# EDGAR Filing Document

**Accession Number:** 0002013745
**File Stem:** 0002013745-26-000016
**Filing Date:** 2026-5
**Character Count:** 1261793
**Document Hash:** 67d6147ea376f8f592ce48be33788a62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002013745-26-000016.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0002013745-26-000016

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 283

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calumet, Inc. /DE
- **CENTRAL INDEX KEY:** 0002013745
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 365098520
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42172
- **FILM NUMBER:** 26958362

**BUSINESS ADDRESS:**
- **STREET 1:** 1060 N CAPITOL AVE
- **STREET 2:** SUITE 6-401
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204
- **BUSINESS PHONE:** (317) 328-5660

**MAIL ADDRESS:**
- **STREET 1:** 1060 N CAPITOL AVE
- **STREET 2:** SUITE 6-401
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204

?xml version='1.0' encoding='ASCII'? Calumet, Inc. /DE_March 31, 2026

[**Table of Contents**](#TOC)

------

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

**Form 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

#### FOR THE QUARTERLY PERIOD ENDED March 31, 2026

#### OR
☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

#### FOR THE TRANSITION PERIOD FROM &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TO
**Commission File Number: 001-42172**

**Calumet, Inc.**

**(Exact Name of Registrant as Specified in Its Charter)**

---

| | |
|:---|:---|
| **Delaware** | **36-5098520** |
| **(State or Other Jurisdiction of Incorporation or Organization)** | **(I.R.S. Employer Identification Number)** |
| **1060 N Capitol Ave, Suite 6-401** |  |
| **Indianapolis, IN** | **46204** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(317) 328-5660**

**(Registrant's Telephone Number, Including Area Code)**

**None**

**(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)**

**Securities Registered Pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | CLMT | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

On May 8, 2026, the registrant had 87,147,147 shares of common stock outstanding.

------

[**Table of Contents**](#TOC)

#### CALUMET, INC.

#### QUARTERLY REPORT
**For the Three Months Ended March 31, 2026**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [**Part I**](#PARTI_513057) |  |
| [Item 1. Financial Statements](#Item1FinancialStatements_527518) | 4 |
| [Calumet, Inc.](#CALUMETSPECIALTYPRODUCTS_608333) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Balance Sheets](#CONDENSEDCONSOLIDATEDBALANCESHEETS_85639) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Operations](#STATEMENTSOFOPERATIONS_627051) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)](#STATEMENTSOFCOMPREHENSIVEINCOMELOSS_8934) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Stockholders' Equity](#STATEMENTSOFPARTNERSCAPITALDEFICIT_84543) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Cash Flows](#STATEMENTSOFCASHFLOWS_740581) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Unaudited Condensed Consolidated Financial Statements](#NOTESTOUNAUDITEDCONDENSEDCONSOLIDATEDFIN) | 9 |
| [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF) | 33 |
| [Item 3. Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur) | 51 |
| [Item 4. Controls and Procedures](#Item4ControlsandProcedures_306961) | 53 |
| [**Part II**](#PARTII_524133) |  |
| [Item 1. Legal Proceedings](#Item1LegalProceedings_376478) | 54 |
| [Item 1A. Risk Factors](#Item1ARiskFactors_644684) | 54 |
| [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities) | 54 |
| [Item 3. Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_799042) | 54 |
| [Item 4. Mine Safety Disclosures](#Item4MineSafetyDisclosures_195946) | 54 |
| [Item 5. Other Information](#Item5OtherInformation_308367) | 54 |
| [Item 6. Exhibits](#Item6Exhibits_679585) | 55 |

---

[**Table of Contents**](#TOC)

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q (this "Quarterly Report") includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "will," "may," "intend," "believe," "expect," "outlook," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar words. The statements regarding (i) demand for finished products in markets we serve; (ii) estimated capital expenditures as a result of required audits or required operational changes or other environmental and regulatory liabilities; (iii) our anticipated levels of, use and effectiveness of derivatives to mitigate our exposure to crude oil price changes, natural gas price changes and fuel products price changes; (iv) estimated costs of complying with the U.S. Environmental Protection Agency's ("EPA") Renewable Fuel Standard ("RFS"), including the prices paid for Renewable Identification Numbers ("RINs") and the amount of RINs we may be required to purchase in any given compliance year, and the outcome of any litigation concerning our existing small refinery exemption ("SRE") petitions; (v) our ability to monetize federal clean fuel production tax credits ("CFPCs" under Section 45Z of the Internal Revenue Code and the price we expect to receive for CFPCs; (vi) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditures; (vii) our access to capital to fund capital expenditures and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; (viii) our access to inventory financing under our supply and offtake agreements; (ix) the effect, impact, potential duration or other implications of supply chain disruptions and global energy shortages on our business and operations; (x) general economic and political conditions, including inflationary pressures, changes in global trade policy and tariffs, instability in financial institutions, the shutdown of the U.S. federal government, general economic slowdown or a recession, political tensions, conflicts and war (such as the ongoing conflicts in Ukraine, Venezuela and the Middle East and their regional and global ramifications); (xi) the future effectiveness of our information technology planning systems to further enhance operating efficiencies and provide more effective management of our business operations; (xii) our expectation regarding our business outlook with respect to the Montana Renewables business; (xiii) ability to maintain an effective system of internal controls; (xiv) the expected benefits of the Conversion (as defined herein) to us and our stockholders; (xv) our expectation that the DOE Loan (as defined herein) will enable MRL (as defined herein) to complete the MaxSAF<sup>®</sup> construction on time and on budget; and (xvi) our ability to maintain or improve our carbon intensity at our MRL facility, as well as other matters discussed in this Quarterly Report that are not purely historical data, are forward-looking statements. These forward-looking statements are based on our expectations and beliefs as of the date hereof concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our current expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisition or disposition transactions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ from those in the forward-looking statements include those described in Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("2025 Annual Report"). Certain public statements made by us and our representatives on the date hereof may also contain forward-looking statements, which are qualified in their entirety by the cautionary statements contained in this paragraph. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

References in this Quarterly Report to "Calumet," the "Company," "we," "our," "us" or like terms refer to (i) Calumet Specialty Products Partners, L.P. (the "Partnership") and its subsidiaries before the completion of the conversion transaction on July 10, 2024 (the "Conversion") and (ii) Calumet, Inc. and its subsidiaries as of the completion of the Conversion and thereafter. References in this Quarterly Report to "our general partner" refer to Calumet GP, LLC, the general partner of the Partnership.

[**Table of Contents**](#TOC)

#### PART I
**Item 1. *Financial Statements***

#### CALUMET, INC.

#### UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(In millions, except share data)** | **(In millions, except share data)** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $138.6 | $125.1 |
| &nbsp;&nbsp;Restricted cash  | 40.0 | 80.0 |
| &nbsp;&nbsp;Accounts receivable, less allowance for credit losses of $1.6 and $1.1, respectively | 358.4 | 232.5 |
| &nbsp;&nbsp;Inventories | 369.5 | 385.2 |
| &nbsp;&nbsp;Derivative assets |  | 6.7 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 21.4 | 28.3 |
| Total current assets | 927.9 | 857.8 |
| Property, plant and equipment, net | 1336.4 | 1353.0 |
| Other noncurrent assets, net | 490.7 | 478.1 |
| Total assets | $2755.0 | $2688.9 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $353.3 | $281.5 |
| &nbsp;&nbsp;Accrued interest payable | 27.8 | 46.1 |
| &nbsp;&nbsp;Accrued salaries, wages and benefits | 90.7 | 84.6 |
| &nbsp;&nbsp;Current portion of RINs obligation | 316.7 | 169.3 |
| &nbsp;&nbsp;Derivative liabilities | 50.0 |  |
| &nbsp;&nbsp;Other current liabilities | 92.0 | 103.0 |
| &nbsp;&nbsp;Current portion of long-term debt | 32.6 | 156.2 |
| Total current liabilities | 963.1 | 840.7 |
| Other long-term liabilities | 285.1 | 258.0 |
| Long-term debt, less current portion | 2299.4 | 2077.3 |
| Total liabilities | $3547.6 | $3176.0 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interest and other equity instruments | $250.6 | $245.6 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 87,040,558 and 86,776,552 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. | $0.9 | $0.9 |
| &nbsp;&nbsp;Additional paid-in capital | 845.3 | 838.8 |
| &nbsp;&nbsp;Warrants: 2,000,000 warrants issued and outstanding as of March 31, 2026 and December 31, 2025. | 7.8 | 7.8 |
| &nbsp;&nbsp;Accumulated deficit | (1890.4) | (1573.4) |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (6.8) | (6.8) |
| Total stockholders' equity | (1043.2) | (732.7) |
| Total liabilities and stockholders' equity | $2755.0 | $2688.9 |

---

See accompanying notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### CALUMET, INC.

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
|  | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** |
| Sales | $1029.7 | $993.9 |
| Cost of sales | 1117.2 | 1075.3 |
| Gross profit (loss) | (87.5) | (81.4) |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;Selling | 12.3 | 12.3 |
| &nbsp;&nbsp;General and administrative | 66.0 | 12.1 |
| &nbsp;&nbsp;Gain on sale of business |  | (62.2) |
| &nbsp;&nbsp;Other operating expense | 5.5 | 5.1 |
| Operating loss | (171.3) | (48.7) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;Interest expense | (51.1) | (58.5) |
| &nbsp;&nbsp;Debt extinguishment costs | (1.7) | (47.6) |
| &nbsp;&nbsp;Loss on derivative instruments | (115.4) | (7.2) |
| &nbsp;&nbsp;Other income | 1.7 | 0.4 |
| Total other expense | (166.5) | (112.9) |
| Net loss before income taxes | (337.8) | (161.6) |
| Income tax (benefit) expense | (20.8) | 0.4 |
| Net loss | $(317.0) | $(162.0) |
| Earnings per share: |  |  |
| &nbsp;&nbsp;Basic and diluted | $(3.64) | $(1.87) |
| Weighted average number of common shares outstanding: |  |  |
| &nbsp;&nbsp;Basic and diluted | 86995431 | 86428634 |

---

See accompanying notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### CALUMET, INC.

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Net loss | $(317.0) | $(162.0) |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;Defined benefit pension and retiree health benefit plans |  |  |
| Total other comprehensive income |  |  |
| Comprehensive loss attributable to stockholders' equity | $(317.0) | $(162.0) |

---

See accompanying notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### CALUMET, INC.

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | |
|  |  | **Shares Issued**<br>**Par Value** | <br>**Additional**<br>**Paid-in Capital** | <br>**Warrants** | <br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Loss** | <br>**Total** |
|  |  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance at December 31, 2025 | 86776552 | $0.9 | $838.8 | $7.8 | $(1573.4) | $(6.8) | $(732.7) |
| &nbsp;&nbsp;Net loss |  |  |  |  | (317.0) |  | (317.0) |
| &nbsp;&nbsp;Settlement of tax withholdings on equity-based incentive compensation |  |  | (5.2) |  |  |  | (5.2) |
| &nbsp;&nbsp;Settlement of restricted stock units | 264006 |  | 11.7 |  |  |  | 11.7 |
| Balance at March 31, 2026 | 87040558 | $0.9 | $845.3 | $7.8 | $(1890.4) | $(6.8) | $(1043.2) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | |
|  | **Common**<br>**Shares** | **Shares Issued**<br>**Par Value** | <br>**Additional**<br>**Paid-in Capital** | <br>**Warrants** | <br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Loss** | <br>**Total** |
|  |  |  |  | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| Balance at December 31, 2024 | 85950493 | $0.9 | $825.4 | $7.8 | $(1539.0) | $(7.0) | $(711.9) |
| &nbsp;&nbsp;Net loss |  |  |  |  | (162.0) |  | (162.0) |
| &nbsp;&nbsp;&nbsp;Settlement of tax withholdings on equity-based incentive compensation |  |  | (6.4) |  |  |  | (6.4) |
| &nbsp;&nbsp;&nbsp;Settlement of restricted stock units | 670977 |  | 18.0 |  |  |  | 18.0 |
| Balance at March 31, 2025 | 86621470 | $0.9 | $837.0 | $7.8 | $(1701.0) | $(7.0) | $(862.3) |

---

See accompanying notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### CALUMET, INC.

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
|  | **(In millions)** | **(In millions)** |
| **Operating activities** |  |  |
| Net loss | $(317.0) | $(162.0) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 33.0 | 37.0 |
| &nbsp;&nbsp;Amortization of turnaround costs | 8.5 | 9.6 |
| &nbsp;&nbsp;Non-cash interest expense | 12.1 | 7.1 |
| &nbsp;&nbsp;Debt extinguishment costs | 1.7 | 45.7 |
| &nbsp;&nbsp;RINs expense | 147.4 | 117.2 |
| &nbsp;&nbsp;Unrealized (gain) loss on derivative instruments | 102.7 | (0.1) |
| &nbsp;&nbsp;Gain on sale of business |  | (62.2) |
| &nbsp;&nbsp;Equity based compensation | 37.4 | (21.5) |
| &nbsp;&nbsp;Lower of cost or market inventory adjustment | (26.2) | (0.1) |
| &nbsp;&nbsp;Other adjustments to reconcile net loss to cash flow from operating activities | 0.6 | 5.1 |
| &nbsp;&nbsp;Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (126.4) | (15.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 41.9 | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7.1 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turnaround costs | (1.8) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (22.9) | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 57.0 | (12.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | (21.0) | (9.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries, wages and benefits | (19.5) | (10.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other taxes payable | (6.9) | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 6.1 | 2.6 |
| Net cash used in operating activities | (86.2) | (29.3) |
| **Investing activities** |  |  |
| Additions to property, plant and equipment | (13.2) | (17.6) |
| Proceeds from sale of business, net |  | 95.4 |
| Other | (0.5) |  |
| Net cash provided by (used in) investing activities | (13.7) | 77.8 |
| **Financing activities** |  |  |
| Proceeds from borrowings — revolving credit facility | 538.3 | 838.2 |
| Repayments of borrowings — revolving credit facility | (537.6) | (1071.2) |
| Proceeds from borrowings — MRL revolving credit agreement |  | 26.6 |
| Repayments of borrowings — MRL revolving credit agreement |  | (26.7) |
| Proceeds from borrowings — senior notes | 557.7 | 100.0 |
| Repayments of borrowings — senior notes | (449.4) |  |
| Proceeds from inventory financing | 88.5 | 88.0 |
| Payments on inventory financing | (98.2) | (147.0) |
| Proceeds from DOE Loan |  | 781.8 |
| Proceeds from asset financing arrangements |  | 40.0 |
| Payments on asset financing arrangements | (7.6) | (6.8) |
| Repayments of borrowings - MRL Asset Financing Arrangements |  | (396.1) |
| Repayments of borrowings - MRL Term Loan Credit Agreement |  | (86.0) |
| Debt issuance costs, debt discounts and premiums | (12.9) | (24.9) |
| Payments on other financing obligations | (5.4) | (6.9) |
| Net cash provided by financing activities | 73.4 | 109.0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (26.5) | 157.5 |
| Cash, cash equivalents and restricted cash at beginning of period | 205.1 | 45.9 |
| Cash, cash equivalents and restricted cash at end of period | $178.6 | $203.4 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;Interest paid, net of capitalized interest | $57.3 | $60.4 |
| &nbsp;&nbsp;Capital expenditures included in accounts payable | $29.8 | $27.0 |

---

See accompanying notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### CALUMET, INC.

#### NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Description of the Business

Calumet, Inc. (the "Company" or "Calumet") is a publicly traded Delaware corporation. The Company manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

The unaudited condensed consolidated financial statements of the Company as of March 31, 2026 and for the three months ended March 31, 2026 and 2025, included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These unaudited condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations for the interim periods presented. All adjustments are of a normal nature, unless otherwise disclosed. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("2025 Annual Report").

2. Summary of Significant Accounting Policies

#### Reclassifications
Certain amounts in the prior years' unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation.

#### Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents and restricted cash include all highly liquid investments with a maturity of three months or less at the time of purchase. Cash and cash equivalents are deposited primarily in banking institutions with global operations. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk related to cash and cash equivalents.

Restricted cash as of March 31, 2026 and December 31, 2025 represents cash that is restricted under the Department of Energy Loan Guarantee Agreement (the "DOE Loan") because it is only available to make certain investments under the terms of the DOE Loan.

#### Renewable Identification Numbers ("RINs") Obligation
Under the Renewable Fuel Standard ("RFS") of the Clean Air Act, certain refineries are required to comply with annual Renewable Volume Obligations ("RVOs") established by the U.S. Environmental Protection Agency ("EPA"). The EPA sets annual RVOs for the percentage of renewable fuels that must be blended into transportation fuels consumed in the United States. Compliance is satisfied through the blending of renewable fuels, the purchase and retirement of Renewable Identification Numbers ("RINs"), or the receipt of a Small Refinery Exemption ("SRE"). A RIN is a 38-character number assigned to each physical gallon of renewable fuel produced in or imported into the United States.

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The Company accounts for its current-period RVO as an estimated liability measured by multiplying the net RINs obligation, based on actual production volumes, by the period-end market price of RINs. The resulting liability is recorded as a current liability and remeasured at each reporting date, with changes recognized in cost of sales. Gains and losses from the sale of RINs are also recorded in cost of sales. The RVO represents an obligation to retire RINs and cannot be settled in cash with the EPA but may be settled through the purchase of a RIN.

Historically, the Company has received SREs and was not required to purchase RINs. Beginning in 2022, EPA denied the Company's SRE petitions for multiple compliance years, which resulted in the recognition of significant RINs liabilities. Those denials were subsequently challenged and, in several instances, vacated and remanded by federal courts.

In August 2025, EPA issued new hardship determinations that (i) reaffirmed prior grants of the Company's 2018 SREs, (ii) issued new decisions for program years 2019 through 2023, and (iii) issued decisions on the Company's 2024 petitions. Under those decisions, the Company received full or partial relief for its Shreveport and Montana refineries for program years 2019 through 2024, which reduced the number of RINs required to be retired. The EPA has not yet issued a decision on the Company's 2025 SRE petitions.

The Company has filed petitions for judicial review of certain EPA decisions relating to the 2022 through 2024 program years in which the Company received only a partial exemption. The EPA has confirmed that it does not intend to pursue enforcement actions while SRE petitions or related litigation are pending and that, if required, the Company will be afforded a reasonable period to achieve compliance.

Expenses related to RFS compliance may continue to be significant. Adverse legal or regulatory developments, higher RIN prices, or a reduction or elimination of SRE availability could require the Company to purchase additional RINs, which could materially adversely affect results of operations and liquidity.

As of March 31, 2026 and December 31, 2025, the Company had a RINs Obligation recorded on the unaudited condensed consolidated balance sheets of $316.7 million and $169.3 million, respectively.

***Sale of Assets Related to Industrial Portion of Royal Purple*® *Business***

On February 28, 2025, the Company announced that it entered into a definitive agreement with a wholly owned subsidiary of Lubrication Engineers, Inc., a portfolio company of Aurora Capital Partners, to sell assets related to the industrial portion of its Royal Purple® business, for $110.0 million, subject to certain customary adjustments. The Company retained the consumer portion of the Royal Purple® business. At the closing of the transaction on December 31, 2025, the Company received cash proceeds of $96.9 million, with a remaining deferred payment of $1.5 million to be received in 2026, net of working capital adjustments and transaction related expenses. During 2025, the Company recorded a $55.8 million gain on the sale of business in the consolidated statements of operations. The total consideration is final, and no additional post-closing adjustments or continuing obligations remain. The Company has recognized the gain on sale based on the finalized consideration, and no further changes to the recorded gain or loss are expected.

***New Accounting Standards***

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied the new disclosure requirements prospectively to the 2025 annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements Refer to Note 11 — "Income Taxes" for additional information.

In November 2024, the FASB issued ASU 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures." This ASU seeks to improve the disclosures about a public business entity's expenses by providing more detailed information about the types of expenses in commonly presented expense captions. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning

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after December 15, 2027. We are currently evaluating the impact this update will have on our consolidated financial statements and footnotes.

3. Inventories

The cost of inventory is recorded using the last-in, first-out ("LIFO") method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. In certain circumstances, the Company may decide not to replenish inventory for certain products or product lines during an interim period, in which case, the Company may record interim LIFO adjustments during that period. During the three months ended March 31, 2026 and 2025, the Company recorded no activity (exclusive of lower of cost or market ("LCM") adjustments) in cost of sales in the unaudited condensed consolidated statements of operations due to the permanent liquidation of inventory layers.

Costs include crude oil and other feedstocks, labor, processing costs, and refining overhead costs. Inventories are valued at the LCM value. The replacement cost of these inventories, based on current market values, would have been $60.7 million and $25.2 million higher than the carrying value of inventory as of March 31, 2026 and December 31, 2025, respectively.

Inventories consist of the following (in millions):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Titled**<br>**Inventory** | **Supply and**<br>**Offtake**<br>**Agreements** <sup>(1)</sup> | <br>**Total** | <br>**Titled**<br>**Inventory** | **Supply and**<br>**Offtake**<br>**Agreements** <sup>(1)</sup> | <br>**Total** |
| Raw materials | $57.1 | $24.2 | $81.3 | $47.9 | $19.6 | $67.5 |
| Work in process | 67.0 | 22.0 | 89.0 | 73.6 | 27.8 | 101.4 |
| Finished goods | 155.0 | 44.2 | 199.2 | 164.2 | 52.1 | 216.3 |
|  | $279.1 | $90.4 | $369.5 | $285.7 | $99.5 | $385.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts represent LIFO value and do not necessarily represent the value at which the inventory was sold. Refer to Note 5 — "Inventory Financing Agreements" for further information.

In addition, the use of the LIFO inventory method may result in increases or decreases to cost of sales in years that inventory volumes decline as the result of charging cost of sales with LIFO inventory costs generated in prior periods. In periods of rapidly declining prices, LIFO inventories may have to be written down to market value due to the higher costs assigned to LIFO layers in prior periods. During the three months ended March 31, 2026 and 2025, the Company recorded a decrease in cost of sales in the unaudited condensed consolidated statements of operations for LCM of $26.2 million and $0.1 million, respectively.

4. Commitments and Contingencies

From time to time, the Company is a party to certain claims and litigation incidental to its business, including claims made by various taxation and regulatory authorities, such as the Internal Revenue Service, the EPA and the U.S. Occupational Safety and Health Administration ("OSHA"), as well as various state environmental regulatory bodies and state and local departments of revenue, as the result of audits or reviews of the Company's business. In addition, the Company has property, business interruption, general liability, and various other insurance policies that may result in certain losses or expenditures being reimbursed to the Company.

#### Environmental
The Company conducts specialty refining, blending, and terminal operations and such activities are subject to stringent federal, regional, state, and local laws and regulations governing worker health and safety, the discharge of materials into the environment, and environmental protection. These laws and regulations impose obligations that are applicable to the

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Company's operations, such as requiring the acquisition of permits to conduct regulated activities, restricting the manner in which the Company may release materials into the environment, requiring remedial activities or capital expenditures to mitigate pollution from former or current operations, requiring the application of specific health and safety criteria addressing worker protection, and imposing substantial liabilities for pollution resulting from its operations. Failure to comply with these laws and regulations may result in the assessment of sanctions, including administrative, civil, and criminal penalties; the imposition of investigatory, remedial, or corrective action obligations or the incurrence of capital expenditures; the occurrence of delays in the permitting, development, or expansion of projects and the issuance of injunctive relief limiting or prohibiting Company activities. Moreover, certain of these laws impose joint and several, strict liability for costs required to remediate and restore sites where petroleum hydrocarbons, wastes, or other materials have been released or disposed. In addition, new laws and regulations, new interpretations of existing laws and regulations, increased governmental enforcement, or other developments, some of which legal requirements are discussed below, could significantly increase the Company's operational or compliance expenditures.

Remediation of subsurface contamination is in process at certain of the Company's refinery sites and is being overseen by the appropriate state agencies. Based on current investigative and remedial activities, the Company believes that the soil and groundwater contamination at these refineries can be controlled or remediated without having a material adverse effect on the Company's financial condition. However, such costs are often unpredictable and, therefore, there can be no assurance that the future costs will not become material.

#### Other Matters, Claims and Legal Proceedings
The Company is subject to matters, claims, and litigation incidental to its business. The Company has recorded accruals with respect to certain matters, claims, and litigation where appropriate, that are reflected in the unaudited condensed consolidated financial statements but are not individually considered material. For other matters, claims, and litigation, the Company has not recorded accruals because it has not yet determined that a loss is probable or because the amount of loss cannot be reasonably estimated. While the ultimate outcome of matters, claims, and litigation currently pending cannot be determined, the Company currently does not expect these outcomes, individually or in the aggregate (including matters for which the Company has recorded accruals), to have a material adverse effect on its financial position, results of operations, or cash flows. The outcome of any matter, claim, or litigation is inherently uncertain, however, and if decided adversely to the Company, or if the Company determines that settlement of particular litigation is appropriate, the Company may be subject to liability that could have a material adverse effect on its financial position, results of operations or cash flows.

**5. Inventory Financing Agreements**

On January 17, 2024 (the "Effective Date"), the Company and J. Aron & Company LLC ("J Aron") entered into a Monetization Master Agreement (the "Master Agreement"), a related Financing Agreement (the "Financing Agreement") and a Supply and Offtake Agreement (together with the Master Agreement and the Financing Agreement, the "Shreveport Supply and Offtake Agreement"). Pursuant to the Shreveport Supply and Offtake Agreement, J. Aron agreed to, among other things, purchase from the Company, or extend to the Company, financial accommodations secured by crude oil and finished products located at the Company's Shreveport facility on the Effective Date and from time to time, up to maximum volumes specified for crude oil and categories of finished products, subject to the Company's repurchase obligations with respect thereto. On March 30, 2026, the Company entered into the Second Omnibus Amendment Agreement with J. Aron and the other parties thereto, to extend the expiration date of the Shreveport Supply and Offtake Agreement to January 31, 2030.

On October 3, 2023, Montana Renewables, LLC ("MRL") and Wells Fargo Commodities, LLC ("Wells Fargo") entered into (a) an ISDA 2002 Master Agreement (the "Master Agreement"), (ii) a Schedule to the ISDA 2002 Master Agreement (the "Schedule"), (iii) a Credit Support Annex to the ISDA 2002 Master Agreement (the "Credit Support Annex"), and (iv) a Renewable Fuel and Feedstock Repurchase Master Confirmation (together with the Master Agreement, the Schedule and the Credit Support Annex, collectively the "MRL Supply and Offtake Agreement" and, together with the Shreveport Supply and Offtake Agreement, the "Supply and Offtake Agreements"). Pursuant to the MRL Supply and Offtake Agreement, Wells Fargo agreed to, among other things, (a) purchase from MRL renewable feedstocks and finished products located at MRL's Great Falls facility, subject to MRL's repurchase obligations with respect thereto, and (b)

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provide certain financial accommodations to MRL secured by liens on certain renewable feedstocks and finished products owned by MRL. The MRL Supply and Offtake Agreement replaced MRL's previous inventory financing agreement with Macquarie, which terminated on October 3, 2023.

On February 18, 2025, the Company repaid in full the outstanding obligations of approximately $32.5 million under the MRL Supply and Offtake Agreement.

While title to certain inventories will reside with the counterparties to the arrangements, the Supply and Offtake Agreements are accounted for by the Company similar to a product financing arrangement; therefore, the inventories sold to the counterparties will continue to be included in the Company's unaudited condensed consolidated balance sheets until processed and sold to a third party.

As of March 31, 2026 and December 31, 2025, the net carrying value of the Shreveport Supply and Offtake Agreement obligation was $133.9 million and $91.1 million, respectively, which are included in other long-term liabilities on the Company's condensed consolidated balance sheets. For the three months ended March 31, 2026 and 2025, the Company incurred an expense of $2.8 million and $4.1 million, respectively, for financing costs related to the inventory financing arrangements, which are included in interest expense in the Company's unaudited condensed consolidated statements of operations.

6. Long-Term Debt

Long-term debt consisted of the following (in millions):

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| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Senior secured revolving credit facility | $95.2 | $94.6 |
| 9.75% Senior Notes due 2031 | 555.0 |  |
| 9.25% Senior Notes due 2029 | 200.0 | 200.0 |
| 9.75% Senior Notes due 2028 | 325.0 | 325.0 |
| 9.75% Senior Notes due 2028 - Mirror Issuance Notes | 100.0 | 100.0 |
| 8.125% Senior Notes due 2027 |  | 325.0 |
| 11.00% Senior Notes due 2026 |  | 124.4 |
| DOE Loan | 825.2 | 815.4 |
| Shreveport terminal asset financing arrangement | 113.7 | 116.1 |
| Montana terminal asset financing arrangement | 19.3 | 22.5 |
| Montana refinery asset financing arrangement | 140.8 | 142.7 |
| Finance lease obligations | 1.2 | 1.9 |
| Less unamortized debt issuance costs <sup>(1)</sup> | (45.5) | (32.5) |
| Less unamortized discounts and premium | 2.1 | (1.6) |
| Total debt | $2332.0 | $2233.5 |
| Less current portion of long-term debt | 32.6 | 156.2 |
| Total long-term debt | $2299.4 | $2077.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Deferred debt issuance costs are being amortized by the effective interest rate method over the lives of the related debt instruments. These amounts are net of accumulated amortization of $16.3 million and $23.2 million at March 31, 2026 and December 31, 2025, respectively .

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***Senior Secured Revolving Credit Facility***

On January 23, 2026, the Company entered into the Ninth Amendment to the Third Amended and Restated Credit Agreement (the "Ninth Amendment"). The Ninth Amendment amended the Third Amended and Restated Credit Agreement, dated as of February 23, 2018 (the "Credit Agreement"), by and among Calumet GP, LLC, Calumet Specialty Products Partners, L.P., certain subsidiaries of the Company party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent. Among other changes, the Ninth Amendment modified the Credit Agreement to (i) extend the maturity date to January 23, 2031, (ii) provide for commitments of $500.0 million, subject to borrowing base limitations, (iii) revise certain covenants, representations and warranties, events of default and other terms to permit the Company or one or more of its subsidiaries to consummate one or more new inventory financing transactions, subject in each case to the Company's satisfaction of certain customary conditions and (iv) provide for a reduction of commitments under the Credit Agreement from $500.0 million to $425.0 million if any such inventory financing transaction is consummated.

The borrowing capacity at March 31, 2026, under the revolving credit facility was approximately $425.7 million. As of March 31, 2026, the Company had outstanding borrowings of $95.2 million under the revolving credit facility and outstanding standby letters of credit of $46.3 million, leaving approximately $284.2 million of availability.

