Amendment to Point Tupper Storage and Throughput Agreement Between Statia Terminals Canada, Inc. and Counterparty (December 20, 2000)
Summary
This amendment confirms an agreement between Statia Terminals Canada, Inc. and another party regarding changes to their existing storage and throughput contract for the Point Tupper facility. The parties agree to a new monthly storage fee, revise the escalation terms for future fee increases, and remove a termination clause related to escalation. The amendment also settles past withheld payments and addresses retroactive fee adjustments. Additionally, the parties agree to discuss, but not commit to, sharing certain capital expenditures in the future. The agreement is effective upon execution by both parties.
EX-10.5B 8 g67176ex10-5b.txt AMENDMENT DATED 12/20/00 1 Exhibit 10.5b December 20, 2000* BY TELEFACSIMILE AND FEDERAL EXPRESS Jack R. Pine, Sr. Vice President & General Counsel Statia Terminals, Inc. 801 Warrenville Road Ste. 200 Lisle, IL 60532-1395 Fax No.: (630) 435-9542 Re: Settlement of the Various Audit Items Related to the Escalation Provision of the Point Tupper Storage and Throughput Agreement (No. 069-940-607) Dear Mr. Pine: I am writing to confirm the understanding that Tommy Thompson and [****] [****] reached telephonically in the above-referenced matter on Thursday, December 14, 2000. In sum, we understand that Statia has agreed to accept [*****'*] offer made last Wednesday when we were all together in [*****'*] [*****] offices. In addition, [*****] will consider sharing in certain capital expenditures Statia has made at Point Tupper. The terms are as follows: (1) Effective a/o [******] [*], [****], [*****] will pay a monthly storage fee of [*********], which is US$[***,***] per month (the Minimum Monthly Charge)(1); (2) We ([*****] and Statia) will replace the current escalation provisions contained in paragraph 5.3 of the Agreement with provision for an annual escalation of the Minimum Monthly Charge by [**] [****] [********] [**] [***] [******] [*****] [****] [*****] [**********] [********] [**] [***] [****] [********] [*****] [****] [*******] [***] [***] [*****] [*********] [*****] [******] [*****] [**] [***] [******] [******] [***] [**********] [****]; (3) We will eliminate the provision in paragraph 5.3 which permits termination of the Agreement by [*****] if the escalation calculation is greater than [**] year-to-year or more than [***] over any 5 year period; - -------- * Asterisks indicate redacted language for which confidential treatment has been requested pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. (1) US$[***] times [*,***,***] [****] = US$[***,***]. 2 Mr. Jack R. Pine Statia Terminals, Inc. December 20, 2000 Page 2 (4) Upon the execution of this letter agreement, [*****] will pay the amounts it has withheld from Statia's Minimum Monthly Charges since January 1, 2000, which are in the amount of US$[**********] [***] [********] [**], [****], plus interest in accordance with the Storage and Throughput Agreement, as directed by Statia in its reasonable discretion; and (5) Also upon the execution of this letter agreement, the payment for the December 2000 Monthly Minimum charge due December 31, 2000 will include an additional $[*********] representing the retroactive increase of the Monthly Minimum for August through December, 2000 (based on the escalation method described in (2) above). Mr. Thompson also requested that [*****] consider sharing without any commitment by [*****] to pay at this time), in some portion, Statia's costs for certain capital expenditures in the amount of approximately US$[***-*******], incurred since about 1996, which Statia believes have benefited [*****]. [****] [****] has agreed to consider such sharing upon Statia's presentation and explanation of such costs and benefits (without any commitment by [*****] to pay at this time). Any such arrangement or understanding regarding this matter will be addressed by the parties in a separate writing in the future. If this letter is consistent with Statia's understanding, please execute this letter in the space provided below. Very truly yours, [****] [*]. [***********] ACKNOWLEDGED AND AGREED: Statia Terminals Canada, Incorporated By: ___________________________ Title: ___________________________ Date: ___________________________ /drc cc: Mr. James Brenner, Statia Terminals, Inc., Deerfield Beach, FL Mr. Tom Thompson, Statia Terminals, Inc., Deerfield Beach, FL Mr. James Cameron, Deerfield Beach, FL Mr. [*****] [****], [*****] [***********], [*****], [**] Mr. [*****] [****], [*****] [***********], [*****], [**]
