall notify the Partnership in writing when such Holder holds less than $10.0
million of those Registrable Securities that are LP Units (based on the LP Unit Price).

     Section 2.03 Delay Rights.

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     Notwithstanding anything to the contrary contained herein, the Partnership may, upon written
notice to any Selling Holder whose Registrable Securities are included in the Registration
Statement or other registration statement contemplated by this Agreement, suspend such Selling
Holder’s use of any prospectus which is a part of the Registration Statement or other registration
statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities
pursuant to the Registration Statement or other registration statement contemplated by this
Agreement but may settle any previously made sales of Registrable Securities) if (i) the
Partnership is pursuing an acquisition, merger, reorganization, disposition or other similar
transaction and the Partnership determines in good faith that the Partnership’s ability to pursue
or consummate such a transaction would be materially adversely affected by any required disclosure
of such transaction in the Registration Statement or other registration statement or (ii) the
Partnership has experienced some other material non-public event the disclosure of which at such
time, in the good faith judgment of the Partnership, would materially adversely affect the
Partnership; provided, however, in no event shall the Selling Holders be suspended from selling
Registrable Securities pursuant to the Registration Statement or other registration statement for a
period that exceeds an aggregate of sixty (60) days in any one hundred eighty (180)-day period or
one hundred five (105) days in any three hundred sixty-five (365)-day period, in each case,
exclusive of days covered by any lock-up agreement executed by a Selling Holder in connection with
any Underwritten Offering. Upon disclosure of such information or the termination of the condition
described above, the Partnership shall provide prompt notice to the Selling Holders whose
Registrable Securities are included in the Registration Statement, and shall promptly terminate any
suspension of sales it has put into effect and shall take such other reasonable actions to permit
registered sales of Registrable Securities as contemplated in this Agreement.

     If (i) the Selling Holders shall be prohibited from selling their Registrable Securities under
the Registration Statement or other registration statement contemplated by this Agreement as a
result of a suspension pursuant to the immediately preceding paragraph in excess of the periods
permitted therein or (ii) the Registration Statement or other registration statement contemplated
by this Agreement is filed and declared effective but, during the Effectiveness Period, shall
thereafter cease to be effective or fail to be usable for its intended purpose without being
succeeded within 60 Business Days by a post-effective amendment thereto, a supplement to the
prospectus or a report filed with the Commission pursuant to Section 13(a), 13(c), 14 or l5(d) of
the Exchange Act, then, until the suspension is lifted or a post-effective amendment, supplement or
report is filed with the Commission, but not including any day on which a suspension is lifted or
such amendment, supplement or report is filed and declared effective, if applicable, the
Partnership shall pay the Selling Holders an amount equal to the Liquidated Damages, following the
earlier of (x) the date on which the suspension period exceeded the permitted period and (y) the
sixty-first (61st) Business Day after the Registration Statement or other registration statement
contemplated by this Agreement ceased to be effective or failed to be useable for its intended
purposes, as liquidated damages and not as a penalty (for purposes of calculation Liquidated
Damages, the date in (x) or (y) above shall be deemed the “180th day,” as used in the definition of
Liquidated Damages). For purposes of this paragraph, a suspension shall be deemed lifted on the
date that notice that the suspension has been terminated is delivered to the Selling Holders.
Liquidated Damages pursuant to this paragraph shall cease upon the Purchased Units of such Holder
becoming eligible for resale without restriction under any section of Rule 144 (or any similar
provision then in effect) under the Securities Act, assuming that each Holder is not an Affiliate
of the Partnership, and any payment of Liquidated Damages

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shall be prorated for any period of less than 30 days in which the payment of Liquidated
Damages ceases.

     Section 2.04 Underwritten Offerings.

     (a) General Procedures. In connection with any Underwritten Offering under this
Agreement, the Partnership shall be entitled to select the Managing Underwriter or Underwriters.
In connection with an Underwritten Offering contemplated by this Agreement in which a Selling
Holder participates, each Selling Holder and the Partnership shall be obligated to enter into an
underwriting agreement that contains such representations, covenants, indemnities and other rights
and obligations as are customary in underwriting agreements for firm commitment offerings of
securities. No Selling Holder may participate in such Underwritten Offering unless such Selling
Holder agrees to sell its Registrable Securities on the basis provided in such underwriting
agreement and completes and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such underwriting agreement. Each Selling Holder
may, at its option, require that any or all of the representations and warranties by, and the other
agreements on the part of, the Partnership to and for the benefit of such underwriters also be made
to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement also be conditions precedent to
its obligations. No Selling Holder shall be required to make any representations or warranties to
or agreements with the Partnership or the underwriters other than representations, warranties or
agreements regarding such Selling Holder, its authority to enter into such underwriting agreement
and to sell, and its ownership of, the securities being registered on its behalf, its intended
method of distribution and any other representation required by Law. If any Selling Holder
disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by
notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal
must be made up to and including the time of pricing of such Underwritten Offering. No such
withdrawal or abandonment shall affect the Partnership’s obligation to pay Registration Expenses.
The Partnership’s management may but shall not be required to participate in a roadshow or similar
marketing effort in connection with any Underwritten Offering.

     (b) No Demand Rights. Notwithstanding any other provision of this Agreement, no
Holder shall be entitled to any “demand” rights or similar rights that would require the
Partnership to effect an Underwritten Offering solely on behalf of the Holders.

     Section 2.05 Sale Procedures. In connection with its obligations under this
Article II, the Partnership will, as expeditiously as possible:

     (a) prepare and file with the Commission such amendments and supplements to the Registration
Statement and the prospectus used in connection therewith as may be necessary to keep the
Registration Statement effective for the Effectiveness Period and as may be necessary to comply
with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by the Registration Statement;

     (b) if a prospectus supplement will be used in connection with the marketing of an
Underwritten Offering from the Registration Statement and the Managing Underwriter at any

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time shall notify the Partnership in writing that, in the sole judgment of such Managing
Underwriter, inclusion of detailed information to be used in such prospectus supplement is of
material importance to the success of the Underwritten Offering of such Registrable Securities, the
Partnership shall use its commercially reasonable efforts to include such information in such
prospectus supplement;

     (c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before
filing the Registration Statement or any other registration statement contemplated by this
Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete
drafts of all such documents proposed to be filed (including exhibits and each document
incorporated by reference therein to the extent then required by the rules and regulations of the
Commission), and provide each such Selling Holder the opportunity to object to any information
pertaining to such Selling Holder and its plan of distribution that is contained therein and make
the corrections reasonably requested by such Selling Holder with respect to such information prior
to filing the Registration Statement or such other registration statement or supplement or
amendment thereto, and (ii) such number of copies of the Registration Statement or such other
registration statement and the prospectus included therein and any supplements and amendments
thereto as such Selling Holder may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Securities covered by such Registration Statement or other
registration statement;

     (d) if applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by the Registration Statement or any other registration statement
contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the
Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall
reasonably request; provided, however, that the Partnership will not be required to qualify
generally to transact business in any jurisdiction where it is not then required to so qualify or
to take any action that would subject it to general service of process in any such jurisdiction
where it is not then so subject;

     (e) promptly notify each Selling Holder, at any time when a prospectus relating thereto is
required to be delivered by any of them under the Securities Act, of (i) the filing of the
Registration Statement or any other registration statement contemplated by this Agreement or any
prospectus or prospectus supplement to be used in connection therewith, or any amendment or
supplement thereto, and, with respect to such Registration Statement or any other registration
statement or any post-effective amendment thereto, when the same has become effective; and (ii) the
receipt of any written comments from the Commission with respect to any filing referred to in
clause (i) and any written request by the Commission for amendments or supplements to the
Registration Statement or any other registration statement or any prospectus or prospectus
supplement thereto;

     (f) immediately notify each Selling Holder, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, of (i) the happening of any event as a result of
which the prospectus or prospectus supplement contained in the Registration Statement or any other
registration statement contemplated by this Agreement, as then in effect, includes an untrue
statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading (in the case of any prospectus

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contained therein, in the light of the circumstances under which a statement is made); (ii)
the issuance or express threat of issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or any other registration statement contemplated by
this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the
Partnership of any notification with respect to the suspension of the qualification of any
Registrable Securities for sale under the applicable securities or blue sky laws of any
jurisdiction. Following the provision of such notice, the Partnership agrees to as promptly as
practicable amend or supplement the prospectus or prospectus supplement or take other appropriate
action so that the prospectus or prospectus supplement does not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in the light of the circumstances then existing and to take
such other commercially reasonable action as is necessary to remove a stop order, suspension,
threat thereof or proceedings related thereto;

     (g) upon request and subject to appropriate confidentiality obligations, furnish to each
Selling Holder copies of any and all transmittal letters or other correspondence with the
Commission or any other governmental agency or self-regulatory body or other body having
jurisdiction (including any domestic or foreign securities exchange) relating to such offering of
Registrable Securities;

     (h) in the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel
for the Partnership dated the date of the closing under the underwriting agreement and (ii) a “cold
comfort” letter, dated the pricing date of such Underwritten Offering and a letter of like kind
dated the date of the closing under the underwriting agreement, in each case, signed by the
independent public accountants who have certified the Partnership’s financial statements included
or incorporated by reference into the applicable registration statement, and each of the opinion
and the “cold comfort” letter shall be in customary form and covering substantially the same
matters with respect to such registration statement (and the prospectus and any prospectus
supplement included therein) as have been customarily covered in opinions of issuer’s counsel and
in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by
the Partnership and such other matters as such underwriters and Selling Holders may reasonably
request;

     (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as soon as reasonably
practicable, an earnings statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

     (j) make available to the appropriate representatives of the Managing Underwriter and Selling
Holders access to such information and Partnership personnel as is reasonable and customary to
enable such parties to establish a due diligence defense under the Securities Act; provided, that
the Partnership need not disclose any non-public information to any such representative unless and
until such representative has entered into a confidentiality agreement with the Partnership;

10

 

     (k) cause all such Registrable Securities registered pursuant to this Agreement to be listed
on each securities exchange or nationally recognized quotation system on which similar securities
issued by the Partnership are then listed;

     (l) use its commercially reasonable efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities as may be necessary
by virtue of the business and operations of the Partnership to enable the Selling Holders to
consummate the disposition of such Registrable Securities;

     (m) provide a transfer agent and registrar for all Registrable Securities covered by such
registration statement not later than the effective date of such registration statement;

     (n) enter into customary agreements and take such other actions as are reasonably requested by
the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition
of such Registrable Securities; and

     (o) if requested by a Selling Holder, (i) incorporate in a prospectus supplement or
post-effective amendment such information as such Selling Holder reasonably requests to be included
therein relating to the sale and distribution of Registrable Securities, including information with
respect to the number of Registrable Securities being offered or sold, the purchase price being
paid therefor and any other terms of the offering of the Registrable Securities to be sold in such
offering and (ii) make all required filings of such prospectus supplement or post-effective
amendment after being notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment.

