AMENDMENT NO. 5 TO CRUDE OIL SUPPLY AGREEMENT
Exhibit 10.26
AMENDMENT NO. 5 TO CRUDE OIL SUPPLY AGREEMENT
THIS AMENDMENT NO.5 TO CRUDE OIL SUPPLY AGREEMENT (the “Amendment”), dated as of March 24,
2011 but effective as of March 1, 2011(the “Amendment Effective Date”), is made by and between
CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP, an Indiana limited partnership (“Customer”), and
LEGACY RESOURCES CO., L.P., an Indiana limited partnership (“Supplier”). Each of Customer and
Supplier is sometimes referred to hereinafter individually as a “Party” and they are collectively
referred to as the “Parties.” Capitalized terms used but not defined in this Amendment shall have
the meanings ascribed to such terms in the Agreement (as defined below).
RECITALS
WHEREAS, Customer owns and operates a refinery in Princeton, Louisiana (the “Refinery”) for
the processing and refining of crude oil into specialty lubricating oils and other refined
products;
WHEREAS, Supplier is able to obtain certain commodities, including crude oil, from various
supply sources;
WHEREAS, the Parties entered into that certain Crude Oil Supply Agreement (the “Agreement”)
dated as of April 30, 2008 and as subsequently amended, whereby Customer agreed to purchase from
Supplier, and Supplier agreed to sell and supply to Customer, crude oil on a just in time basis in
order to meet the inventory requirements of the Refinery;
WHEREAS, pursuant to Section 23 of the Agreement, the Parties desire to amend certain
provisions of the Agreement as of the Amendment Effective Date; and
WHEREAS, contemporaneously herewith, Customer is delivering to Supplier the Termination Notice
attached hereto as Exhibit A to terminate the Agreement upon the expiration of the Wind Up
Period on May 31, 2011.
AMENDMENT TO AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and the agreements contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties, intending to be legally bound, do hereby agree to amend the
Agreement as of the Amendment Effective Date as follows:
1. Defined Term. The definition of the following capitalized term used in the Agreement is
deleted and replaced in its entirety with the following definition:
“Average Purchase Price” means the sum of (i) the monthly average per barrel price
quoted for the first nearby month for West Texas Intermediate crude oil on the New York
Mercantile Exchange and (ii) $5.15 per barrel, or such other price as may be agreed by the
Parties in accordance with Section 5.
2. Modification of Effectiveness of Termination. Section 10(c) is deleted and replaced in
its entirety with the following:
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“(c) Effectiveness of Termination. Termination of this Agreement after a Termination
Notice shall be effective upon the expiration of the Wind Up Period. The Wind Up Period
shall be deemed to have ended on the later of (i) the sixtieth (60th) day
following the date that a Termination Notice is delivered by one Party to the other and (ii)
the last day of the calendar month in which such 60th day occurred if such
60th day is not the last day of a calendar month, in order to effect an orderly
transition to a new crude oil supplier, as crude oil supply arrangements are made on a full
calendar month basis under standard industry practices.”
3. All other terms and conditions of the Agreement are unchanged and remain in full force and
effect as of the Amendment Effective Date.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above
written, but effective as of March 1, 2011.
CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP |
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By: | Calumet LP GP, LLC, its general partner | |||
By: | Calumet Operating, LLC, its sole member | |||
By: | Calumet Specialty Products Partners, L.P., | |||
its sole member | ||||
By: | Calumet GP, LLC, its general partner | |||
By: | /s/ R. Xxxxxxx Xxxxxx, II | |||
Name: | R. Xxxxxxx Xxxxxx, II | |||
Title: | Vice President & CFO | |||
LEGACY RESOURCES CO., L.P. |
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By: | Legacy Acquisitions, Inc., its general partner | |||
By: | /s/ Xxxx X. Xxxxx | |||
Name: | Xxxx X. Xxxxx | |||
Title: | President | |||
EXHIBIT A
TERMINATION NOTICE
Pursuant to Section 10 of that certain Crude Oil Supply Agreement, dated as of April 30, 2008
and as subsequently amended through March 24, 2011 (the “Agreement”), by and between CALUMET
LUBRICANTS CO., LIMITED PARTNERSHIP, an Indiana limited partnership (“Customer”), and LEGACY
RESOURCES CO., L.P., an Indiana limited partnership (“Supplier”), effective March 24, 2011 (the
“Notice Date”), Customer hereby delivers to Supplier this Termination Notice to terminate the
Agreement upon the expiration of the Wind Up Period on May 31, 2011, in accordance with Section
10(c) of the Agreement, and Supplier hereby acknowledges the receipt of this Termination Notice on
the Notice Date. Capitalized terms used but not defined in this Termination Notice shall have the
meanings ascribed to such terms in the Agreement.
[Signature Page Follows]
CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP |
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By: | Calumet LP GP, LLC, its general
partner |
|||
By: | Calumet Operating, LLC, its sole
member |
|||
By: | Calumet Specialty Products
Partners, L.P., its sole member |
|||
By: | Calumet GP, LLC, its general
partner |
|||
By: | /s/ R. Xxxxxxx Xxxxxx, II | |||
Name: | R. Xxxxxxx Xxxxxx, II | |||
Title: | Vice President & CFO | |||
AGREED AND ACKNOWLEDGED: This 24th day of March, 2011. LEGACY RESOURCES CO., L.P. |
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By: | Legacy Acquisitions, Inc., | |||
its general partner | ||||
By: | /s/ Xxxx X. Xxxxx | |||
Name: | Xxxx X. Xxxxx | |||
Title: | President | |||