The revolving credit facility contains various covenants that limit, among other things, the Company's ability to: incur indebtedness; grant liens; dispose of certain assets; make certain acquisitions and investments; redeem or prepay other debt or make other restricted payments such as distributions to unitholders; enter into transactions with affiliates; and enter into a merger, consolidation or sale of assets. Further, the revolving credit facility contains one springing financial covenant which provides that only if the Company's availability to borrow loans under the revolving credit facility falls below the greater of (i) 10% of the borrowing base then in effect and (ii) $35.0 million (which amount is subject to certain increases), then the Company will be required to maintain as of the end of each fiscal quarter a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of at least 1.0 to 1.0. As of March 31, 2026, the Company was in compliance with all covenants under the revolving credit facility.

***Senior Notes***

**9.75% Senior Notes due 2031 (the "2031 Notes")**

On January 12, 2026, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. ("Finance Corp." and, together with the Partnership, the "Issuers"), each a subsidiary of the Company, issued and sold $405.0 million aggregate principal amount of a new series of the Issuers' 9.75% Senior Notes due 2031 (the "Initial Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The Company received net proceeds of $393.0 million after deducting the initial purchasers' discount and estimated offering expenses. The Company used the net proceeds from the offering of the Initial Notes, together with cash on hand and borrowings under the Company's revolving credit facility, to redeem all of the Issuers' outstanding 2026 Notes and 2027 Notes.

On March 17, 2026, the Issuers issued and sold $150.0 million aggregate principal amount of additional 9.75% 2031 Senior Notes (the "Additional Notes," and together with the Initial Notes, the "2031 Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act. The Additional Notes were issued at 105.0% of par, plus accrued interest from January 12, 2026, for net proceeds of approximately $154.9 million, after deducting the estimated offering expenses and accrued interest. The Company used the net proceeds from the offering of the Additional Notes to repay borrowings outstanding under the Company's revolving credit facility. The 2031 Notes bear interest at a fixed rate of 9.75% per annum and mature on February 15, 2031 when the balance of principal and accrued interest is due.

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#### 9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes")
On March 7, 2024, the Issuers issued and sold $200.0 million in aggregate principal amount of 2029 Secured Notes in a private placement pursuant to Section 4(a)(2) of the Securities Act to eligible purchasers at par. The Company received net proceeds of $199.0 million, after deducting transaction expenses. The 2029 Secured Notes bear interest at a fixed rate of 9.25% per annum and mature on July 15, 2029 when the balance of principal and accrued interest is due.

#### 9.75% Senior Notes due 2028 (the "2028 Notes")
On June 27, 2023, the Issuers issued and sold $325.0 million in aggregate principal amount of 2028 Notes, in a private placement pursuant to Section 4(a)(2) of the Securities Act to eligible purchasers at par. The Company received net proceeds of $319.1 million after deducting transaction expenses. The 2028 Notes bear interest at a fixed rate of 9.75% per annum and mature on July 15, 2028 when the balance of principal and accrued interest is due.

#### 9.75% Senior Notes due 2028 (the "2028 Mirror Issuance Notes")
On January 16, 2025, the Issuers issued and sold $100.0 million aggregate principal amount of a new series of 9.75% Senior Notes due 2028 in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act to eligible purchasers at a discount. The 2028 Mirror Issuance Notes were issued at a discount for net proceeds of approximately $96.0 million after deducting the initial purchasers' discount and estimated offering expenses. The 2028 Mirror Issuance Notes bear interest at a fixed rate of 9.75% per annum and mature on July 15, 2028 when the balance of principal and accrued interest is due.

**8.125% Senior Notes due 2027 (the "2027 Notes")**

On January 20, 2022, the Issuers issued and sold $325.0 million in aggregate principal amount of 2027 Notes, in a private placement pursuant to Section 4(a)(2) of the Securities Act to eligible purchasers at par. The Company received net proceeds of $319.1 million after deducting the initial purchasers' discount and offering expenses. Prior to the redemption described below, the 2027 Notes bore interest at a fixed rate of 8.125% per annum and were scheduled to mature on July 15, 2027 when the balance of principal and accrued interest would have been due.

The Company redeemed all the 2027 Notes in January 2026.

**11.00% Senior Notes due 2026 (the "2026 Notes")**

On November 25, 2024, the Issuers completed a private exchange offer (the "Exchange Offer") to certain eligible holders, pursuant to which approximately $354.4 million aggregate principal amount of the 2025 Notes were validly tendered by and accepted for exchange from eligible holders for consideration of approximately $354.4 million aggregate principal amount of newly issued 2026 Notes. Prior to the redemptions described below, the 2026 Notes bore interest at a fixed rate of 11.00% per annum and were scheduled to mature on April 15, 2026, when the balance of principal and accrued interest would have been due. The Issuers partially redeemed $150.0 million and $80.0 million on May 24, 2025 and August 12, 2025, respectively, plus accrued and unpaid interest up to but not including the respective redemption date.

The Company redeemed all the remaining 2026 Notes in January 2026.

The effective interest rate of all of the Issuers' senior notes is consistent with the stated rates.

#### Senior Notes
The 2028 Notes, 2028 Mirror Issuance Notes, 2029 Secured Notes and 2031 Notes (collectively, the "Senior Notes") are subject to certain automatic customary releases, including the sale, disposition, or transfer of capital stock or substantially all of the assets of a subsidiary guarantor, designation of a subsidiary guarantor as unrestricted in accordance with the applicable indenture, exercise of legal defeasance option or covenant defeasance option, liquidation or dissolution of the subsidiary guarantor and a subsidiary guarantor ceases to both guarantee other Partnership debt and to be an obligor

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under the revolving credit facility. The Partnership's operating subsidiaries may not sell or otherwise dispose of all or substantially all of their properties or assets to, or consolidate with or merge into, another company if such a sale would cause a default under the indentures governing the Senior Notes.

The indentures governing the Senior Notes contain covenants that, among other things, restrict the Partnership's ability and the ability of certain of the Partnership's subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase the Partnership's equity or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue preferred equity; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from the Partnership's restricted subsidiaries to the Partnership; (vii) consolidate, merge or transfer all or substantially all of the Partnership's assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. At any time when the Senior Notes are rated investment grade by either Moody's Investors Service, Inc. ("Moody's") or S&P Global Ratings ("S&P") and no Default or Event of Default, each as defined in the indentures governing the Senior Notes, has occurred and is continuing, many of these covenants will be suspended. As of March 31, 2026, the Company and the Issuers were in compliance with all covenants under the indentures governing the Senior Notes.

***U.S. Department of Energy Facility***

On January 10, 2025, MRL and the U.S. Department of Energy (the "DOE"), as guarantor and loan servicer, executed a Loan Guarantee Agreement (the "DOE Loan") for a $1.44 billion guaranteed loan facility to fund the construction and expansion of the renewable fuels facility owned by MRL. The loan guarantee is structured in two tranches, with the first tranche of approximately $781.8 million disbursed on February 18, 2025 (the "Funding Date") to fund eligible expenses previously incurred by MRL. MRL has the ability to draw additional tranches of up to approximately $658.0 million through a delayed draw construction facility. Borrowings under the DOE Loan are obligations of our unrestricted subsidiaries MRL and MRHL solely, and are non-recourse to the Company and its restricted subsidiaries. As of March 31, 2026, the Company has capitalized $43.4 million of accrued interest into the principal balance of the DOE loan in accordance with the terms of the agreement which allows capitalization of up to $232.8 million of interest. Interest expense is calculated based on the total principal balance including any capitalized interest.

In connection with the funding of the first tranche under the DOE Loan, MRL terminated (i) the MRL Asset Financing Arrangements, (ii) the MRL Term Loan Credit Agreement, (iii) the MRL Revolving Credit Agreement and (iv) the MRL Supply and Offtake Agreement.

On the Funding Date, the Company used a portion of the proceeds from the first tranche of the DOE Loan to repurchase all of the equipment associated with the MRL Asset Financing Arrangements; repay the MRL Term Loan Credit Agreement; repay the MRL Revolving Credit Agreement; and repay the MRL Supply and Offtake Agreement.

Separately, the Company received $40.0 million of cash from Stonebriar Commercial Finance LLC ("Stonebriar") on the Funding Date in satisfaction of the remaining conditions associated with the Montana Refinery Asset Financing Arrangement.

#### Montana Refinery Asset Financing Arrangement
On September 30, 2024, Calumet Montana Refining, LLC ("Calumet Montana"), a subsidiary of the Company, entered into a Master Lease Agreement (together with Equipment Schedule No. 1 thereto) with Stonebriar related to a sale and leaseback transaction (the "Montana Refinery Asset Financing Arrangement"). Pursuant to the Montana Refinery Asset Financing Arrangement, Calumet Montana sold to and leased back from Stonebriar certain equipment comprising the specialty asphalt refinery located in Great Falls, Montana (the "Refinery Assets"), for a total purchase price of $150.0 million. Calumet Montana received $110.0 million of the total purchase price on September 30, 2024 and the remaining purchase price of $40.0 million on February 18, 2025 in connection with the funding of the first tranche of approximately $782 million under the DOE Facility.

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The arrangement did not qualify as a sale in accordance with ASC 842 because control of the assets did not transfer to the buyer-lessor, as such the Company has recorded the Montana Refinery Asset Financing Arrangement as a financial liability in the unaudited condensed consolidated balance sheets.

#### MRL Asset Financing Arrangements
In connection with the funding of the first tranche under the DOE Facility, MRL terminated the MRL Asset Financing Arrangements and the Company recorded debt extinguishment costs of approximately $34.8 million during the three months ended March 31, 2025.

#### MRL Term Loan Credit Agreement
In connection with the funding of the first tranche under the DOE Facility, MRL terminated the MRL Term Loan Credit Agreement and the Company recorded debt extinguishment costs of approximately $12.3 million during the three months ended March 31, 2025.

#### Master Derivative Contracts
The Company's payment obligations under all of the Company's master derivatives contracts for commodity hedging generally are secured by a first priority lien on the Company's real property, plant and equipment, fixtures, intellectual property, certain financial assets, certain investment property, commercial tort claims, chattel paper, documents, instruments and proceeds of the foregoing (including proceeds of hedge arrangements). The Company had no additional letters of credit or cash margin posted with any hedging counterparty as of March 31, 2026. The Company's master derivatives contracts and Collateral Trust Agreement (as defined below) continue to impose a number of covenant limitations on the Company's operating and financing activities, including limitations on liens on collateral, limitations on dispositions of collateral and collateral maintenance and insurance requirements.

#### Collateral Trust Agreement
The Company has a collateral trust agreement (the "Collateral Trust Agreement") which governs how various secured Company creditors, including secured hedging counterparties, our creditor on a forward purchase contract for physical commodities, and holders of our 2029 Secured Notes share collateral pledged as security for the payment of respective payment obligations to them. The Collateral Trust Agreement limits to $150.0 million the extent to which forward purchase contracts for physical commodities are covered by, and secured under, the Collateral Trust Agreement and the Parity Lien Security Documents (as defined in the Collateral Trust Agreement). There is no such limit on financially settled derivative instruments used for commodity hedging. Subject to certain conditions set forth in the Collateral Trust Agreement, the Company has the ability to add secured parties from time to time.

#### Standby Letters of Credit
The Company has agreements with various financial institutions for standby letters of credit and other reserves. The standby letters of credit have been issued primarily to vendors. As of March 31, 2026 and December 31, 2025, the Company had outstanding standby letters of credit of $46.3 million and $75.2 million, respectively, under its senior secured revolving credit facility (the "revolving credit facility").

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#### Maturities of Long-Term Debt
As of March 31, 2026, principal payments on debt obligations and future minimum rentals on finance lease obligations are as follows (in millions):

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| | |
|:---|:---|
| **Year** | **Maturity** |
| 2026 | $24.7 |
| 2027 | 29.3 |
| 2028 | 447.6 |
| 2029 | 255.9 |
| 2030 | 74.6 |
| Thereafter | 1543.3 |
| Total Principal Payments | $2375.4 |
| Less: Unamortized debt issuance costs and debt discounts | (43.4) |
| Total debt | $2332.0 |

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7. Derivatives

The Company is exposed to price risks due to fluctuations in the price of crude oil, refined products, renewable products, feedstocks, and natural gas. The Company uses various strategies to reduce its exposure to commodity price risk. The strategies to reduce the Company's risk utilize both physical forward contracts and financially settled derivative instruments, such as swaps, collars, options and futures, to attempt to reduce the Company's exposure with respect to:

● crude oil and renewable feedstock purchases and sales;

● fuel and renewable fuel product sales and purchases;

● natural gas purchases;

● precious metals purchases; and

● fluctuations in the value of crude oil between geographic regions and between the different types of crude oil such as New York Mercantile Exchange West Texas Intermediate ("NYMEX WTI"), Light Louisiana Sweet, Western Canadian Select ("WCS"), WTI Midland, Mixed Sweet Blend, Magellan East Houston and ICE Brent.

The Company manages its exposure to commodity markets, credit, volumetric and liquidity risks to manage its costs and volatility of cash flows as conditions warrant or opportunities become available. These risks may be managed in a variety of ways that may include the use of derivative instruments. Derivative instruments may be used for the purpose of mitigating risks associated with an asset, liability and anticipated future transactions. The changes in fair value of the Company's derivative instruments will affect its earnings and cash flows; however, such changes should be offset by price or rate changes related to the underlying commodity or financial transaction that is part of the risk management strategy. The Company does not speculate with derivative instruments or other contractual arrangements that are not associated with its business objectives.

Speculation is defined as increasing the Company's natural position above the maximum position of its physical assets or trading in commodities, currencies or other risk bearing assets that are not associated with the Company's business activities and objectives. The Company's positions are monitored routinely by a risk management committee to ensure compliance with its stated risk management policy and documented risk management strategies. All strategies are reviewed on an ongoing basis by the Company's risk management committee, which will add, remove or revise strategies in anticipation of changes in market conditions and/or its risk profiles. Such changes in strategies are to position the Company in relation to its risk exposures in an attempt to capture market opportunities as they arise.

As of March 31, 2026 and December 31, 2025, the Company was obligated to repurchase crude oil and refined products from its counterparties, then in effect, at the termination of the Supply and Offtake Agreements in certain scenarios. The Company has determined that the redemption feature on the initially recognized liability related to the Supply and Offtake Agreements is an embedded derivative indexed to commodity prices. As such, the Company has accounted for these embedded derivatives at fair value with changes in the fair value, if any, recorded in gain (loss) on derivative instruments in the Company's unaudited condensed consolidated statements of operations. Refer to Note 5 — "Inventory Financing Agreements" for additional information.

The Company recognizes all derivative instruments at their fair values (refer to Note 8 — "Fair Value Measurements") as either current assets or derivative liabilities or other noncurrent assets, net or other long-term liabilities in the unaudited condensed consolidated balance sheets. Fair value includes any premiums paid or received and unrealized gains and losses. Fair value does not include any amounts receivable from or payable to counterparties, or collateral provided to counterparties. Derivative asset and liability amounts with the same counterparty are netted against each other for financial reporting purposes in accordance with the provisions of our master netting arrangements.

[**Table of Contents**](#TOC)

The following tables summarize the Company's gross fair values of its derivative instruments, presenting the impact of offsetting derivative assets in the Company's unaudited condensed consolidated balance sheets (in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Balance Sheet**<br>**Location** | **Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets** | <br>**Gross**<br>**Amounts**<br>**Offset**  | <br>**Net Amounts**<br>**of Assets**<br>**Presented** | **Gross**<br>**Amounts of**<br>**Recognized**<br>**Assets** | <br>**Gross**<br>**Amounts**<br>**Offset**  | <br>**Net Amounts**<br>**of Assets**<br>**Presented** |
| Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: |
| Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: |
| &nbsp;&nbsp;Crack spread swaps | Derivative assets | $— | $— | $— | $6.7 | $— | $6.7 |

---

The following tables summarize the Company's gross fair values of its derivative instruments, presenting the impact of offsetting derivative liabilities in the Company's unaudited condensed consolidated balance sheets (in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Balance Sheet** <br>**Location** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | <br>**Gross**<br>**Amounts**<br>**Offset**  | <br>**Net Amounts**<br>**of Liabilities**<br>**Presented** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | <br>**Gross**<br>**Amounts**<br>**Offset**  | <br>**Net Amounts**<br>**of Liabilities**<br>**Presented** |
| Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: | Derivative instruments not designated as hedges: |
| Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: | Specialty Products and Solutions segment: |
| &nbsp;&nbsp;Inventory financing obligation | Other long-term liabilities <sup>(1)</sup> | $(29.1) | $— | $(29.1) | $— | $23.1 | $23.1 |
| &nbsp;&nbsp;Crack spread swaps | Derivative liabilities / Other long-term liabilities | (50.0) |  | (50.0) |  |  |  |
| Total derivative instruments | Total derivative instruments | $(79.1) | $— | $(79.1) | $— | $23.1 | $23.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The embedded derivative of the inventory financing obligation is reflected as a component of other long-term liabilities in the condensed consolidated balance sheets. The embedded derivative of the inventory financing obligation was a $29.1 million increase to other long-term liabilities as of March 31, 2026 and a $23.1 million reduction to other long-term liabilities as of December 31, 2025.

Certain of the Company's outstanding derivative instruments are subject to credit support agreements with the applicable counterparties which contain provisions setting certain credit thresholds above which the Company may be required to post agreed-upon collateral, such as cash or letters of credit, with the counterparty to the extent that the Company's mark-to-market net liability, if any, on all outstanding derivatives exceeds the credit threshold amount per such credit support agreement. The majority of the credit support agreements covering the Company's outstanding derivative instruments also contain a general provision stating that if the Company experiences a material adverse change in its business, in the reasonable discretion of the counterparty, the Company's credit threshold could be lowered by such counterparty. The Company does not expect that it will experience a material adverse change in its business. The cash flow impact of the Company's derivative activities are included within cash flows from operating activities in the unaudited condensed consolidated statements of cash flows.

#### Derivative Instruments Not Designated as Hedges
For derivative instruments not designated as hedges, the change in fair value of the asset or liability for the period is recorded to gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. Upon the settlement of a derivative not designated as a hedge, the gain or loss at settlement is recorded to gain (loss) on derivative instruments in the unaudited condensed consolidated statements of operations. The Company has entered into crack spread swaps that were not designated as cash flow hedges for accounting purposes. However, these instruments provide economic hedges of the purchases and sales of the Company's natural gas, crude oil, gasoline and refined products.

[**Table of Contents**](#TOC)

The Company recorded the following gains (losses) in its unaudited condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 related to its derivative instruments not designated as hedges (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amount of Realized Gain (Loss)**  | **Amount of Realized Gain (Loss)**  |  |  |
| | **Recognized in Gain (Loss) on**  | **Recognized in Gain (Loss) on**  | **Amount of Unrealized Gain (Loss)**  | **Amount of Unrealized Gain (Loss)**  |
| | **Derivative**  | **Derivative**  | **Recognized in Gain (Loss) on Derivative**  | **Recognized in Gain (Loss) on Derivative**  |
| | **Instruments** | **Instruments** | **Instruments** | **Instruments** |
| <br>**Type of Derivative** | **2026** | **2025** | **2026** | **2025** |
| Specialty Products and Solutions segment: |  |  |  |  |
| &nbsp;&nbsp;Inventory financing obligation | $(7.0) | $(1.7) | $(46.0) | $0.1 |
| &nbsp;&nbsp;Crack spread swaps | (5.7) |  | (56.7) |  |
| Montana/Renewables segment: |  |  |  |  |
| &nbsp;&nbsp;Inventory financing obligation |  | (5.6) |  |  |
| Total | $(12.7) | $(7.3) | $(102.7) | $0.1 |

---

#### Derivative Positions
In November 2025, the Company entered into crack spread swaps sales contracts with a counterparty to reduce its exposure to commodity price risk. At March 31, 2026, the Company had the following notional contract volumes related to outstanding derivative instruments:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional Contract Volumes by** | **Notional Contract Volumes by** |
|  | | **Year of Maturity** | **Year of Maturity** |
|  | <br>**Total**<br>**Outstanding**<br>**Notional** | **2026** | <br>**Unit of Measure** |
| ***Derivative instruments not designated as hedges:*** |  |  |  |
| Crack spread swaps - sales | 3210000 | 3210000 | Barrels |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional Contract Volumes by**  | **Notional Contract Volumes by**  |
|  | | **Year of Maturity** | **Year of Maturity** |
|  | <br>**Total**<br>**Outstanding**<br>**Notional** | **2027** | <br>**Unit of Measure** |
| ***Derivative instruments not designated as hedges:*** |  |  |  |
| Crack spread swaps - sales | 1460000 | 1460000 | Barrels |

---

8. Fair Value Measurements

In accordance with ASC 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company's assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following:

● Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities

● Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable

● Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions

[**Table of Contents**](#TOC)

In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment.

#### Recurring Fair Value Measurements
There have been no material changes in our Derivative Assets and Liabilities Measurements, Pension Assets, Liability Awards, and Precious Metals Obligations from those previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

#### Hierarchy of Recurring Fair Value Measurements
The Company's recurring assets and liabilities measured at fair value were as follows (in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |  |
| Derivative assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crack spread swaps | $— | $— | $— | $— | $— | $— | $6.7 | $6.7 |
| &nbsp;&nbsp;Inventory financing obligation |  |  |  |  |  |  | 23.1 | 23.1 |
| Total derivative assets |  |  |  |  |  |  | 29.8 | 29.8 |
| Pension plan investments | 3.2 | 22.4 |  | 25.6 | 3.3 | 22.9 |  | 26.2 |
| Other | 0.9 | 2.7 |  | 3.6 | 0.8 | 2.3 |  | 3.1 |
| Total recurring assets at fair value | $4.1 | $25.1 | $— | $29.2 | $4.1 | $25.2 | $29.8 | $59.1 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Derivative liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crack spread swaps | $— | $— | $(50.0) | $(50.0) | $— | $— | $— | $— |
| &nbsp;&nbsp;Inventory financing obligation |  |  | (29.1) | (29.1) |  |  |  |  |
| Total derivative liabilities |  |  | (79.1) | (79.1) |  |  |  |  |
| Liability awards | (68.7) |  |  | (68.7) | (43.1) |  |  | (43.1) |
| Total recurring liabilities at fair value | $(68.7) | $— | $(79.1) | $(147.8) | $(43.1) | $— | $— | $(43.1) |

---

The table below sets forth a summary of net changes in fair value of the Company's Level 3 financial assets and liabilities (in millions):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,**  | **For the Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Fair value at January 1, | $29.8 | $6.3 |
| Realized loss on derivative instruments | (12.7) | (7.3) |
| Unrealized gain (loss) on derivative instruments | (102.7) | 0.1 |
| Settlements | 6.5 | 7.3 |
| Fair value at March 31,  | $(79.1) | $6.4 |
| Total gain (loss) included in net income (loss) attributable to changes in unrealized gain (loss) relating to financial assets and liabilities held as of March 31,  | $(102.7) | $0.1 |

---

#### Nonrecurring Fair Value Measurements
Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances.

[**Table of Contents**](#TOC)

#### Estimated Fair Value of Financial Instruments

#### Cash, cash equivalents and restricted cash
The carrying value of cash, cash equivalents and restricted cash are each considered to be representative of their fair value.

#### Debt
The estimated fair value of long-term debt at March 31, 2026 and December 31, 2025, consists primarily of senior notes. The estimated fair value of the Company's 2026 Notes, 2027 Notes, 2028 Notes, 2028 Mirror Issuance Notes, 2029 Secured Notes, and 2031 Notes defined as Level 2 was based upon quoted prices for identical or similar liabilities in markets that are not active. The carrying value of borrowings, if any, under the Company's Senior secured revolving credit facility, DOE Loan, Shreveport terminal asset financing arrangement, Montana terminal asset financing arrangement, Montana refinery asset financing arrangement, and finance lease obligations are classified as Level 3. Refer to Note 6 — "Long-Term Debt" for further information on long-term debt.

The Company's carrying value and estimated fair value of the Company's financial instruments, carried at adjusted historical cost, were as follows (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Level** | **Fair Value** | **Carrying Value** | **Fair Value** | **Carrying Value** |
| Financial Instrument: |  |  |  |  |  |
| 2026 Notes, 2027 Notes, 2028 Notes, 2028 Mirror Issuance Notes, 2029 Secured Notes and 2031 Notes | 2 | $1233.4 | $1166.2 | 1083.7 | $1065.5 |
| Senior secured revolving credit facility | 3 | $95.2 | $88.8 | $94.6 | $93.0 |
| DOE Loan | 3 | $825.2 | $805.6 | $815.4 | $795.5 |
| Shreveport terminal asset financing arrangement | 3 | $113.7 | $111.4 | $116.1 | $113.7 |
| Montana terminal asset financing arrangement | 3 | $19.3 | $19.2 | $22.5 | $22.4 |
| Montana refinery asset financing arrangement | 3 | $140.8 | $139.6 | $142.7 | $141.5 |
| Finance lease obligations | 3 | $1.2 | $1.2 | $1.9 | $1.9 |

---

9. Earnings Per Share and Stock-Based Compensation

The following table sets forth the computation of basic and diluted earnings per share (in millions, except share and per share data) for the three months ended March 31:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Numerator for basic and diluted earnings per share: |  |  |
| &nbsp;&nbsp;Net loss | $(317.0) | $(162.0) |
| Denominator for earnings per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of basic and diluted common shares outstanding <sup>(1)</sup> | 86995431 | 86428634 |
| Earnings per share in net loss: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(3.64) | $(1.87) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total diluted weighted average common shares outstanding excludes a de-minimis amount of potentially dilutive restricted stock units which would have been anti-dilutive for the three months ended March 31, 2026 and 2025, respectively.

[**Table of Contents**](#TOC)

Stock-based compensation expense (benefit) is included within general and administrative expense in the unaudited condensed consolidated statements of operations. For the periods ended March 31, 2026 and 2025, stock-based compensation expense totaled $37.9 million of expense and $20.9 million of benefit, respectively.

**10. Segments and Related Information**

#### Segment Reporting
The Company determines its reportable segments based on how the business is managed internally for the products sold to customers, including how results are reviewed and resources are allocated. Effective January 1, 2026, the Company reorganized its business segments as a result of a change in how our chief operating decision maker ("CODM") allocates resources, makes operating decisions, and assesses the performance of its business. As a result, as of January 1, 2026, the Company's operations are managed by the CODM using the following reportable segments:

● *Specialty Products and Solutions.* The Specialty Products and Solutions segment consists of our customer-focused solutions and formulations businesses, covering multiple specialty product lines, anchored by our unique integrated complex in Northwest Louisiana. In this segment, we manufacture and market a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. Our specialty products are sold to domestic and international customers who purchase them primarily as raw material components for consumer-facing and industrial products.

● *Montana/Renewables.* The Montana/Renewables segment is composed of our Montana Renewables facility and our Great Falls specialty asphalt facility. At our Montana Renewables facility, we process a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha that are distributed into renewable markets in the western half of North America. At our Montana specialty asphalt facility, we process Canadian crude oil into conventional gasoline, diesel, jet fuel and specialty grades of asphalt, with production sized to serve local markets.

● *Performance Brands.* The Performance Brands segment includes our fast-growing portfolio of high-quality, high-performing brands. In this segment, we blend, package, and market high performance products through our Royal Purple, Bel-Ray, and TruFuel brands.

The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies as disclosed in Note 2 — "Summary of Significant Accounting Policies," except that the disaggregated financial results for the reporting segments have been prepared using a management approach, which is consistent with the basis and manner in which management internally disaggregates financial information for the purposes of assisting internal operating decisions. The Company accounts for inter-segment sales and transfers using market-based transfer pricing. The Company will periodically refine its expense allocation methodology for its segment reporting as more specific information becomes available and the industry or market changes. The CODM uses Adjusted EBITDA (a non-GAAP financial measure) to evaluate performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. The Company defines Adjusted EBITDA for any period as EBITDA adjusted for (a) impairment; (b) unrealized gains and losses from mark-to-market accounting for hedging activities; (c) realized gains and losses under derivative instruments excluded from the determination of net income (loss); (d) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (e) debt refinancing fees, extinguishment costs, premiums and penalties; (f) any net gain or loss realized in connection with an asset sale that was deducted in computing net income (loss); (g) amortization of turnaround costs; (h) LCM inventory adjustments; (i) the impact of liquidation of inventory layers calculated using the LIFO method; (j) RINs mark-to-market adjustments; (k) RINs incurrence expense; and (l) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense.