     Each Selling Holder, upon receipt of notice from the Partnership of the happening of any event
of the kind described in subsection (f) of this Section 2.05, shall forthwith
discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus
supplement until such Selling Holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by subsection (f) of this Section 2.05 or until it is
advised in writing by the Partnership that the use of the prospectus may be resumed and has
received copies of any additional or supplemental filings incorporated by reference in the
prospectus, and, if so directed by the Partnership, such Selling Holder will, or will request the
Managing Underwriter or Underwriters, if any, to deliver to the Partnership (at the Partnership’s
expense) all copies in their possession or control, other than permanent file copies then in such
Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the
time of receipt of such notice.

     Section 2.06 Cooperation by Holders. The Partnership shall have no obligation to
include Registrable Securities of a Holder in the Registration Statement or in an Underwritten
Offering pursuant to Section 2.02(a) who has failed to timely furnish such information that
the Partnership determines, after consultation with its counsel, is reasonably required in order
for the registration statement or prospectus supplement, as applicable, to comply with the
Securities Act.

     Section 2.07 Restrictions on Public Sale by Holders of Registrable Securities. Each
Holder of Registrable Securities agrees to enter into a customary letter agreement with
underwriters providing such Holder will not effect any public sale or distribution of the class of

11

 

Registrable Securities subject to the Underwritten Offering during the sixty (60) calendar day
period beginning on the date of a prospectus or prospectus supplement filed with the Commission
with respect to the pricing of any Underwritten Offering, provided that (i) the duration of the
foregoing restrictions shall be no longer than the duration of the shortest restriction generally
imposed by the underwriters on the Partnership or the officers, directors or any other Affiliate of
the Partnership on whom a restriction is imposed and (ii) the restrictions set forth in this
Section 2.07 shall not apply to any Registrable Securities that are included in such
Underwritten Offering by such Holder. In addition, this Section 2.07 shall not apply to
any Holder that is not entitled to participate in such Underwritten Offering, whether because such
Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten Offering, because
such Holder holds less than $10.0 million of the then-outstanding Registrable Securities or because
the Registrable Securities held by such Holder may be disposed of without restriction pursuant to
any section of Rule 144 (or any similar provision then in effect) under the Securities Act.

     Section 2.08 Expenses.

     (a) Expenses. The Partnership will pay all reasonable Registration Expenses as
determined in good faith, including, in the case of an Underwritten Offering, whether or not any
sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata
share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder.
In addition, except as otherwise provided in Section 2.09 hereof, the Partnership shall not
be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’
rights hereunder.

     (b) Certain Definitions. “Registration Expenses” means all expenses incident
to the Partnership’s performance under or compliance with this Agreement to effect the registration
of Registrable Securities on the Registration Statement pursuant to Section 2.01(a) or an
Underwritten Offering covered under this Agreement, and the disposition of such Registrable
Securities, including, without limitation, all registration, filing, securities exchange listing
and NYSE fees, all registration, filing, qualification and other fees and expenses of complying
with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of
transfer agents and registrars, all word processing, duplicating and printing expenses, any
transfer taxes and the fees and disbursements of counsel and independent public accountants for the
Partnership, including the expenses of any special audits or “cold comfort” letters required by or
incident to such performance and compliance. “Selling Expenses” means all underwriting
fees, discounts and selling commissions or similar fees or arrangements allocable to the sale of
the Registrable Securities.

     Section 2.09 Indemnification.

     (a) By the Partnership. In the event of a registration of any Registrable Securities
under the Securities Act pursuant to this Agreement, the Partnership will indemnify and hold
harmless each Selling Holder thereunder, its directors, officers, employees and agents and each
Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the
Exchange Act, and its directors, officers, employees or agents (collectively, the “Selling
Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities
(including

12

 

reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several,
to which such Selling Holder Indemnified Person may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact (in the case of any prospectus, in light of the circumstances
under which such statement is made) contained in the Registration Statement or any other
registration statement contemplated by this Agreement, any preliminary prospectus, prospectus
supplement, free writing prospectus or final prospectus contained therein, or any amendment or
supplement thereof, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein
(in the case of a prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse each such Selling Holder Indemnified Person for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such Loss or
actions or proceedings; provided, however, that the Partnership will not be liable in any such case
if and to the extent that any such Loss arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission so made in conformity with information
furnished by such Selling Holder Indemnified Person in writing specifically for use in the
Registration Statement or such other registration statement, or prospectus supplement, as
applicable. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of
such securities by such Selling Holder.

     (b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to
indemnify and hold harmless the Partnership, the General Partner, its directors, officers,
employees and agents and each Person, if any, who controls the Partnership within the meaning of
the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to
the same extent as the foregoing indemnity from the Partnership to the Selling Holders, but only
with respect to information regarding such Selling Holder furnished in writing by or on behalf of
such Selling Holder expressly for inclusion in the Registration Statement or any other registration
statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement, free
writing prospectus or final prospectus contained therein, or any amendment or supplement thereof;
provided, however, that the liability of each Selling Holder shall not be greater in amount than
the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder
from the sale of the Registrable Securities giving rise to such indemnification.

     (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from any liability that
it may have to any indemnified party other than under this Section 2.09. In any action
brought against any indemnified party, it shall notify the indemnifying party of the commencement
thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall
wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such
indemnified party and, after notice from the indemnifying party to such indemnified party of its
election so to assume and undertake the defense thereof, the indemnifying party shall not be liable
to such indemnified party under this Section 2.09 for any legal expenses subsequently

13

 

incurred by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected; provided, however, that,
(i) if the indemnifying party has failed to assume the defense or employ counsel reasonably
acceptable to the indemnified party or (ii) if the defendants in any such action include both the
indemnified party and the indemnifying party and counsel to the indemnified party shall have
concluded that there may be reasonable defenses available to the indemnified party that are
different from or additional to those available to the indemnifying party, or if the interests of
the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying
party, then the indemnified party shall have the right to select a separate counsel and to assume
such legal defense and otherwise to participate in the defense of such action, with the reasonable
expenses and fees of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other
provision of this Agreement, no indemnifying party shall settle any action brought against any
indemnified party with respect to which such indemnified party is entitled to indemnification
hereunder without the consent of the indemnified party, unless the settlement thereof imposes no
liability or obligation on, and includes a complete and unconditional release from all liability
of, the indemnified party.

     (d) Contribution. If the indemnification provided for in this Section 2.09 is
held by a court or government agency of competent jurisdiction to be unavailable to any indemnified
party or is insufficient to hold them harmless in respect of any Losses, then each such
indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount
paid or payable by such indemnified party as a result of such Loss in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of such
indemnified party on the other in connection with the statements or omissions that resulted in such
Losses, as well as any other relevant equitable considerations; provided, however, that in no event
shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar
amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of
Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying
party on the one hand and the indemnified party on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact has been made by, or relates to, information
supplied by such party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties hereto agree that it
would not be just and equitable if contributions pursuant to this paragraph were to be determined
by pro rata allocation or by any other method of allocation that does not take account of the
equitable considerations referred to herein. The amount paid by an indemnified party as a result
of the Losses referred to in the first sentence of this paragraph shall be deemed to include any
legal and other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any Loss that is the subject of this paragraph. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

     (e) Other Indemnification. The provisions of this Section 2.09 shall be in
addition to any other rights to indemnification or contribution that an indemnified party may have
pursuant to law, equity, contract or otherwise.

14

 

     Section 2.10 Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the Registrable
Securities to the public without registration, the Partnership agrees to use its commercially
reasonable efforts to:

     (a) make and keep public information regarding the Partnership available, as those terms are
understood and defined in Rule 144 under the Securities Act, at all times from and after the date
hereof;

     (b) file with the Commission in a timely manner all reports and other documents required of
the Partnership under the Securities Act and the Exchange Act at all times from and after the date
hereof; and

     (c) so long as a Holder owns any Registrable Securities, furnish, unless otherwise available
via EDGAR, to such Holder forthwith upon request a copy of the most recent annual or quarterly
report of the Partnership, and such other reports and documents so filed as such Holder may
reasonably request in availing itself of any rule or regulation of the Commission allowing such
Holder to sell any such securities without registration.

