Common use of PRICE ADJUSTMENTS/REVISIONS Clause in Contracts

PRICE ADJUSTMENTS/REVISIONS. Contract prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Price revisions (increases or decreases) to the original Contract price shall be based on prices in OPIS’s Oil Price Daily for Kerosene and ULS Diesel, under the heading, “Daily Petroleum Prices”, Rack prices only, which are designated for ultra-low sulfur products. 1D and 2D Prices will fluctuate according to the “Ultra Low Sulfur Kerosene” and “Ultra Low Sulfur Diesel” postings selected. The terms “Posting Day” or “Posted Price” as used throughout this Contract refers to the actual day the prices are posted. The low price shown in OPIS’s Oil Price Daily postings will be used to compute price revisions during the Contract period. Procurement Services will compute any price revisions by determining the difference between the Posted Price on July 30, 2020 and the Posted Price on every Thursday during the contract period, beginning with the OPIS Oil Price Daily on the Thursday immediately preceding the Contract start date. The differential between these two (2) prices will be added or subtracted to the price per gallon, yielding the new weekly price. If the Contract award is made in a subsequent week after November 26, 2020, then the posted price on the last business day in the preceding week will be used. The aforementioned mechanism for weekly price revisions would then be applied to the Contract prices throughout the Contract period. Price revisions will be calculated by truncating all figures (priced in dollars per gallon) to four (4) decimal places. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted by OPIS on Thursday, the previous business day on which the specified prices are posted will be utilized. The published prices on July 30, 2020 for 1D (ultra-low sulfur Kerosene) and 2D (ultra-low sulfur Diesel) are shown in the table below, by posting location. Calculated base prices for B5, B10, and B20 Biodiesel are also shown below. Xxxxxx, NY $1.4958 $1.2925 $1.3413 $1.3903 $1.4882 Buffalo, NY $1.6930 $1.3200 $1.3675 $1.4151 $1.5102 Long Island, NY N/A $1.2804 $1.3298 $1.3794 $1.4785 Newark, NJ $1.5440 X/X X/X X/X X/X Xxxxxxxx, XX $1.5400 $1.2925 $1.3413 $1.3903 $1.4882 Syracuse, NY $1.7108 $1.3210 $1.3684 $1.4160 $1.5110 Utica, NY $1.7072 $1.3225 $1.3698 $1.4173 $1.5122 Should the weekly price revision cycle not provide adequate price adjustments, because of rapid changes in worldwide petroleum prices, the State reserves the right to increase the frequency of the price revisions to a daily basis. The daily basis will utilize postings Monday through Friday with applicable price changes to be effective as of the start of business on the following day. Weekend prices will be based on Friday's posting. The Friday posting will also stay in effect on Monday holidays. Prices in effect for mid-week or Friday holidays will be the same as for the preceding day. Also, refer to “NOTE” concerning “Posting Day” below. Should postings differ from current description and/or format, a posting determined, by the Commissioner, in his or her sole discretion, to be most reflective of market conditions will be used. The same applies if OGS were to utilize a weekly pricing schedule. Corrections to prices previously posted in the OPIS Oil Price Daily will be considered only when caused by a typographical or clerical error on the part of said service provider.