[**Table of Contents**](#TOC)

Reportable segment information for the three months ended March 31, 2026 and 2025 is as follows (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Three Months Ended March 31, 2026** | **Specialty**<br>**Products and**<br>**Solutions** | <br>**Performance**<br>**Brands** | <br>**Montana/**<br>**Renewables** | <br>**Consolidated**<br>**Total** |
| Sales: |  |  |  |  |
| External customers | $705.0 | $88.9 | $235.8 | $1029.7 |
| Inter-segment sales | 3.9 | 0.1 |  | 4.0 |
| Total sales | $708.9 | $89.0 | $235.8 | $1033.7 |
| Inter-segment sales eliminations |  |  |  | (4.0) |
| Sales |  |  |  | $1029.7 |
| Cost of sales <sup>(1)</sup> | $645.7 | $66.4 | $242.6 |  |
| Other segment expenses <sup>(1)</sup> | 9.2 | 10.0 | 9.5 |  |
| Other segment items <sup>(1)</sup> | 5.8 | (0.1) | (4.0) |  |
| Segment Adjusted EBITDA | $44.3 | $12.6 | $(12.3) | 44.6 |
| Reconciling items to net loss: |  |  |  |  |
| &nbsp;&nbsp;Corporate expenses and other |  |  |  | $17.0 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  | 41.4 |
| &nbsp;&nbsp;LCM / LIFO gain |  |  |  | (26.2) |
| &nbsp;&nbsp;Interest expense |  |  |  | 51.1 |
| &nbsp;&nbsp;Debt extinguishment costs |  |  |  | 1.7 |
| &nbsp;&nbsp;Unrealized loss on derivatives |  |  |  | 102.7 |
| &nbsp;&nbsp;RINs incurrence expense |  |  |  | 31.5 |
| &nbsp;&nbsp;RINs mark-to-market loss |  |  |  | 115.9 |
| &nbsp;&nbsp;Other  |  |  |  | 0.5 |
| &nbsp;&nbsp;Equity-based compensation and other items |  |  |  | 44.7 |
| &nbsp;&nbsp;Income tax expense |  |  |  | (20.8) |
| &nbsp;&nbsp;Noncontrolling interest adjustments |  |  |  | 2.1 |
| Net loss |  |  |  | $(317.0) |
| Capital expenditures | $0.7 | $— | $13.7 |  |
| PP&E, net | $310.9 | $28.3 | $990.2 |  |

---

[**Table of Contents**](#TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Three Months Ended March 31, 2025**  | **Specialty**<br>**Products and**<br>**Solutions**  | <br>**Performance**<br>**Brands**  | <br>**Montana/**<br>**Renewables** | <br>**Total** |
| Sales: |  |  |  |  |
| External customers | $650.1 | $82.1 | $261.7 | $993.9 |
| Inter-segment sales | 4.8 |  |  | 4.8 |
| Total sales | $654.9 | $82.1 | $261.7 | $998.7 |
| Inter-segment sales eliminations |  |  |  | (4.8) |
| Sales |  |  |  | $993.9 |
| Cost of sales <sup>(1)</sup> | $585.0 | $56.7 | $269.9 |  |
| Other segment expenses <sup>(1)</sup> | 8.7 | 9.7 | 13.1 |  |
| Other segment items <sup>(1)</sup> | 0.1 | (0.1) | (7.7) |  |
| Segment Adjusted EBITDA | $56.3 | $15.8 | $(13.6) | 58.5 |
| Reconciling items to net loss: |  |  |  |  |
| &nbsp;&nbsp;Corporate expenses and other |  |  |  | $20.4 |
| &nbsp;&nbsp;Depreciation and amortization |  |  |  | 46.7 |
| &nbsp;&nbsp;LCM / LIFO gain |  |  |  | (0.1) |
| &nbsp;&nbsp;Gain on sale of business |  |  |  | (62.2) |
| &nbsp;&nbsp;Interest expense |  |  |  | 58.5 |
| &nbsp;&nbsp;Debt extinguishment costs |  |  |  | 47.6 |
| &nbsp;&nbsp;Unrealized gain on derivatives |  |  |  | (0.1) |
| &nbsp;&nbsp;RINs incurrence expense |  |  |  | 30.4 |
| &nbsp;&nbsp;RINs mark-to-market loss |  |  |  | 86.8 |
| &nbsp;&nbsp;Other  |  |  |  | 3.2 |
| &nbsp;&nbsp;Equity-based compensation and other items |  |  |  | (13.5) |
| &nbsp;&nbsp;Income tax expense |  |  |  | 0.4 |
| &nbsp;&nbsp;Noncontrolling interest adjustments |  |  |  | 2.4 |
| Net loss |  |  |  | $(162.0) |
| Capital expenditures | $12.0 | $0.2 | $7.9 |  |
| PP&E, net | $344.4 | $31.0 | $1032.6 |  |

---

#### Geographic Information
International sales accounted for less than ten percent of consolidated sales in the three months ended March 31, 2026 and 2025.

[**Table of Contents**](#TOC)

The Company offers specialty, fuels, renewable fuels and packaged products primarily in categories consisting of lubricating oils, solvents, waxes, gasoline, diesel, jet fuel, asphalt, heavy fuel oils, renewable fuels, high-performance branded products, and other specialty and fuels products.

The following table sets forth the major product category sales for each segment for the three months ended March 31, 2026 and 2025 (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2026** | **2025** | **2025** |
| Specialty Products and Solutions: |  |  |  |  |
| &nbsp;&nbsp;Lubricating oils | $191.8 | 18.6% | $202.2 | 20.3% |
| &nbsp;&nbsp;Solvents | 107.9 | 10.5% | 104.7 | 10.5% |
| &nbsp;&nbsp;Waxes | 39.8 | 3.9% | 38.2 | 3.8% |
| &nbsp;&nbsp;Fuels, asphalt and other by-products | 365.5 | 35.5% | 305.0 | 30.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $705.0 | 68.5% | $650.1 | 65.3% |
| Montana/Renewables: |  |  |  |  |
| &nbsp;&nbsp;Gasoline | $34.6 | 3.4% | $32.5 | 3.3% |
| &nbsp;&nbsp;Diesel | 31.4 | 3.0% | 23.4 | 2.4% |
| &nbsp;&nbsp;Jet fuel | 4.8 | 0.5% | 4.2 | 0.4% |
| &nbsp;&nbsp;Asphalt, heavy fuel oils and other | 22.8 | 2.2% | 36.0 | 3.6% |
| &nbsp;&nbsp;Renewable fuels | 142.2 | 13.8% | 165.6 | 16.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $235.8 | 22.9% | $261.7 | 26.4% |
| Performance Brands: | $88.9 | 8.6% | $82.1 | 8.3% |
| Consolidated sales | $1029.7 | 100.0% | $993.9 | 100.0% |

---

#### Major Customers
During the three months ended March 31, 2026 and 2025, the Company had no customer that represented 10% or greater of consolidated sales.

#### Major Suppliers
During the three months ended March 31, 2026 and March 31, 2025, the Company had four suppliers that supplied approximately 98.8% and 88.8% of its crude oil supply, respectively.

**11. Income Taxes**

Calumet, Inc. is a corporation and is subject to U.S. federal and state income taxes. Income taxes are accounted for under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for the taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it is more likely than not such net deferred tax assets will not be realized. The Company assessed the realizability of the deferred tax assets ("DTAs") and concluded that a full valuation allowance for the net DTAs is deemed appropriate as the DTAs, except for as described below, is deemed appropriate as the DTAs were not more likely than not to be realized under relevant accounting standards.

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Prior to the quarter ended September 30, 2025, the Company maintained a full valuation allowance on its CFPCs. As a result of the successful monetization of its CPFCs during 2025 through third-party sales under Section 6418 of the Internal Revenue Code, the Company obtained sufficient positive evidence to support the realization of certain deferred tax assets that were previously subject to a valuation allowance. Accordingly, the Company released a portion of the valuation allowance related to those deferred tax assets.

*Income Tax Expense*

Historically, we have calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to income (loss) for the interim period. In the first quarter of 2026, we concluded that we could not calculate a reliable estimate of our annual effective tax rate due to inability to forecast the impacts of various mark-to-market items and their impact on our business and results of operations. Accordingly, we computed the effective tax rate for the three-month period ending March 31, 2026 using actual results. Income tax benefit for the three months ended March 31, 2026 was $20.8 million. Income tax expense for the three months ended March 31, 2025 was $0.4 million. The effective tax rate for the three months ended March 31, 2026 and 2025, was 6.2% and (0.3)%, respectively.

*One Big Beautiful Bill Act*

On July 4, 2025, the United States Congress passed budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill Act (the "OBBB"). The OBBB contains several changes to corporate taxation. The Company has assessed the impact of the OBBB, the provisions that impact us the most are the following:

● extension of the clean fuel production credit through December 31, 2029;

● requirement that feedstocks for fuel produced after December 31, 2025 must be produced or grown exclusively in the U.S., Mexico, or Canada in order for such fuel to be eligible for the clean fuel production credit;

● elimination of the special clean fuel production credit rate for SAF produced after December 31, 2025;

● clean fuel production credits remain available for transfer and direct pay; and

● changes to limitations on deductions for interest expense.

We have evaluated the effects of the legislation on our financial position, results of operations or liquidity in the future; the effects of OBBB will not have a material impact on our financial position, results of operations and liquidity in 2026.

12. Unrestricted Subsidiaries

As defined in the indentures governing the Company's outstanding senior notes, an unrestricted subsidiary means MRHL, MRL and any other subsidiary of the Company, other than Calumet Finance Corp., that is designated by the governing body of the General Partner as an unrestricted subsidiary, but only to the extent that such subsidiary:

● has no indebtedness other than non-recourse debt owing to any person other than the Company or any of its restricted subsidiaries, except to the extent permitted by the indentures of the senior notes;

● is not party to any agreement, contract, arrangement or understanding with the Company or any restricted subsidiary of the Company unless the terms of any such agreement, contract, arrangement or other understanding are no less favorable to the Company or such restricted subsidiary than those that might be obtained at the time from persons who are not affiliates of the Company, except to the extent permitted by the indentures of the senior notes;

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● is a person with respect to which neither the Company nor any of its restricted subsidiaries has any direct or indirect obligation (a) to subscribe for additional equity interests or (b) to maintain or preserve such person's financial condition or to cause such person to achieve any specified levels of operating results, except to the extent permitted by the indentures of the senior notes; and

● has not guaranteed or otherwise directly or indirectly provided credit support for any indebtedness of the Company or any of its restricted subsidiaries.

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As of March 31, 2026 and December 31, 2025, respectively, MRHL and MRL were the only unrestricted subsidiaries of the Company. In accordance with the indentures governing the Company's outstanding senior notes, the following tables set forth certain financial information of (i) the Company and its restricted subsidiaries, on a combined basis, (ii) the Company's unrestricted subsidiaries, on a combined basis, and (iii) the Company and its subsidiaries, on a consolidated basis, in each case, as of March 31, 2026 and December 31, 2025, respectively (dollars in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**March 31, 2026** | **Parent**<br>**Company and**<br>**Restricted**<br>**Subsidiaries** | <br>**Unrestricted**<br>**Subsidiaries** | <br>**Eliminations** | <br>**Consolidated**<br>**Total** |
| Cash and cash equivalents | $5.0 | $133.6 | $— | $138.6 |
| Restricted cash | $— | $40.0 | $— | $40.0 |
| Accounts receivable, net: | $357.6 | $0.8 | $— | $358.4 |
| Inventory | $341.7 | $27.8 | $— | $369.5 |
| Prepaid expenses and other current assets | $18.0 | $3.4 | $— | $21.4 |
| Property, plant and equipment, net | $621.7 | $714.7 | $— | $1336.4 |
| Other noncurrent assets, net | $437.9 | $52.8 | $— | $490.7 |
| Accounts payable | $329.7 | $326.2 | $(302.6) | $353.3 |
| Other current liabilities | $89.1 | $2.9 | $— | $92.0 |
| Current portion of long-term debt | $32.5 | $0.1 | $— | $32.6 |
| Other long-term liabilities | $280.6 | $4.5 | $— | $285.1 |
| Long-term debt, less current portion | $1493.4 | $903.8 | $(97.8) | $2299.4 |
| Redeemable noncontrolling interest | $— | $250.6 | $— | $250.6 |
| Stockholders' equity | $(371.3) | $(515.0) | $(156.9) | $(1043.2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**December 31, 2025** | **Parent**<br>**Company and**<br>**Restricted**<br>**Subsidiaries** | <br>**Unrestricted**<br>**Subsidiaries** | <br>**Eliminations** | <br>**Consolidated**<br>**Total** |
| Cash and cash equivalents | $7.6 | $117.5 | $— | $125.1 |
| Restricted cash | $— | $80.0 | $— | $80.0 |
| Accounts receivable - trade | $206.4 | $18.0 | $— | $224.4 |
| Inventory | $341.0 | $44.2 | $— | $385.2 |
| Prepaid expenses and other current assets | $21.5 | $6.8 | $— | $28.3 |
| Property, plant and equipment, net | $637.7 | $715.3 | $— | $1353.0 |
| Operating lease right-of-use assets | $216.9 | $7.3 | $— | $224.2 |
| Other noncurrent assets, net | $92.7 | $12.0 | $— | $104.7 |
| Accounts payable | $236.3 | $344.9 | $(299.7) | $281.5 |
| Other taxes payable | $15.5 | $2.2 | $— | $17.7 |
| Other current liabilities | $16.1 | $5.0 | $— | $21.1 |
| Current portion of operating lease liabilities | $61.9 | $2.3 | $— | $64.2 |
| Current portion of long-term debt | $156.1 | $0.1 | $— | $156.2 |
| Long-term operating lease liabilities | $156.4 | $5.0 | $— | $161.4 |
| Long-term debt, less current portion | $1281.4 | $893.7 | $(97.8) | $2077.3 |
| Redeemable noncontrolling interest | $— | $245.6 | $— | $245.6 |
| Stockholders' equity | $(78.6) | $(497.2) | $(156.9) | $(732.7) |

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The following table sets forth certain financial information of the Company's unrestricted subsidiaries, on a combined basis, for the periods presented (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Restricted** | **Unrestricted** | **Consolidated** | **Restricted** | **Unrestricted** | **Consolidated** |
| Sales | $878.5 | $151.2 | $1029.7 | $828.3 | $165.6 | $993.9 |
| Cost of sales | 950.1 | 167.1 | 1117.2 | 883.2 | 192.1 | 1075.3 |
| Gross profit (loss) | (71.6) | (15.9) | (87.5) | (54.9) | (26.5) | (81.4) |
| Operating costs and expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;Selling | 12.3 |  | 12.3 | 12.3 |  | 12.3 |
| &nbsp;&nbsp;General and administrative | 59.9 | 6.1 | 66.0 | 2.4 | 9.7 | 12.1 |
| &nbsp;&nbsp;Gain on sale of business |  |  |  | (62.2) |  | (62.2) |
| &nbsp;&nbsp;Other operating expense | 3.7 | 1.8 | 5.5 | 3.6 | 1.5 | 5.1 |
| Operating loss | (147.5) | (23.8) | (171.3) | (11.0) | (37.7) | (48.7) |
| Other income (expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense | (33.1) | (18.0) | (51.1) | (33.7) | (24.8) | (58.5) |
| &nbsp;&nbsp;Debt extinguishment costs | (1.7) |  | (1.7) |  | (47.6) | (47.6) |
| &nbsp;&nbsp;Loss on derivative instruments | (115.4) |  | (115.4) | (1.6) | (5.6) | (7.2) |
| &nbsp;&nbsp;Other income | 0.5 | 1.2 | 1.7 | (0.4) | 0.8 | 0.4 |
| Total other expense | (149.7) | (16.8) | (166.5) | (35.7) | (77.2) | (112.9) |
| Net loss before income taxes | (297.2) | (40.6) | (337.8) | (46.7) | (114.9) | (161.6) |
| Income tax (benefit) expense | 2.2 | (23.0) | (20.8) | 0.4 |  | 0.4 |
| Net loss  | $(299.4) | $(17.6) | $(317.0) | $(47.1) | $(114.9) | $(162.0) |

---

13. Redeemable Noncontrolling Interest

On August 5, 2022 (the "Closing Date"), MRHL issued and sold 12,500,000 preferred units ("Preferred Units") in MRHL to an affiliate of Warburg Pincus LLC for $250.0 million for an immediate cash payment of $200.0 million and the agreement to pay the remaining $50.0 million in cash not later than October 3, 2022 (the "Deferred Purchase Price") in exchange for a Percentage Interest of 14.2% in MRHL. The Company received the cash payment for the Deferred Purchase Price on October 3, 2022. The Preferred Units are not interest bearing and carry certain minimum return thresholds.

Holders of the Preferred Units are entitled to receive a preferred return equal to the greater of (i) an internal rate of return, or IRR (as defined in the Second Amended and Restated Limited Liability Company Agreement of MRHL (the "Second A&R LLC Agreement"), equal to 8.0% and (ii) a multiple on invested capital, or MOIC (as defined in the Second A&R LLC Agreement), initially equal to 1.35 and increasing by 0.01 each anniversary of the Closing Date up to a maximum MOIC equal to 1.40 on or after the fifth anniversary of the Closing Date (the "Preferred Return"). Pursuant to the Second A&R LLC Agreement, MRHL is required to distribute all Available Cash (as defined in the Second A&R LLC Agreement), to the members of MRHL (the "Members") in the following priority: (i) 37.5% to the holders of the Preferred Units and 62.5% to all other Members pro rata based on their Percentage Interests (as defined in the Second A&R LLC Agreement) until the holders of the Preferred Units receive the Preferred Return and (ii) thereafter, 100.0% to the Members pro rata based on their Percentage Interests. Additionally, pursuant to the Second A&R LLC Agreement the Company is required to make distributions to the members sufficient to enable them to pay, on a quarterly basis, federal, state and local taxes arising from the allocations made to such members. Further, such distributions are determined by the Company and shall be made within thirty (30) days after the close of each applicable quarter. Any tax liability distributions shall be treated as an advance against, and shall reduce the amount of, the next distribution that the members would otherwise receive pursuant to the agreement.

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At any time following the fifth anniversary of the Closing Date, if MRHL has not had an Initial Public Offering or Change of Control (each as defined in the Second A&R LLC Agreement), Warburg has the right to initiate an Initial Public Offering or Change of Control transaction pursuant to the terms of the Second A&R LLC Agreement. Upon the closing of a Qualified Initial Public Offering (as defined in the Second A&R LLC Agreement), each of MRHL and Warburg have the right to elect to convert all (but not less than all) of the Preferred Units (i) first by MRHL paying each holder of Preferred Units an amount in cash equal to such holder's Preferred Return (to the extent not already paid) and (ii) thereafter, the Preferred Units automatically convert into the same number of common units of MRHL and will be entitled to participate in any distributions of Available Cash to the Members in proportion to their respective Percentage Interests. The Second A&R LLC Agreement also provides certain drag-along rights in connection with a Change of Control, subject to a minimum preferred return requirement for certain transactions that are consummated before the third anniversary of the Closing Date.

The redeemable noncontrolling interest in MRHL is reflected as temporary equity in the unaudited condensed consolidated balance sheets due to the redemption features. As of the reporting date, there are no triggering, change of control, early redemption or monetization events that are probable that would require us to revalue the Preferred Units.

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#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
*The historical unaudited condensed consolidated financial statements included in this Quarterly Report reflect all of the assets, liabilities and results of operations of Calumet, Inc. ("Calumet," the "Company," "we," "our," or "us"). The following discussion analyzes the financial condition and results of operations of the Company for the three months ended March 31, 2026. Stockholders should read the following discussion and analysis of our financial condition and results of operations in conjunction with our 2025 Annual Report and our historical unaudited condensed consolidated financial statements and notes included elsewhere in this Quarterly Report.*

#### Overview
We manufacture, formulate and market a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. We are headquartered in Indianapolis, Indiana and operate twelve facilities throughout North America.

Our operations are managed using the following reportable segments: Specialty Products and Solutions; Performance Brands; and Montana/Renewables. For additional information, see Note 10 — "Segments and Related Information" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements." In our Specialty Products and Solutions segment, we manufacture and market a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. Our specialty products are sold to domestic and international customers who purchase them primarily as raw material components for consumer-facing and industrial products. In our Performance Brands segment, we blend, package and market high performance products through our Royal Purple, Bel-Ray, and TruFuel brands. Our Montana/Renewables segment is comprised of two facilities located in Great Falls, Montana — renewable fuels and specialty asphalt. At our renewable fuels facility, we process a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha that are distributed into renewable markets in the western half of North America. At our specialty asphalt facility, we process Canadian crude oil into conventional gasoline, diesel, jet fuel and specialty grades of asphalt, with production sized to serve local markets.

#### Recent Developments
***9.75% Senior Notes due 2031***

On January 12, 2026, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. ("Finance Corp." and, together with the Partnership, the "Issuers"), each a subsidiary of the Company, issued and sold $405.0 million aggregate principal amount of a new series of the Issuers' 9.75% Senior Notes due 2031 (the "2031 Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The Company subsequently redeemed all of the Issuers' outstanding 11.00% Senior Notes due 2026 (the "2026 Notes") and 8.125% Senior Notes due 2027 (the "2027 Notes") in January 2026.

On March 17, 2026, the Issuers issued and sold $150.0 million aggregate principal amount of additional 2031 Notes (the "Additional Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The Company used the net proceeds from the offering of the Additional Notes to repay borrowings outstanding under the Company's revolving credit facility. See Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information.

***Ninth Amendment to Third Amended and Restated Credit Agreement***

On January 23, 2026, the Company entered into the Ninth Amendment to the Third Amended and Restated Credit Agreement (the "Ninth Amendment"). The Ninth Amendment amended the Third Amended and Restated Credit Agreement, dated as of February 23, 2018 (the "Credit Agreement"), by and among Calumet GP, LLC, Calumet Specialty Products Partners, L.P., certain subsidiaries of the Company party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent. Among other changes, the Ninth Amendment modified the Credit Agreement to (i) extend the maturity date to January 23, 2031, (ii) provide for commitments of $500.0 million, subject to borrowing base

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limitations, (iii) revise certain covenants, representations and warranties, events of default and other terms to permit the Company or one or more of its subsidiaries to consummate one or more new inventory financing transactions, subject in each case to the Company's satisfaction of certain customary conditions and (iv) provide for a reduction of commitments under the Credit Agreement from $500.0 million to $425.0 million if any such inventory financing transaction is consummated. See Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information.

***Shreveport Supply and Offtake Agreement***

On March 30, 2026, the Company entered into the Second Omnibus Amendment Agreement with J. Aron and the other parties thereto, to extend the expiration date of the Shreveport Supply and Offtake Agreement to January 31, 2030. Refer to Note 5 — "Inventory Financing Agreements" for additional information.

***Crack Spread Swaps Sales Contracts***

In April 2026, the Company entered into additional crack spread swap contracts with a counterparty to reduce our exposure to commodity price risk. These additional swap contracts were for 5,000 bpd in the fourth quarter 2026 and 4,000 bpd during each respective quarter in 2027. As of April 30, 2026, we had the following notional contracts related to outstanding crack spread swap contracts, which are derivative instruments not designated as hedges:

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| | | |
|:---|:---|:---|
| <br>**Period of**<br>**Maturity** | <br>**Total Outstanding**<br>**Notional Volumes (bpd)** | **Avg. Strike Price ($/bbl)**<br>**for 2-1-1 Crack Spread Swap**<br>**Based on CBOB** |
| 2Q 2026 | 10000 | $22.81 |
| 3Q 2026 | 10000 | $21.66 |
| 4Q 2026 | 15000 | $20.70 |
| 1Q 2027 | 10000 | $28.01 |
| 2Q 2027 | 10000 | $27.21 |
| 3Q 2027 | 10000 | $26.11 |
| 4Q 2027 | 10000 | $24.57 |

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See Note 7 — "Derivatives" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information related to the Company's derivatives.

***Update Regarding Renewable Volume Obligation***

On March 27, 2026, EPA announced a final rule to establish required Renewable Fuel Standard Volumes and percentage standards for 2026 and 2027, which sets the highest renewable fuel volumes in the history of the program. The EPA's updated Renewable Volume Obligations ("RVOs") establish total demand of 26.81 billion RINs and 27.02 billion RINs for 2026 and 2027, respectively, providing a historic level of annualized support for the biofuels industry. The 2026 and 2027 volumes include approximately 70% of renewable fuel volumes previously waived through small refinery exemptions ("SREs") across the 2023–2025 compliance periods. These actions are expected to improve biobased diesel industry margins; improve utilization; and attract currently idled higher-cost biodiesel producers to re-enter the market in order to meet mandated demand. The RVO framework is aligned with a broader national focus on domestic energy security. The EPA also proposed that beginning in 2028, foreign source renewable fuels and feedstocks will receive only half the RFS compliance value of American-made products, materially enhancing the competitive position of domestic producers. Consistent with these developments, 2026 RIN prices continued to recover through April following the RVO announcement. Against this favorable regulatory backdrop, MRL's strategic location and proximity to domestic customers and suppliers position the company for strong performance in the second half of 2026, continued momentum into 2027, and a sustained long-term competitive advantage.

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#### First Quarter 2026 Update

#### Outlook and Trends
We believe the business is well positioned to deliver improved performance, supported by a diversified customer base, a resilient specialty portfolio, and the benefits of multi-year capital investments that continue to enhance operational reliability. In addition, the current strength in fuel cracks is expected to provide a meaningful tailwind to commodity margins. Near-term performance is expected to be influenced by volatility in feedstock costs, which can create temporary margin compression in certain specialty products; however, we expect proactive pricing actions to support margin recovery as these increases are realized. During the first quarter of 2026, operations at our Shreveport facility were temporarily suspended across significant portions of the plant as a precaution to protect our employees and equipment following the discovery of organic chlorides in feedstock tanks, resulting in an estimated loss of approximately 750,000 barrels of production. Following extensive product testing, asset inspections, and repairs, the facility resumed full operations in early April 2026 and is currently processing over 50,000 barrels per day. The Company continues to work with third-party experts to investigate the source of the contamination.

At Montana Renewables, we continue to meet or outperform our operational cost targets prior to the start of our MaxSAF® 150 expansion and turnaround that began in early March, while demonstrating success in monetizing Section 45Z Clean Fuel Production Tax Credits ("CFPCs"). The MaxSAF® 150 expansion and turnaround was successfully completed in approximately 48 days and the facility resumed production in the second quarter of 2026. Our overall enhanced operational performance is a direct result of our focus on operational excellence since we completed commissioning in 2023.

In our Specialties Products and Solutions and Performance Brands segments, we continue to benefit from an attractive specialty product margin environment, although margins were temporarily compressed in the first quarter due to feedstock headwinds. Our fuels and asphalt business was also impacted by the temporary Shreveport production issues, partially offsetting improved commodity margins. Demand for our products in these businesses remained strong and we continue to leverage the benefits of our fully integrated specialty business in this market. We expect the current margin environment for both specialty products and fuel-based products to continue to be volatile in the near-term due to the Iran conflict impacting global feedstocks and the Company continues to implement price increases that began in the first quarter of 2026.

In our Montana/Renewables segment, we believe long-term demand for renewable fuel products will continue to grow supported by Federal, State, Provincial and local governmental mandates and incentives that have been enacted or announced in North America and globally. Collectively, these policies focus on domestic fuel security, strategic alignment with the agricultural industry as a source of renewable feedstocks, sustainability initiatives, transportation fuel cleanliness including ongoing reduction in particulates, and expansion of both voluntary and mandatory corporate decarbonization targets, particularly for hard-to-abate sectors including the global aviation industry. We believe that our advantage as a first-mover in sustainable aviation fuels market positions us as a preferred supplier to our potential offtake partners' SAF strategies. The start-up of our MaxSAF<sup>®</sup> 150 project allows us to shift our renewable product mix toward more SAF production which has historically realized higher pricing relative to renewable diesel, and we expect this change in product mix to support improved margin realizations immediately and long-term.

#### Contingencies
For a summary of litigation and other contingencies, refer to Note 4 — "Commitments and Contingencies" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements." Based on information available to us at the present time, we do not believe that any liabilities beyond the amounts already accrued, which may result from these contingencies, will have a material adverse effect on our liquidity, financial condition or results of operations.

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#### Financial Results
We reported net loss of $317.0 million in the first quarter 2026 versus a net loss of $162.0 million in the first quarter 2025. Net loss in the first quarter of 2026 was significantly impacted by the following non-cash items:

● $37.9 million of non-cash equity based compensation expense;

● $102.7 million unrealized loss on derivatives; and

● $147.4 million of non-cash RINs related expense

The increase in equity-based compensation expense is driven by the remeasurement of Long-Term Incentive Plan ("LTIP") awards granted from 2017 through March 31, 2026 that are classified as liability awards. Liability awards are remeasured at fair value each reporting period, with changes recognized in earnings. Since 2017, the Company has granted approximately 11.0 million liability awards of which 2.9 million remain outstanding.

The $37.9 million expense recognized in the current quarter primarily reflects the increase in the fair value of these outstanding awards driven by the Company's share price rising from $19.87 to $35.90 as well as the completion of service conditions on approximately 2.1 million awards. Due to the higher share price at the time of the 2026 LTIP grants, we issued approximately 374,000 awards at target under our LTIP. As the outstanding awards are remeasured each period until settlement, future volatility in our stock price will continue to result in non-cash impact to earnings.

We reported Adjusted EBITDA with Tax Attributes (as defined in Note 10 — "Segments and Related Information" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements") of $50.1 million in the first quarter 2026 versus $55.0 million in the first quarter 2025. We used cash from operating activities of $86.2 million in the first quarter 2026 versus using cash from operating activities of $29.3 million in the first quarter of 2025.

Refer to Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures" for a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Net income (loss), our most directly comparable financial performance measure calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").

Specialty Products and Solutions segment Adjusted EBITDA was $44.3 million in the first quarter 2026 versus $56.3 million in the first quarter 2025. Compared to the prior period, Specialty Products and Solutions first quarter 2026 segment Adjusted EBITDA was negatively impacted by compressed margins driven by higher crude oil costs and reduced production at our Shreveport facility.

Montana/Renewables segment Adjusted EBITDA loss was $12.3 million in the first quarter 2026 versus loss of $13.6 million in the first quarter 2025. Montana/Renewables segment Adjusted EBITDA with Tax Attributes was $10.2 million in the first quarter 2026 compared to $3.3 million in the prior period. Compared to the prior year, Montana/Renewables segment Adjusted EBITDA with Tax Attributes was favorably impacted by improved margins on renewable fuel sales and a reduction in the carbon intensity ("CI") of produced fuels. The CI improvements were achieved in part through the purchase of renewable electricity credits, which enhance the businesses' CI score and supported higher net realizations under applicable credit and regulatory programs. This impact was partially offset by lower volumes as a result of the planned shutdown for the MaxSAF<sup>®</sup> 150 expansion project. Overall, the segment continued to benefit from operating cost improvements realized through prior year initiatives. As discussed above, EPA's final Renewable Volume Obligation ("RVO") has been received favorably by the market, contributing to improved market pricing for renewable fuels and related credit values. These conditions supported renewable fuel margins during the period and increased market confidence in industry fundamentals. Adjusted EBITDA in the legacy specialty asphalt business was largely flat, as gains in fuel margins were offset by weaker asphalt margins as a result from the lag in asphalt price increases during a period of rapidly rising crude oil prices.

Performance Brands segment Adjusted EBITDA was $12.6 million in the first quarter 2026 versus $15.8 million in the first quarter 2025, despite the prior year period including contributions from the divested Royal Purple Industrial

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business. Excluding the divested business, underlying margin performance improved, supported by stronger TruFuel results driven by stabilized input costs and resilient pricing. This segment continues to strengthen its position in consumer channels.

#### Liquidity Update
As of March 31, 2026, we had total liquidity of $462.8 million comprised of $138.6 million of unrestricted cash, $40.0 million of restricted cash and $284.2 million of availability under our credit facility. As of March 31, 2026, our revolving credit facility had a $425.7 million borrowing base, $46.3 million in outstanding standby letters of credit and $95.2 million of outstanding borrowings. We believe we will continue to have sufficient liquidity from cash on hand, projected cash flow from operations, borrowing capacity and other means by which to meet our financial commitments, debt service obligations, contingencies, and anticipated capital expenditures for at least the next 12 months. Refer to Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" for additional information.