     Section 2.11 Transfer or Assignment of Registration Rights. The rights to cause the
Partnership to register Registrable Securities granted to the Investor by the Partnership under
this Article II may be transferred or assigned by the Investor to one or more transferees
or assignees of Registrable Securities; provided, however, that (a) unless the transferee or
assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of,
such Investor, the amount of Registrable Securities transferred or assigned to such transferee or
assignee shall represent at least $10.0 million of Registrable Securities (based on the LP Unit
Price or the Class B Unit Price, as applicable), (b) the Partnership is given written notice prior
to any said transfer or assignment, stating the name and address of each such transferee or
assignee and identifying the securities with respect to which such registration rights are being
transferred or assigned, and (c) each such transferee or assignee assumes in writing responsibility
for its portion of the obligations of such Investor under this Agreement.

     Section 2.12 Limitation on Subsequent Registration Rights. From and after the date
hereof, the Partnership shall not, without the prior written consent of the Holders of a majority
of the Registrable Securities, enter into any agreement with any current or future holder of any
securities of the Partnership that would allow such current or future holder to require the
Partnership to include securities in any registration statement filed by the Partnership on a basis
other than pari passu with, or expressly subordinate to the rights of, the Holders of Registrable
Securities hereunder.

ARTICLE III

MISCELLANEOUS

     Section 3.01 Communications. All notices and other communications provided for or
permitted hereunder shall be made in writing by facsimile, electronic mail, courier service or
personal delivery:

     (a) if to the Investor:

15

 

Vopak Bahamas B.V.

Westerlaan 10, 3016 CK

P.O. Box 863

3000 AW Rotterdam

The Netherlands

Attention: Legal Department; Tjeerd Wassenaar

Facsimile: +31 10 411 2520

with a copy to:

Bracewell & Giuliani LLP

711 Louisiana St., Ste 2300

Houston, TX 77002

Attention: William D. Gutermuth

                  Facsimile: 713.221.2114

     (b) if to a transferee of the Investor, to such Holder at the address provided pursuant to
Section 2.11 above; and

     (c) if to the Partnership:

Buckeye Partners, L.P.

One Greenway Plaza, Suite 600

Houston, TX 77046

Attention: General Counsel

Facsimile: 610.904.4006

with a copy to:

Vinson & Elkins L.L.P.

666 Fifth Avenue

26th Floor

New York, NY 10103

Attention: E. Ramey Layne

Facsimile: 212.237.0100

     All such notices and communications shall be deemed to have been received at the time
delivered by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or
sent via Internet electronic mail; and when actually received, if sent by courier service or any
other means.

     Section 3.02 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties, including subsequent Holders of Registrable Securities to the extent
permitted herein.

16

 

     Section 3.03 Assignment of Rights. All or any portion of the rights and obligations
of the Investor under this Agreement may be transferred or assigned by such Investor only in
accordance with Section 2.11 hereof.

     Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Units. The provisions of
this Agreement shall apply to the full extent set forth herein with respect to any and all units of
the Partnership or any successor or assign of the Partnership (whether by merger, consolidation,
sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution
of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits,
recapitalizations, pro rata distributions of units and the like occurring after the date of this
Agreement.

     Section 3.05 Aggregation of Registrable Securities. All Registrable Securities held
or acquired by Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights and applicability of any obligations under
this Agreement.

     Section 3.06 Specific Performance. Damages in the event of breach of this Agreement
by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed
that each such Person, in addition to and without limiting any other remedy or right it may have,
will have the right to an injunction or other equitable relief in any court of competent
jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions
hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground
of lack of jurisdiction or competence of the court to grant such an injunction or other equitable
relief. The existence of this right will not preclude any such Person from pursuing any other
rights and remedies at law or in equity that such Person may have.

     Section 3.07 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

     Section 3.08 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     Section 3.09 Governing Law. THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH, AND
GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

     Section 3.10 Severability of Provisions. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof or affecting or impairing the validity or enforceability of such provision in any other
jurisdiction.

     Section 3.11 Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained

17

 

herein. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein with respect to the rights granted by the Partnership set forth herein.
This Agreement supersedes all prior agreements and understandings between the parties with respect
to such subject matter.

     Section 3.12 Amendment. This Agreement may be amended only by means of a written
amendment signed by the Partnership and the Holders of a majority of the then outstanding
Registrable Securities; provided, however, that no such amendment shall materially and adversely
affect the rights of any Holder hereunder without the consent of such Holder.

     Section 3.13 No Presumption. If any claim is made by a party relating to any
conflict, omission, or ambiguity in this Agreement, no presumption or burden of proof or persuasion
shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a
particular party or its counsel.

     Section 3.14 Obligations Limited to Parties to Agreement. Each of the Parties hereto
covenants, agrees and acknowledges that no Person other than the Investor (and its permitted
transferees and assignees) and the Partnership shall have any obligation hereunder and that,
notwithstanding that the Investor may be a corporation, partnership or limited liability company,
no recourse under this Agreement or under any documents or instruments delivered in connection
herewith or therewith shall be had against any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or Affiliate of the
Investor or any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the
enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any
applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever
shall attach to, be imposed on or otherwise be incurred by any former, current or future director,
officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of
the Investor or any former, current or future director, officer, employee, agent, general or
limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for
any obligations of the Investor under this Agreement or any documents or instruments delivered in
connection herewith or therewith or for any claim based on, in respect of or by reason of such
obligation or its creation, except in each case for any transferee or assignee of a Investor
hereunder.

     Section 3.15 Interpretation. Article and Section references to this Agreement, unless
otherwise specified. All references to instruments, documents, contracts and agreements are
references to such instruments, documents, contracts and agreements as the same may be amended,
supplemented and otherwise modified from time to time, unless otherwise specified. The word
“including” shall mean “including but not limited to.” Whenever any determination, consent or
approval is to be made or given by the Investor under this Agreement, such action shall be in such
Investor’s sole discretion unless otherwise specified.

[Signature pages to follow]

18

 

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

	 	 	 	 	 
	 	BUCKEYE PARTNERS, L.P.

 	 
	 	By:  	BUCKEYE GP LLC
(its General Partner)
 	 
	 	 	 	 
	 	 	 
	 	By:  	/s/ Keith E. St.Clair
 	 
	 	 	Keith E. St.Clair 	 
	 	 	Senior Vice President and Chief Financial
Officer 	 
	 

Signature Page to Registration Rights Agreement

 

 

	 	 	 	 	 
	 	VOPAK BAHAMAS B.V.

 	 
	 	By:  	/s/ Tjeerd Wassenaar 	 
	 	 	Name:  	Tjeerd Wassenaar 	 
	 	 	Title:  	Managing Director	 
	 

Signature Page to Registration Rights Agreementexv10w3

Exhibit 10.3

TRANSITION
SUPPORT AGREEMENT

     This TRANSITION SUPPORT AGREEMENT (this “Agreement”) is made as of February 15, 2011 but
effective as of the Closing Date (as defined below) by and among Buckeye Atlantic Holdings LLC
(“Buckeye”), Vopak Bahamas B.V., a public company with limited liability incorporated under the
laws of the Netherlands (“Vopak”), FR Borco Topco L.P., an exempted limited partnership established
under the laws of the Cayman Islands (“Topco”), FR Borco Coop Holdings, L.P., an exempted limited
partnership established under the laws of the Cayman Islands (the “Partnership”), FR Borco Coop
Holdings GP Limited, a Cayman Islands exempted company limited by shares and the general partner of
the Partnership (the “General Partner”), Bahamas Oil Refining Company International Limited, a
company incorporated under the laws of The Bahamas (“BORCO”) and Vopak Koninklijke N.V. (“Vopak
Parent”), a public company with limited liability incorporated under the laws of The Netherlands.
Each of Buckeye, Vopak, Topco, the Partnership, the General Partner and BORCO are a “Party” and
collectively, the “Parties.”

WITNESSETH:

     WHEREAS, pursuant to that certain Unitholders and Operating Agreement dated as of April 29,
2008 by and among the Parties other than Buckeye (the “Unitholders Agreement”), Vopak was
designated as the operator of BORCO;

     WHEREAS, the Partnership is the indirect beneficial owner of all of the issued and outstanding
shares of capital stock (including nominee shares) of BORCO;

     WHEREAS, pursuant to that certain Sale and Purchase Agreement dated as of December 18, 2010,
as amended, among Buckeye, FR XI Offshore AIV, L.P. and FR Borco GP Ltd., Buckeye acquired,
indirectly, 800 LP Units representing an 80% limited partner interest in the Partnership and all of
the issued and outstanding shares in the capital stock of the General Partner (the “FR Sale”), and,
pursuant to that certain Sale and Purchase Agreement of even date herewith by and between Vopak,
Vopak Parent and Buckeye (the “Purchase Agreement”), Buckeye will acquire the remaining 200 LP
Units representing a 20% limited partner interest in the Partnership from Vopak (the “Vopak Sale”),
with the result that, upon consummation of the Vopak Sale, Buckeye will own, directly or
indirectly, all of the partnership interests in the Partnership;

     WHEREAS, the parties desire to enter into this Agreement to, among other things, cancel the
Unitholders Agreement in its entirety as of the Closing Date (as defined in the Purchase
Agreement), except as otherwise provided in Section 1(a) below, and transfer operatorship of BORCO
to Buckeye or its Affiliates as of the Closing Date, and to retain Vopak to provide certain support
services as provided herein;

 

 

     WHEREAS, in connection therewith, Vopak agrees to provide, and BORCO agrees to reimburse Vopak
for its expenses in connection with the performance of, certain support services during the 180-day
period that begins on the Closing Date, as may be extended (the “Support Period”), all as more
particularly set forth herein; and

     WHEREAS, capitalized terms used herein and not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement;

     NOW, THEREFORE, in consideration of the premises and covenants set forth herein and other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
Parties hereby agree as follows:

1. Termination of Certain Provisions of the Unitholders Agreement.

     (a) As of the Closing Date, Vopak shall cease to serve as the operator of BORCO. As of the
Closing Date, the Unitholders Agreement (together with all schedules and exhibits thereto) is
hereby terminated in all respects; provided, however, that the following provisions of the
Unitholders Agreement shall survive in accordance with their respective terms: Sections 1.1, 6.5,
8.8, 8.12, 9.3, 9.4, 9.7, 9.11, and 9.16; provided further that, with respect to such provisions,
Section 12 of this Agreement shall apply in lieu of Section 9.5 of the Unitholders Agreement.