PRICE ADJUSTMENTS/REVISIONS. Contract prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Price revisions (increases or decreases) Revisions to the original Contract price shall be based on prices published in OPIS’s Oil Price Daily for Kerosene and ULS Diesel, under the heading, “Daily Petroleum Prices”, Rack prices only, which are designated for ultra-low sulfur products. 1D and 2D Prices will fluctuate according to OPIS (OIL PRICE INFORMATION SERVICE) Weekly Published Newsletter as indicated in the “Ultra Low Sulfur Kerosene” and “Ultra Low Sulfur Diesel” postings selectedchart below. The terms “Posting Day” or “Posted Price” as used throughout this Contract refers to weekly average of the actual day the daily high and low prices are posted. The low price shown in OPIS’s Oil Price Daily postings the publication for each of the three-conventional unleaded gasoline fuel types, RBOB, PreRBOB and Ethanol will be used to compute price revisions during the Contract contract period. Location in OPIS Newsletter Fuel Weekly Averages Spot Report location Page 2 – In Cash Markets Northeast Mid Unl Linden Weekly Average Page 2 – In Cash Markets Northeast Pre Unl Linden Weekly Average Page 2 – In Cash Markets Northeast RBOB NY Harbor Barge Weekly Average Page 2 – In Cash Markets Northeast Pre RBOB NY Harbor Barge Weekly Average Page 10 – Spot Market Prices Ethanol New York Please note: base prices were calculated using the following methods using the information from OPIS (OIL PRICE INFORMATION SERVICE) Weekly Published Newsletter (October 5, 2020 Vol. 41, No. 40): • Conventional gasoline base prices are the published Linden Weekly Averages. • OPRG (E) Gas Regular base price is calculated by taking 90% of the RBOB value and adding it to 10% of the ethanol value. • OPRG (E) Gas Mid Range base price is calculated by taking 90% of the average of RBOB and Pre RBOB and adding it to 10% of the ethanol value. • OPRG (E) Gas Premium base price is calculated by taking 90% of Pre RBOB value and adding it to 10% of the ethanol value. Procurement Services will compute any price revisions by determining the difference between the Posted Price weekly average of the daily high and low prices (base prices) published in the Cash Markets – Weekly Average Spot Report on July 30October 5, 2020 and the Posted Price weekly average of the daily high and low prices published on Monday every Thursday week during the contract period, period beginning with the OPIS Oil Price Daily publication on December 21, 2020 or the Thursday publication immediately preceding following the Contract start datedate of the contract, whichever occurs first. The This differential between these two (2adjustment) prices + or - will be added or subtracted to the price per gallon, yielding the new weekly price. If the Contract award is made in a subsequent week after November 26, 2020, then the posted price on the last business day in the preceding week will be used. The aforementioned mechanism for weekly price revisions would then be applied to the Contract prices throughout the Contract period. Price revisions will be calculated by truncating all figures (priced in dollars per gallon) to four (4) decimal placesbase bid prices. Applicable price changes will be effective as of the start of business on the following FridayFriday immediately preceding the day of publication. If the prices are not posted by OPIS on ThursdayGenerally, the previous business weekly average published in OPIS represents a 5-day on average of high and low prices; however, as holidays occur which the specified prices are posted will be utilized. The published prices on July 30, 2020 for 1D (ultra-low sulfur Kerosene) and 2D (ultra-low sulfur Diesel) are shown in the table below, by posting location. Calculated base prices for B5, B10, and B20 Biodiesel are also shown below. Xxxxxx, NY $1.4958 $1.2925 $1.3413 $1.3903 $1.4882 Buffalo, NY $1.6930 $1.3200 $1.3675 $1.4151 $1.5102 Long Island, NY N/A $1.2804 $1.3298 $1.3794 $1.4785 Newark, NJ $1.5440 X/X X/X X/X X/X Xxxxxxxx, XX $1.5400 $1.2925 $1.3413 $1.3903 $1.4882 Syracuse, NY $1.7108 $1.3210 $1.3684 $1.4160 $1.5110 Utica, NY $1.7072 $1.3225 $1.3698 $1.4173 $1.5122 Should the weekly price revision cycle not provide adequate price adjustments, because would eliminate a given daily range of rapid changes in worldwide petroleum prices, the weekly average may represent less than a 5-day average. Regardless of the number of days represented in the weekly average, the published weekly average will be utilized as the basis for price revisions. Final price shall be calculated by applying the above stated price revision to the base bid price. The State reserves the right to increase the frequency of the change to a daily, bi-weekly or monthly schedule in price revisions to a daily basis. The daily basis will utilize postings Monday through Friday with applicable price changes to be effective as of if the start of business on the following day. Weekend prices will be based on Friday's posting. The Friday posting will also stay in effect on Monday holidays. Prices in effect for mid-week or Friday holidays will be the same as for the preceding day. Also, refer to “NOTE” concerning “Posting Day” belowmarket conditions so warrant. Should postings become unavailable or differ from current description and/or format, a posting determined, determined by the Commissioner, Commissioner of the Office of General Services in his or his/her sole discretion, to be most reflective of market conditions conditions, will be used. The same