#### Renewable Fuel Standard Update
Along with the broader refining industry, we remain subject to compliance costs under the RFS unless or until we receive a small refinery exemption from the EPA, which we have historically received. Administered by the EPA, the RFS provides annual requirements for the total volume of renewable transportation fuels that are mandated to be blended into finished transportation fuels. If a refiner does not meet its required annual Renewable Volume Obligation, the refiner can purchase blending credits in the open market, referred to as RINs.

During the first quarter 2026, we recorded a loss of $140.1 million for RINs in cost of sales in the unaudited condensed statements of operations, as compared to a loss of $97.4 million for RINs in the first quarter 2025. Our gross RINs Obligation, which includes RINs that are required to be secured through either our own blending or through the purchase of RINs in the open market, is spread across four compliance categories (D3, D4, D5 and D6). The gross RINs obligations may be satisfied by our own renewables blending, RIN purchases, or receipt of small refinery exemptions.

Expenses related to RFS compliance have the potential to remain a significant expense for our two segments containing fuels products. If legal or regulatory changes occur that have the effect of increasing our RINs Obligation or eliminating or narrowing the availability of the small refinery exemption under the RFS program, we could be required to purchase additional RINs in the open market, which may materially increase our costs related to RFS compliance and could have a material adverse effect on our results of operations and liquidity.

See Note 2 — "Summary of Significant Accounting Policies" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" in this Quarterly Report for further information on the Company's RINs obligation.

#### Unrestricted Subsidiaries
See Note 12 — "Unrestricted Subsidiaries" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" in this Quarterly Report for further information regarding certain financial information of our unrestricted subsidiaries.

#### Key Performance Measures
Our sales and results of operations are principally affected by demand for specialty products, fuel product demand, renewable fuel product demand, global fuel crack spreads, the price of natural gas used as fuel in our operations, our ability to operate our production facilities at high utilization, and our results from derivative instrument activities.

Our primary raw materials are crude oil, renewable feedstocks, and other specialty feedstocks, and our primary outputs are specialty consumer-facing and industrial products, specialty branded products, fuel products, and renewable fuel products. The prices of crude oil, specialty products, fuel products, and renewable fuel products are subject to fluctuations

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in response to changes in supply, demand, market uncertainties and a variety of factors beyond our control. We monitor these risks and from time-to-time enter into derivative instruments designed to help mitigate the impact of commodity price fluctuations on our business. The primary purpose of our commodity risk management activities is to economically hedge our cash flow exposure to commodity price risk. We also may hedge when market conditions exist that we believe to be out of the ordinary and particularly supportive of our financial goals. We enter into derivative contracts for future periods in quantities that do not exceed our projected purchases of crude oil and natural gas and sales of fuel and renewable fuel products. Refer to Note 7 — "Derivatives" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information.

Our management uses several financial and operational measurements to analyze our performance. These measurements include the following:

● sales volumes;

● segment gross profit;

● segment Adjusted gross profit;

● segment Adjusted EBITDA;

● segment Adjusted EBITDA with Tax Attributes; and

● selling, general and administrative expenses.

*Sales volumes.* We view the volumes of Specialty Products and Solutions products, Montana/Renewables products and Performance Brands products sold as an important measure of our ability to effectively utilize our operating assets. Our ability to meet the demands of our customers is driven by the volumes of feedstocks that we run at our facilities. Higher volumes typically improve profitability both through the spreading of fixed costs over greater volumes and the additional gross profit achieved on the incremental volumes.

*Segment gross profit.* Specialty Products and Solutions, Montana/Renewables and Performance Brands products' gross profit are important measures of profitability of our segments. We define gross profit as sales less the cost of crude oil and other feedstocks, LCM/LIFO adjustments, and other production-related expenses, the most significant portion of which includes labor, plant fuel, utilities, contract services, maintenance, transportation, RINs, depreciation and amortization and processing materials. We use gross profit as an indicator of our ability to manage margins in our business over the long term. The increase or decrease in selling prices typically lags behind the rising or falling costs, respectively, of feedstocks throughout our business. Other than plant fuel, RINs mark-to-market adjustments, and LCM/LIFO adjustments, production related expenses generally remain stable across broad ranges but can fluctuate depending on maintenance activities performed during a specific period.

*Segment Adjusted gross profit.* Specialty Products and Solutions, Montana/Renewables and Performance Brands products segment Adjusted gross profit measures are useful as they exclude transactions not related to our core cash operating activities and provide metrics to analyze the profitability of the core cash operations of our segments. We define segment Adjusted gross profit as segment gross profit excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) RINs incurrence expense; (e) depreciation and amortization; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.

*Segment Adjusted EBITDA and Segment Adjusted EBITDA with Tax Attributes.* We believe that Specialty Products and Solutions, Montana/Renewables and Performance Brands segment Adjusted EBITDA and Adjusted EBITDA with Tax Attributes measures are useful as they exclude transactions not related to our core cash operating activities and provide metrics to analyze our ability to pay interest to our noteholders. Adjusted EBITDA and Adjusted EBITDA with Tax Attributes allows us to meaningfully analyze the trends and performance of our core cash operations as well as to make decisions regarding the allocation of resources to segments. Corporate Adjusted EBITDA primarily reflects general and administrative costs.

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#### Results of Operations for the Three Months Ended March 31, 2026 and 2025
*Production Volume.* The following table sets forth information about our continuing operations after giving effect to the elimination of all intercompany activity. Facility production volume differs from sales volume due to changes in inventories and the sale of purchased blendstocks such as ethanol and specialty blendstocks, as well as the resale of crude oil.

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** | **% Change** |
|  | **(In bpd)** | **(In bpd)** |  |
| Total sales volume <sup>(1)</sup> | 87028 | 85547 | 1.7% |
| Facility production: |  |  |  |
| Specialty Products and Solutions: |  |  |  |
| &nbsp;&nbsp;Lubricating oils | 12331 | 11368 | 8.5% |
| &nbsp;&nbsp;Solvents | 7250 | 7528 | (3.7)% |
| &nbsp;&nbsp;Waxes | 1418 | 1142 | 24.2% |
| &nbsp;&nbsp;Fuels, asphalt and other by-products | 34622 | 34451 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Specialty Products and Solutions | 55621 | 54489 | 2.1% |
| Montana/Renewables: |  |  |  |
| &nbsp;&nbsp;Gasoline | 4205 | 3706 | 13.5% |
| &nbsp;&nbsp;Diesel | 3157 | 2494 | 26.6% |
| &nbsp;&nbsp;Jet fuel | 308 | 417 | (26.1)% |
| &nbsp;&nbsp;Asphalt, heavy fuel oils and other | 3617 | 3750 | (3.5)% |
| &nbsp;&nbsp;Renewable fuels | 7853 | 9932 | (20.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Montana/Renewables | 19140 | 20299 | (5.7)% |
| &nbsp;&nbsp;Performance Brands | 1724 | 1618 | 6.6% |
| &nbsp;&nbsp;Total facility production | 76485 | 76406 | 0.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Total sales volume includes sales from the production at our facilities and certain third-party facilities pursuant to supply and/or processing agreements, sales of inventories and the resale of crude oil and other finished products to third-party customers. Total sales volume includes the sale of purchased blendstocks.

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The following table reflects our unaudited condensed consolidated results of operations and includes the non-GAAP financial measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes. For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Net income (loss), our most directly comparable financial performance measure calculated and presented in accordance with GAAP, refer to "— Non-GAAP Financial Measures."

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Sales | $1029.7 | $993.9 |
| Cost of sales | 1117.2 | 1075.3 |
| Gross profit (loss) | (87.5) | (81.4) |
| Operating costs and expenses: |  |  |
| &nbsp;&nbsp;Selling | 12.3 | 12.3 |
| &nbsp;&nbsp;General and administrative | 66.0 | 12.1 |
| &nbsp;&nbsp;Gain on sale of business |  | (62.2) |
| &nbsp;&nbsp;Other operating expense | 5.5 | 5.1 |
| Operating income (loss) | (171.3) | (48.7) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;Interest expense | (51.1) | (58.5) |
| &nbsp;&nbsp;Debt extinguishment costs | (1.7) | (47.6) |
| &nbsp;&nbsp;Loss on derivative instruments | (115.4) | (7.2) |
| &nbsp;&nbsp;Other income | 1.7 | 0.4 |
| Total other expense | (166.5) | (112.9) |
| Net loss before income taxes | (337.8) | (161.6) |
| Income tax (benefit) expense | (20.8) | 0.4 |
| Net loss | $(317.0) | $(162.0) |
| EBITDA | $(253.8) | $(66.0) |
| Adjusted EBITDA | $27.6 | $38.1 |
| Adjusted EBITDA with Tax Attributes | $50.1 | $55.0 |

---

#### Non-GAAP Financial Measures
We include in this Quarterly Report the non-GAAP financial measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes. We provide reconciliations of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Net income (loss), our most directly comparable financial performance measure.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes are used as supplemental financial measures by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others, to assess:

● the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;

● the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;

● our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure; and

● the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.

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We believe that these non-GAAP measures are useful to analysts and investors as they exclude transactions not related to our core cash operating activities and provide metrics to analyze our ability to pay interest to our noteholders. However, the indentures governing our senior notes contain covenants that, among other things, restrict our ability to pay dividends. We believe that excluding these transactions allows investors to meaningfully analyze trends and performance of our core cash operations.

We define EBITDA for any period as net income (loss) plus interest expense (including amortization of debt issuance costs), income taxes and depreciation and amortization. We believe net income (loss) is the most directly comparable GAAP measure to EBITDA.

We define Adjusted EBITDA for any period as EBITDA adjusted for (a) impairment; (b) unrealized gains and losses from mark-to-market accounting for hedging activities; (c) realized gains and losses under derivative instruments excluded from the determination of net income (loss); (d) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (e) debt refinancing fees, extinguishment costs, premiums and penalties; (f) any net gain or loss realized in connection with an asset sale that was deducted in computing net income (loss); (g) amortization of turnaround costs; (h) LCM inventory adjustments; (i) the impact of liquidation of inventory layers calculated using the LIFO method; (j) RINs mark-to-market adjustments; (k) RINs incurrence expense; and (l) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense.

We define Adjusted EBITDA Margin as Adjusted EBITDA divided by sales.

We define Adjusted EBITDA with Tax Attributes for any period as Adjusted EBITDA plus the notional value of CFPCs, less the difference between the notional value of any CFPCs sold and the amount realized from such sales during the period.

The definition of Adjusted EBITDA presented in this Quarterly Report is similar to the calculation of "Consolidated Cash Flow" contained in the indentures governing our Senior Notes (as defined in this Quarterly Report) and the calculation of "Consolidated EBITDA" contained in the Credit Agreement. We are required to report Consolidated Cash Flow to the holders of our Senior Notes and Consolidated EBITDA to the lenders under our revolving credit facility, and these measures are used by them to determine our compliance with certain covenants governing those debt instruments. Refer to Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" in this Quarterly Report for additional details regarding the covenants governing our debt instruments.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes should not be considered alternatives to Net income (loss) or Operating income (loss) or any other measure of financial performance presented in accordance with GAAP. In evaluating our performance as measured by EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes, management recognizes and considers the limitations of these measurements. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes do not reflect our liabilities for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes are only three of several measurements that management utilizes. Moreover, our definition of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes may not be comparable to similarly titled measures of another company because all companies may not calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes in the same manner.

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The following table presents a reconciliation of Net income (loss), our most directly comparable GAAP financial performance measure to EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes for each of the periods indicated (in millions).

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| **Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes** |  |  |
| Net loss | $(317.0) | $(162.0) |
| &nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 51.1 | 58.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 32.9 | 37.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (20.8) | 0.4 |
| EBITDA | $(253.8) | $(66.0) |
| &nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM / LIFO gain | $(26.2) | $(0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivative instruments | 102.7 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment costs | 1.7 | 47.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of turnaround costs | 8.5 | 9.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business |  | (62.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RINs incurrence expense | 31.5 | 30.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RINs mark-to-market loss | 115.9 | 86.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation and other items | 44.7 | (13.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 0.5 | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest adjustments | 2.1 | 2.4 |
| Adjusted EBITDA | $27.6 | $38.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax attributes <sup>(1)</sup> | 22.5 | 16.9 |
| Adjusted EBITDA with Tax Attributes | $50.1 | $55.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs . The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate .

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The following table presents a reconciliation of Montana/Renewables Segment Net income (loss), our most directly comparable GAAP financial performance measure to Montana/Renewables Segment Adjusted EBITDA and Montana/Renewables Segment Adjusted EBITDA with Tax Attributes for each of the periods indicated unaudited (in millions).

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| **Reconciliation of Montana/Renewables Segment Net income (loss) to Segment Adjusted EBITDA and Segment Adjusted EBITDA with Tax Attributes:** |  |  |
| Montana/Renewables Segment Net loss | $(45.4) | $(153.5) |
| &nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $21.9 | $27.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCM / LIFO gain | (7.6) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 14.3 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment costs |  | 47.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;RINs incurrence expense | 6.9 | 8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;RINs mark-to-market loss | 17.9 | 26.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.6 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation and other items |  | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (23.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest adjustments | 2.1 | 2.4 |
| Montana/Renewables Segment Adjusted EBITDA | $(12.3) | $(13.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax attributes <sup>(1)</sup> | 22.5 | 16.9 |
| Montana/Renewables Segment Adjusted EBITDA with Tax Attributes | $10.2 | $3.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs. The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate.

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#### Changes in Results of Operations for the Three Months Ended March 31, 2026 and 2025
*Sales.* Sales increased $35.8 million, or 3.6%, to $1,029.7 million in the three months ended March 31, 2026, from $993.9 million in the same period in 2025. Sales for each of our principal product categories in these periods were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** | **% Change** |
|  | **(In millions, except barrel and per barrel data)** | **(In millions, except barrel and per barrel data)** | **(In millions, except barrel and per barrel data)** |
| Sales by segment: |  |  |  |
| Specialty Products and Solutions: |  |  |  |
| &nbsp;&nbsp;Lubricating oils | $191.8 | $202.2 | (5.1)% |
| &nbsp;&nbsp;Solvents | 107.9 | 104.7 | 3.1% |
| &nbsp;&nbsp;Waxes | 39.8 | 38.2 | 4.2% |
| &nbsp;&nbsp;Fuels, asphalt and other by-products <sup>(1)</sup> | 365.5 | 305.0 | 19.8% |
| Total Specialty Products and Solutions | $705.0 | $650.1 | 8.4% |
| Total Specialty Products and Solutions sales volume (in barrels) | 5869000 | 5372000 | 9.3% |
| Average Specialty Products and Solutions sales price per barrel | $120.12 | $121.02 | (0.7)% |
| Montana/Renewables: |  |  |  |
| &nbsp;&nbsp;Gasoline | $34.6 | $32.5 | 6.5% |
| &nbsp;&nbsp;Diesel | 31.4 | 23.4 | 34.2% |
| &nbsp;&nbsp;Jet Fuel | 4.8 | 4.2 | 14.3% |
| &nbsp;&nbsp;Asphalt, heavy fuel oils and other <sup>(2)</sup> | 22.8 | 36.0 | (36.7)% |
| &nbsp;&nbsp;Renewable fuels | 142.2 | 165.6 | (14.1)% |
| Total Montana/Renewables | $235.8 | $261.7 | (9.9)% |
| Total Montana/Renewables sales volume (in barrels) | 1797000 | 2173000 | (17.3)% |
| Average Montana/Renewables sales price per barrel | $131.22 | $120.43 | 9.0% |
| Performance Brands: |  |  |  |
| Total Performance Brands <sup>(3)</sup> | $88.9 | $82.1 | 8.3% |
| Total Performance Brands sales volume (in barrels) | 167000 | 154000 | 8.4% |
| Average Performance Brands sales price per barrel | $532.34 | $533.12 | (0.1)% |
| Total sales | $1029.7 | $993.9 | 3.6% |
| Total sales volume (in barrels) | 7833000 | 7699000 | 1.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents (a) by-products, including fuels and asphalt, produced in connection with the production of specialty products at the Shreveport, Princeton, Cotton Valley, Dickinson and Karns City facilities, and (b) polyol ester synthetic lubricants produced at the Missouri facility .

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents asphalt, heavy fuel oils and other products produced in connection with the production of fuels at the Montana specialty asphalt facility .

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents packaged and synthetic specialty products at our Porter, Texas and Shreveport, Louisiana packaging facilities .

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The components of the $54.9 million increase in Specialty Products and Solutions segment sales for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows (in millions):

---

| | |
|:---|:---|
|  | **Dollar Change** |
| Volume | $60.1 |
| Sales price | (5.2) |
| Total Specialty Products and Solutions segment sales increase | $54.9 |

---

Specialty Products and Solutions segment sales increased period over period, driven primarily by higher sales volumes despite our Shreveport facility operations being suspended across significant portions of the plant during the current quarter as a precaution to protect our employees and equipment following the discovery of organic chlorides in feedstock tanks.

The components of the $25.9 million decrease in Montana/Renewables segment sales for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows (in millions):

---

| | |
|:---|:---|
|  | **Dollar Change** |
| Volume | $(45.4) |
| Sales price | 19.5 |
| Total Montana/Renewables segment sales decrease | $(25.9) |

---

Montana/Renewables segment sales declined during the current year period as a result of a planned outage to support the MaxSAF<sup>®</sup> 150 expansion project. Despite lower volumes, improved renewable fuel prices favorably impacted results and partially mitigated the effect of reduced sales volumes in comparison to the prior year period.

The components of the $6.8 million increase in Performance Brands segment sales for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows (in millions):

---

| | |
|:---|:---|
|  | **Dollar Change** |
| Volume | $7.1 |
| Sales price | (0.3) |
| Total Performance Brands segment sales increase | $6.8 |

---

Performance Brands segment sales increased period over period, driven by strong sales volumes, despite the prior year period including contributions from the divested Royal Purple Industrial business.

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*Gross Profit (Loss).* Gross profit (loss) decreased $6.1 million to gross loss of $87.5 million in the three months ended March 31, 2026, from gross profit (loss) of $81.4 million in the same period in 2025. Gross profit (loss) for our business segments were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** | **% Change** |
|  | **(Dollars in millions, except per barrel data)** | **(Dollars in millions, except per barrel data)** | **(Dollars in millions, except per barrel data)** |
| Gross profit by segment: |  |  |  |
| &nbsp;&nbsp;Specialty Products and Solutions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss) | $(62.9) | $(34.0) | 85.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of sales | (8.9)% | (5.2)% | (3.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Products and Solutions gross profit per barrel | $(10.72) | $(6.33) | 69.3% |
| &nbsp;&nbsp;Montana/Renewables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss) | $(45.6) | $(69.6) | (34.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of sales | (19.4)% | (26.6)% | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montana/Renewables gross profit (loss) per barrel | $(25.38) | $(32.03) | (20.8)% |
| &nbsp;&nbsp;Performance Brands: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | $21.0 | $22.2 | (5.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of sales | 23.7% | 27.0% | (3.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Brands gross profit per barrel | $125.75 | $144.16 | (12.8)% |
| &nbsp;&nbsp;Total gross profit (loss) | $(87.5) | $(81.4) | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of sales | (8.5)% | (8.2)% | (0.3)% |

---

The components of the $28.9 million decrease in Specialty Products and Solutions segment gross profit (loss) for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows (in millions):

---

| | |
|:---|:---|
|  | **Dollar Change** |
| Three months ended March 31, 2025 reported gross profit (loss) | $(34.0) |
| Cost of materials | 5.9 |
| LCM / LIFO inventory adjustments | 18.1 |
| Volumes | 12.3 |
| Operating costs (excl. RINs) | (11.5) |
| RINs | (48.6) |
| Sales price | (5.1) |
| Three months ended March 31, 2026 reported gross profit (loss) | $(62.9) |

---

The decrease in Specialty Products and Solutions segment gross profit (loss) for the three months ended March 31, 2026 as compared to the same period in 2025, was unfavorably impacted by RINs prices and higher operating costs, including increased natural gas pricing. These impacts were partially offset by the favorable impact from higher sales volumes.

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The components of the $24.0 million increase in Montana/Renewables segment gross profit (loss) for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows (in millions):

---

| | |
|:---|:---|
|  | **Dollar Change** |
| Three months ended March 31, 2025 reported gross profit (loss) | $(69.6) |
| Cost of materials | (10.9) |
| LCM / LIFO inventory adjustments | 7.0 |
| Volumes | (3.8) |
| RINs | 5.9 |
| Operating costs (excl. RINs) | 6.3 |
| Sales price | 19.5 |
| Three months ended March 31, 2026 reported gross profit (loss) | $(45.6) |

---

The increase in Montana/Renewables segment gross profit (loss) for the three months ended March 31, 2026, as compared to the prior period, was driven by favorable sales pricing, which was partially offset by the impact of lower sales volumes resulting from a planned outage to complete the MaxSAF<sup>®</sup> 150 expansion project and higher material costs. In addition, operating costs resulting in a favorable benefit, reflective of continued operating cost discipline from initiative implemented throughout the prior calendar year.

The components of the $1.2 million decrease in Performance Brands segment gross profit (loss) for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows (in millions):

---

| | |
|:---|:---|
|  | **Dollar Change** |
| Three months ended March 31, 2025 reported gross profit | $22.2 |
| Sales price | (0.3) |
| Operating costs | (0.7) |
| LCM / LIFO inventory adjustments | 1.0 |
| Volume | 2.7 |
| Cost of materials | (3.9) |
| Three months ended March 31, 2026 reported gross profit | $21.0 |

---

Performance Brands segment gross profit (loss) for the three months ended March 31, 2026, as compared to the prior period, was essentially flat. The favorable impact from higher sales volumes, despite the prior year period including contributions from the divested Royal Purple Industrial business, was off-set by the impact of higher input costs.

*General and administrative.* General and administrative expenses increased $53.9 million, to $66.0 million in the three months ended March 31, 2026 from $12.1 million in the same period in 2025. The increase was due primarily to a $58.8 million increase in stock-based compensation related expenses as a result of an increase in the Company's stock price in the current year period, as compared to a decrease in the Company's stock price in the prior year period. This impact was partially offset by a $3.1 million decrease in professional services fees.

*Gain on sale of business.* There was a $62.2 million gain on sale of business in the prior year period for the sale of assets related to the industrial portion of our the Royal Purple<sup>®</sup> business. There was no gain or loss for the sale of a business recorded in the current year period. Refer to Note 2 — "Summary of Significant Accounting Policies" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information related to the sale of assets related to the industrial portion of the Royal Purple<sup>®</sup> business.

#### Liquidity and Capital Resources

#### General
The following should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources" included under Part II, Item 7 in our 2025 Annual Report. There have been no material changes in that information other than as discussed below. Also, see Note 5 — "Inventory

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Financing Agreements" and Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" in this Quarterly Report for additional discussions related to our Supply and Offtake Agreements and our long-term debt.

#### Cash Flows from Operating, Investing and Financing Activities
We believe that we have sufficient liquid assets, cash flow from operations, borrowing capacity and adequate access to capital markets to meet our financial commitments, debt service obligations and anticipated capital expenditures for at least the next 12 months. We continue to seek to lower our operating costs, selling expenses and general and administrative expenses as a means to further improve our cash flow from operations with the objective of having our cash flow from operations support all of our capital expenditures and interest payments. However, we are subject to business and operational risks that could materially adversely affect our cash flows. A material decrease in our cash flow from operations including a significant, sudden decrease in crude oil prices would likely produce a corollary effect on our borrowing capacity under our revolving credit facility and potentially our ability to comply with the covenants under our revolving credit facility. A significant, sudden increase in crude oil prices, if sustained, would likely result in increased working capital requirements which would be funded by borrowings under our revolving credit facility. In addition, our cash flow from operations may be impacted by the timing of settlement of our derivative activities. Gains and losses from derivative instruments that do not qualify as cash flow hedges are recorded in unrealized gain (loss) on derivative instruments until settlement and will impact operating cash flow in the period settled.

The following table summarizes our primary sources and uses of cash in each of the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Net cash used in operating activities | $(86.2) | $(29.3) |
| Net cash provided by (used in) investing activities | (13.7) | 77.8 |
| Net cash provided by financing activities | 73.4 | 109.0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $(26.5) | $157.5 |

---

*Operating Activities.* Operating activities used cash of $86.2 million during the three months ended March 31, 2026 compared to using cash of $29.3 million during the same period in 2025. This change was primarily related to an increase in our accounts receivable of $125.4 million, partially offset by an increase in accounts payable and other working capital changes as our cash flows adjust to the increase in commodity prices.

*Investing Activities.* Investing activities used cash of $13.7 million during the three months ended March 31, 2026 compared to providing cash of $77.8 million during the same period in 2025. The change is related to the net proceeds received for the sale of the Royal Purple Industrial business in the prior year period. Cash expenditures for additions to property, plant and equipment in the current period were less than the prior period as a result of lower replacement capital expenditure requirements.

*Financing Activities.* Financing activities provided cash of $73.4 million in the three months ended March 31, 2026 compared to providing cash of $109.0 million during the same period in 2025. The change is primarily due to the borrowings we received in the current year period from the 2031 Notes partially offset by payments we made in the current period to repay the 2026 Notes and 2027 Notes. Cash provided by financing activities in the prior period primarily consisted of borrowings we received from the DOE Loan and 2028 Mirror Issuance Notes, offset by the payments we made to repay outstanding borrowings under the revolving credit agreement, repurchase the equipment associated with the MRL Asset Financing Arrangements, repay the outstanding loans under the MRL Term Loan Credit Agreement and MRL Revolving Credit Agreement, and repay the outstanding obligations under the MRL Supply and Offtake Agreement.

***Capital Expenditures***

Our property, plant and equipment capital expenditure requirements consist of capital improvement expenditures, replacement capital expenditures, environmental capital expenditures and turnaround capital expenditures. Capital

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improvement expenditures include the acquisition of assets to grow our business, facility expansions, or capital initiatives that reduce operating costs. Replacement capital expenditures replace worn out or obsolete equipment or parts. Environmental capital expenditures include asset additions to meet or exceed environmental and operating regulations. Turnaround capital expenditures represent capitalized costs associated with our periodic major maintenance and repairs.

The following table sets forth our capital improvement expenditures, replacement capital expenditures, environmental capital expenditures and turnaround capital expenditures in each of the periods shown, including capitalized interest (in millions):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Capital improvement expenditures | $11.3 | $4.1 |
| Replacement capital expenditures | 1.9 | 12.3 |
| Environmental capital expenditures |  | 1.2 |
| Turnaround capital expenditures | 1.8 | 2.8 |
| &nbsp;&nbsp;Total | $15.0 | $20.4 |

---

#### 2026 Capital Spending Forecast
We are forecasting total capital expenditures of approximately $130.0 million to $160.0 million in 2026. Our forecasted capital expenditures are primarily related to maintenance and reliability projects and capital expenditures associated with MaxSAF<sup>®</sup>. We anticipate that capital expenditure requirements for the MaxSAF<sup>®</sup> project will be funded by MRL, an unrestricted subsidiary of the Company, through cash flows from operations, cash on hand and borrowings under the DOE Facility. We anticipate that capital expenditure requirements for our restricted subsidiaries group will be provided primarily through cash flows from operations, cash on hand, and by available borrowings under our revolving credit facility. If future capital expenditures require amounts in excess of our then-current cash flow from operations and borrowing availability under our revolving credit facility, we may be required to issue debt or equity securities in public or private offerings or incur additional borrowings under bank credit facilities to meet those costs.

#### Debt and Credit Facilities
As of March 31, 2026, our primary debt and credit instruments consisted of the following:

● $500.0 million senior secured revolving credit facility maturing in January 2031 (after giving effect to the amendments to our revolving credit facility (the "Credit Facility Amendments")), subject to borrowing base limitations, with a maximum letter of credit sub-limit equal to $255.0 million, which amount may be increased to 90% of revolver commitments in effect with the consent of the Agent (as defined in the Credit Agreement) ("revolving credit facility");

● $555.0 million of 9.75% Senior Notes due 2031 ("2031 Notes");

● $200.0 million of 9.25% Senior Secured First Lien Notes due 2029 ("2029 Secured Notes");

● $325.0 million of 9.75% Senior Notes due 2028 ("2028 Notes");

● $100.0 million of 9.75% Senior Notes due 2028 ("2028 Mirror Issuance Notes");

● $825.2 million of borrowings under our DOE Loan;

● $113.7 million of financing through our Shreveport terminal asset financing arrangement;

● $19.3 million of financing through our Montana terminal asset financing arrangement; and

● $140.8 million of financing through our Montana refinery asset financing arrangement.

We were in compliance with all covenants under the debt instruments in place as of March 31, 2026 and believe we have adequate liquidity to conduct our business.

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On January 23, 2026, the Company entered into the Ninth Amendment to the Third Amended and Restated Credit Agreement. The Ninth Amendment amended the Credit Agreement. Among other changes, the Ninth Amendment modified the Credit Agreement to (i) extend the maturity date to January 23, 2031, (ii) provide for commitments of $500.0 million, subject to borrowing base limitations, (iii) revise certain covenants, representations and warranties, events of default and other terms to permit the Company or one or more of its subsidiaries to consummate one or more new inventory financing transactions, subject in each case to the Company's satisfaction of certain customary conditions and (iv) provide for a reduction of commitments under the Credit Agreement from $500.0 million to $425.0 million if any such inventory financing transaction is consummated. See Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information.

On January 12, 2026, the Issuers issued and sold $405.0 million aggregate principal amount of 2031 Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act. The Company subsequently redeemed all of the 2026 Notes and all of the 2027 Notes in January 2026.

On March 17, 2026, the Issuers issued and sold $150.0 million aggregate principal amount of additional 2031 Notes (the "Additional Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act. The Company used the net proceeds from the offering of the Additional Notes to repay borrowings outstanding under the Company's revolving credit facility. See Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information.

The borrowing base on our credit facility decreased from approximately $455.6 million as of March 31, 2025, to approximately $425.7 million at March 31, 2026. Our borrowing availability decreased from approximately $339.3 million at March 31, 2025, to approximately $284.2 million at March 31, 2026. Total liquidity, consisting of unrestricted cash, restricted cash and available funds under our credit facility, decreased from $542.7 million at March 31, 2025 to $462.8 million at March 31, 2026.

#### Inventory Financing
Refer to Note 5 — "Inventory Financing Agreements" in Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for additional information regarding our Supply and Offtake Agreement.

#### Short-Term Liquidity
As of March 31, 2026, our principal sources of short-term liquidity were (i) $284.2 million of availability under our credit facility, (ii) an inventory financing agreement related to our Shreveport facility, (iii) $138.6 million of unrestricted cash on hand, and (iv) $40.0 million of restricted cash. Borrowings under our revolving credit facility can be used for, among other things, working capital, capital expenditures and other lawful partnership purposes including acquisitions. For additional information regarding our revolving credit facility, see Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" in this Quarterly Report.