     (b) BORCO shall pay Vopak all amounts, if any, due and payable but unpaid as of the Closing
Date to Vopak under Sections 8.5(a) (with respect to the first quarterly payment for the year 2011)
or 8.5(b) of the Unitholders Agreement at the Closing (provided that Vopak has provided to BORCO
supporting documentation therefor consistent with past practice) or, if later, within five Business
Days of BORCO’s receipt of such supporting documentation.

     (c) Except for the (i) reimbursement rights, if any, expressly set forth in Section 1(b) above
that are outstanding following the Closing and (ii) indemnification rights with respect to third
party claims that may be brought pursuant to Section 8.8(b) of the Unitholders Agreement (subject
to the limitations set forth in Section 8.8 of the Unitholders Agreement), as of the Closing Date,
Vopak, on behalf of itself and its Affiliates and the other Vopak Indemnified Parties (as defined
in the Unitholders Agreement) hereby fully releases and forever discharges the Partnership and its
Affiliates (including Buckeye after the Closing) and their respective present and former partners,
directors, shareholders, officers, managers, members, employees, successors, heirs and assigns from
any and all claims, liabilities and obligations, known and unknown, that have accrued or may accrue
with respect to, arising out of or in connection with Vopak’s service as operator of BORCO,
including without limitation any such claims, liabilities and obligations arising under the
Unitholders Agreement, including without limitation Sections 2.8 and 4.5 and Article VIII of the
Unitholders Agreement. For the avoidance of doubt, the foregoing release shall not apply to any
claims Vopak may have under this Agreement.

2

 

     (d) Except for indemnification rights with respect to third party claims that may be brought
pursuant to Section 8.8(a) of the Unitholders Agreement (subject to the limitations set forth in
Section 8.8 of the Unitholders Agreement), as of the Closing Date, Buckeye, Topco, the Partnership,
the General Partner and BORCO, on behalf of themselves and their respective Affiliates (together
the “Buckeye Entities”), hereby fully release and forever discharge Vopak, Vopak Parent and their
respective Affiliates and their respective present and former partners, directors, shareholders,
officers, managers, members, employees, successors, heirs and assigns from any and all claims,
liabilities and obligations, known and unknown, that have accrued or may accrue with respect to,
arising out of or in connection with Vopak’s service as operator of BORCO, including without
limitation any such claims, liabilities and obligations arising under the Unitholders Agreement,
including without limitation Article VIII of the Unitholders Agreement. For the avoidance of doubt,
the foregoing release shall not apply to any claims Buckeye, Topco, the Partnership, the General
Partner or BORCO may have under this Agreement.

2. Support Services.

     (a) During the Support Period, Vopak shall provide to BORCO from the Closing Date and for the
period of time described on Annex A attached hereto with respect to each of the services,
the services set forth on Annex A (the “Services”) and such other support services that the
parties might otherwise mutually agree to in writing during the Support Period.

     (b) During the term of this Agreement and subject to Vopak’s normal workplace policies and
procedures, Vopak shall provide Buckeye’s employees and contractors the right to observe and ask
reasonable questions of Vopak related to Buckeye’s future control of the operations and Services
provided hereunder.

     (c) As soon as practicable and in any event prior to the termination of the Support Period,
with respect to the contracts listed on Annex B attached hereto, Vopak shall, as directed
by Buckeye, either (i) assign or cause to be assigned all rights and obligations under such
contracts from Vopak or its Affiliates, as applicable, to BORCO or one of its Affiliates (provided,
however, that Vopak or its Affiliates, as applicable, shall remain liable for all liabilities
incurred prior to the effective date of such assignment) and obtain any consents or provide any
notifications that may be required for such assignment or (ii) reasonably assist BORCO or one of
its Affiliates in procuring replacement contracts; provided that Vopak shall not be liable for any
actual out-of-pocket costs or expenses associated with such assignment or procurement or any
difference in amounts payable under the replacement contracts. During the Support Period, until
such time as the contracts listed on Annex B have been assigned or replaced, or unless
otherwise directed by Buckeye, Vopak shall maintain or cause to be maintained such contracts in
full force and effect and shall be reimbursed for any actual out-of-pocket costs or expenses that
are paid by Vopak in connection therewith in accordance with Section 3(b) below.

3

 

     (d) As soon as practicable and in any event prior to the termination of the Support Period,
with respect to the insurance policies listed on Annex C attached hereto, Vopak shall, as
indicated thereon, either (i) assign or cause to be assigned all rights and obligations under such
policies from Vopak or its Affiliates, as applicable, to BORCO or, at Buckeye’s direction, one of
its Affiliates (provided, however, that Vopak or its Affiliates, as applicable, shall remain liable
for all liabilities incurred prior to the effective date of such assignment) and obtain any
consents or provide any notifications that may be required for such assignment, (ii) reasonably
assist BORCO or, at Buckeye’s direction, one of its Affiliates in procuring replacement insurance
or (iii) reasonably assist BORCO and Buckeye or its Affiliates, as applicable, in placing BORCO on
existing insurance coverage of a Buckeye Affiliate; provided that Vopak shall not be liable for any
actual out-of-pocket costs or expenses associated with such procurement or any difference in
premiums or deductibles between the policy that was not assigned and the replacement for such
policy. During the Support Period, until such time as all insurance policies set forth in Annex
C have been assigned to BORCO or its Affiliates, or replacement insurance has been procured or
BORCO has been placed on the existing insurance of a Buckeye Affiliate Vopak shall (i) maintain
such insurance policies in full force and effect, as in effect prior to the Closing Date, and
ensure that each Buckeye Entity is named as an additional insured under each policy, (ii) pay any
and all costs and expenses associated therewith, with right to reimbursement in accordance with
Section 3(b)(ii) and (iii) below of any such actual out-of pocket costs and expenses, including any
increases in premiums or deductibles, other than such increases that are a direct result of the
Vopak Sale or the occurrence of an event or circumstance reasonably within the control of Vopak, it
being acknowledged and agreed by the Parties that, prior to Closing, other than the payments listed
on Annex E attached hereto, which shall be paid in accordance with Section 1(b) above,
BORCO has paid directly to, or reimbursed, Vopak in full for all costs incurred prior to Closing
associated with insurance expense in accordance with Section 8.5 of the Unitholders Agreement,
including without limitation all such amounts required to maintain each of the insurance policies
set forth in Annex C through the Support Period (subject to receipt of the payments listed
on Annex E with respect to such policies) and (iii) repair and replace damage with respect
to any claims event that has occurred under the property policies on Annex C, with right to
reimbursement in accordance with Section 3(b)(ii) and (iii) below for any and all actual
out-of-pocket costs and expenses associated with such repair or replacement, including any increase
in premiums or as a result of any increase in deductibles. The procedures set forth on Annex
D attached hereto shall apply to the handling of claims under the insurance policies set forth
thereon, as applicable; provided, however, that Vopak’s obligations under this Section 2(d) shall
continue in full force and effect notwithstanding the failure of any Party to comply in all
respects with such procedures, and such failure shall not be a basis for denial of coverage under
the applicable insurance policies.

     (e) In respect of each assignment pursuant to Section 1(c) or Section 1(d) above, BORCO or its
Affiliates, as the case may be, upon the effective date of such assignment, shall accept such
assignment and assume all of Vopak’s duties and obligations under the agreement so assigned and
agree to pay, perform and discharge, as

4

 

and when due, all of the obligations of Vopak under such agreement accruing on and after the
effective date of such assignment.

3. Billing and Payment.

     (a) BORCO shall pay Vopak $2,006,975, in two equal installments on the Closing Date and on the
90th day after the Closing Date, in consideration for the Services provided during the
initial 180-day Support Period regardless of whether such Services are required to be provided for
the entirety of the 180-day Support Period.

     (b) In addition to the payments set forth in Section 3(a) above, BORCO shall pay directly to,
or reimburse, Vopak, upon receipt of periodic billings and supporting documentation consistent with
past practice for, the actual out-of-pocket costs and expenses up to the proportionate amounts for
the applicable period, including, but not limited to, all costs and expenses associated with IT and
management information systems at BORCO and ex-patriot Vopak representative assistance, in the
provision of the Services; provided, however, that (i) except as provided in Section 2(d), BORCO
shall not be obligated to reimburse any costs or expenses incurred by Vopak or its Affiliates in
connection with Vopak’s obligations to provide insurance during the Support Period under Section
2(d) above and Annex C attached hereto, (ii) any reimbursable cost or expense in excess of
$10,000 shall be subject to the prior approval of BORCO and if such prior approval is not obtained
Vopak shall not be obligated to provide the Service for and to the extent which such reimbursable
cost or expense would have been necessary, and (iii) BORCO shall not be obligated to reimburse any
internal costs or expenses of Vopak, including without limitation salaries or benefits associated
with secondees or employees of Vopak.