applies if OGS were to utilize a weekly pricing schedule. Corrections to posted prices previously posted in the OPIS Oil Price Daily published will be considered only when caused by a typographical or clerical error on the part of said service providerpublisher. The following clauses shall apply to all price adjustments under any contract awarded: (1) Price increases are limited to changes in pre-selected postings as noted above. Increases in contract costs or prices to compensate for other increases in the cost of doing business, regardless of where such cost increases are attributable, will not be allowed during the contract period. (2) The EPA has determined that gasoline sold in certain counties: Bronx, Dutchess, Essex (portion of), Kings, Nassau, New York, Orange, Xxxxxx, Queens, Richmond, Rockland, Suffolk, and Westchester [in the New York City Consolidated Metropolitan Statistical Area (CMSA)], are subject to regulations mandating the use of OPRG(E) gasoline. Recognizing that pricing differentials occur on a regular basis; the State will incorporate the following methodology in the determination of the weekly price revision. Posted Date: (hypothetical) August 10, 2015 1.7082 x .90 = 1.5373(8) 1.5620 x .10 = 0.1562(0) Blended Average 1.5373 + .1562 = 1.6935 Posted Date: (Hypothetical) December 21, 2015 1. 7820 x .90 = 1.6038(0) 1.1063 x .10 = 0.1106(3) Blended Average 1.6038 + .1106 = 1.7144

PRICE ADJUSTMENTS/REVISIONS. ‌ Contract prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Price revisions (increases or decreases) to the original Contract price shall be based on prices in OPIS’s Oil Price Daily for Kerosene and ULS Diesel, under the heading, “Daily Petroleum Prices”, Rack prices only, which are designated for ultra-low sulfur products. 1D and 2D Prices will fluctuate according to the “Ultra Ultra-Low Sulfur Kerosene” and “Ultra Ultra-Low Sulfur Diesel” postings selected. The terms “Posting Day” or “Posted Price” as used throughout this the Solicitation and resulting Contract refers to the actual day the prices are posted. The low price shown in OPIS’s Oil Price Daily postings will be used to compute price revisions during the Contract period. Procurement Services will compute any price revisions by determining the difference between the Posted Price on July 30February 23, 2020 2023 and the Posted Price on every Thursday during the contract period, beginning with the OPIS Oil Price Daily on the Thursday immediately preceding the Contract start date. The differential between these two (2) prices will be added or subtracted to the bid price per gallon, yielding the new weekly price. If the Contract award is made in a subsequent week after November 26August 24, 20202023, then the posted price on the last business day in the preceding week will be used. The aforementioned mechanism for weekly price revisions would then be applied to the Contract prices throughout the Contract period. Price revisions will be calculated by truncating all figures (priced in dollars per gallon) to four (4) decimal places. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted by OPIS on Thursday, the previous business day on which the specified prices are posted will be utilized. The published prices on July 30February 23, 2020 2023 for 1D (ultra-low sulfur Kerosene) and 2D (ultra-low sulfur Diesel) are shown in the table below, by posting location. Calculated base prices for B5, B10, and B20 B10 Biodiesel are also shown below. XxxxxxLow Soy Price (Cents per lb) High Soy Price (Cents per lb) Simple Average (Cents per lb) Simple Average ($ per gallon) 63.5100 64.5100 64.0100 $4.8945 Posting Location KEROSENE (1D) ($ per gal) ULS DIESEL (2D) ($ per gal) Soy Price, Simple Average ($ per gal) B5 Biodiesel ($ per gal) B10 Biodiesel ($ per gal) Albany, NY $1.4958 3.3233 $1.2925 2.8250 $1.3413 4.8945 $1.3903 2.9284 $1.4882 Buffalo3.0319 Newburgh, NY $1.6930 3.9450 $1.3200 2.8532 $1.3675 4.8945 $1.4151 2.9552 $1.5102 Long Island, NY N/A $1.2804 $1.3298 $1.3794 $1.4785 Newark, NJ $1.5440 X/X X/X X/X X/X Xxxxxxxx, XX $1.5400 $1.2925 $1.3413 $1.3903 $1.4882 Syracuse, NY $1.7108 $1.3210 $1.3684 $1.4160 $1.5110 3.0572 Utica, NY $1.7072 3.6075 $1.3225 2.8226 $1.3698 4.8945 $1.4173 2.9261 $1.5122 3.0297 Should the weekly price revision cycle not provide adequate price adjustments, because of rapid changes in worldwide petroleum prices, the State reserves the right to increase the frequency of the price revisions to a daily basisbasis that best reflects market conditions. The daily A possible basis will could utilize postings Monday Monday’s Daily OPIS publication for Tuesday through Thursday prices and weekend prices would continue with Thursday’s OPIS Daily publication for Friday with applicable price changes to be effective as of the start of business on the following day. Weekend prices will be based on Friday's posting. The Friday posting will also stay in effect on Monday holidays. Prices in effect for mid-week or Friday holidays will be the same as for the preceding daythrough Monday. Also, refer to “NOTE” concerning “Posting Day” below. Should postings become unavailable or differ from current description and/or format, a posting determined, by the Commissioner, in his or her sole discretion, to be most reflective of market conditions will be used. The same applies if OGS were to utilize a weekly pricing schedule. Corrections to prices previously posted in the OPIS Oil Price Daily will be considered only when caused by a typographical or clerical error on the part of said service provider.