#### Long-Term Financing
In addition to our principal sources of short-term liquidity listed above, subject to market conditions, we may meet our cash requirements through the issuance of long-term notes or additional common shares.

From time to time, we issue long-term debt securities referred to as our senior notes. Our outstanding senior notes are unsecured obligations that rank equally with all of our other senior debt obligations to the extent they are unsecured. As of March 31, 2026, we had $325.0 million in 2028 Notes, $100.0 million in 2028 Mirror Issuance Notes, $200.0 million in 2029 Secured Notes, and $555.0 million in 2031 Notes outstanding. In addition, as of March 31, 2026, we had $825.2 million of debt outstanding for the DOE Loan, $113.7 million of other debt outstanding for the Shreveport terminal asset financing arrangement, $19.3 million of other debt outstanding for the Montana terminal asset financing arrangement, and $140.8 million of other debt outstanding for the Montana refinery asset financing arrangement. Borrowings under the DOE Loan are obligations of our unrestricted subsidiaries MRL and MRHL solely, and are non-recourse to the Company and its restricted subsidiaries.

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To date, our debt balances have not adversely affected our operations, our ability to repay or refinance our indebtedness. Based on our historical record, we believe that our capital structure will continue to allow us to achieve our business objectives.

For additional information regarding our senior notes, refer to Note 6 — "Long-Term Debt" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" in this Quarterly Report and Note 9 — "Long-Term Debt" in Part II, Item 8 "Financial Statements and Supplementary Data" of our 2025 Annual Report.

#### Master Derivative Contracts and Collateral Trust Agreement
For additional discussion regarding our master derivative contracts and collateral trust agreement, see "Master Derivative Contracts and Collateral Trust Agreement" under Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2025 Annual Report.

#### Critical Accounting Estimates
For additional discussion regarding our critical accounting estimates, see "Critical Accounting Estimates" under Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2025 Annual Report.

#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks from adverse changes in commodity prices, the price of credits needed to comply with governmental programs, interest rates and foreign currency exchange rates. Information relating to quantitative and qualitative disclosures about material market risk is set forth below.

#### Commodity Price Risk

#### Derivative Instruments
We are exposed to price risks due to fluctuations in the price of crude oil, refined products, renewable products, feedstocks, natural gas and precious metals. We use various strategies to reduce our exposure to commodity price risk. We do not attempt to eliminate all of our risk as the costs of such actions are believed to be too high in relation to the risk posed to our future cash flows, earnings and liquidity. The strategies we use to reduce our risk utilize both physical forward contracts and financially settled derivative instruments, such as swaps, collars, options and futures, to attempt to reduce our exposure with respect to:

● crude oil and renewable feedstock purchases and sales;

● refined and renewable fuel product sales and purchases;

● natural gas purchases;

● precious metals; and

● fluctuations in the value of crude oil between geographic regions and between the different types of crude oil such as NYMEX WTI, Light Louisiana Sweet, WCS, WTI Midland, Mixed Sweet Blend, Magellan East Houston and ICE Brent.

We manage our exposure to commodity markets, credit, volumetric and liquidity risks to manage our costs and volatility of cash flows as conditions warrant or opportunities become available. These risks may be managed in a variety of ways that may include the use of derivative instruments. Derivative instruments may be used for the purpose of mitigating risks associated with an asset, liability and anticipated future transactions and the changes in fair value of our derivative instruments will affect our earnings and cash flows; however, such changes should be offset by price or rate

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changes related to the underlying commodity or financial transaction that is part of the risk management strategy. We do not speculate with derivative instruments or other contractual arrangements that are not associated with our business objectives. Speculation is defined as increasing our natural position above the maximum position of our physical assets or trading in commodities, currencies or other risk bearing assets that are not associated with our business activities and objectives. Our positions are monitored routinely by a risk management committee and discussed with the board of directors of the Company quarterly to ensure compliance with our stated risk management policy and documented risk management strategies. All strategies are reviewed on an ongoing basis by our risk management committee, which will add, remove or revise strategies in anticipation of changes in market conditions and/or in risk profiles. These changes in strategies are to position us in relation to our risk exposures in an attempt to capture market opportunities as they arise.

Refer to Note 7 — "Derivatives" in the notes to our unaudited condensed consolidated financial statements under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements" for a discussion of the accounting treatment for the various types of derivative instruments, for a further discussion of our hedging policies and for more information relating to our implied crack spreads of crude oil, diesel, and gasoline derivative instruments.

Our derivative instruments and overall hedging positions are monitored regularly by our risk management committee, which includes executive officers. The risk management committee reviews market information and our hedging positions regularly to determine if additional derivatives activity is advised. A summary of derivative positions and a summary of hedging strategy are presented to our Board of Directors quarterly.

#### Compliance Price Risk

#### Renewable Identification Numbers
We are exposed to market risks related to the volatility in the price of credits needed to comply with governmental programs. The EPA sets annual volume obligations for the percentage of renewable fuels that must be blended into transportation fuels consumed in the U.S., and as a producer of transportation fuels from petroleum, we are subject to those obligations. To the extent we are unable to physically blend renewable fuels to satisfy the EPA requirement, we may purchase RINs in the open market to satisfy the annual obligations. We have not entered into any derivative instruments to manage this risk.

Holding other variables related to RINs obligations constant, a $1.00 increase in the price of RINs would be expected to have a negative impact on Net income (loss) of approximately $65 million per year.

#### Interest Rate Risk
Our exposure to interest rate changes on fixed and variable rate debt is limited to the fair value of the debt issued, which would not have a material impact on our earnings or cash flows. The following table provides information about the fair value of our fixed and variable rate debt obligations as of March 31, 2026 and December 31, 2025, which we

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disclose in Note 6 — "Long-Term Debt" and Note 8 — "Fair Value Measurements" under Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements."

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|  | **Fair Value** | **Carrying Value** | **Fair Value** | **Carrying Value** |
| Financial Instrument: |  |  |  |  |
| 2026 Notes, 2027 Notes, 2028 Notes, 2028 Mirror Issuance Notes, 2029 Secured Notes and 2031 Notes | $1233.4 | $1166.2 | $1083.7 | $1065.5 |
| Senior secured revolving credit facility | $95.2 | $88.8 | $94.6 | $93.0 |
| DOE Loan | $825.2 | $805.6 | $815.4 | $795.5 |
| Shreveport terminal asset financing arrangement | $113.7 | $111.4 | $116.1 | $113.7 |
| Montana terminal asset financing arrangement | $19.3 | $19.2 | $22.5 | $22.4 |
| Montana refinery asset financing arrangement | $140.8 | $139.6 | $142.7 | $141.5 |
| Finance lease obligations | $1.2 | $1.2 | $1.9 | $1.9 |

---

For our variable rate debt, if any, changes in interest rates generally do not impact the fair value of the debt instrument but may impact our future earnings and cash flows. We had a $500.0 million revolving credit facility as of March 31, 2026, with borrowings for the revolving credit facility bearing interest at the prime rate or SOFR, at our option, plus the applicable margin. We had $95.2 million of outstanding variable rate debt as of March 31, 2026 and $94.6 million of outstanding variable rate debt as of December 31, 2025. Holding other variables constant (such as debt levels), a 100 basis point change in interest rates on our variable rate debt as of March 31, 2026, would be expected to have an impact on Net income (loss) of approximately $1.0 million per year.

#### Foreign Currency Risk
We have minimal exposure to foreign currency risk and as such the cost of hedging this risk is viewed to be in excess of the benefit of further reductions in our exposure to foreign currency exchange rate fluctuations.

#### Item 4. Controls and Procedures

#### Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2026.

#### Changes in Internal Control over Financial Reporting
No changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fiscal quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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#### PART II

#### Item 1. Legal Proceedings
We may, from time to time, be involved in litigation related to claims arising out of our operations in the ordinary course of business. Please read Note 2 — "Summary of Significant Accounting Policies" and Note 4 — "Commitments and Contingencies" in Part I, Item 1 "Financial Statements — Notes to Unaudited Condensed Consolidated Financial Statements," which is incorporated herein by reference.

#### Item 1A. Risk Factors
In addition to the other information set forth in this Quarterly Report, you should carefully consider the risks discussed in Part I, Item 1A "Risk Factors" in our 2025 Annual Report. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. There have been no material changes in the risk factors discussed in Part I, Item 1A "Risk Factors" in our 2025 Annual Report.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.

#### Item 3. Defaults Upon Senior Securities
None.

#### Item 4. Mine Safety Disclosures
Not applicable.

#### Item 5. Other Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Trading Plans

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

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#### Item 6. Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [3.1](https://www.sec.gov/Archives/edgar/data/2013745/000119312524177313/d860762dex31.htm) | [Amended and Restated Certificate of Incorporation of Calumet, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Commission on July 10, 2024).](https://www.sec.gov/Archives/edgar/data/2013745/000119312524177313/d860762dex31.htm) |
| [3.2](https://www.sec.gov/Archives/edgar/data/2013745/000119312524177313/d860762dex32.htm) | [Amended and Restated Bylaws of Calumet, Inc. (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the Commission on July 10, 2024).](https://www.sec.gov/Archives/edgar/data/2013745/000119312524177313/d860762dex32.htm) |
| [4.1](https://www.sec.gov/Archives/edgar/data/2013745/000119312526010438/d20818dex41.htm) | [Indenture, dated January 12, 2026, by and among Calumet Specialty Products Partners, L.P., Calumet Finance Corp., the guarantors party thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed with the Commission on January 12, 2026).](https://www.sec.gov/Archives/edgar/data/2013745/000119312526010438/d20818dex41.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/2013745/000119312526010438/d20818dex41.htm) | [Form of 9.75% Senior Notes due 2031 (included in Exhibit 4.1).](https://www.sec.gov/Archives/edgar/data/2013745/000119312526010438/d20818dex41.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/2013745/000119312526029523/d68424dex101.htm) | [Ninth Amendment to Third Amended and Restated Credit Agreement, dated as of January 23, 2026, by and among Calumet, Inc., Bank of America, N.A. and the other parties signatory thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Commission on January 29, 2026).](https://www.sec.gov/Archives/edgar/data/2013745/000119312526029523/d68424dex101.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/2013745/000119312526106401/d28605dex101.htm) | [Tenth Amendment to Third Amended and Restated Credit Agreement, dated as of March 12, 2026, by and among the Company, Bank of America, N.A. and the other parties signatory thereto (incorporated by referenced to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Commission on March 13, 2026).](https://www.sec.gov/Archives/edgar/data/2013745/000119312526106401/d28605dex101.htm) |
| [10.3\*](clmt-20260331xex10d3.htm) | [Limited Conditional Waiver and Consent Agreement, dated as of February 10, 2026, among the United States Department of Energy, Montana Renewables, LLC, Montana Renewables Holdings LLC, Calumet, Inc., WPGG 14 United Aggregator, L.P. and Citibank, N.A., as collateral agent.](clmt-20260331xex10d3.htm) |
| [10.4\*](clmt-20260331xex10d4.htm) | [Limited Waiver Agreement, dated as of March 30, 2026, by and between the United States Department of Energy and Montana Renewables, LLC.](clmt-20260331xex10d4.htm) |
| [10.5\*](clmt-20260331xex10d5.htm) | [Second Omnibus Amendment Agreement, dated as of March 30, 2026, by and among the Company and J. Aron & Company LLC.](clmt-20260331xex10d5.htm) |
| [31.1\*](clmt-20260331xex31d1.htm) | [Sarbanes-Oxley Section 302 certification of Todd Borgmann.](clmt-20260331xex31d1.htm) |
| [31.2\*](clmt-20260331xex31d2.htm) | [Sarbanes-Oxley Section 302 certification of David Lunin.](clmt-20260331xex31d2.htm) |
| [32.1\*\*](clmt-20260331xex32d1.htm) | [Section 1350 certification of Todd Borgmann and David Lunin.](clmt-20260331xex32d1.htm) |
| 100.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL (included within the Exhibit 101 attachments) |

---

\*Filed herewith.

\*\*Furnished herewith.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | CALUMET, INC. | CALUMET, INC. |
| Date: May 8, 2026 | By: | /s/ David Lunin |
|  |  | David Lunin |
|  |  | Executive Vice President and Chief Financial Officer |
|  |  | (Authorized Person and Principal Financial Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A)**

**OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Todd Borgmann, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report of Calumet, Inc. (the "registrant") on Form 10-Q for the quarter ended March 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: May 8, 2026<br>| /s/ Todd Borgmann<br>|
|  | Todd Borgmann<br>President and Chief Executive Officer<br>(Principal Executive Officer)<br>|

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO RULE 13A-14(A) AND RULE 15D-14(A) OF THE**

**SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, David Lunin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report of Calumet, Inc. (the "registrant") on Form 10-Q for the quarter ended March 31, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: May 8, 2026<br>| /s/ David Lunin<br>|
|  | David Lunin<br>Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer)<br>|

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF**

**CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER**

**PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Calumet, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of Todd Borgmann, President and Chief Executive Officer of the Company, and David Lunin, Executive Vice President and Chief Financial Officer of the Company, each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| May 8, 2026<br>| /s/ Todd Borgmann<br>|
|  | Todd Borgmann<br>President and Chief Executive Officer<br>|
|  | (Principal Executive Officer)<br>|

---

---

| | |
|:---|:---|
| May 8, 2026<br>| /s/ David Lunin<br>|
|  | David Lunin<br>Executive Vice President and Chief Financial Officer<br>|
|  | (Principal Financial Officer)<br>|

---

------

## Exhibit 10.3

**EXHIBIT 10.3**

**Limited Conditional Waiver and Consent Agreement**

This LIMITED CONDITIONAL WAIVER AND CONSENT AGREEMENT (this "**Agreement**"), dated as of February 10, 2026, is among the UNITED STATES DEPARTMENT OF ENERGY, an agency of the United States of America ("**DOE**"); MONTANA RENEWABLES, LLC, a limited liability company organized and existing under the laws of the State of Delaware (the "**Borrower**"); MONTANA RENEWABLES HOLDINGS LLC., a limited liability company organized and existing under the laws of the State of Delaware (the "**Direct Parent**"); CALUMET, INC., a corporation organized and existing under the laws of the State of Delaware (the "**Calumet Parent**"); WPGG 14 UNITED AGGREGATOR, L.P., a limited partnership organized and existing under the laws of the State of Delaware (together with the Direct Parent and the Calumet Parent, the "**Sponsors**", and each a "**Sponsor**"); and CITIBANK, N.A., a national banking association acting through it Agency and Trust business, as collateral agent ("**Collateral Agent**").

In connection with that (i) certain Loan Guarantee Agreement dated as of January 10, 2025 between the Borrower and DOE (the "**LGA**"), and (ii) certain Sponsor Support Agreement, dated as of January 28, 2025 among DOE, the Sponsors and the Collateral Agent (the "**Sponsor Support Agreement**") for other good and valid consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties hereto agree as follows:

**Section 1.** **Defined Terms**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless otherwise defined herein, capitalized terms used in this Agreement (including in the Preliminary Statements) shall have the respective meanings ascribed to such terms in Annex A (*Definitions*) to the LGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless the contrary is expressly stated herein, the rules of construction set forth in Section 1.02 (*Other Rules of Construction*) of the LGA shall govern and apply to this Agreement, *mutatis mutandis*.

**Section 2.** **Conditional Waiver and Consent**. Subject to the satisfaction of the conditions set forth in Section 3 below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DOE and the Borrower hereby agree to a limited waiver of the Event of Default arising under Section 10.01(z) (*Base Cash Equity Reserve Account*) of the LGA during the Waiver Period (defined below), in order to permit the Borrower to use up to forty million Dollars ($40,000,000) of the funds in the Base Cash Equity Reserve Account to pay Project Costs related to the Phase 2 construction from January 1, 2026 through July 10, 2026 (such period, the "**Waiver Period**"). To the extent required for the limited purposes set forth herein, Section 10.01(z) (*Base Cash Equity Reserve Account*) of the LGA shall be deemed hereby amended to effectuate the foregoing waiver during the Waiver Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)DOE, the Borrower and the Sponsors each hereby agrees to a limited waiver of Section 2.02(a)(ii) (*Base Cash Equity Reserve Account*) of the Sponsor Support Agreement during the Waiver Period. During the Waiver Period, references in Section 2.02(a)(ii) (*Base Cash Equity Reserve Account*) of the Sponsor Support Agreement to "eighty million dollars" and "$80,000,000" shall be deemed to be "forty million dollars" and "$40,000,000", respectively. To the extent required for the limited purposes set forth herein, Section 2.02(a)(ii) (*Base Cash Equity Reserve Account*) of the Sponsor Support Agreement shall be deemed hereby amended to effectuate the foregoing waiver during the Waiver Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the avoidance of doubt, this limited waiver shall be automatically revoked without any further action or notice and shall cease to have any further force or effect upon the occurrence of ninety (90) consecutive days in which the balance on deposit in the Base Cash Equity Reserve Account is below forty million Dollars ($40,000,000). Upon the revocation of this limited waiver due to a failure of the

US-DOCS\166491563.8

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Borrower to comply with the immediately preceding sentence of this Section 2(c), the Borrower shall not have the additional cure period under Section 10.01(z).

**Section 3.** **Conditions; Effect of Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement and the waiver and consent set forth herein shall become effective only upon due execution and delivery of this Agreement by each of the Borrower, each Sponsor and DOE (the date on which this condition is satisfied, the "**Effective Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Agreement shall constitute a "Financing Document."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except for the express waiver and consent set forth in Section 2 (*Conditional Waiver and Consent*) hereof, this Agreement shall not by implication or otherwise (i) constitute a consent or approval under, or with respect to, any other provision of the LGA, the Sponsor Support Agreement or any other Transaction Document; (ii) limit, impair, constitute a waiver of or otherwise affect the rights and remedies of DOE, the Collateral Agent or any other Person under the LGA, the Sponsor Support Agreement or any other Transaction Document; or (iii) alter, modify, amend or in any way affect any of the terms, provisions, conditions, obligations, covenants or agreements contained in the LGA, the Sponsor Support Agreement, or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing herein shall be deemed to entitle the Borrower, any Sponsor or any other Person to any forbearance or consent to, or a waiver, amendment, modification or other change of, any of the terms, provisions, conditions, obligations, covenants or agreements contained in the LGA, the Sponsor Support Agreement, or any other Financing Document in similar or different circumstances.

**Section 4.** **Reaffirmations; Covenants**. The Borrower and each Sponsor hereby (i) reaffirms the covenants and agreements contained in each of the Financing Documents to which it is a party; (ii) reaffirms that each of the security interests and other liens created and granted in or pursuant to the Financing Documents is valid, perfected, and subsisting, and acknowledges and agrees that this Agreement shall in no manner impair or otherwise adversely affect such security interest or other liens; (iii) confirms that each Financing Document to which it is a party is and shall continue to be in full force and effect and the same is hereby ratified and confirmed in all respects, except as explicitly modified herein; and (iv) acknowledges and consents to this Agreement and the terms and provisions hereof.

**Section 5.** **Representations and Warranties**. The Borrower and each Sponsor hereby represents to DOE, the Collateral Agent, and the other Secured Parties, as of the date hereof, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)it is duly organized and validly existing under the laws of its place of organization and has all requisite power and authority to own and operate its properties and assets and to carry out its business as presently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)this Agreement has been duly authorized, executed and delivered, and no corporate or third-party authorization or consent, other than any authorization or consent that has been obtained, is necessary for the execution, delivery and performance hereof or the consummation of the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)each of the Transaction Documents to which it is a party remains in full force and effect in accordance with their terms and this Agreement and each other Transaction Document to which it is a party is its valid, binding and enforceable obligation in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law);

&nbsp;&nbsp;2<br>

US-DOCS\166491563.8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)each of the representations and warranties made by the Borrower and each Sponsor in the Transaction Documents to which it is a party remain true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by "materiality", "material adverse effect" or a similar qualifier, in which case it is true and correct in all respects) as of the date hereof, except to the extent such representation or warranty is made only as of a specific date or time (in which event such representation or warranty is true and correct as of such date or time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)after giving effect to the terms hereof, no event has occurred and is continuing which constitutes, or with the passage of time, the giving of notice or both could reasonably be expected to constitute, a Default or an Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)there is no fact known to it that has not been disclosed to DOE in writing that could reasonably be expected to have a Material Adverse Effect, and the execution, delivery and performance of this Agreement, the LGA, the Sponsor Support Agreement and each other Transaction Document to which it is a party could not reasonably be expected to result in a Material Adverse Effect.

**Section 6.** **Further Assurances**. Each of the parties hereto agrees, promptly upon reasonable request by any other party hereto, to cooperate in good faith and execute, acknowledge and deliver all further instruments and documents, and take all such further acts as such other party may reasonably request from time to time in order to carry out the purposes of this Agreement.

**Section 7.** **Amendments; Waivers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No failure or delay by DOE, the Collateral Agent or any other Secured Party in exercising any right, power or remedy shall operate as a waiver thereof or otherwise impair any rights, powers or remedies of the Secured Parties. No single or partial exercise of any such right, power or remedy shall preclude any other or further exercise thereof or the exercise of any other legal right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise provided herein, neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing and executed by the Borrower and DOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any amendment, modification, consent, waiver or change in respect to or in respect of any provision of this Agreement or any other Financing Document that constitutes a "modification" (as defined in Section 502(9) of FCRA) that increases the amount of the Credit Subsidy Cost (as calculated in accordance with FCRA and OMB Circulars A-11 and A-129), shall be subject to the availability to DOE of funds appropriated by the U.S. Congress, or, to the extent permitted by Applicable Law, payment by the Borrower, to meet any such increase in the Credit Subsidy Cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Borrower or any Sponsor shall in any event be effective unless the same shall be in writing and signed by DOE and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it is given.

**Section 8.** **Severability**. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter into good-faith negotiations to replace the invalid, illegal or unenforceable provision.

**Section 9.** **Counterparts; Electronic Signatures**. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same valid, binding instrument. Except to the extent Applicable Law would prohibit the same, make the same unenforceable or affirmatively requires a manually executed counterpart signature: (i) the delivery of an executed counterpart

&nbsp;&nbsp;3<br>

US-DOCS\166491563.8

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of a signature page of this Agreement by emailed .pdf or any other electronic means approved by DOE in writing (which may be via email) that reproduces an image of the actual executed signature page shall be as effective as the delivery of a manually executed counterpart of this Agreement; and (ii) if agreed by DOE in writing (which may be via email) with respect to this Agreement, the delivery of an executed counterpart of a signature page of this Agreement by electronic means that types in the signatory to a document as a "conformed signature" from an email address approved by DOE in writing (which may be via email) shall be as effective as the delivery of a manually executed counterpart of this Agreement. In furtherance of the foregoing, the words "execution", "signed", "signature", "delivery" and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. As used herein, "Electronic Signature" has the meaning assigned to it by 15 U.S.C. § 7006, as it may be amended from time to time.

**Section 10.** **Entire Agreement**. This Agreement, including any agreement, document or instrument attached to this Agreement or referred to herein, together with the other Financing Documents, integrate all the terms and conditions mentioned herein or incidental hereto, constitute the entire agreement and understanding, and supersede all oral negotiations and prior writings, agreements and understandings (both written and oral), among the parties hereto in respect of the subject matter hereof and thereof.

**Section 11.** **Governing Law; Waiver of Jury Trial.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE FEDERAL LAW OF THE UNITED STATES. TO THE EXTENT THAT FEDERAL LAW DOES NOT SPECIFY THE APPROPRIATE RULE OF DECISION FOR A PARTICULAR MATTER AT ISSUE, IT IS THE INTENTION AND AGREEMENT OF THE PARTIES TO THIS AGREEMENT THAT THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES (EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW)) SHALL BE ADOPTED AS THE GOVERNING FEDERAL RULE OF DECISION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)EACH OF THE PARTIES TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF THE BORROWER OR ANY SPONSOR. THIS PROVISION IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS.

**Section 12.** **Consent to Jurisdiction**. By execution and delivery of this Agreement, the Borrower and each Sponsor irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)submits for itself and its property in any legal action or proceeding against it arising out of or in connection with this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of: (i) the courts of the United States for the District of Columbia; (ii) the courts of the United States in and for the Southern District of New York sitting in New York County; (iii) any other federal court of competent jurisdiction in any other jurisdiction where it or any

&nbsp;&nbsp;4<br>

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of its property may be found; (iv) the state courts of New York County; (v) the courts of the District of Columbia; and (vi) appellate courts from any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)consents that any such action or proceeding may be brought in or removed to such courts, and waives any objection or right to stay or dismiss any action or proceeding that it may now or hereafter have, to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) agrees to irrevocably designate and appoint an agent satisfactory to DOE for service of process in New York under this Agreement, with respect to any action or proceeding in New York, as its authorized agent to receive, accept and confirm receipt of, on its behalf, service of process in any such proceeding; (ii) agrees that service of process, writ, judgment or other notice of legal process upon said agent shall be deemed and held in every respect to be effective personal service upon it; and (iii) shall maintain such appointment (or that of a successor satisfactory to DOE) continuously in effect at all times while the Secured Obligations are outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)agrees that nothing herein shall: (i) affect the right of any Secured Party to effect service of process in any other manner permitted by law; or (ii) limit the right of any Secured Party to commence proceedings against or otherwise sue the Borrower, any Sponsor or any other Person in any other court of competent jurisdiction, nor shall the commencement of proceedings in any one or more jurisdictions preclude the commencement of proceedings in any other jurisdiction (whether concurrently or not) if, and to the extent, permitted by the Applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)agrees that judgment against it in any such action or proceeding shall be conclusive and may be enforced in any other jurisdiction within or outside the U.S. by suit on the judgment or otherwise as provided by law, a certified or exemplified copy of which judgment shall be conclusive evidence of the fact and amount of the Borrower's or any Sponsor's obligation.

**Section 13.** **Survival Provisions**. All covenants, agreements, representations and warranties made herein and in the Financing Documents and in any document, certificate or statement delivered pursuant hereto or thereto or in connection herewith or therewith (including any Advance Request) shall survive the execution and delivery of this Agreement and the making of the Advances under the Note Purchase Agreement and LGA, and shall continue in full force and effect so long as this Agreement has not been terminated in accordance with the terms hereof.

**Section 14.** **Benefits of Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Nothing in this Agreement or any other Financing Document, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors and permitted assigns hereunder or thereunder, any benefit or any legal or equitable right or remedy under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Borrower, the Sponsors and DOE acknowledge that FFB is an intended third-party beneficiary of this Agreement with respect to all such rights, obligations, benefits and privileges granted in favor of DOE, the Collateral Agent or FFB, and FFB is entitled to exercise or enforce such rights, obligations, benefits and privileges on the same terms as DOE or the Collateral Agent; *provided*, that in the event of any conflict between any provision of this Agreement and the Note(s) or the Note Purchase Agreement, as between FFB and the Borrower, the terms of the Note and the Note Purchase Agreement shall govern.

**Section 15.** **Successors and Assigns**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The provisions of this Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and permitted assigns.

&nbsp;&nbsp;5<br>

US-DOCS\166491563.8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)None of the Borrower and each Sponsor may assign or otherwise transfer (whether by operation of law or otherwise) any of its rights or obligations under this Agreement without the prior written consent of DOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Secured Party may assign or otherwise transfer all or any portion of its rights and obligations under this Agreement to any other Person permitted in accordance with the relevant Financing Document, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party herein.

**Section 16.** **Rights and Immunities of DOE**. DOE will be entitled to all of the rights, protections, immunities and indemnities set forth in the LGA with respect to DOE acting as representative of the Secured Parties, in each case as if specifically set forth herein. In no event will DOE or any other Secured Party be liable for any act or omission on the part of the Borrower or any Sponsor hereunder.

**Section 17.** **Concerning the Collateral Agent**. The Collateral Agent shall be entitled to all of the rights, privileges, protections, indemnities and immunities accorded to the Collateral Agent under the Accounts Agreement, as if the same were fully and specifically set forth herein, *mutatis mutandis*. Without limiting the generality of the foregoing, and notwithstanding anything contained herein to the contrary, nothing contained in this Agreement shall require the Collateral Agent to exercise any discretionary acts, and any provisions of this Agreement that authorize or permit the Collateral Agent to approve, consent to, disapprove, request, determine, waive, act or decline to act, in its discretion, shall be subject to the Collateral Agent receiving written direction from DOE to take such action or to exercise such rights pursuant to the Accounts Agreement. This provision is intended solely for the benefit of the Collateral Agent and its successors and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party hereto. By its signature hereto, DOE directs the Collateral Agent to execute this Agreement. Acting on the instructions of DOE, the Collateral Agent hereby consents and agrees to this Agreement.

[*Signature Page Follows*]

&nbsp;&nbsp;6<br>

US-DOCS\166491563.8

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

&nbsp;&nbsp;&nbsp;&nbsp;**MONTANA RENEWABLES, LLC,**<br>a limited liability company organized and existing under the laws of the State of Delaware, <br>as Borrower<br><sup>By: /s/ Bruce Fleming</sup>Name: Bruce Fleming <br>Title: CEO<br>

*Signature Page to Limited Conditional Waiver and Consent Agreement*

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/</u><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Bruce Fleming<br>Executive Vice President, Montana Renewables & Corporate Development<br>Jeffrey Luse<br>Vice President<br>Bruce Fleming<br>CEO<br>,<br>Rupinder Kaur<br>Director<br>Portfolio Management Division<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CALUMET, INC.,** <br>a corporation organized and existing under the laws of the State of Delaware,<br>as Sponsor<br><sup>By: /s/ Bruce Fleming</sup>Name: Bruce Fleming<br>Title: Executive Vice President, Montana Renewables & Corporate Development<br>|

---

*Signature Page to Limited Conditional Waiver and Consent Agreement*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WPGG 14 UNITED AGGREGATOR, L.P.,** <br>a limited partnership organized and existing under the laws of the State of Delaware, <br>as Sponsor<br>By: WPGGT United GP, LLC, its general partner<br><sup>By: /s/ Jeffrey Luse</sup>Name: Jeffrey Luse<br>Title: Vice President<br>**MONTANA RENEWABLES HOLDINGS LLC** <br>

*Signature Page to Limited Conditional Waiver and Consent Agreement*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a limited liability company organized and existing under the laws of the State of Delaware, <br>as Sponsor<br><sup>By: /s/ Bruce Fleming</sup>Name: Bruce Fleming<br>Title: CEO<br>**UNITED STATES DEPARTMENT OF ENERGY**,<br>

*Signature Page to Limited Conditional Waiver and Consent Agreement*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an agency of the United States of America, <br>as DOE<br><sup>By: /s/ Rupinder Kaur</sup>Name:Rupinder Kaur<br>Title:Director<br>Portfolio Management Division<br>Office of Energy Dominance Financing<br>

*Signature Page to Limited Conditional Waiver and Consent Agreement*

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**CITIBANK, N.A.**, acting through its Agency and Trust business, not in its individual capacity but solely as Collateral Agent<sup>By: /s/ Marion Zinowski</sup>

Name: Marion Zinowski

Title: Senior Trust Officer

*Signature Page to Limited Conditional Waiver and Consent Agreement*

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## Exhibit 10.4

**EXHIBIT 10.4**

**LIMITED WAIVER AGREEMENT**

This LIMITED WAIVER AGREEMENT is dated as of March 30, 2026 (this "**Agreement**") by and between the UNITED STATES DEPARTMENT OF ENERGY, an agency of the United States of America ("**DOE**"), and Montana Renewables, LLC, a limited liability company organized and existing under the laws of the State of Delaware ("**Borrower**").