     (c) Any invoice rendered by Vopak to BORCO will specifically indicate whether any of the
Services were performed in the United States. To the extent any portion of the Services were
rendered in the United States, Vopak will specify the amount of the invoice attributable to such
Services (“U.S. Source Income”). Vopak expressly represents and warrants that to the extent the
invoice reflects no U.S. Source Income, that 100% of the invoice amount is attributable to services
rendered from without the United States. To the extent a portion of any invoice reflects U.S.
Source Income, Vopak will provide to BORCO a Form W-8 ECI or such other documentation as may be
necessary that provides for a reduced rate of U.S. withholding Tax under an applicable income Tax
treaty with the United States. Any amount due under this Agreement may be reduced for any
applicable income Tax withholding required under U.S. income Tax Laws. For the avoidance of doubt,
BORCO shall not be responsible for any Tax protecting Vopak on any payments due under this
Agreement to the extent such payment is subject to U.S. withholding Tax.

4. Revenues Received. During the Support Period, Vopak will promptly remit to BORCO any
and all revenues received in connection with Services provided during the Support Period. For the
avoidance of doubt, nothing in this Section 4 shall require Vopak to remit amounts recovered by it
or its Affiliates, under subrogation or otherwise in its

5

 

capacity as insurance provider, in connection with insurance claims paid by Vopak or any of its
Affiliates (including captive insurance companies) or any third party insurance provider(s),
whether before or after the Closing Date, to the extent such amounts are otherwise due and payable
to Vopak or such Affiliate(s) or insurance provider(s), provided that the remainder of the amount
recovered, if any, shall be remitted to BORCO.

5. General Intent. Vopak shall use its commercially reasonable efforts to provide to BORCO
the Services which are set forth on Annex A and such other support to BORCO as Buckeye and
Vopak may otherwise agree to in writing during the Support Period, all in a commercially reasonable
manner. Buckeye and its Affiliates agree to use their respective commercially reasonable efforts
to terminate BORCO’s need to use such assistance as soon as reasonably possible and (unless Vopak
and Buckeye otherwise agree) in all events to terminate such need with respect to each Service
specified in Annex A not later than the end of the period specified in Annex A for
the provision of each such Service. BORCO shall provide Vopak with all information necessary to
perform its duties hereunder and to complete any of the support services in a timely manner.

6. Effectiveness; Term of Agreement. This Agreement is executed in connection with the
execution and delivery of the Purchase Agreement, but shall become effective on and as of the
Closing Date, if at all. If the Purchase Agreement is terminated in accordance with its terms,
this Agreement shall automatically be terminated ab initio without any further action of the
Parties. The term of this Agreement shall commence on the Closing Date and shall continue (unless
sooner terminated pursuant to the terms hereof) for 180 days (provided, however, that the term of
any particular Service may be shorter, as specified in Annex A), subject to extension by
Buckeye and Vopak by mutual written agreement for successive one-month terms following the initial
180-day period.

7. Partial Termination. Any and all of the Services provided by Vopak and its Affiliates
hereunder are only terminable earlier than the period specified in Annex A by Buckeye on
fifteen (15) days prior written notice to Vopak. Any such termination shall be final and
irrevocable.

8. Business Records; Cooperation and Access; Confidentiality.

     (a) All records of the business of BORCO and its Affiliates (including Buckeye and its
Affiliates after the consummation of the FR Sale) that come into the possession of Vopak or its
Affiliates as a result of performing the Services are the property of and shall be delivered or
returned to Buckeye at the end of the Support Period, except for (a) records created during Vopak’s
operation of BORCO under the Unitholders Agreement that are not part of BORCO’s assets and (b)
records not exclusively related to the business and affairs of BORCO or its Affiliates (including
Buckeye and its Affiliates after the consummation of the FR Sale). BORCO shall maintain such
business records for the periods established by applicable laws and regulations.

6

 

     (b) Each Party acknowledges that certain Services to be provided by Vopak are dependent upon
information and related documents to be provided by such Party. Each Party agrees to provide to
Vopak all information and related documents reasonably requested to enable Vopak to perform
hereunder and will comply with all such reasonable instructions as are necessary for Vopak to
perform its obligations hereunder. In the event that a Service requires Vopak to access a facility
or other asset of a Party, such Party shall provide access to such facility or other asset to Vopak
for purposes of performing such Services. Each Party shall cooperate and provide such assistance
as is reasonably required for Vopak to provide the Services in the manner required by this
Agreement. This cooperation will include the appointment by each Party of one or more persons to
serve as such Party’s representative(s) to deal with issues arising out of the performance of this
Agreement and facilitate the orderly provision of the Services. The initial representatives shall
be as follows:

     Vopak representative:

Clinton Roeder

Phone: 713-561-7220

Fax: 713-561-7357

Email: clinton.roeder@vopak.com

     Buckeye, Topco, the General Partner, the Partnership and BORCO representative:

James Scandola

Phone : 610-904-4321

Fax : 610-904-4040

Email : jscandola@buckeye.com

Either Party may change its designated representative(s) or the contact information for such
designated representative(s) by giving notice to the other Parties. Notwithstanding anything to
the contrary herein, nothing required under this Section 8 shall (a) unreasonably disrupt the
operations of any Buckeye Entity, (b) require that any Buckeye Entity disclose any information that
in any Party’s reasonable judgment would result in the disclosure of any trade secrets or violate
any of the obligations of any Buckeye Entity with respect to confidentiality, (c) require that any
Buckeye Entity disclose any privileged information of any Buckeye Entity, or any information which
is subject to an agreement of confidentiality, or (d) require any Buckeye Entity to disclose any
financial or proprietary information of or regarding any Buckeye Entity or otherwise disclose
information regarding any Buckeye Entity which any Party deems commercially sensitive.

     (c) Subject to the provisions of this Section 8(c), Vopak agrees that all information and data
acquired or obtained by it in respect of the Buckeye Entities or the Services in connection with
this Agreement, other than information or data which (i) is on the Closing Date or thereafter
becomes generally available to the public other than as

7

 

a result, directly or indirectly, of a breach of this Agreement by Vopak, (ii) was or becomes
available to Vopak or its Affiliates on a non-confidential basis from a source other than the
Buckeye Entities or their representatives, which source was not itself bound by an obligation of
confidentiality in favor of any of the Buckeye Entities or (iii) has been or becomes independently
developed by Vopak or its Affiliates without violating this Agreement, (the “Confidential
Information”) shall be considered confidential and shall be kept confidential and not be disclosed
during the term hereof by any Party, except:

     (i) to an Affiliate, provided such Affiliate agrees to be bound by the provisions of
this Section 8(c);

     (ii) when required, in legal counsel’s opinion, by any Governmental Authority or
pursuant to the rules or requirements of any stock exchange having jurisdiction over Vopak
or its Affiliates;

     (iii) to the extent such data and information is required to be furnished (i) in
compliance with any applicable Laws or (ii) pursuant to any legal proceedings; provided,
however, that Buckeye, Topco, the Partnership and BORCO shall each have a right to contest
such disclosure of any Confidential Information;

     (iv) to prospective or actual contractors, consultants, advisors, and attorneys
employed by Vopak where disclosure of such data or information is essential to such
contractor’s, consultant’s, advisor’s or attorney’s work and provided that such contractor,
consultant, advisor or attorney agrees be bound by the provisions of this Section 8(c);

     (v) to its employees for the purposes of the Services with respect to the Buckeye
Entities, subject to Vopak taking customary precautions to ensure such data and information
is kept confidential and provided that such employees agree to be bound by the provisions
of this Section 8(c);

     (vi) to third parties as may be required by any agreement to which any Party is bound;
or

     (vii) as instructed by Buckeye in writing.

     The Parties agree that irreparable damage would occur in the event that the provisions of this
Section 8(c) were not performed in accordance with their specific terms. It is accordingly agreed
that the Parties shall be entitled to specific performance of the terms of this Section 8(c), this
being in addition to any other remedy to which they are entitled at law or in equity

     9. INDEMNIFICATION. THE PARTNERSHIP AND BORCO JOINTLY AND SEVERALLY (TOGETHER
“INDEMNITOR”) HEREBY AGREE TO INDEMNIFY FULLY, HOLD HARMLESS AND DEFEND VOPAK, ITS AFFILIATES AND
ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS,

8

 