PRICE ADJUSTMENTS/REVISIONS. Contract prices shall be firm except that price revisions will be permitted in accordance with the following procedure: Price revisions (increases or decreases) to the original Contract price shall be based on prices in OPIS’s Oil Price Daily for Kerosene and ULS Diesel, under the heading, “Daily Petroleum Prices”, Rack prices only, which are designated for ultra-ultra low sulfur products. 1D and 2D Prices will fluctuate according to the “Ultra Low Sulfur Kerosene” and “Ultra Low Sulfur Diesel” postings selected. The terms “Posting Day” or “Posted Price” as used throughout this Contract refers to the actual day the prices are posted. The low price shown in OPIS’s Oil Price Daily postings will be used to compute price revisions during the Contract period. Procurement Services will compute any price revisions by determining the difference between the Posted Price on July 30February 1, 2020 2018 and the Posted Price on every Thursday during the contract period, beginning with the OPIS Oil Price Daily on the Thursday immediately preceding the Contract start date. The differential between these two (2) prices will be added or subtracted to the bid price per gallon, yielding the new weekly price. If the Contract award is made in a subsequent week after November 26August 31, 20202018, then the posted price on the last business day in the preceding week will be used. The aforementioned mechanism for weekly price revisions would then be applied to the Contract prices throughout the Contract period. Price revisions will be calculated by truncating all figures (priced in dollars per gallon) to four (4) decimal places. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted by OPIS on Thursday, the previous business day on which the specified prices are posted will be utilized. The published prices on July 30February1, 2020 2018 for 1D (ultra-ultra low sulfur Kerosene) and 2D (ultra-ultra low sulfur Diesel) are shown in the table below, by posting location. Calculated base prices for B5, B10, and B20 Biodiesel are also shown below. Xxxxxx, NY $1.4958 2.5295 $1.2925 2.1451 $1.3413 2.1588 $1.3903 2.1726 $1.4882 2.2003 Buffalo, NY $1.6930 2.5806 $1.3200 2.1888 $1.3675 2.2003 $1.4151 2.2120 $1.5102 2.2353 Long Island, NY N/A $1.2804 2.1334 $1.3298 2.1477 $1.3794 2.1621 $1.4785 2.1910 Newark, NJ $1.5440 2.5500 X/X X/X X/X X/X Xxxxxxxx, XX $1.5400 2.5650 $1.2925 2.1365 $1.3413 2.1506 $1.3903 2.1649 $1.4882 2.1935 Syracuse, NY $1.7108 2.4959 $1.3210 2.1769 $1.3684 2.1890 $1.4160 2.2013 $1.5110 2.2258 Utica, NY $1.7072 2.5309 $1.3225 2.1938 $1.3698 2.2051 $1.4173 2.2165 $1.5122 2.2393 Should the weekly price revision cycle not provide adequate price adjustments, because of rapid changes in worldwide petroleum prices, the State reserves the right to increase the frequency of the price revisions to a daily basis. The daily basis will utilize postings Monday through Friday with applicable price changes to be effective as of the start of business on the following day. Weekend prices will be based on Friday's posting. The Friday posting will also stay in effect on Monday holidays. Prices in effect for mid-week or Friday holidays will be the same as for the preceding day. Also, refer to “NOTE” concerning “Posting Day” below. Should postings differ from current description and/or format, a posting determined, determined by the Commissioner, in his or her sole discretion, to be most reflective of market conditions will be used. The same applies if OGS were to utilize a weekly pricing schedule. Corrections to prices previously posted in the OPIS Oil Price Daily will be considered only when caused by a typographical or clerical error on the part of said service provider.