<u>RECITALS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Borrower has entered into that certain Loan Guarantee Agreement dated as of January 10, 2025 (the "**LGA**") with the DOE. Capitalized terms used but not defined herein shall have the meanings given such terms in the LGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Pursuant to Section 8.02(c)(C) of the LGA, Borrower is required to deliver to DOE no later than ninety (90) days after the end of each Fiscal Year of Borrower the annual Community Benefits Plan and Justice40 Annual Report in the form of Exhibit N to the LGA (the "**CBP and Justice40 Annual Report**"). Borrower has requested that DOE waive the requirement to deliver the CBP and Justice40 Annual Report (the "**Subject Waiver**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.DOE is willing to waive Borrower's delivery of the CBP and Justice40 Annual Report, subject to the terms and conditions of this Agreement;

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Defined Terms.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless otherwise defined herein, capitalized terms used in this Agreement shall have the respective meanings ascribed to such terms in Annex A to the LGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless the contrary is expressly stated herein, the rules of construction set forth in Section 1.02 (*Other Rules of Construction*) of the LGA shall govern and apply to this Agreement, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Limited Waiver.** Subject to the terms and conditions herein, DOE hereby consents to the Subject Waiver, *provided,* that such waiver shall remain in effect unless and until such time DOE delivers to Borrower written notice terminating this Agreement (the "**Waiver Termination Notice**"); *provided further*, that upon Borrower's receipt of a Waiver Termination Notice, Borrower shall first be required to deliver the CBP and Justice40 Annual Report ninety (90) days after the end of Borrower's subsequent Fiscal Year following the Fiscal Year in which Borrower receives the Waiver Termination Notice. The Subject Waiver is specific in time and in intent and does not constitute, and is not to be deemed to be, a waiver of the requirement to deliver the Community Benefits Plan and Justice40 Annual Report, nor is it a consent to any other actions or a waiver of any right, power, or privilege under the LGA or any other Financing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Conditions to Effectiveness.** This Agreement shall become effective on the date when the following conditions shall have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)due execution and delivery of this Agreement by each of Borrower and DOE; and

------

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)both before and after giving effect to this Agreement, no Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Effect; Reaffirmation and Ratification.** Except as expressly provided herein, this Agreement (i) shall not be deemed to be a consent to the amendment, modification or waiver of any other term or condition of any Financing Document or of any of the instruments or agreements referred to therein; and (ii) shall not prejudice any right or rights that DOE may now have under or in connection therewith or under applicable law. Except as otherwise expressly provided by this Agreement, all of the terms, conditions and provisions of the Financing Documents shall remain the same and each Financing Document shall continue in full force and effect, each as modified hereby. The Borrower hereby ratifies and affirms its obligations under, and acknowledges its continued liability under, each Financing Document to which it is a party, including without limitation, the Borrower's obligation to deliver to DOE, the annual CBP and Justice40 Annual Report required pursuant to Section 8.02(c)(C) and Exhibit N of the LGA upon the termination of this Agreement in accordance with <u>Section 2</u> above. Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Agreement may refer to any Financing Document without making specific reference to this Agreement, but nevertheless all such references shall include this Agreement unless the context otherwise requires. This Agreement shall be a Financing Document for all purposes under the LGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Entire Agreement; Amendments</u>. This Agreement, including any agreement, document or instrument referred to herein, together with the Financing Documents, integrate all the terms and conditions mentioned herein or incidental hereto, constitute the entire agreement and understanding, and supersede all oral negotiations and prior writings, agreements, and understandings (both written and oral), among the parties hereto in respect of the subject matter hereof and thereof. This Agreement may not be modified, waived, discharged, or terminated unless such modification, waiver, discharge, or termination is in a writing duly executed by each of Borrower and DOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Governing Law; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE FEDERAL LAW OF THE UNITED STATES. TO THE EXTENT THAT FEDERAL LAW DOES NOT SPECIFY THE APPROPRIATE RULE OF DECISION FOR A PARTICULAR MATTER AT ISSUE, IT IS THE INTENTION AND AGREEMENT OF THE PARTIES TO THIS LIMITED WAIVER THAT THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES (EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW)) SHALL BE ADOPTED AS THE GOVERNING FEDERAL RULE OF DECISION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)EACH OF THE PARTIES TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE BASED HEREON, ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF BORROWER OR ANY SPONSOR. THIS PROVISION IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Submission to Jurisdiction</u>. Section 11.14 (*Submission to Jurisdiction; Etc.*) of the LGA is hereby incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Severability</u>. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and the parties hereto shall enter into good-faith negotiations to replace the invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Benefits of Agreement</u>. Nothing in this Agreement or any other Financing Document, express or implied, shall give to any Person, other than the parties hereto and thereto and their successors and permitted assigns hereunder or thereunder, any benefit or any legal or equitable right or remedy under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Successors and Assigns</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto Agreement and their respective successors and permitted assigns. Borrower may not assign or otherwise transfer (whether by operation of law or otherwise) any of its rights or obligations under this Agreement without the prior written consent of DOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Counterparts</u>. This Agreement may be executed in one or more duplicate counterparts, all of which taken together shall constitute a single valid and binding agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Electronic Signatures</u>. Delivery of an executed signature page of this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart hereof. Except to the extent Applicable Law would prohibit the same, make the same unenforceable or affirmatively requires a manually executed counterpart signature (i) the delivery of an executed counterpart of a signature page of this Agreement by emailed .pdf or any other electronic means approved by DOE in writing (which may be via email) that reproduces an image of the actual executed signature page shall be as effective as the delivery of a manually executed counterpart of this Agreement; and (ii) if agreed by DOE in writing (which may be via email) with respect to this Agreement, the delivery of an executed counterpart of a signature page of this Agreement by electronic means that types in the signatory to a document as a "conformed signature" from an email address approved by DOE in writing (which may be via email) shall be as effective as the delivery of a manually executed counterpart of this Agreement. In furtherance of the foregoing, the words "execution", "signed", "signature", "delivery" and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. As used herein, "Electronic Signature" has the meaning assigned to it by 15 U.S.C. §7006, as it may be amended from time to time.

*[Remainder of this page blank; signature page follows.]*

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IN WITNESS WHEREOF, the parties hereto have executed this Limited Waiver Agreement, all as of the day and year first above mentioned.

**Montana Renewables LLC**,<br>a Delaware Limited Liability Company,<br>as Borrower

By:<u>/s/ Gregory J. Morical</u> 

Name: Gregory J. Morical

Title: Senior Vice President, General Counsel & Secretary

*[Signature Page to Limited Waiver Agreement - CBP and Justice40 Annual Report]*

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**U.S. DEPARTMENT OF ENERGY,**<br>an agency of the Federal Government of the United States of America

By:<u>/s/ Rupinder Kaur</u> 

Name:Rupinder Kaur<br>Title:Director, Portfolio Management Division Office of Energy Dominance Financing (EDF)

*[Signature Page to Limited Waiver Agreement - CBP and Justice40 Annual Report]*

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## Exhibit 10.5

**EXHIBIT 10.5**

#### SECOND OMNIBUS AMENDMENT AGREEMENT
This **SECOND OMNIBUS AMENDMENT AGREEMENT** (this "<u>Amendment</u>") is entered into as of March 30, 2026, by and among J. Aron & Company LLC, a limited liability company organized under the laws of the State of New York ("<u>Aron</u>"), Calumet Shreveport Refining, LLC, a Delaware limited liability company (the "<u>Company</u>"), Calumet Refining, LLC, a Delaware limited liability company ("<u>Calumet Refining</u>" and together with the Company, the "<u>Transaction Parties</u>"), Calumet, Inc., a Delaware corporation ("<u>Calumet</u> <u>Parent</u>"), and solely for <u>Section 7(d)</u> hereof, Calumet Specialty Products Partners, L.P., a Delaware limited partnership ("<u>MLP</u><u> </u><u>Parent</u>") (each of the Transaction Parties, Calumet Parent, MLP Parent and Aron referred to individually as a "<u>Party</u>" or collectively as the "<u>Parties</u>")*.*

**WHEREAS**, Aron, the Company, Calumet Refining and MLP Parent entered into that certain Monetization Master Agreement, dated as of January 17, 2024 (as amended by that certain Omnibus Amendment Agreement, dated as of July 10, 2024, that certain Second Amendment to the Monetization Master Agreement, dated as of September 30, 2024, that certain Third Amendment to the Monetization Master Agreement, dated as of July 25, 2025, and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Monetization Master Agreement</u>");

**WHEREAS**, Aron, the Company and Calumet Refining entered into that (a) Financing Agreement, dated as of January 17, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Financing Agreement</u>"), and (b) Supply and Offtake Agreement, dated as of January 17, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Supply</u><u> </u><u>and</u><u> </u><u>Offtake</u> <u>Agreement</u>");

**WHEREAS**, the Transaction Parties wish to extend the Expiration Date of the Monetization Master Agreement and the other Transaction Documents (the "<u>Extension</u>"); and

**WHEREAS,** in connection with the forgoing and pursuant to (a) Section 27.2 of the Monetization Master Agreement, (b) Section 21 of the Financing Agreement and (c) Section 22 of the Supply and Offtake Agreement, Aron, the Company, and Calumet Refining wish to make certain amendments to the Monetization Master Agreement, Financing Agreement and Supply and Offtake Agreement, in connection with the Extension.

**NOW, THEREFORE**, in consideration of the premises and the mutual undertakings contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **DEFINITIONS**. Capitalized terms used and not otherwise defined herein shall have the respective meanings assigned thereto in Annex I to the Monetization Master Agreement (as amended by this Amendment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **AMENDMENTS TO THE MONETIZATION MASTER AGREEMENT**. Subject

to the satisfaction of the conditions precedent set forth in <u>Section</u><u> </u><u>6</u> hereof, effective as of the Second Omnibus Amendment Effective Date, the Parties hereby agree that the

KE 135394682

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Monetization Master Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Amendments to the Monetization Master Agreement**. The Monetization Master Agreement shall be amended (i) to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in the form attached as <u>Exhibit</u><u> </u><u>A</u> hereto and (ii) deleting Exhibit II thereto in its entirety and replacing it with the Exhibit II attached as <u>Exhibit B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Amendments to Annex I to the Monetization Master Agreement**. Annex I to the Monetization Master Agreement shall be amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined</u> <u>text</u>) as set forth in the form attached as <u>Exhibit C</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Amendments to Schedules to the Monetization Master Agreement**. The Schedules to the Monetization Master Agreement listed below shall be amended, restated or replaced in their entirety, in each case as set forth on the applicable corresponding Annex hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Schedule B is hereby deleted in its entirety and replaced with Schedule B-1 (as set forth on <u>Annex I</u> hereto) and Schedule B-2 (as set forth on <u>Annex II</u> hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Schedule C is hereby deleted in its entirety and replaced with Schedule C-1 (as set forth on <u>Annex</u><u> </u><u>III</u> hereto) and Schedule C-2 (as set forth on <u>Annex IV</u> hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Schedule D is hereby deleted in its entirety and replaced with Schedule D-1 (as set forth on <u>Annex</u><u> </u><u>V</u> hereto) and Schedule D-2 (as set forth on <u>Annex VI</u> hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Schedule G is hereby amended and restated in its entirety as set forth on <u>Annex VII</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Schedule M is hereby amended and restated in its entirety as set forth on <u>Annex VIII</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Schedule Y is hereby amended and restated in its entirety as set forth on <u>Annex IX</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **AMENDMENTS TO THE FINANCING AGREEMENT**. Subject to the

satisfaction of the conditions precedent set forth in <u>Section</u><u> </u><u>6</u> hereof, effective as of the Second Omnibus Amendment Effective Date, the Parties hereby agree that the Financing Agreement is hereby amended to delete the stricken text (indicated textually

------

in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in the form attached as <u>Exhibit D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **AMENDMENTS TO THE SUPPLY AND OFFTAKE AGREEMENT**. Subject to

the satisfaction of the conditions precedent set forth in <u>Section</u><u> </u><u>6</u> hereof, effective as of the Second Omnibus Amendment Effective Date, the Parties hereby agree that the Supply and Offtake Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined</u><u> </u><u>text</u>) as set forth in the form attached as <u>Exhibit</u><u> </u><u>E</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **REPRESENTATIONS AND WARRANTIES**. Each Transaction Party hereby represents and warrants to Aron that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Amendment has been duly authorized, executed and delivered by such Transaction Party, and each of this Amendment and the Monetization Master Agreement, in each case, constitutes a legal, valid and binding obligation of such Transaction Party, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution, delivery and performance by such Transaction Party of this Amendment do not and will not violate the Organizational Documents of such Transaction Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All registrations with, consents or approvals of, notices to, or other actions by any Governmental Authority required to have been obtained or made by such Transaction Party for the due execution, delivery and performance of this Amendment have been obtained or made and are in full force and effect, except those registrations, consents, approvals, notices or other actions the failure of which to obtain or make, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Immediately after giving effect to this Amendment, (i) no Default or Event of Default (each as defined in the ABL Credit Agreement), (ii) no Default or Event of Default (each as defined in each Senior Notes Indenture), and (iii) no Default or Event of Default (each as defined in the Monetization Master Agreement), in each case, has occurred and is continuing with respect to such Transaction Party or would occur as a result of its entering into this Amendment or performing its obligations under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Immediately after giving effect to this Amendment, the representations and warranties of such Transaction Party set forth in Sections 15.1(a) and

------

15.1(b) of the Monetization Master Agreement and in each other Transaction Document are true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by "materiality", "Material Adverse Effect" or similar qualifier, in which case, it is true and correct in all respects) on and as of the date hereof with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by "materiality", "Material Adverse Effect" or similar qualifier, in which case, it was true and correct in all respects) as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As of the date hereof, there have been no amendments, consents, modifications or waivers to the ABL Credit Documents other than (i) that certain First Amendment to Third Amended and Restated Credit Agreement, dated as of September 4, 2019, (ii) that certain Consent and Amendment No. 2 to Third Amended and Restated Credit Agreement, dated as of November 18, 2021, (iii) that certain Third Amendment to Third Amended and Restated Credit Agreement, dated as of January 20, 2022, (iv) that certain Fourth ABL Credit Agreement Amendment, dated as of January 17, 2024, (v) that certain Fifth ABL Credit Agreement Amendment, dated as of July 10, 2024, (vi) that certain Consent and Sixth Amendment to Third Amended and Restated Credit Agreement, dated as of September 30, 2024,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) that certain Seventh Amendment to Third Amended and Restated Credit Agreement, dated as of January 6, 2025, (viii) that certain Eighth Amendment to Third Amended and Restated Credit Agreement, dated as of July 25, 2025, (ix) that certain Ninth Amendment to Third Amended and Restated Credit Agreement, dated as of January 23, 2026, and (x) that certain Tenth Amendment to Third Amended and Restated Credit Agreement, dated as of March 12, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)As of the date hereof and after giving effect to this Amendment, the Company is in compliance with all negative covenants as set forth in Section

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **CONDITIONS OF EFFECTIVENESS**. This Amendment shall become effective on and as of the first date (the " <u>Second Omnibus Amendment Effective Date</u> ") on which each of the following conditions precedent have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Aron shall have received executed counterparts of this Amendment from each of the Transaction Parties, Calumet Parent, MLP Parent and Aron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aron shall have received a duly executed copy of the Amended and Restated Fee Letter;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Aron shall have received a certificate of the Transaction Parties, dated as of the Second Omnibus Amendment Effective Date and signed by an appropriate officer of each of the Transaction Parties, certifying as to its Organizational Documents, incumbency, due authorization, board or other limited liability company or limited partnership approvals and resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)immediately after giving effect to this Amendment, (i) no Default or Event of Default (each as defined in the ABL Credit Agreement), (ii) no Default or Event of Default (each as defined in each Senior Notes Indenture) and (iii) no Default or Event of Default (each as defined in the Monetization Master Agreement), in each case, shall have occurred and be continuing or shall result from the consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the representations and warranties of each Transaction Party set forth in the Transaction Documents and <u>Section</u><u> </u><u>5</u> hereof shall be true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by "materiality", "Material Adverse Effect" or similar qualifier or is made pursuant to <u>Sections 5(e)</u>, <u>(f)</u> or <u>(g)</u> hereof, in which case, it shall be true and correct in all respects) on and as of the Second Omnibus Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by "materiality", "Material Adverse Effect" or similar qualifier or is made pursuant to <u>Sections 5(e)</u>, <u>(f)</u> or <u>(g)</u> hereof, in which case, it was true and correct in all respects) as of such earlier date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Aron shall have received payment (or evidence satisfactory to Aron that such payment will be made substantially concurrently with the entering of this Amendment) of all reasonable and documented out-of-pocket expenses incurred by Aron and its Affiliates (including the reasonable fees, charges and disbursements of counsel and tax consultants for Aron) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and as otherwise required under Section 18.5 of the Monetization Master Agreement, to the extent an invoice therefor is presented to the Company at least one (1) Business Day prior to the Second Omnibus Amendment Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the Transaction Parties shall have delivered to Aron a legal opinion of Norton Rose Fulbright LLP, New York counsel to the Transaction Parties, dated as of the Second Omnibus Amendment Effective Date, in form and substance satisfactory to Aron, covering such matters as Aron shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no action or proceeding shall have been instituted nor shall any action by a

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Governmental Authority be threatened, nor shall any order, judgment or decree have been issued or proposed to be issued by any Governmental Authority as of the Second Omnibus Amendment Effective Date to set aside, restrain, enjoin or prevent the transactions and performance of the obligations contemplated by this Amendment or any other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Refineries nor any of the Included Locations shall have been adversely or threatened to be affected adversely by any loss or damage, whether or not covered by insurance, unless such loss or damages would not have a material adverse effect on the regular and ordinary operations of the Refineries or the Included Locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Transaction Parties shall have delivered to Aron insurance certificates evidencing the effectiveness of the insurance policies and endorsements required pursuant to Article 14 of the Monetization Master Agreement on the Second Omnibus Amendment Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the Transaction Parties shall have complied with all covenants and agreements under the Transaction Documents that they are required to comply with on or before the Second Omnibus Amendment Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Aron shall have received a certificate of the Transaction Parties, dated the Second Omnibus Amendment Effective Date and signed by a Responsible Officer of each of the Transaction Parties, confirming compliance with those items set forth in this <u>Section 6</u> as Aron may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Aron shall have received a Solvency Certificate, dated the Second Omnibus Amendment Effective Date and signed by the chief financial officer of MLP Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Aron shall have received all permits, licenses, certificates, approvals, authorizations and other documents required by any Governmental Authority necessary to permit the Transaction Parties to engage in the business activities conducted by the Transaction Parties or in the collection and remittance of any Taxes to such Governmental Authority, each of which is set forth on Schedule 2.1(r) of the Monetization Master Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)since December 31, 2025, there shall have not been any Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Aron shall have received the results of a search of the UCC (or equivalent) filings made with respect to the Transaction Parties in Delaware and copies of the financing statements (or similar documents) disclosed by such search; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Aron shall have received evidence reasonably satisfactory to it that, after giving effect to the transactions contemplated to occur on the Second Omnibus Amendment Effective Date pursuant to the Amendment and the other Transaction Documents, the Company and its Restricted Subsidiaries shall have a Fixed Charge Coverage Ratio (Indenture) of at least 1.50:1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **REAFFIRMATION, ACKNOWLEDGEMENT AND CONSENT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Transaction Party acknowledges that it (i) has reviewed the terms and provisions of this Amendment, and (ii) consents to the terms, conditions and provisions of this Amendment. Each Transaction Party hereby confirms that each Lien Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Lien Documents, the payment and performance of all Secured Obligations (including all such Secured Obligations as reaffirmed pursuant to this Amendment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting the generality of the foregoing, each Transaction Party confirms, ratifies and reaffirms its payment obligations, guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Transaction Documents. For the avoidance of doubt, nothing in this Amendment shall constitute a new grant of security interest or restart any hardening period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Transaction Party acknowledges and agrees that each of the Transaction Documents to which it is a party or otherwise bound shall continue in full force and effect in accordance with its terms and that all of its payment obligations, guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of such Transaction Documents shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As of the Second Omnibus Amendment Effective Date, each Guarantor (as defined in the MLP Parent Guaranty) represents and warrants that the representations and warranties set forth in Section 15.1(a) of the Monetization Master Agreement, applied to such Guarantor and the MLP Parent Guaranty, *mutatis mutandis*, are true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by "materiality", "Material Adverse Effect" or similar qualifier, in which case, it is true and correct in all respects) on and as of the date hereof with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects (except to the extent any such representation and warranty itself is qualified by "materiality", "Material Adverse Effect" or similar qualifier, in which case, it was true and correct in all respects) as of

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such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **LIMITATIONS**. The foregoing amendments set forth in <u>Sections 2</u>, <u>3</u> and <u>4</u> are only effective in the specific instances and for the specific purposes for which they are given and shall not be effective for any other purpose, and no provision of any Transaction Document is amended or waived in any way other than as provided herein. Except as otherwise expressly provided or contemplated by this Amendment, all of the terms, conditions and provisions of the Monetization Master Agreement and the other Transaction Documents remain unaltered and in full force and effect and are hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **MISCELLANEOUS**. ARTICLE 21 (*Confidentiality*), ARTICLE 22 (*Governing   Law; Dispute Resolution*), ARTICLE 25 (*No Waiver,   Cumulative   Remedies*), ARTICLE 26 (*Nature   of   the   Transaction   and   Relationship   of   Parties*), ARTICLE 27 (*Miscellaneous*) and ARTICLE 28 (*Joint   and   Several   Liability*) OF THE MONETIZATION MASTER AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY AS IF FULLY SET FORTH HEREIN *MUTATIS MUTANDIS*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **EFFECTIVENESS**. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any party to this Amendment may execute this Amendment by signing any such counterpart; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signatures are physically attached to the same counterpart. The delivery of an executed counterpart of a signature page of this Amendment by electronic means, including by facsimile or by ".pdf" attachment to email, shall be effective as valid delivery of a manually executed counterpart of this Amendment. This Amendment shall become effective on the Second Omnibus Amendment Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **COMPLETE AGREEMENT; TRANSACTION DOCUMENT**. This Amendment

represents the final and complete agreement of the Parties in respect of the subject matter hereof, and all prior negotiations, representations, understandings, writings and statements of any nature relating thereto are hereby superseded in their entirety by the terms of this Amendment. The Parties agree and acknowledge that this Amendment constitutes a Transaction Document.

[*Signature Pages to Follow*]

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**IN WITNESS WHEREOF**, the Parties have caused this Amendment to be duly executed and delivered by their respective officers or authorized signatories thereunto duly authorized as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. ARON & COMPANY **LLC**

---

| |
|:---|
| By: <u>/s/ Simon Collier</u>  |
| Name: Simon Collier |
| Title: Authorized Signatory |

---

[*Signature Page to Second Omnibus Amendment Agreement*]

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**CALUMET SHREVEPORT REFINING, LLC**,

as the Company

By: <u>/s/ David A. Lunin</u> 

Name: David A. Lunin

Title: Executive Vice President and Chief Financial Officer

#### CALUMET REFINING, LLC ,
as Calumet Refining

By: <u>/s/ David A. Lunin</u> 

Name: David A. Lunin

Title: Executive Vice President and Chief Financial Officer

#### CALUMET, INC. ,
as Calumet Parent

By: <u>/s/ David A. Lunin</u> 

Name: David A. Lunin

Title: Executive Vice President and Chief Financial Officer

SOLELY FOR PURPOSES OF <u>SECTION</u><u> </u><u>7(d)</u>:

#### CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. ,
as MLP Parent

By: <u>/s/ David A. Lunin</u> 

Name: David A. Lunin

Title: Executive Vice President and Chief Financial Officer

[*Signature Page to Second Omnibus Amendment Agreement*]

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#### EXHIBIT A

#### Amendments to Monetization Master Agreement
[*See attached*]

------

**Exhibit A Conformed Copy through Second Omnibus Amendment Agreement dated March 30, 2026**

#### ADDED TEXT SHOWN UNDERSCORED DELETED TEXT SHOWN
**STRIKETHROUGH**

#### MONETIZATION MASTER AGREEMENT
dated as of January 17, 2024

among

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. ARON & COMPANY **LLC, CALUMET SHREVEPORT REFINING, LLC,**

as the Company,

#### CALUMET REFINING, LLC,
as Calumet Refining

and

#### CALUMET, INC.,
as the Calumet Parent

KE 135394706

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![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

#### **TABLE OF CONTENTS**
![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

![Graphic](clmt-20260331xex10d5004.jpg)

#### Page

#### ARTICLE 1 DEFINITIONS AND CONSTRUCTION 4

#### ARTICLE 2 CONDITIONS TO COMMENCEMENT 6

#### ARTICLE 3 TERM OF AGREEMENT 12

#### ARTICLE 4 [RESERVED] 1 3 2

#### ARTICLE 5 TARGET INVENTORY LEVELS AND PRICE ADJUSTMENT 1 3 2

#### ARTICLE 6 [RESERVED] 1 6 5

#### ARTICLE 7 MONTH END INVENTORY; CERTAIN DISPOSITIONS; INCLUDED LOCATION MAINTENANCE; GRADE CHANGES 16

#### ARTICLE 8 PAYMENT PROVISIONS 19
![Graphic](clmt-20260331xex10d5017.jpg)

#### ARTICLE 9 [RESERVED] 23

#### ARTICLE 10 INDEPENDENT INSPECTORS; STANDARDS OF MEASUREMENT 23

#### ARTICLE 11 [RESERVED] 24

#### ARTICLE 12 REFINERY TURNAROUND, MAINTENANCE AND CLOSURE 24

#### ARTICLE 13 TAXES 26

#### ARTICLE 14 INSURANCE 2 7 8

#### ARTICLE 15 REPRESENTATIONS, WARRANTIES AND COVENANTS   29 30 ARTICLE 16 DEFAULT AND TERMINATION 7 6 5

#### ARTICLE 17 SETTLEMENT AT TERMINATION 8 4 3

#### ARTICLE 18 INDEMNIFICATION; EXPENSES 8 7 6

#### ARTICLE 19 LIMITATION ON DAMAGES 8 9 8

#### ARTICLE 20 RECORDS AND INSPECTION 8 9 8

#### ARTICLE 21 CONFIDENTIALITY 89

#### ARTICLE 22 GOVERNING LAW; DISPUTE RESOLUTION 90

#### ARTICLE 23 ASSIGNMENTS; PARTICIPATIONS, ETC 9 1 0

#### ARTICLE 24 NOTICES 93

#### ARTICLE 25 NO WAIVER, CUMULATIVE REMEDIES 94

#### ARTICLE 26 NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES
95<u>4</u>

#### ARTICLE 27 MISCELLANEOUS 95

#### ARTICLE 28 JOINT AND SEVERAL LIABILITY 9 7 6
KE 135394706

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**Annex**

Annex I

**Annexes Description** Definitions

![Graphic](clmt-20260331xex10d5019.jpg)

![Graphic](clmt-20260331xex10d5020.jpg)

![Graphic](clmt-20260331xex10d5021.jpg)

![Graphic](clmt-20260331xex10d5022.jpg)

**Schedule** Schedule A Schedule B<u>-1</u> Schedule <u>B-2</u> <u>Schedule</u> C<u>-1</u> <u>Schedule</u><u> </u><u>C-2</u> <u>Schedule</u><u> </u><u>D-1</u> Schedule D<u>-2</u> Schedule E Schedule F Schedule G Schedule H Schedule I Schedule J Schedule K Schedule L Schedule M Schedule N

#### Schedules Description
Products and Product Specifications Product Benchmarks

<u>Product</u><u> </u><u>Benchmarks</u>

<u>Daily</u><u> </u><u>and</u><u> </u><u>Monthly</u><u> </u><u>True-Up</u><u> </u><u>Amount</u> Daily and Monthly True-Up Amount <u>Operational Volume Ranges</u>

Maximum Inventory Level<u>Operational</u><u> </u><u>Volume</u><u> </u><u>Ranges</u> Included Tanks

[Reserved]

Daily Settlement Schedule Step-In Prices

Initial Inventory Targets

Scheduling and Communications Protocol Determination of Price Adjustment Settlement Amount [Reserved]

Notices [Reserved]

Schedule O[Reserved]

Schedule PProduct Group

Schedule Q[Reserved]

Schedule RForm of Step-Out Inventory Sales Agreement

Schedule S Form of Refinery Production Volume Report and Monthly Feedstock Forecast

Schedule T[Reserved]

Schedule UIncluded Title Locations and Included Lien Locations

Schedule V[Reserved]

Schedule W-1 Schedule W-2

Daily Volume Report Month End BS&W Report

Schedule X[Reserved]

Schedule YRoll Procedures

Schedule ZSettlement Instructions

Schedule AA[Reserved]

Schedule BB[Reserved]

Schedule CCMaterial Contracts

Schedule DDDisqualified Institutions

Schedule 2.1(r)Permits

Schedule 15.1(a)(xi) Schedule 15.1(a)(xiii)(a) Schedule 15.1(a)(xiii)(b) Schedule 15.1(a)(xvii) Schedule 15.1(a)(xix)(a)

Schedule 15.1(a)(xix)(b)

Schedule 15.1(a)(xix)(c)

Schedule 15.1(a)(xix)(d)

KE 135394706

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Taxes

Corporate Structure

Subsidiaries, Equity Interests in MLP Parent and its Subsidiaries Intellectual Property Matters

Leased Real Properties

Locations of Tangible Personal Property

Chief Executive Offices; Jurisdictions of Incorporation; Principal Places of Business

Other Legal Names

KE 135394706

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Schedule 15.1(a)(xxv) Schedule 15.4(a) Schedule 15.4(b) Schedule 15.4(c) Schedule 15.4(n)

Material Contracts Existing Liens Existing Investments Existing Indebtedness

Existing Inventory Structuring Transactions

#### Exhibits
**Exhibit** **Description**

Exhibit IForm of Solvency Certificate

Exhibit IIForm of Compliance Certificate

KE 135394706

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#### MONETIZATION MASTER AGREEMENT
This Monetization Master Agreement (this "<u>Agreement</u>") is made as of January 17, 2024 (the "<u>Effective</u><u> </u><u>Date</u>"), among J. Aron & Company LLC, a limited liability company organized under the laws of the State of New York ("<u>Aron</u>") and located at 200 West Street, New York, New York 10282-2198, Calumet Shreveport Refining, LLC, a Delaware limited liability company (the "<u>Company</u>"), Calumet Refining, LLC, a Delaware limited liability company ("<u>Calumet Refining</u>", and together with the Company, each a "<u>Transaction Party</u>" and collectively, the "<u>Transaction Parties</u>") and Calumet, Inc., a Delaware corporation (the "<u>Calumet Parent</u>" and, together with the Transaction Parties, collectively, the "<u>Company Entities</u>") (each of the Company Entities, individually or collectively, as the context may require, and Aron referred to individually as a "<u>Party</u>" or collectively as the "<u>Parties</u>").