EMPLOYEES, AGENTS, MANAGERS, MEMBERS, REPRESENTATIVES, SUCCESSORS AND ASSIGNS (COLLECTIVELY
“INDEMNITEE”), FROM AND AGAINST ANY AND ALL DIRECT AND ACTUAL LOSS OR DAMAGE (COLLECTIVELY,
“DAMAGES”), WHETHER OR NOT FORESEEABLE, ARISING OUT OF OR IN ANY WAY RELATING TO THE SERVICES TO BE
PROVIDED TO BORCO UNDER THIS AGREEMENT. THE INDEMNITEE SHALL BE INDEMNIFIED PURSUANT TO THIS
SECTION 9 NOTWITHSTANDING THE FACT THAT ANY OF THE CLAIMS ARE OR WERE (i) FORESEEABLY CAUSED OR
ALLEGED TO BE CAUSED, IN WHOLE OR IN PART, (x) BY THE SOLE, JOINT, GROSS, ACTIVE, PASSIVE OR
CONCURRENT NEGLIGENCE, CONTRACTUAL COMPARATIVE NEGLIGENCE OR OTHER FAULT OF INDEMNITEE, OR (y)
WITHOUT FAULT OF INDEMNITEE, OR (ii) ATTRIBUTABLE TO STRICT LIABILITY OR NO FAULT LIABILITY OF
INDEMNITEE; PROVIDED, HOWEVER, THAT INDEMNITEE SHALL NOT BE INDEMNIFIED FOR ANY CLAIMS ARISING OR
OCCURRING IN RESPECT OF ANY INSTANCE OF GROSS MISCONDUCT. FOR PURPOSES OF THIS SECTION 9, “GROSS
MISCONDUCT” SHALL MEAN AN ACT OR OMISSION BY VOPAK, ITS AFFILIATES AND THE RESPECTIVE DIRECTORS,
OFFICERS, EMPLOYEES, AGENTS, MANAGERS, MEMBERS, AND REPRESENTATIVES OF VOPAK AND ITS AFFILIATES
WHICH DEMONSTRATES AN INTENTIONAL, CONSCIOUS OR RECKLESS DISREGARD OF: (I) ANY OF THE TERMS OF THIS
AGREEMENT, (II) GOOD AND PRUDENT RESEARCH, ENGINEERING OR OTHER PROPER PRACTICE IN RELATION TO THE
PERFORMANCE OF THE SERVICES OR (III) REASONABLY FORESEEABLE AND AVOIDABLE, HARMFUL CONSEQUENCES
RESULTING FROM SUCH ACT OR OMISSION; PROVIDED THAT GROSS MISCONDUCT SHALL NOT INCLUDE ANY ERROR OF
JUDGMENT OR MISTAKE MADE IN THE EXERCISE IN GOOD FAITH OF ANY FUNCTION, AUTHORITY OR DISCRETION
VESTED IN OR EXERCISABLE BY VOPAK, ITS AFFILIATES OR THE RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES,
AGENTS, MANAGERS, MEMBERS, AND REPRESENTATIVES OF VOPAK AND ITS AFFILIATES.

     THE INDEMNIFICATION PROVISIONS PROVIDED FOR IN THIS AGREEMENT HAVE BEEN EXPRESSLY NEGOTIATED
IN EVERY DETAIL, ARE INTENDED TO BE GIVEN FULL AND LITERAL EFFECT, AND SHALL BE APPLICABLE IN
ACCORDANCE WITH THEIR TERMS WHETHER OR NOT THE LIABILITIES, OBLIGATIONS, CLAIMS, JUDGMENTS, LOSSES,
COSTS, EXPENSES OR DAMAGES IN QUESTION ARISE OR AROSE SOLELY FROM THE GROSS, ACTIVE, PASSIVE OR
CONCURRENT NEGLIGENCE, STRICT LIABILITY OR OTHER FAULT OF ANY INDEMNITEE, OTHER THAN THE GROSS
MISCONDUCT OF ANY INDEMNITEE. THE PARTIES AND BUCKEYE ACKNOWLEDGE THAT THIS STATEMENT COMPLIES
WITH THE EXPRESS NEGLIGENCE RULE AND CONSTITUTES CONSPICUOUS NOTICE. THIS CONSPICUOUS NOTICE IS
NOT INTENDED TO PROVIDE OR ALTER THE RIGHTS AND OBLIGATIONS OF THE PARTIES.

9

 

10. Limitation of Liability. Notwithstanding anything to the contrary elsewhere in this
Agreement, no Party or its Affiliates shall in any event be liable to any other Party or its
Affiliates for any incidental, consequential or indirect damages of any kind or character howsoever
arising under this Agreement, including, but not limited to, loss of use, loss of profit, loss of
revenue or income, cost of capital, or loss of business reputation or opportunity.

11. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to the conflicts of laws provisions of the State
of Delaware.

12. Counterparts. This Agreement may be executed in one or more counterparts (including by
means of facsimile or portable document format (pdf) signature page), all of which shall be
considered one and the same agreement, and shall become effective when one or more counterparts
have been signed by each of the Parties and delivered to the other Parties.

12. Notices. All notices or other communications required or permitted to be given
hereunder shall be in writing and shall be delivered by hand or sent by prepaid telex or telecopy,
or sent, postage prepaid, by registered, certified or express mail, or reputable overnight courier
service and shall be deemed given when so delivered by hand, telexed or telecopied, or if mailed,
five (5) days after mailing (one (1) business day in the case of express mail or overnight courier
service), as follows:

     If to Buckeye, Topco, the General Partner, the Partnership or BORCO:

c/o Buckeye Partners, L.P.

One Greenway Plaza, Suite 600

Houston, TX 77046

Attention: General Counsel

Phone: (832) 615-8610

Facsimile: (832) 615-8603

     If to Vopak:

Vopak Bahamas B.V.

Westerlaam 10, 3016 CK

P.O. Box 863

3000 AW Rotterdam

The Netherlands

Attn: Legal Department; Mr. Tjeerd Wassenaar

Phone: +31 10 400 2739

Facsimile: +31 10 411 2520

Email: tjeerd.wassenaar@vopak.com

10

 

Any Party may change the address to which such communications are to be directed to it by giving
written notice to the other in the manner set forth above.

13. Modification, Nonwaiver, Severability. Neither this Agreement nor any part hereof may
be changed, altered or amended orally. Any modification of this Agreement must be by written
instrument signed by the Parties. Failure by any Party to exercise promptly any right granted
herein or to require strict performance of any obligation imposed hereunder shall not be deemed a
waiver of such right. If any provision of this Agreement is held ineffective for any reason, the
other provisions shall remain effective.

14. Relationship of Parties. Except as specifically provided herein, neither Vopak, on the
one hand, nor Buckeye, Topco, the General Partner, the Partnership or BORCO, on the other hand,
shall act or represent or hold itself out as having authority to act as an agent or partner of the
other, or in any way bind or commit the other to any obligations. Nothing contained in this
Agreement shall be construed as creating a partnership, joint venture, agency, trust or other
association of any kind, and each Party shall be individually responsible only for its obligations
as set forth in this Agreement. Except with respect to Sections 1(c) and (d) above, no party
other than a Party to this Agreement shall have any rights hereunder or be a third party
beneficiary hereof.

15. Assignment. This Agreement shall be binding upon and inure to the benefit of the
Parties and their respective successors and permitted assigns, provided that any purported transfer
or assignment, by operation of law or otherwise, by Vopak shall require the written consent of
Buckeye, and any purported transfer or assignment, by operation of law or otherwise, by Buckeye,
Topco, the General Partner, the Partnership or BORCO shall require the written consent of Vopak,
and any purported transfer or assignment without such consent shall be void and unenforceable.

16. Guarantee. By its execution below, Vopak Parent does hereby irrevocably guaranty the
performance by Vopak when due of Vopak’s obligations (the “Obligations”) under this Agreement. If
Vopak fails to timely perform Obligations when such Obligations are due pursuant to the terms of
this Agreement, Vopak Parent shall promptly perform such Obligations within ten (10) Business Days
after receipt of demand for performance by the applicable Party. This guaranty shall be a full,
unconditional, irrevocable, absolute and continuing guarantee of performance and not a guarantee of
collection.

17. Force Majeure. If Vopak is rendered unable, wholly or in part, by force majeure to
carry out its obligations under this Agreement, Vopak shall give each other Party prompt written
notice of the force majeure with reasonably full particulars; thereupon, (a) the obligations of
Vopak, so far as it is affected by force majeure, shall be suspended during, but no longer than,
the continuance of the force majeure and (b) until Vopak resumes performance of such obligations,
the obligations of BORCO under Section 3 above (other than with respect to payments due under
Section 3(b) above for Services already rendered) shall be suspended. Vopak will use commercially
reasonable efforts to remove the force majeure situation; provided, however, that Vopak shall not
be required

11

 

to hire additional personnel or contract workers, or to settle strikes, lockouts, or other labor
difficulty, contrary to its wishes; and the handling of such difficulties shall be entirely within
the reasonable commercial discretion of Vopak. The term “force majeure” as used herein shall mean
any acts of God, fire, labor or trade disturbance, war, terrorism, civil commotion, compliance in
good faith with any applicable law, unavailability of materials, unusually bad weather or other
event or condition whether similar or dissimilar to the foregoing, which is not reasonably within
the control of Vopak.

[Signature Pages Follow]

12

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the date and year first set forth above.

	 	 	 	 	 
	 	VOPAK BAHAMAS B.V.

 	 
	 	By:  	/s/ T. G. Wassenaar	 
	 	 	Name:  	T. G. Wassenaar	 
	 	 	Title:  	Managing Director	 
	 
	 	KONINKLIJKE VOPAK N.V.

 	 
	 	By:  	/s/ E. M. Hoeltstra	 
	 	 	Name:  	E. M. Hoeltstra	 
	 	 	Title:  	CEO	 

Signature Page to Transition Support Agreement

 

	 	 	 	 	 

	 	 	 	 	 
	 	BUCKEYE ATLANTIC HOLDINGS LLC

 	 
	 	By:  	/s/ Khalid A. Muslih	 
	 	 	Name:  	Khalid A. Muslih                                        	 
	 	 	Title:  	Vice President, Corporate Development 	 
	 
	 	FR BORCO TOPCO L.P.

By: Buckeye Atlantic Holdings GP LLC, its general partner
 	 
	 
	 	By:  	/s/
Khalid A. Muslih	 
	 	 	Name:  	Khalid A. Muslih 	 
	 	 	Title:  	Vice President, Corporate Development 	 
	 
	 	FR BORCO COOP HOLDINGS GP
LIMITED

 	 
	 	By:  	/s/
Khalid A. Muslih	 
	 	 	Name:  	Khalid A. Muslih 	 
	 	 	Title:  	Director 	 
	 
	 	FR BORCO COOP HOLDINGS, L.P.

