April 27, 2007
Exhibit 10.8
April 27, 2007
SPI Petroleum LLC
Attention: Board of Managers
Attention: Board of Managers
Each of the undersigned makes reference to that certain Professional Services Agreement, dated
as of September 18, 2006 (as amended, the “PSA”), by and among SPI Petroleum LLC
(“SPI”), Xxxxxx Petroleum, Inc., Maxum Petroleum, Inc. and the Providers. Capitalized
terms used but not defined in this letter shall have the meanings given to them in the PSA.
Upon consummation of the transactions (the “TPS Transaction”) contemplated by that
certain draft Stock Purchase Agreement (the “TPS Purchase Agreement”), by and among the
Company, Petroleum Products, Inc., Petroleum Transport, Inc. and Xxxxxxx X. Xxxxxx, III, the
Company shall pay or cause to be paid to the Providers in immediately available funds a transaction
fee in an aggregate amount equal to $1,140,000 (the “TPS Transaction Fee”). The TPS
Transaction Fee shall be shared by the Providers in proportion to the number of Class A Units of
SPI held by the Providers and their affiliates as of immediately after consummation of the TPS
Transaction (it being understood that, for purposes of this allocation and the avoidance of doubt,
(x) Xxxxx Xxxxxxx is not an affiliate of Northwest, and (y) SPI U.S. Investor, LLC is an affiliate
of RBC).
Notwithstanding the foregoing, Waud hereby elects to waive its rights to its portion of the
TPS Transaction Fee (it being understood that (x) no other Provider waives such right, and (y)
Waud’s waived portion of the TPS Transaction Fee and any Subsequent Placement Fees shall be deemed
a Waived Fee Amount for purposes of the PSA and Parent’s Second Amended and Restated Limited
Liability Company Agreement dated as of September 28, 2006).
This letter shall be governed by, and construed in accordance with, the laws of the State of
Illinois, without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of Illinois or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of Illinois.
This letter may be executed and delivered by each party hereto in separate counterparts
(including by means of facsimile), each of which when so executed and delivered shall be deemed an
original and both of which taken together shall constitute one and the same agreement.
If you agree that this letter reflects our agreement with respect to the foregoing, please
sign this letter below, which will then constitute our agreement with respect thereto.
Sincerely, | ||||
NCA MANAGEMENT II, LLC | ||||
By: | /s/ Xxxxxxxx X. Xxxxxxxx |
|||
Its: | ||||
RBCP ENERGY FUND INVESTMENTS, LP | ||||
By: | 2001 RBCP U.S. GP LIMITED | |||
Its: | General Partner | |||
By: | /s/ Xxxx X. Xxxxxx |
|||
Its: | ||||
WAUD CAPITAL PARTNERS, L.L.C. | ||||
By: | /s/ Xxxxx X. Xxxx |
|||
Its: |
Accepted, Acknowledged and Agreed this 27th day of April, 2007
SPI PETROLEUM LLC | ||||
By:
|
/s/ Xxxx Xxxxx |
|||
Its:
|
Assistant Treasurer and Assistant
Secretary |
|||
MAXUM PETROLEUM, LLC | ||||
By:
|
/s/ Xxxx Xxxxx |
|||
Its:
|
Assistant Treasurer and Assistant
Secretary |
|||
XXXXXX PETROLEUM, INC. | ||||
By:
|
/s/ Xxxx Xxxxx |
|||
Its:
|
Assistant Treasurer and Assistant
Secretary |