**WHEREAS**, the Company owns and operates a refinery located in Shreveport, Louisiana (the "<u>Refinery</u>") for the processing and refining of certain Feedstock (as defined in <u>Annex I</u>) and the recovery therefrom of refined products;

**WHEREAS**, the Transaction Parties and Aron have entered into that certain Supply and Offtake Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the "<u>Supply and Offtake Agreement</u>"), pursuant to which, among other things, Aron and the Company will enter into transactions pursuant to which Aron will (a) purchase Feedstock from the Transaction Parties or certain third parties, (b) sell Feedstock to the Transaction Parties, (c) purchase Products from the Transaction Parties and (d) sell Products to the Transaction Parties, in each case, in accordance with the terms thereof;

**WHEREAS**, the Transaction Parties and Aron have entered into that certain Financing Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the "<u>Financing Agreement</u>"), pursuant to which, among other things, Aron will make Credit Extensions to the Transaction Parties from time to time in accordance with the terms thereof;

**WHEREAS**, the Parties desire to enter into this Agreement in order to manage and support the transactions contemplated under the Supply and Offtake Agreement and the Financing Agreement and the other Transaction Documents;

**WHEREAS**, it is contemplated that on the Commencement Date (as defined below), Aron will

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchase from the Company, and as applicable, the other Transaction Parties, certain Feedstock and Products then being held by the Company at the Included Title Locations (as defined below) pursuant to the Supply and Offtake Agreement and the Inventory Sales Agreement and (b) provide certain other financial accommodations to the Company, and as applicable, the other Transaction Parties, based on Feedstock and Products then being held by the Company at Included Lien Locations pursuant to the Financing Agreement;

**WHEREAS**, the Parties have agreed that, for the Term of this Agreement, the Transaction Parties will operate in a commercially reasonable manner to facilitate the marketing and sale of the refined products acquired by Aron under the Supply and Offtake Agreement and the Inventory Sales Agreement in accordance with the terms and conditions of the Marketing and Sales Agreement (as defined below);

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**WHEREAS**, it is contemplated that upon the termination of this Agreement, (a) Aron will sell and the Company and, as applicable, the other Transaction Parties will purchase all of Aron's Feedstock and Products inventory held at the Included Title Locations in accordance with the terms and conditions of the Step-Out Inventory Sales Agreement (as defined in <u>Annex I</u>) and Aron will transfer to the applicable Transaction Parties, through novations or reassignments, various contractual rights pursuant to the termination provisions provided herein and (b) the Transaction Parties shall pay to Aron all amounts owed under the Supply and Offtake Agreement, the Financing Agreement, this Agreement and the other Transaction Documents on account of the Secured Obligations, and, upon the payment and satisfaction in full of all such Secured Obligations, Aron shall release all of its Liens on the Collateral, including the Included Lien Inventory in accordance with the terms of the Lien Documents; and

**WHEREAS**, each Transaction Party will derive substantial benefit from the transactions contemplated hereby and by the other Transaction Documents, and agrees to guarantee each other Transaction Party's Secured Obligations under the Transaction Documents pursuant to the Transaction Guaranty;

**NOW, THEREFORE**, in consideration of the premises and respective promises, conditions, terms and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties do agree as follows:

#### ARTICLE 1
<u>DEFINITIONS</u><u> </u><u>AND</u><u> </u><u>CONSTRUCTION</u>

![Graphic](clmt-20260331xex10d5025.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Definitions</u>. Unless otherwise defined herein, terms shall have the meanings given to them in Annex I hereto.

![Graphic](clmt-20260331xex10d5026.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Construction of Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless otherwise specified, reference to, and the definition of any document or agreement (including this Agreement) shall be deemed a reference to such document or agreement as may be, amended, restated, supplemented, revised or modified from time to time (subject to any restrictions on such amendments, supplements or modifications set forth in the Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless otherwise specified, all references to an "Article," "Section," or "Schedule" are to an Article or Section hereof or a Schedule attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All headings herein are intended solely for convenience of reference and shall not affect the meaning or interpretation of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Unless expressly provided otherwise, the word "including" as used herein does not limit the preceding words or terms and shall be read to be followed by the words "without limitation" or words having similar import.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Unless expressly provided otherwise, all references to days, weeks, months and quarters mean calendar days, weeks, months and quarters, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Unless expressly provided otherwise, references herein to "consent" mean the prior written consent of the Party at issue, which shall not be unreasonably withheld, delayed or conditioned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)A reference to any Party to this Agreement or another agreement or document includes the Party's permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Unless the contrary clearly appears from the context, for purposes of this Agreement, the singular number includes the plural number and vice versa; and each gender includes the other gender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Except where specifically stated otherwise, any reference to any Applicable Law or agreement shall be a reference to the same as amended, supplemented or re-enacted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Unless otherwise expressly stated herein, any reference to "volume" shall be deemed to refer to actual NSV, unless such volume has not yet been determined, in which case, volume shall be an estimated net volume determined in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)For the purposes of this Agreement, any reference to the "first month" shall be the period from and including the Commencement Date to and including January 31, 2024. Any reference to the "prior month" means the period from and including the first day of the month immediately prior to the then current month to the last day of such immediately preceding month; <u>provided</u>, that, if such prior month is the first month, the applicable period shall be the period set forth in the first sentence of this <u>Section 1.2(l)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3The Parties acknowledge that they and their counsel have reviewed and revised this Agreement and all other Transaction Documents, and that no presumption of contract interpretation or construction shall apply to the advantage or disadvantage of the drafter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Accounting</u> <u> </u> <u>Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Generally</u>. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the audited financial statements delivered pursuant to <u>Section 15.3(a)(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Changes in GAAP</u>. Other than as expressly set forth herein, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Transaction Document, and either the Company or Aron shall so request, the Company and Aron shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; <u>provided</u> that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to Aron financial statements and other documents required under this Agreement or as reasonably requested by Aron hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding any other provision contained herein, all items of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any change in

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GAAP occurring after the Commencement Date as a result of the adoption of any proposals set forth in the proposed Accounting Standards Update, Leases (Topic 842): a revision of the 2010 proposed Accounting Standards Update, Leases (Topic 840), issued by the Financial Accounting Standards Board on May 16, 2013 ("ASC 842"), or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if and to the extent any such change would require treating any lease (or similar arrangement conveying the right to use) as a finance lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect immediately prior to the adoption of ASC 842 by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5<u>Divisions</u>. For all purposes under the Transaction Documents, in connection with any Division (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person (<u>provided</u> that, any Indebtedness, Lien or Investment of a Restricted Subsidiary that is a Dividing Person that was permitted at the time of a Division of such Restricted Subsidiary shall be permitted to exist pursuant to the terms hereof after the date of such Division where the Division Successor is a Restricted Subsidiary), and (b) if any new Person comes into existence as a result of such Division, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

![Graphic](clmt-20260331xex10d5027.jpg)

![Graphic](clmt-20260331xex10d5028.jpg)

![Graphic](clmt-20260331xex10d5029.jpg)

![Graphic](clmt-20260331xex10d5030.jpg)

![Graphic](clmt-20260331xex10d5031.jpg)

![Graphic](clmt-20260331xex10d5032.jpg)

![Graphic](clmt-20260331xex10d5033.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6<u>Applicability of Schedules.</u><u> </u><u>For all purposes under the Transaction Documents: (a) with</u> <u>respect to the period from and after the Second Omnibus Amendment Effective Date to March 31, 2026,</u> <u>Schedule B shall mean Schedule B-1; (b) at all times from and after April 1, 2026, Schedule B shall mean</u> <u>Schedule B-2; (c) with respect to the period from and after the Second Omnibus Amendment Effective</u> <u>Date</u><u> </u><u>to</u><u> </u><u>January</u><u> </u><u>31,</u><u> </u><u>2027,</u><u> </u><u>Schedule</u><u> </u><u>C</u><u> </u><u>shall</u><u> </u><u>mean</u><u> </u><u>Schedule</u><u> </u><u>C-1</u><u> </u><u>and</u><u> </u><u>Schedule</u><u> </u><u>D</u><u> </u><u>shall</u><u> </u><u>mean</u><u> </u><u>Schedule</u> <u>D-1; and (d) at all times from and after February 1, 2027, Schedule C shall mean Schedule C-2 and</u> <u>Schedule D shall mean Schedule D-2.</u>

#### ARTICLE 2
<u>CONDITIONS</u><u> </u><u>TO</u><u> </u><u>COMMENCEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Conditions to Secured Obligations of Aron</u>. The obligations of Aron contemplated by this Agreement and the other Transaction Documents shall be subject to the satisfaction by the applicable Company Entities of the following conditions precedent on and as of the Commencement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement, the Supply and Offtake Agreement and the Financing Agreement shall have been duly executed and delivered by each Company Entity party thereto to Aron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Inventory Sales Agreement shall have been duly executed and delivered by each Transaction Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Transaction Party shall have duly executed and delivered the Storage Facilities Agreement in form and in substance reasonably satisfactory to Aron and provided Aron satisfactory documentation that it has secured, for the benefit of Aron, full, unencumbered storage and usage rights of the Storage Facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Transaction Party shall have duly executed and delivered the Marketing and Sales Agreement in form and in substance reasonably satisfactory to Aron;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each applicable Transaction Party shall have executed and delivered and caused the applicable third parties to execute and deliver (i) a Bailee's Letter covering each Included Lien Location as of the Commencement Date, (ii) a Carrier Notice covering each Eligible Vessel Carrier or Eligible Railroad Carrier that is transporting any Eligible In-Transit Inventory and Customs Broker Agreements and Freight Forwarder Agreements required for any Feedstock or Products to constitute Eligible In-Transit Inventory, in each case, as of the Commencement Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Required Storage and Transportation Arrangements covering each Included Title Location as of the Commencement Date, in each case effective as of the Commencement Date and (iv) the Stonebriar Multiparty Agreement; it being understood and agreed that, to the extent any of the foregoing documents described in clauses (i) through (iii) are not executed and delivered by each Person contemplated to be party thereto other than Aron on or prior to at least one (1) Business Day prior to the Commencement Date, (A) any location associated with an unexecuted and undelivered Bailee's Letter shall be deemed to not be an Included Lien Location as of the Commencement Date until and unless such executed documentation is delivered to Aron, (B) any location associated with an unexecuted and undelivered Required Storage and Transportation Arrangement shall be deemed to not be an Included Title Location as of the Commencement Date until and unless such executed documentation is delivered to Aron and (C) any location associated with any Carrier Notice that has been delivered to the applicable counterparty but for which Aron has not received an executed acknowledgement of such Carrier Notice from such counterparty, such Carrier Notice shall be deemed to satisfy clause (f) of each of the definitions of Eligible In-Transit Feedstock Inventory and Eligible In-Transit Product Inventory, respectively, as of the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Transaction Parties shall have provided Aron with evidence, in a form reasonably satisfactory to Aron, that the Commencement Date Volumes will be sold to Aron free and clear of any Liens, other than Permitted S&O Liens; <u>provided</u> that, Aron's obligations hereunder shall commence on the Commencement Date only if the Commencement Date Volumes shall have been sold and transferred to Aron as provided under the Inventory Sales Agreement against payment of the Estimated Commencement Date Value made as provided therein, and in accordance with the terms of the Macquarie Payoff Letter and the Triparty Payment Direction Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)(i) Aron shall have received evidence, reasonably satisfactory to it, confirming that the Termination Date (as defined in the Macquarie S&O Agreement) shall have occurred or shall occur prior to or substantially concurrently with the occurrence of the Commencement Date hereunder and Aron shall have received payoff letter and other termination documentation (including the Macquarie Payoff Letter) with respect thereto or other evidence thereof, in each case, reasonably satisfactory to Aron, providing for the release of all of Macquarie's liens and security interests upon receipt of stipulated amounts set forth in such payoff letters, (ii) Aron shall have received written confirmation that (A) all UCC filings in favor of Macquarie in connection with or under the Macquarie Transaction Documents shall have been authorized for termination and that applicable termination statements shall have been submitted for filing upon the Commencement Date, and (B) all Liens in favor of such existing secured parties or creditors shall have been terminated or will be terminated upon proper filing and (iii) there is no other Indebtedness other than Indebtedness permitted pursuant to <u>Section 15.4(c)</u> outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Transaction Parties shall have duly executed and delivered the Fee Letter and performed any terms and conditions thereof (including the payment of any fees thereunder) to be performed by the Transaction Parties on or before the Commencement Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Company Entity shall have delivered to Aron a certificate signed by an appropriate officer of such Company Entity certifying as to (i) its Organizational Documents, (ii) incumbency of its officers and (iii) due authorization, board or other limited liability company or limited partnership approvals and resolutions for the transaction contemplated under this Agreement and the other Transaction Documents, in each case, in form and substance reasonably satisfactory to Aron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Company Entities shall have delivered to Aron opinions of each of (i) Norton Rose Fulbright LLP, New York counsel to the Company Entities and (ii) Cook, Yancey, King & Galloway, APLC, counsel for the Company Entities, in each case, in form and substance satisfactory to Aron, covering such matters as Aron shall reasonably request, including: good standing; existence and due qualification; power and authority; due authorization and execution; enforceability; no conflicts; and security interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)No action or proceeding shall have been instituted nor shall any action by a Governmental Authority be threatened, nor shall any order, judgment or decree have been issued or proposed to be issued by any Governmental Authority as of the Commencement Date to set aside, restrain, enjoin or prevent the transactions and performance of the obligations contemplated by this Agreement or any other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Neither the Refinery nor any of the Included Locations shall have been affected adversely or threatened to be affected adversely by any loss or damage, whether or not covered by insurance, unless such loss or damages would not have a material adverse effect on the usual, regular and ordinary operations of the Refinery or the Included Locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)The Company Entities shall have delivered to Aron insurance certificates evidencing the effectiveness of the insurance policies and endorsements required pursuant to <u>Article 14</u> on the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Company Entities shall have complied with all covenants and agreements under the Transaction Documents that they are required to comply with on or before the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)All representations and warranties of the Company Entities contained in the Transaction Documents shall be true and correct on and as of the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Company shall have delivered to Aron a certificate, in form and substance reasonably satisfactory to Aron, of an Authorized Officer of the Company, certifying as to those items set forth in this <u>Section 2.1</u> as Aron may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Aron shall have received the Solvency Certificate, dated the Commencement Date and signed by the chief financial officer of the MLP Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)Aron shall have received true, correct and complete copies of all material permits, licenses, certificates, approvals, authorizations and other documents required by any Governmental Authority necessary to permit the Transaction Parties to engage in the business activities conducted by the Transaction Parties or in the collection and remittance of any Taxes to such Governmental Authority, each of which is set forth on <u>Schedule 2.1(r)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)Each Transaction Party shall have duly executed the Lien Documents to which it is a party granting in favor of Aron the security interests and liens contemplated thereby and all

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actions necessary to perfect the Liens granted thereunder shall have been completed, including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the filing of UCC financing statements, including precautionary UCC financing statements with respect to Aron's Property, and (ii) the delivery of any certificates and transfer instruments required under such Lien Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)On or prior to the Commencement Date, the Company shall have provided or caused to be provided to Aron an expected Product yield for the Refinery based on its then current operating forecast (the "<u>Initial Estimated Yield</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)Aron shall have received payment of all fees, expenses and other amounts due and payable on or prior to the Commencement Date required to be reimbursed or paid by the Transaction Parties hereunder, under the Fee Letter or any other Transaction Document on or prior to such date, together with reimbursement or payment of Aron's estimated out-of-pocket expenses of Aron and its Affiliates (including reasonable fees, charges and disbursements of Aron's counsels, experts and consultants) as provided in <u>Section 18.5</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Aron shall have received evidence reasonably satisfactory to it that, after giving effect to the transactions contemplated to occur on the Commencement Date pursuant to the Transaction Documents, the MLP Parent and its Restricted Subsidiaries shall have a Fixed Charge Coverage Ratio (Indenture) of at least 1.50:1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)Aron shall have received MLP Parent's audited consolidated financial statements as of and for the year ended December 31, 2022, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and prepared in accordance with GAAP consistently applied, such audited statements to be accompanied by the related report and opinion of Ernst & Young LLP, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any "going concern" or like qualification or exception or any qualification or exception as to the scope of such audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Aron shall have received the Projections in form and substance reasonably satisfactory to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Since December 31, 2022, there shall have not been any Material Adverse

Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)Aron shall have received a duly executed Intercreditor Agreement in form and substance satisfactory to Aron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The Transaction Parties shall have delivered to Aron the relevant SDS for each Product Group of Feedstock and Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Aron shall have received a Funds Flow Memorandum prior to the Commencement Date that is reasonably satisfactory to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) No later than three (3) Business Days prior to the Commencement Date (or such later date as may be agreed by Aron), Aron shall have received a notice containing the Estimated Included Feedstock Lien Inventory and the Estimated Included Product Lien Inventory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) No later than three (3) Business Days prior to the Commencement Date (or such later date as may be agreed by Aron), Aron shall have received a notice containing an estimate of

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the Feedstock and Products that Transaction Parties project will be available at the Included Title Locations at the Inventory Transfer Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Aron shall have received, at least five (5) Business Days prior to the Commencement Date (or such later date as may be agreed by Aron), in respect of the MLP Parent and each other Company Entity, (i) all such documentation or information requested by Aron in connection with its requirements and policies as they relate to any applicable "know your customer" rules, anti-money laundering policies and procedures, laws, rules and regulations (including without limitation, the Patriot Act, rules and regulations of the Office of Foreign Assets Control) and other similar client identification and business conduct standard and dealing policies and procedures (including reputational considerations), in each case, as consistently applied by Aron, and (ii) all material documentation and other information required by such policies and procedures and applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Aron shall have received a duly executed MLP Parent Guaranty in form and substance satisfactory to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Each of the Transaction Parties shall have duly completed, executed and delivered an IRS Form W-9 dated as of the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Each of the Transaction Parties shall have duly completed, executed and delivered the (i) Brown Station Sublease and (ii) Brown Station Notice of Sublease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Calumet Refining has duly completed, executed and delivered the (i) WTG Pipeline Buy/Sell Confirmation and (ii) Flash Title Master Confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Aron shall have received a duly executed Fourth ABL Credit Agreement Amendment in form and substance satisfactory to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) Each of the Transaction Parties and the ABL Agent shall have duly completed, executed and delivered the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Conditions to Secured Obligations of the Transaction Parties</u>. The respective obligations of each of the Transaction Parties contemplated by this Agreement and the other Transaction Documents shall be subject to the satisfaction by Aron of the following conditions precedent on and as of the Commencement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Aron shall have duly executed and delivered this Agreement, the Supply and Offtake Agreement and the Financing Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aron shall have duly executed and delivered the Inventory Sales Agreement in form and substance reasonably satisfactory to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Aron shall have duly executed and delivered the Storage Facilities Agreement in form and in substance reasonably satisfactory to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Aron shall have duly executed and delivered the Marketing and Sales Agreement in form and in substance reasonably satisfactory to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Aron shall have duly executed and delivered the Fee Letter;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Aron shall have duly completed, executed and delivered an IRS Form W- 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)All representations and warranties of Aron contained in the Transaction Documents shall be true and correct on and as of the Commencement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Aron shall have complied with all covenants and agreements hereunder and under the other Transaction Documents that it is required to comply with on or before the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Post-Commencement Date Undertakings</u>. From and after the Commencement Date, the Company may endeavor to negotiate and implement designations and other binding contractual arrangements, in form and substance reasonably satisfactory to Aron, pursuant to which such Transaction Party may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)transfer and assign to Aron the Company's right to use any storage or transportation facility as may hereafter be identified by the Company; <u>provided</u> that (i) upon and concurrently with implementing any such assignment, designation or arrangement, any such storage or transportation facility shall be added to the appropriate Schedule hereto as an additional Included Feedstock Title Location, Included Product Title Location, Included Feedstock Title Pipeline, or Included Product Title Pipeline, as applicable, and such assignment, designation or arrangement shall constitute a Required Storage and Transportation Arrangement hereunder; (ii) to the extent requested by Aron, the applicable Parties shall amend the Inventory Sales Agreement and any other applicable Transaction Document to include any inventory transferred to Aron as a result of such assignment, designation or arrangement; and (iii) without limiting the generality of the foregoing, the addition of an Included Title Location shall be subject to satisfaction of Aron's Policies and Procedures (which shall be applied in a nondiscriminatory manner as provided in <u>Section 12.4(b)</u>) with respect to locations in which Aron determines it may own Feedstock or other Products; <u>provided</u> <u>further</u> that, if the relevant storage or transportation facility fails to satisfy Aron's Policies and Procedures, then Aron shall consult with the Company in good faith to determine whether additional actions or procedures can be taken or implemented so that, as a result, such storage or transportation facility would comply with Aron's Policies and Procedures; <u>provided further</u> that, for the avoidance of doubt, in no event shall Aron be deemed an operator of any such storage or transportation facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)identify additional storage or transportation facilities which may be Included Feedstock Lien Locations or Included Product Lien Locations, as applicable; <u>provided</u> that upon and concurrently with implementing any such designation, (i) any such storage or transportation facility shall be added to the appropriate Schedule hereto as an additional Included Feedstock Lien Location or Included Product Lien Location, as applicable; and (ii) the Parties and the owner of such Included Lien Location shall use commercially reasonable efforts to cause the applicable third party to enter into a Bailee's Letter, or any other documentation reasonably requested by Aron and, to the extent requested by Aron, the applicable Parties shall enter into or amend any other applicable Transaction Document relating to the Feedstock or Products at or to be located at such Included Lien Location to, among other things, acknowledge the existence thereof; <u>provided</u> <u>further</u> that, as a condition to any such storage or transportation facility becoming an Included Lien Location, a Bailee's Letter or such other documentation reasonably requested by Aron as contemplated by this clause (ii) shall have been executed and delivered to Aron by all other parties thereto; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)identify additional Eligible Pipeline Carriers, Eligible Railroad Carriers and Eligible Vessel Carriers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>UCC</u> <u> </u> <u>Filings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From and after the Commencement Date as Aron may request, the applicable Transaction Party will cooperate with Aron to cause to be prepared, and filed, in such jurisdictions as Aron shall deem necessary or appropriate, UCC-1 financing statements reflecting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Aron as owner of all Feedstock and Products in the Included Title Locations and (ii) Aron as a secured party with respect to the Collateral to perfect Aron's security interest under the Lien Documents. The applicable Transaction Party shall execute and deliver to Aron and such Transaction Party hereby authorizes Aron to file, at any time and from time to time, all such financing statements, amendments to financing statements, continuation financing statements and termination statements relating to such Feedstock and Products and the Collateral, and other documents and instruments, all in form satisfactory to Aron, as Aron may request, to confirm Aron's ownership of such Feedstock and Products or the Liens created pursuant to the Lien Documents and to otherwise accomplish the purposes of this Agreement and as required pursuant to the Lien Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting the generality of the foregoing, each Transaction Party ratifies and authorizes the filing by Aron of any financing statements filed by Aron on or after the Commencement Date, if any.

#### ARTICLE 3
<u>TERM</u><u> </u><u>OF</u><u> </u><u>AGREEMENT</u>

![Graphic](clmt-20260331xex10d5034.jpg)

![Graphic](clmt-20260331xex10d5035.jpg)

![Graphic](clmt-20260331xex10d5036.jpg)

![Graphic](clmt-20260331xex10d5037.jpg)

![Graphic](clmt-20260331xex10d5038.jpg)

![Graphic](clmt-20260331xex10d5039.jpg)

![Graphic](clmt-20260331xex10d5040.jpg)

![Graphic](clmt-20260331xex10d5041.jpg)

![Graphic](clmt-20260331xex10d5042.jpg)

![Graphic](clmt-20260331xex10d5043.jpg)

![Graphic](clmt-20260331xex10d5044.jpg)

![Graphic](clmt-20260331xex10d5045.jpg)

![Graphic](clmt-20260331xex10d5046.jpg)

![Graphic](clmt-20260331xex10d5047.jpg)

![Graphic](clmt-20260331xex10d5048.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Term</u>. This Agreement, the Supply and Offtake Agreement and the Financing Agreement shall each become effective on the Effective Date, and the Commencement Date shall occur as provided in <u>Section 2.1</u> and <u>2.2</u> above. This Agreement, subject to <u>Section 3.2</u>, shall continue for a period ending at 11:59:59 p.m. ET on the Expiration Date (the "<u>Term</u>"). As used herein, "<u>Expiration</u> <u>Date</u>" means January 29<u>31</u>, 2027<u>30</u>, except (a) as otherwise provided in <u>Section 3.2</u> below or (b) solely in the event of an Incremental Reduction and the Company provides Aron with written notice of its intent to terminate this Agreement, the Supply and Offtake Agreement, the Financing Agreement and all other Transaction Documents ("<u>Early Expiration</u>") on a date specified in such notice that is (A) the last Business Day of a month and (B) occurring at least ninety (90) days after delivery of such notice (such date, the "<u>Early Expiration Date</u>"); <u>provided</u> that, any such notice of an Early Expiration Date may only be delivered by the Company on or prior to the date that is one hundred eighty (180) days after occurrence of the Incremental Reduction, and any such notice delivered after such date shall be null and void. In the event that the Company declares an Early Expiration Date pursuant to this <u>Section 3.1(b)</u>, the Early Expiration Date shall become the Expiration Date for all other purposes herein and in the other Transaction Documents, and no S&O Make-Whole Amount shall be due or payable to Aron on or in connection with a Termination Date occurring on such Early Expiration Date..

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Changing the</u> <u>Term</u>.

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Extension</u>. The Parties may, by mutual agreement, elect to extend the Term of this Agreement, the Supply and Offtake Agreement, the Financing Agreement and the other Transaction Documents for up two additional successive twelve (12) month periods as follows: (i) no later than ninety (90) days prior to the Expiration Date, the Parties may mutually agree in writing that the Term of this Agreement, the Supply and Offtake Agreement and the Financing Agreement has been extended to a

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date as may be agreed between the Company and Aron (which shall be the Expiration Date, unless and until the Term is further extend under the following clause); and (ii) if the Term has been extended as provided in the preceding clause (i), then no later than sixty (60) days prior to the Expiration Date, the Parties may mutually agree in writing that the Term of this Agreement, the Supply and Offtake Agreement and the Financing Agreement has been extended to such date as is agreed between the Company and Aron (which shall be the Expiration Date).

![Graphic](clmt-20260331xex10d5051.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Springing Expiration Date</u>. If on or prior to May 31, 2026, the "Commitment Termination Date" under and as defined in the ABL Credit Agreement (as in effect as of the Commencement Date) has not been extended until a date that is no earlier than July 31, 2027, then Aron may elect to change the Expiration Date to November 30, 2026 (the "<u>Springing</u> <u>Expiration Date</u>") by providing irrevocable written notice to the Company on May 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Secured Obligations upon Termination</u>. In connection with the expiration, wind-down and termination of this Agreement, the Supply and Offtake Agreement, the Financing Agreement and the other Transaction Documents on the Expiration Date, the Parties shall perform their respective obligations pursuant to <u>Article 17</u>.