By: FR Borco Coop Holdings GP Limited, its general partner

 	 
	 	By:  	/s/ Khalid A. Muslih	 
	 	 	Name:  	Khalid A. Muslih 	 
	 	 	Title:  	Director 	 
	 
	 	BAHAMAS OIL REFINING COMPANY INTERNATIONAL LIMITED

 	 
	 	By:  	/s/ Khalid A. Muslih	 
	 	 	Name:  	Khalid A. Muslih  	 
	 	 	Title:  	Director 	 
	 

Signature Page to Transition Support Agreement

 

ANNEX A

	 	 	 	 	 
	 	 	 	 	Service
	Function	 	Scope of Service	 	Period
	Accounting

	 	Provide the accounting
oversight, training and
other transition support
services necessary to
enable the transfer of
all accounting and
financial matters
(including without
limitation intangible
amortization and interest
expense) necessary to
ensure smooth succession
to new accounting team.
This Accounting Service
shall be coordinated with
the “Information
Technology
JDE Integration; G/L
Services including Citrix
ICA Client Remote Access”
Service described below.
Without limiting the
foregoing, Vopak shall
transfer all data,
information and books and
records of Cooperatieve
FR Borco U.A., FR Borco
Acquisition Holdings,
B.V., FR Borco
Acquisition B.V. and
Propernijn N.V.
(together, the “Dutch and
Curacao Entities”) to
Buckeye or, at Buckeye’s
direction, an Affiliate
or representative, and
provide such other
support and assistance as
requested by Buckeye or
its Affiliates or its and
their representatives
with respect to the
liquidations of the Dutch
and Curacao Entities.
	 	180 days
	 
	 	 	 	 
	Asset Appraisal

	 	Provide information and
support as requested to
confirm valuation and set
up Property Accounting.
	 	90 days
	 
	 	 	 	 
	Contracts

	 	As provided in Section
2(c) of the Agreement.
	 	90 days
	 
	 	 	 	 
	Information Technology
WAN Network
Connectivity/Internet,
Email, Domain and
Anti-virus Services

	 	Provide support and
continue network, email
and related services
until Buckeye managed
services are completed.
	 	90 days

A-1

 

	 	 	 	 	 
	 	 	 	 	Service
	Function	 	Scope of Service	 	Period
	Help Desk and current
associated services.
Historical data and
knowledge base.

	 	Help Desk and current
associated services.
Historical data and
knowledge base.
	 	90 days
	 
	 	 	 	 
	Information
Technology—Applications:
JDE Integration; G/L
Services including Citrix
ICA Client Remote Access;
QOL (Quality Online), and
CEA System

	 	Provide the transition
support services
necessary to enable a
complete download of all
historical accounting
detail currently housed
in Rotterdam, including
without limitation
accounts and transaction
history for G/L, Accounts
Payable, Accounts
Receivable, Customers,
Vendors, Fixed Assets,
Invoicing and QOL to
Buckeye’s JDE System.
This includes CEA System
hardware and software.
	 	180 days
	 
	 	 	 	 
	Insurance

	 	As provided in Section
2(d) of the Agreement,
Annex C and Annex D.
	 	90 days
	 
	 	 	 	 
	Maintenance and Repair

	 	Assume liability for
losses to damaged
property and provide
services to repair and
replace damaged property
as a result of causes of
loss/perils covered and
defined in the property
policies listed on
Annex C. Subject to
policy terms and
conditions and the
reimbursement right
contained in Section 2(d)
of the Agreement.
	 	90 days
	 
	 	 	 	 
	Project Management

	 	Provide training and
other transition services
necessary to enable
succession to the new
Project Management Team
including without
limitation, transfer of
all data and documents
pertinent to the design,
construction, cost
control, budget, schedule
or general administration
of any terminal project
work activities completed
within the last two
years, currently in
progress or to be
performed in the next
year (including without
limitation any Bluefield
or Yellowfield project or
OLJ project).
	 	90 days
	 
	 	 	 	 
	Regulatory Reporting

	 	Provide historical data
to support compliance
with reporting
requirements of
	 	As required

A-2

 

	 	 	 	 	 
	 	 	 	 	Service
	Function	 	Scope of Service	 	Period
	 

	 	any
Governmental Authority,
to the extent Vopak is in
possession of such data.
	 	 
	 
	 

	 	
Assist with any and all
Customs declarations and
filings as it pertains to
regulatory compliance for
imported and exported
merchandise movements,
Foreign Trade Zone
recordkeeping and
reporting, and any other
Government Authority
requiring similar
information; provided,
however, that Vopak shall
only be obligated to
provide such assistance
to the extent Vopak has
historically provided
such assistance.	 	 

A-3

 

Annex B

Contracts

	 	 	 	 	 	 	 
	CONTRACT HOLDER	 	NEGOTIATED BY	 	SERVICE PROVIDER	 	PURPOSE
	 
	 	 	 	 	 	 
	VOPAK TERMINAL BAHAMAS

	 	VOPAK
	 	AUTOMOTIVE RESOURCES

INTERNATIONAL
	 	CAR LEASE AGREEMENT- JIM MILLER
	 
	 	 	 	 	 	 
	VOPAK TERMINAL BAHAMAS

	 	VOPAK
	 	AUTOMOTIVE RESOURCES

INTERNATIONAL
	 	GAS ALLOWANCE-JIM MILLER
	 
	 	 	 	 	 	 
	VOPAK NORTH AMERICA

	 	VOPAK
	 	T- MOBILE
	 	Air Cards- Raymond Jones
	 
	 	 	 	 	 	 
	VOPAK NORTH AMERICA

	 	VOPAK
	 	GENESYS CONFERENCING
	 	CONFERENCE CALLING SYSTEM
	 
	 	 	 	 	 	 
	VOPAK NORTH AMERICA

	 	VOPAK
	 	VERIZON CONFERENCING
	 	CONFERENCE CALLING SYSTEM
	 
	 	 	 	 	 	 
	VOPAK NORTH AMERICA

	 	VOPAK
	 	VERIZON BUSINESS
	 	ENABLED TOKENS
	 
	 	 	 	 	 	 
	VOPAK TERMINAL DEER 

PARK

	 	VOPAK
	 	CITATION
	 	CITATION TECHNOLOGIES CO

CYBERREGS 6-10 USERS
	 
	 	 	 	 	 	 
	VOPAK NORTH AMERICA

	 	VOPAK
	 	SECURE DATA SOLUTIONS
	 	RSA SECURE ID APPLIANCE BASE

SOFTWARE LICENSE

B-1

 

Annex C

Insurance Policies

Policy Action Definitions:

Add to Buckeye insurance = Buckeye to place Borco on existing insurance program or purchase new
coverage.

Transfer / Assignable = Current insurance policy to be transferred/assigned from Vopak to Buckeye.

Maintain Policy Coverage = Vopak to continue coverage under current program and add Buckeye as an
insured until a new program can be placed.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	COVERAGE	 	 	 	POLICY	 	 	 	LIMIT/	 	 
	COVERAGE	 	DEFINITION	 	POLICY TERM	 	NUMBER	 	INSURER	 	DEDUCTIBLE	 	PAYABLE TO
	Charterer’s Liability
(Transfer/Assignable)

	 	Liability assumed
under the charter
party for the 4
Smit vessels (Tugs)
and one Pilot boat.
	 	1/15/2011-12
	 	ML10155011
	 	New York Marine and
General Insurance
Company
	 	$5,000,000 Limit of
Liability. $25,000
Deductible. Covered
Vessels: SMIT
RHONE, SMIT
MISSOURI, SMIT
ONEDIA & SMIT
HUMBER, and POLARIS
(pilot boat).
	 	Aon Houston
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Automobile Liability &

Physical Damage

(Transfer/Assignable)

	 	Comprehensive and
Third Party
Liability coverage.
Various company
vehicles.
	 	3/16/10 — 3/16/11
	 	CGICOP0000749-02,

PMP0015034-02,

CGICOP0000763-02,
	 	Bahamas First
General Ins. Co.
Ltd.
	 	USD 125,000 any one
person; $500,000
aggregate from one
event.
	 	Colina General

Insurance Agency

(Nassau)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Hull/War Risks

(Transfer/Assignable)

	 	Physical damage and
war risks for
launches, spill
boat and MARTHA.
	 	4/29/2010-11
	 	OHO9000163
	 	St. Paul Fire &
Marine (Travelers)
	 	$2,000,000
Hull/Machinery &
War Risks.
Deductibles:

$10,000 per
incident except
$5,000 as respects
to the CARMELINA.
	 	Aon Houston

C-1

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	COVERAGE	 	 	 	POLICY	 	 	 	LIMIT/	 	 
	COVERAGE	 	DEFINITION	 	POLICY TERM	 	NUMBER	 	INSURER	 	DEDUCTIBLE	 	PAYABLE TO
	Property/Business
Interruption and
Machinery Breakdown
(Maintain Policy
Coverage)

	 	Physical damage to
BORCO assets and
subsequent loss of
income. Includes
Terrorism.
	 	7/1/2010-11
	 	Issuance of local
policy pending
	 	Chartis and others
	 	€120,000,000
Policy limit.
Sublimit: jetty
impact €35MM,
windstorm €88MM*,
Debris Removal €20
MM. Deductible:

$1,000,000 per
occur except
windstorm
€11,500,000.
*additional
windstorm layer of
€12.5MM onshore
plus $50 MM excess
$25 MM for jetties.
	 	JS Johnson

Insurance Agency

(Nassau)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Property (Maintain Policy 

Coverage)

	 	Physical damage to
BORCO assets.
	 	7/1/2010-11
	 	 	 	Oil Insurance, Ltd.
(Bermuda)
	 	$250,000,000
Physical Damage
only. Named
Windstorm coverage
is 60% of insured
loss. OIL Aggregate
- $750,000,000 for
all members any one
occurrence.
	 	Aon Rotterdam
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Property — Excess Wind
(Maintain Policy
Coverage)

	 	Excess Wind

including flood
	 	7/1/2010-11
	 	NHD368192
	 	RSUI Indemnity

Company
	 	$1,500,000 Part of
$30,000,000
(mentioned above)
	 	Aon Houston

C-2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	COVERAGE	 	 	 	POLICY	 	 	 	LIMIT/	 	 
	COVERAGE	 	DEFINITION	 	POLICY TERM	 	NUMBER	 	INSURER	 	DEDUCTIBLE	 	PAYABLE TO
	Property — Excess Wind —
Jetties (Maintain Policy
Coverage)

	 	Excess wind

including flood for
the jetties
	 	7/1/2010-11
	 	PP1008127
	 	61.3530% Certain
Lloyd’s 28.9850%
Royal & Sun
Alliance, 9.6620%
Navigators
	 	$50,000,000 excess
of $25,000,000
(mentioned above)
	 	Aon Houston
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Construction All
Risk/Builder’s Risk (Old
Large Jetty Project)
including cargo
(Transfer/Assignable)

	 	Construction
of tanks or marine
structures
including naming
contractor as
insured. Each
project is declared
separately.
	 	9/24/2010-8/1/2011
	 	K0100087960
	 	Delta Lloyds
	 	Limit: As declared
$74,772,465 which
includes owner
furnished
materials. Various
sub limits for
removal of debris
etc.
	 	Aon Rotterdam
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Construction All
Risk/Builder’s Risk
(Inland Dock Project)
including cargo
(Transfer/Assignable)

	 	Construction
of tanks or marine
structures
including naming
contractor as
additional insured.
	 	10/1/2010-
10/1/2011
	 	E/23/CW10/0001
	 	Zurich Netherlands,
and others
	 	Limit:
$22,448,000, €15
million for natural
hazards
(hurricanes,
earthquake,
typhoon). €5
million existing
property
Deductible: €25,000 per
occurrence.
	 	JS Johnson

Insurance Agency

(Nassau)
	 

	 	 	 	 	 	 	 	 	 		 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Property for BORCO 

Foundation

(Transferable/Assignable)

	 	Property coverage

for welding school
	 	12/20/2010-2011
	 	I10FF0085
	 	Insurance Company
of The Bahamas
Limited
	 	Buildings
$102,345.00,
Machinery &
Equipment
$26,400.00,
Deductible Wind,
Earthquake & Flood
2% of TIV or
$2,500, AOP $250
	 	JS Johnson

Insurance Agency

(Nassau)

C-3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	COVERAGE	 	 	 	POLICY	 	 	 	LIMIT/	 	 
	COVERAGE	 	DEFINITION	 	POLICY TERM	 	NUMBER	 	INSURER	 	DEDUCTIBLE	 	PAYABLE TO
	Property

(Transferable/Assignable)

	 	Machinery for the
peril of burglary
	 	12/20/2010-2011
	 	TBD
	 	TBD
	 	$26,400, Deductible
B$1,500.00
	 	JS Johnson

Insurance Agency

(Nassau)
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Cargo

(Transferable/Assignable)

	 	Coverage for damage
to Goods, wares and
other interest in
connection with
projects
while in transit
(marine)
	 	1/15/2010

continuous until

cancelled
	 	T01000085907
	 	100% Jacobs & Brom

Marine Pool CORE

2011
	 	Limit/Deductible —
EUR 5,000,000
maximum per
occurrence during
transit. EUR
5,000,000 maximum
per occurrence as
per supplementary
insurance condition
“arbitrary
stay/storage”. Euro
500,000 first loss
per occurrence for
costs as described
in clause
TG041-005/14 —
removal of debris.
	 	Aon Rotterdam

C-4

 

ANNEX D

CLAIMS PROCEDURES

Property Damage and Business Interruption Insurance

These claim handling procedures are valid for all Property and Business Interruption (including
clean-up cost) claims, whether or not caused by third parties.

The Buckeye terminal will report the claim by telephone (followed in writing for proper
documentation) to the Corporate Insurance Department of Vopak within 48 hours. The Corporate
Insurance Department of Vopak will co-ordinate the claim handling and is involved up to and
including collecting of funds from Insurers.

The Corporate Insurance Department of Vopak will arrange the appointment of surveyors and adjusters
in advance with the approval of all parties (Buckeye, Vopak, and local/global insurers). If
necessary, the claim handler for the Corporate Insurance Department of Vopak will attend the
accident at the site.

If a third party is involved in this matter, the Corporate Insurance Department of Vopak will
investigate whether or not a counter surveyor of a third party is involved in that case. If so, the
surveyor will co-ordinate the survey of the damages.

In case of damage to properties, such as jetties caused by collision with seagoing vessels, a
guarantee from the interested parties in the seagoing vessel must always be required. If the
estimated claim amount exceeds the threshold (EUR 500.000), the Corporate Insurance Department of
Vopak will ensure that an adequate security by third parties will be given with regard to extent
and quality. In the event where the extent of the damages does not exceed the applicable policy
deductible, Buckeye will arrange the guarantee itself. The surveyor will recommend the amount of
the guarantee to be required, taking into account a 30% additional charge for legal interests and
expenses.

The guarantee must always be arranged where possible before the departure of the seagoing vessel.
If necessary for obtaining the guarantee, the Corporate Insurance Department of Vopak will appoint
a lawyer on behalf of the terminal and, if required, also on behalf of insurers. Before appointing
a lawyer, the Corporate Insurance Department will consult with Buckeye and insurers.

The Corporate Insurance Department of Vopak will co-ordinate the arrest of the seagoing vessel
through the intermediary of the lawyer and will keep the terminal informed. In cases which the
Corporate Insurance Department of Vopak cannot be reached and immediate action must be taken, the
Buckeye terminal will appoint the dedicated lawyer directly and inform the Corporate Insurance
Department of Vopak as soon as possible.

The Buckeye terminal will monitor that in case of damage repairs, where an appropriate amount has
been spent, insurers through the Corporate Insurance Department of Vopak, will be asked to make an
interim payment pending the final settlement of the claim. The surveyor will, at request, recommend
in respect of such payment. The Corporate Insurance Department of Vopak will arrange settlement
with insurers. The applicable policy deductible will be deducted from the first interim payment.
Interim payments will be deducted from the final claim amount.

D-1

 

Notwithstanding anything to the contrary in the foregoing, any action taken by the Corporate
Insurance Department of Vopak on behalf or for the benefit of BORCO shall require Buckeye’s prior
approval, and if such prior approval is not obtained Vopak shall not be obligated to take the
action that is the subject of such approval.

Construction All Risk (CAR) / Builder’s Risk Insurance

In case of a physical damage occurring to or in connection with any project, the (sub)
contractor(s) and/or all other parties involved are obliged to report the claim by telephone
(followed in writing for proper documentation) to the Corporate Insurance Department of Vopak and
Aon (Rotterdam) within 48 hours.

The claims information should consist of: the address, location of the project, local contact,
phone, post address, e-mail, name of contractor(s) involved, expected date or project’s delivery,
date of loss/incident, and a short description of what has happened.

In general, after a claim occurred, the contractor is obliged to:

a) submit all relevant data to Aon (Rotterdam), Vopak Corporate Insurance Department and/or the
adjuster appointed on behalf of by them. The information should consist of, but is not limited to a
copy of the logbook administered by the contractors and parties acting on his behalf, as well as
all documents whereby one is held liable, summoned for civil or penal juridical prosecution;

b) render all reasonable required cooperation for the adjuster and/or settlement of the loss or
claim, and to give permission to the insurers and surveyors at their request to enter part of the
work that has been damaged or destroyed;

c) cooperate fully both before and after the claim settlement enabling insurers to proceed against
third parties making use of the name of the insured;

d) refrain from admitting liability; enter into compromises or effecting payments without the
express consent of insurers;

e) exercise all expediency for the limitation of the loss of damage and to consider all directives
given by the insurers or the surveyors appointed by them;

f) take all reasonable and necessary steps to prevent loss of damage or to limit the damage as much
as possible.

Vopak Corporate Insurance Department Claims Contact

Royal Vopak

P. O. Box 863

3000 AW Rotterdam

Westerlaan 10

3016 CK Rotterdam

Darko Domic, Insurance Manager

Office:              +31-10-400.25.79

Fax:                   +31-10-400.25.04

Mobile:            +31-610.79.90.79

D-2

 

E-mail:              darko.domic@vopak.com

Aon (Rotterdam) Claims Contact

Jelle Krijgsman

Tel:                   +3110-448 7751

Mobile             +316-1985 8022

E-mail:              jelle_krijgsman@aon.nl

D-3

 

ANNEX E

Reimbursable Insurance Costs

	 	 	 	 	 	 	 
	Coverage	 	Amount	 	Paid to
	Property/Windstorm

	 	$	258,054.14	 	 	J. S. Johnson Agency (Nassau)
	Builders’ Risk

	 	$	52,023.24	 	 	J. S. Johnson Agency (Nassau)
	Cargo

	 	$	15,089.13	 	 	Aon Rotterdam
	Cargo

	 	$	3,815.84	 	 	Aon Rotterdam
	Charterer’s Liability

	 	$	14,500.00	 	 	Aon Houston

E-1

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