**ARTICLE 4** [<u>RESERVED</u>] **ARTICLE 5**

<u>TARGET</u><u> </u><u>INVENTORY</u><u> </u><u>LEVELS</u><u> </u><u>AND</u><u> </u><u>PRICE</u><u> </u><u>ADJUSTMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Target Inventory Levels</u>. Monthly inventory targets for Feedstock and Products shall be set pursuant to this <u>Article 5</u>. Such monthly inventory targets for Feedstock and Products shall be subject to the (a) aggregate Maximum Inventory Level for all Product Groups and (b) aggregate Maximum Inventory Level for each Product Group. The Company represents and warrants that the respective Target Month End Feedstock Volumes and Target Month End Product Volumes that the Company sets for each month during the Term hereof shall be the Transaction Parties' good faith estimate, at the time it sets such amounts, of the Ending Feedstock Inventories and the Ending Product Inventories at the end of such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Target Month End Feedstock</u> <u>Volume</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)By no later than the penultimate Business Day of the calendar month preceding each Delivery Month, the Transaction Parties shall notify Aron of the aggregate quantity of each Feedstock that the Transaction Parties expect to run at the Refinery during such Delivery Month (for each Feedstock, the "<u>Projected Monthly Run Volume</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For each calendar month of the Term and each type of Feedstock, no later than the fifth (5<sup>th</sup>) Business Day prior to the end of the calendar month immediately preceding each Delivery Month, the Transaction Parties shall specify via e-mail to Aron the "<u>Target Month End</u> <u>Feedstock Volume</u>" for such Feedstock which shall equal (i) the Target Month End Feedstock Volume for such Feedstock for the immediately preceding month, <u>plus</u> (ii) the aggregate volume of such Feedstock that Aron has nominated or the Transaction Parties have nominated under the Aron Procurement Contracts for delivery during that month pursuant to Section 4.3 of the Supply and Offtake Agreement, <u>plus</u> (iii) the aggregate volume of Refinery Procured Barrels of such Feedstock expected to be delivered during such month, plus (iv) the difference (whether positive

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or negative, and without duplication of any volumes calculated pursuant to clauses (i)-(iii) above) of (x) the Transaction Parties' estimate of the Included Feedstock Lien Inventory of such Feedstock at the end of such month <u>minus</u> (y) the Included Feedstock Lien Inventory of such Feedstock as measured at the end of the immediately preceding month, minus (v) the Projected Monthly Run Volume of such Feedstock for that month; <u>provided</u> that the Target Month End Feedstock Volume for each type of Feedstock as of the Commencement Date and as of the end of the first month of the Term shall be the respective volumes specified as the "Commencement Date Target Volumes" for such type of Feedstock on <u>Schedule I</u> hereto. For the avoidance of doubt, any calculations that are estimates or based on expected volumes shall be a good faith estimate of the same by the Transaction Parties, and neither the Company nor any other Transaction Party shall be in violation of this <u>Section 5.2(b)</u> if actual figures vary from such good faith estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In establishing a Target Month End Feedstock Volume, the Transaction Parties acknowledge that any increase in a Target Month End Feedstock Volume is constrained to the extent that (i) the applicable Feedstock available for delivery under the Refinery Procurement Contracts, <u>plus</u> (ii) the applicable Feedstock available for delivery under the Aron Procurement Contracts with Third Party Suppliers, <u>plus</u> (iii) Other Barrels of such Feedstock available for delivery during such month, <u>plus</u> (iv) (without duplication of any of the volumes set forth in clauses (i)-(iii) above) the Estimated Included Feedstock Lien Inventory of such Feedstock for such month are not greater than the Transaction Parties' requirements with respect to such Feedstock for the Refinery for the month related to such Target Month End Feedstock Volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)At any time prior to the beginning of the month to which a Target Month End Feedstock Volume relates (but subject to any applicable notification deadlines specified on <u>Schedule D</u> hereto), the Parties may, by mutual agreement, change such Target Month End Feedstock Volume in accordance with <u>Section 5.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In addition, Aron may adjust any Target Month End Feedstock Volume with the consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Target Month End Product</u> <u>Volume</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)By no later than the fifth (5<sup>th</sup>) Business Day prior to the end of the calendar month preceding each Delivery Month, the Company shall provide to Aron its standard run-out report substantially in the form of <u>Schedule S</u> showing (i) the estimated quantities of each Product that the Transaction Parties expect to produce and deliver to Aron during the following month and the quantities of each Product the Transaction Parties expect to sell under the Marketing and Sales Agreement during such following month <u>plus</u> (ii) the difference (whether positive or negative and without duplication of any volumes calculated pursuant to clause (i) above) of (x) Company's estimate of the Included Product Lien Inventory for such Product at the end of such month minus (y) the Included Product Lien Inventory for such Product as measured at the end of the immediately preceding month (for each Product, the "<u>Projected Monthly</u> <u>Production Volume</u>"), which may, from time to time, be adjusted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For each calendar month and each type of Product, no later than the fifth (5<sup>th</sup>) Business Day prior to the end of the calendar month immediately preceding each Delivery Month, the Company shall specify via e-mail to Aron an aggregate quantity and grade that shall be the "<u>Target Month End Product Volume</u>" for such Product, which shall equal (i) the Target Month End Product Volume for such Product for the immediately preceding month, <u>plus</u> (ii) the difference (whether positive or negative, and without duplication of any volumes calculated

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pursuant to <u>clause (i)</u> above) of (y) Company's estimate of the Included Product Lien Inventory for such Product as measured at the end of such month, <u>minus</u> (z) the Included Product Lien Inventory for such Product as measured at the end of the immediately preceding month, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Projected Monthly Production Volume for such Product for that month; <u>provided</u> that the Target Month End Product Volume for each type of Product as of the Commencement Date and as of the end of the first month of the Term shall be the respective volumes specified as the "Commencement Date Target Volumes" for such type of Product on <u>Schedule I</u> hereto). For the avoidance of doubt, any calculations that are estimates or based on expected volumes, shall be a good faith estimate of the same by the Transaction Parties, and neither the Company nor any other Transaction Party shall be in violation of this <u>Section 5.3(b)</u> if actual figures vary from such good faith estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)At any time prior to the beginning of the month to which a Target Month End Product Volume relates (but subject to any applicable notification deadlines specified on <u>Schedule D</u> hereto), the Parties may, by mutual agreement, change such Target Month End Product Volume in accordance with <u>Section 5.3(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In addition, Aron may adjust the Target Month End Product Volume for any Product with the consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For any calendar month in which quantities of Feedstocks or Products are delivered by Aron under one or more Additional Transactions entered into during such month pursuant to the Marketing and Sales Agreement, the Target Month End Feedstock Volume of any such Feedstock or the Target Month End Product Volume of any such Product, as applicable, for the end of such month shall be reduced by the aggregate net quantity of such Feedstock or Product so delivered to the extent such Additional Transactions are entered into after such Target Month End Feedstock Volume or such Target Month End Product Volume is established, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Price</u> <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(x) With respect to each Price Adjustment Month, Aron shall review the relevant price data and calculate whether, based on such data and the procedures set forth in <u>Schedule K</u>, an adjustment to any of the Feedstock Prices or any of the Product Prices is appropriate, and (y) at any time, Aron may review the relevant price data and calculate whether, based on such data and the procedures set forth in <u>Schedule K</u>, an adjustment to any of the Feedstock Prices or any of the Product Prices is appropriate in its good faith estimation utilizing all such data and procedures for each of the Feedstock Prices and the Product Prices. Promptly after Aron has completed such calculations contemplated by either subclause (x) or (y) above, as applicable, it shall advise the Company in writing as to whether any such Feedstock Price or Product Price adjustments are appropriate and if so the amounts of any such Feedstock Price and/or Product Price; <u>provided</u>, that, if Aron makes a determination regarding Feedstock Price Adjustments and/or Product Price Adjustments for any Product Group pursuant to subclause (y) above, the Feedstock Price Adjustments and/or Product Price Adjustments shall be made with respect to each Product Group at such time. Any Feedstock Price Adjustments and/or Product Price Adjustments made pursuant to this <u>Section 5.4(a)</u> shall be binding pursuant to <u>Section 5.4(b)</u> absent manifest error, and the Company shall notify Aron of any such error within two (2) Business Days of the Company's receipt of such calculations and amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(x) Any such adjusted Feedstock Prices or Product Prices determined pursuant to <u>Section</u><u> </u><u>5.4(a)(x)</u> shall (A) apply to such Price Adjustment Month and be trued up pursuant to

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this <u>Section 5.4</u> and (B) otherwise become effective commencing with the month immediately following such Price Adjustment Month, and (y) any such adjusted Feedstock Prices or Product Prices determined pursuant to <u>Section 5.4(a)(y)</u> shall become effective on the immediately succeeding Business Day after the date of determination and in accordance with <u>Section 5.4(a)</u>; <u>provided</u> <u>further</u>, that if there is a dispute regarding the adjusted Feedstock Prices or Product Prices, the Transaction Parties shall continue to pay any Provisional Group Price Adjustment Interim Amount associated with the disputed Feedstock Price Adjustment or Product Price Adjustment in accordance with <u>Section 5.4(c)</u>, and Aron and the Transaction Parties shall resolve any such dispute in accordance with <u>Section 22.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(x) With respect to any Price Adjustment Month for which a Feedstock Price Adjustment or any Product Price Adjustment is to become effective pursuant to <u>Section 5.4(b)(x)</u>, Aron shall determine either the Feedstock Price Adjustment Settlement Amount or the Product Price Adjustment Settlement Amount, as applicable, and such amount shall be included in the Aggregate Provisional Price Adjustment Interim Amount that is incorporated into the Monthly True-Up Amount for such Price Adjustment Month (which, for the avoidance of doubt, shall be paid in the month immediately following such Price Adjustment Month), and (y) for any date on which a Feedstock Price Adjustment or any Product Price Adjustment is to become effective pursuant to <u>Section 5.4(b)(y)</u>, Aron shall determine, the Provisional Group Price Adjustment Interim Amount in accordance with <u>Schedule C</u>, and such amounts shall be included in the Interim Payment issued and associated with the Flow Date (as indicated on <u>Schedule G</u>) on which the applicable Feedstock Price Adjustment or Product Price Adjustment becomes effective pursuant to <u>Section 5.4(b)(y)</u> and invoiced pursuant to <u>Schedule</u> <u>G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As used herein, "<u>Price Adjustment Month</u>" means, unless otherwise agreed by Aron in writing, each calendar month during the Term.

#### ARTICLE 6
<u>[RESERVED]</u>

#### ARTICLE 7
<u>MONTH</u><u> </u><u>END</u><u> </u><u>INVENTORY;</u><u> </u><u>CERTAIN</u><u> </u><u>DISPOSITIONS;</u><u> </u><u>INCLUDED</u><u> </u><u>LOCATION</u> <u>MAINTENANCE; GRADE CHANGES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Month</u> <u> </u> <u>End</u> <u> </u> <u>Inventory</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)By no later than 11:59:59 p.m. CT of the first day of each month, the Transaction Parties shall apply the Volume Determination Procedures to the Included Title Locations, and based thereon shall determine for the immediately preceding month (i) for each Feedstock, the aggregate volume of such Feedstock held in the Included Feedstock Title Locations (including Feedstock Title Linefill) at that time (the "<u>Ending Feedstock Title Inventory</u>"), (ii) for each Feedstock, the aggregate amount of Feedstock held in Included Feedstock Lien Locations (including Feedstock Lien Linefill) at that time (the "<u>Ending Feedstock Lien Inventory</u>"), (iii) for each Product, the aggregate volume of such Product held in the Included Product Title Locations (including Product Title Linefill) at that time (each, an "<u>Ending</u><u> </u><u>Product</u><u> </u><u>Title</u><u> </u><u>Inventory</u>") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for each Product, the aggregate volume of such Product held in the Included Product Lien

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Locations (including Product Lien Linefill) at that time (each, an "<u>Ending</u><u> </u><u>Product</u><u> </u><u>Lien</u> <u>Inventory</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aron may, or may have Aron's Inspector, witness all or any aspects of the Volume Determination Procedures as Aron shall direct, which shall be at the Company's sole cost and expense once per calendar quarter. If, in the reasonable judgment of Aron or Aron's Inspector, the Volume Determination Procedures have not been applied correctly, then the Transaction Parties will cooperate with Aron, or Aron's Inspector, to ensure the correct application of the Volume Determination Procedures, including making such revisions to the Ending Feedstock Title Inventory, Ending Feedstock Lien Inventory, Ending Product Title Inventory or Ending Product Lien Inventory, in each case, as may be necessary to correct any such errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Transaction Parties agree that, in addition to reporting to Aron the volume determinations made by the Transaction Parties pursuant to <u>Section 7.1(a)</u>, the Transaction Parties shall use commercially reasonable efforts to arrange for all applicable third parties, in each case, to make available online or via an online portal (to which Aron has access) copies of all volume reports and statements related to Feedstock or Products held at any Included Title Locations or Included Lien Locations or with respect to any Hydrocarbon inventories held by any Transaction Party at any other locations including any inventory, quantity, or quality inspection reports prepared by such third party and in any event the Company will provide such reports and statements to Aron promptly after the Company's receipt of any such reports and statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2<u>Calculation of Sales</u>. For any month, the "<u>Aggregate Monthly Net Group Sales</u>" shall be determined as set forth on <u>Schedule C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Included Location</u> <u>Maintenance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Promptly after the Company completes its annual business plan with respect to any year, it shall notify Aron of any tank maintenance contemplated with respect to such year that would result in any Included Location being unavailable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Transaction Parties shall as promptly as practicable (and in any event within two (2) Business Days after the occurrence thereof) notify Aron by e-mail or orally (followed by prompt written notice) of any previously unscheduled downtime or maintenance (or reasonably foreseeable unscheduled downtime or maintenance) of any Included Location or any material portion of a Refinery, in each case, expected to have a duration in excess of one (1) day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Transaction Parties shall give Aron at least thirty (30) days' prior written notice of (i) any scheduled maintenance that any Transaction Party and/or any of its Affiliates or third parties intends to conduct on any of the Refinery or any Included Tanks that would result in such storage tank being taken out of service for a period greater than thirty (30) days ("<u>Tank</u> <u>Maintenance</u>") or (ii) any Included Tanks that become inactive for more than thirty (30) days ("<u>Inactive Tanks</u>"), in which case, <u>Schedule E</u>, as applicable, shall be amended in accordance with <u>Section 27.9</u> by the Parties to exclude such Inactive Tanks as Included Title Locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Transaction Party agrees that it will use commercially reasonable efforts, consistent with Accepted Industry Practice, to complete (and to cause any third parties to complete) any Tank Maintenance as promptly as practicable. The Transaction Parties shall provide Aron with an initial estimate of the period of any Tank Maintenance and shall regularly

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update Aron as to the progress of such Tank Maintenance. If, any Transaction Party determines that the expected completion date for Tank Maintenance has or is likely to change by thirty (30) days or more, it shall promptly notify Aron of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In addition to Aron's rights and remedies described in <u>Section 12.4</u>, if any Included Tank (i) has had no bulk movements of Feedstock or Products during any period of thirty (30) consecutive days or has otherwise been designated or categorized as no longer being active or in use for at least thirty (30) consecutive days and (ii) holds a *de minimis* amount of inventory for such period, the Company shall promptly deliver to Aron written notice thereof describing in reasonable detail the matter, and Aron shall, within five (5) Business Days after receipt of such notice, advise the Company whether such Included Tank constituting an Included Title Location or Included Lien Location shall cease to constitute an Included Title Location or Included Lien Location, as applicable, for purposes hereof. If Aron advises the Company by written notice that any such Included Tank is to cease to be an Included Title Location or Included Lien Location, such change in status shall occur on the effective date specified by Aron in such written notice (which shall be on or after the date such notice is effective) delivered in accordance with <u>Article 24</u>. If any Included Tank has ceased to be an Included Title Location or Included Lien Location pursuant to this <u>Section 7.3(e)</u> and thereafter such Included Tank is returned to service or reactivated and Aron determines, in its good faith judgment, that such Included Tank is compliant with Aron's Policies and Procedures (applied in a non-discriminatory manner), then Aron shall promptly cooperate with the Company to reestablish such Included Tank as an Included Title Location or Included Lien Location in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4<u>Certain Regulatory Matters</u>. If Aron shall determine, in its reasonable judgment, that as a result of (a) the adoption or taking effect of any Applicable Law, (b) any change in Applicable Law or in the administration, interpretation, enforcement or application thereof by any Governmental Authority,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority or (d) any interpretation of or proposal to implement any of the foregoing, in each case, after the Commencement Date (each, a "<u>Regulatory Event</u>"), Aron or any of its Affiliates is or would (i) not be permitted to hold, own, store, transport, purchase, finance or hedge all or certain types of Feedstock and/or Products subject to the transactions contemplated by the Transaction Documents (collectively, "<u>Specified Activities</u>"), (ii) be unable to perform in any material respect its obligations under this Agreement and/or the other Transaction Documents, (iii) be required to hold additional capital, or be assessed any additional capital or other charges, on the basis of holding, storing, transporting, buying, financing, selling, or owing any commodities from time to time, including without limitation, any of the commodities subject to the transactions contemplated by this Agreement and the other Transaction Documents or (iv) were it to continue to engage in Specified Activities or perform such obligations, and taking into account the manner in which it conducts its business in its discretion generally (and taking into account other commodities and the volumes thereof held by Aron or any of its Affiliates from time to time), be or likely to be subject to additional or increased burdens or costs (including any requirements to hold additional capital, or to be assessed any additional capital or other charges), then it shall notify the Company in writing of such determination ("<u>Regulatory Event Notice</u>"). Following the sending of a Regulatory Event Notice, Aron shall promptly consult with the Company in good faith to determine and assess what actions or steps, if any, either the Company or Aron or the Parties could implement to alleviate, minimize and/or mitigate the effect of any such Regulatory Event. If the Parties identify actions or steps that, in Aron's reasonable judgment, can be implemented without resulting in Aron incurring any additional costs, expenses or burdens hereunder or under the other Transaction Documents while preserving the economic terms and conditions of this Agreement and the other Transaction Documents (including economic benefits, risk allocation, costs and Liabilities), then the Parties shall, in good faith, endeavor to implement such actions and steps. If the Parties are unable to

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identify such actions or steps or are unable to implement any actions and steps that have been so identified within thirty (30) days of the delivery of the Regulatory Event Notice (unless the Parties mutually agree to extend such period), and for so long as such Regulatory Event (or the effects thereof) continues, then Aron may, by written notice to the Company, elect to terminate this Agreement in accordance with <u>Article 17</u> on the termination date that Aron specifies in such notice, which termination date shall constitute a "Termination Date" for purposes of <u>Article 17</u>; <u>provided</u> that, to the extent not inconsistent with or in violation of such Regulatory Event and subject to the expected or actual effective date of such Regulatory Event, the termination date specified in such notice shall occur at least ninety

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) days after the date such notice is given (but no later than one hundred eighty (180) days after the date such notice is given, unless Aron, in its sole good faith judgment, elects to accelerate such termination date to mitigate or eliminate any risk to Aron that it may become subject to such Regulatory Event or any additional material costs, burdens or restrictions as a result thereof). Notwithstanding anything contained herein or in any other Transaction Document, if the Termination Date occurs as a result of any Regulatory Event, no S&O Make-Whole Amount shall arise or be or become due and payable hereunder or under any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5<u>SDS</u>. From time to time as a result of any changes to an existing material safety data sheet (an "<u>SDS</u>") or any new feedstock or product becoming a Feedstock or Product, as applicable, pursuant to the terms hereof, the Company shall provide the relevant SDS or relevant new or updated SDS to Aron, promptly after such change or upon the admission of a new Feedstock or Product pursuant to the terms hereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6<u>Material Feedstock Grade Changes</u>. If either the Company or Aron concludes in its reasonable judgment that the specifications or the mix of the constituents of any Feedstock procured, or projected to be procured, differ materially from those that have generally been procured by the Refinery or those that the Transaction Parties may procure from time to time acting as a prudent refinery operator, then the Company and Aron will endeavor in good faith to mutually agree on (i) acceptable price indices for such Feedstock, and (ii) a settlement payment from one Party to the other sufficient to compensate the relevant Party for the relative costs and benefits to each of the price differences between the prior price indices and the amended price indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7<u>Material Product Grade Changes</u>. If either the Company or Aron concludes in its reasonable judgment that the specifications or the mix of the constituents of a Product Group produced, or projected to be produced, differ materially from those that have generally been produced by the Refinery or those that the Transaction Parties may produce from time to time acting as a prudent refinery operator, then the Company and Aron will endeavor in good faith to mutually agree on (i) acceptable price indices for such Product, and (ii) a settlement payment from one Party to the other sufficient to compensate the relevant Party for the relative costs and benefits to each of the price differences between the prior price indices and the amended price indices.

#### ARTICLE 8
<u>PAYMENT</u><u> </u><u>PROVISIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Interim</u> <u> </u> <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For each day, Aron will calculate an Interim Payment, in the manner illustrated on <u>Schedule C</u> and in accordance with <u>Schedule G</u> using Best Available Inventory Data, as adjusted by any Inspector's Report or any Updated Inspector's Report, as applicable, pursuant to Section 3.3 of the Inventory Sales Agreement, and which, for the date on which (i) an Advance or prepayment of the Initial Lien Amount is required to be made in accordance with Section

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5.2(c) of the Financing Agreement, shall include such Advance or prepayment, (ii) if applicable, any Provisional Group Price Adjustment Interim Amount is required to be included in such Interim Payment in accordance with <u>Section 5.4(c)</u>, shall include such Provisional Group Price Adjustment Interim Amount, and (iii) any provisional calculations that are to be included in such Interim Payment in accordance with <u>Section 8.1(h)</u>; <u>provided,</u> that if inventory data have not been reported on any day within a two (2) Business Day period, Aron will use the inventory data for the day occurring during the thirty (30) day period preceding such calendar day in the manner illustrated on <u>Schedule G</u> that results in the highest daily amount that would be payable to Aron for the Estimated Daily Net Title Feedstock Sales and the highest daily amount that would be payable to Aron for the Estimated Daily Net Title Product Sales (as the case may be); <u>provided</u> <u>further</u>, that, if Aron determines that any inventory data Aron has used in such determination was materially inaccurate, then Aron shall adjust future Interim Payments to take account of any corrected inventory data.

If the Interim Payment is a negative amount, the absolute value will represent an amount payable to the Company and if this is a positive amount, it will represent an amount payable to Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to the Estimated Daily Net Title Feedstock Sales, Estimated Daily Net Liened Feedstock, Estimated Daily Net Title Product Sales and Estimated Daily Net Liened Product:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the inventory data to be used in determining each shall include the Best Available Inventory Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Company shall, at the end of each day, provide to Aron the applicable inventory reports in the form set forth on <u>Schedule W-1</u>, showing the quantity of (w) Feedstock held in the Included Feedstock Title Locations, (x) Feedstock that is Included Feedstock Lien Inventory, (y) Products held in the Included Product Title Locations and (z) Products that are Included Product Lien Inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For each day, Aron will calculate an interim adjustment to the Lien Amount (the "<u>Interim Lien Settlement</u>"), in the manner illustrated on <u>Schedule C</u> and in accordance with <u>Schedule G</u> using Best Available Inventory Data; <u>provided</u> that if inventory data have not been reported on any day within a two (2) Business Day period, Aron will use the inventory data for the day occurring during the thirty (30) day period preceding such calendar day in the manner illustrated on <u>Schedule G</u> that results in the highest daily amount that would be payable to Aron for the Estimated Daily Net Liened Feedstock and the highest daily amount that would be payable to Aron for the Estimated Daily Net Liened Product (as the case may be); <u>provided</u> <u>further</u> that, if Aron determines that any inventory data Aron has used in such determination was materially inaccurate, then Aron shall adjust future Interim Payments to take account of any corrected inventory data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For each day, Aron shall determine the Estimated Daily Net Title Feedstock Sales, Estimated Daily Net Liened Feedstock, Estimated Daily Net Title Product Sales and Estimated Daily Net Liened Product, in a commercially reasonable manner based on the inventory data and otherwise in the manner contemplated by this <u>Section 8.1</u>, <u>Schedule C</u> and <u>Schedule G</u>, and to the extent it deems appropriate taking into account such other data as may be relevant to the determination of such estimates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Aron shall advise the Company of the amount of an Interim Payment via invoice issued in accordance with <u>Schedule G</u>. The party obligated to make such Interim Payment shall cause such payment to be made on the applicable payment date indicated on <u>Schedule G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)For any Business Day, the Interim Payment to be determined and advised by Aron shall be the Interim Payment for that day; <u>provided</u> that if such Business Day is followed by one or more non-Business Days, then Aron shall determine and advise to the Company the Interim Payment for that Business Day as well as the Interim Payment for each of such subsequent non-Business Days in the manner illustrated on <u>Schedule G</u> and all such Interim Payments shall be due on the same day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Aron may (but shall not be obligated to) include a provisional calculation of any amounts due hereunder or the other Transaction Documents as of the date of any Interim Payment or as part of the Monthly True-Up Amount for the month of such Interim Payment; <u>provided</u> that (x) if any calculated adjustment is positive, it will represent an amount payable to Aron and (y) if any calculated adjustment is negative, it will represent an amount payable to the Company. All provisionally charged adjustments will be credited in the applicable Monthly True-Up Amount. All applicable provisional amounts included in any Interim Payment will be taken into account (but without duplication) for purposes of calculating the applicable Monthly True-Up Amount (or estimated Monthly True-Up Amount) or any Unpaid Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Monthly</u> <u> </u> <u>True-Up</u> <u> </u> <u>Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For each month, Aron will use commercially reasonable efforts to provide to the Company, within five (5) Business Days following receipt of the Ending Feedstock Title Inventory, the Ending Feedstock Lien Inventory, the Ending Product Title Inventory, the Ending Product Lien Inventory, and any other supporting documentation, as applicable, pursuant to <u>Section 7.1</u>, a calculation and appropriate documentation to support such calculation for such month for a monthly true-up payment (the "<u>Monthly True-Up Amount</u>"); <u>provided</u> that, Aron may (but shall not be obligated to), in respect of any Monthly True-Up Amount, provide to the Company an estimate of such Monthly True-Up Amount associated with the applicable true-up month at any time on or after the first calendar day of such month, which shall be calculated by Aron in good faith based on Aron's best estimates and in accordance with <u>Schedule C</u> and each such estimated Monthly True-Up Amount shall be payable in accordance with this <u>Section</u> <u>8.2(a)</u>. The Monthly True-Up Amount for any month shall be equal to the following determined in accordance with <u>Schedule C</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Monthly Cash Settlement (as defined in <u>Schedule C</u>) <u>plus</u> any costs or expenses incurred by Aron in connection with any of the Base Agreements or Bailee's Letters in respect of Included Lien Locations (including without limitation any costs or expenses incurred in connection with exercising Aron's rights under any Bailee's Letters and any pipeline compensation or reimbursement payments that are not timely paid by the pipeline to Aron) for such month; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other Unpaid Amounts due from any Transaction Party to Aron;

<u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any other Unpaid Amount then due from Aron to any Transaction Party; <u>plus</u> or <u>minus</u>, as applicable,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)if applicable, any estimated Monthly True-Up Amount previously paid by any Party in respect of such Monthly True-Up Amount pursuant to the proviso in the first sentence of this <u>Section 8.2(a)</u>.

If the Monthly True-Up Amount (or estimated Monthly True-Up Amount) is a negative number, then the absolute value of such number shall be the amount due from Aron to the Company, and if the Monthly True-Up Amount (or any estimated Monthly True-Up Amount) is a positive number, such amount shall be due from the Company to Aron. The Company shall pay (a) any estimated Monthly True-Up Amount due to Aron two (2) Business Days after receipt of written notice thereof and (b) any Monthly True-Up Amount due to Aron two (2) Business Days after the Company's receipt of the monthly invoice for any Delivery Month and all related documentation supporting the invoice. Aron shall pay (x) any estimated Monthly True-Up Amount due to the Company two (2) Business Days after providing written notice thereof to the Company and (y) any Monthly True-Up Amount due to the Company two (2) Business Days after making its definitive determination of such amount by issuing the monthly true-up invoice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of determining the amounts due under <u>Section</u><u> </u><u>8.2(a)</u>, the definitions and formulas set forth in <u>Schedule C</u> shall apply. In addition, the Fee Letter contains various definitions and formulas that shall be applied for purposes of determining certain of the amounts referred to in <u>Schedule C.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that any Party determines, in its reasonable discretion, that Feedstock purchases and sales pursuant to the Supply and Offtake Agreement and Advances under the Financing Agreement are resulting in the Monthly Cash Settlement due from the Transaction Parties to Aron that could be materially decreased via Interim Payments as a result of amendments to <u>Schedule C</u> related to Feedstock, the Parties shall work together in good faith and in a commercially reasonable manner to amend <u>Schedule C</u> to reflect such applicable change pursuant to a Specified Schedule Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3<u>Maximum Inventory Levels</u>. Notwithstanding any transfer of title to Aron to all such Feedstock or Products or any Lien that Aron may have over Included Lien Inventory, Aron shall not be obligated at any time to pay for or make any Advance on account of any quantity of Feedstock or Product under <u>Sections 8.1</u> or <u>8.2</u> or otherwise hereunder to the extent such payment or Advance would relate to an aggregate quantity of Feedstock or such Products in the Included Locations in excess of the then applicable Maximum Inventory Level as set forth on <u>Schedule D</u> or as may have been temporarily adjusted under Section 6.5 of the Supply and Offtake Agreement; it being understood and agreed that a volume of any type of Feedstock or Products in excess of the applicable Maximum Inventory Level therefor may be stored in the applicable Included Locations from time to time and Aron shall not be required to purchase, pay for or finance any such excess amount, in each case, in accordance with the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Invoices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Invoices shall be prepared and submitted in accordance with the terms of <u>Schedule G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Company in good faith disputes the amount of any invoice issued by Aron relating to any amount payable hereunder (including Interim Payments, Monthly True-Up Amounts or Ancillary Costs), it nonetheless shall pay Aron the full amount of such invoice by the due date and inform Aron in writing of the portion of the invoice with which it disagrees and why; <u>provided</u> that, to the extent that the Company promptly informs Aron of a calculation error

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that is obvious on its face, the Company shall pay Aron the undisputed amounts and may retain such disputed amount pending resolution of such dispute; <u>provided</u> <u>further</u> that the Parties shall work together in a commercially reasonable manner and in good faith to resolve any such dispute prior to the time such disputed amount becomes due and payable, if possible, and otherwise as expeditiously as practicable, and in connection therewith, Aron shall provide to the Company any information reasonably requested by the Company, in sufficient detail (including Excel spreadsheets or other applicable items which show the applicable figures and formulas used to calculate such payment amounts) to enable the Company to verify the amount to be included in such disputed invoice. If the Parties agree that the Company does not owe some or all of the disputed amount or as may be determined by a court pursuant to <u>Article 22</u>, Aron shall return such amount to the Company, together with interest at the Federal Funds Effective Rate from the date such amount was paid, within two (2) Business Days from, as appropriate, the date of their agreement or the date of the final, non-appealable decision of such court. Following resolution of any such disputed amount, Aron will issue a corrected invoice and any residual payment that would be required thereby will be made by the appropriate Party within two (2) Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6<u>Interest</u>. Notwithstanding anything to the contrary herein or in any other Transaction Document, after the occurrence and during the continuance of any Event of Default, upon notice from Aron to the Company, interest shall accrue on any unpaid amounts (including any accelerated amounts) owed by the Transaction Parties under the Transaction Documents at the Default Interest Rate from the date of the occurrence of such Event of Default until such amount is actually received by Aron, and such interest shall be payable on demand, in each case, whether or not such interest is allowed or allowable in any Insolvency or Liquidation Proceeding. Payment or acceptance of the increased rates of interest provided for in this <u>Section 8.6</u> is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Aron hereunder.

![Graphic](clmt-20260331xex10d5052.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7<u>Payment in Full in Same Day Funds</u>. All payments to be made under the Transaction Documents shall be made by wire transfer of same day funds in U.S. Dollars to, in the case of payments to the Transaction Parties, the bank account listed in <u>Schedule Z</u>, or, in the case of payments to Aron, such bank account at such bank as Aron shall designate in writing to the payor from time to time. Except as expressly provided in this Agreement, the Inventory Sales Agreement, the Supply and Offtake Agreement and the Financing Agreement or any other Transaction Document, all payments shall be made in full without discount, offset, withholding, counterclaim or deduction whatsoever for any claims which a Party may now have or hereafter acquire against the other Party, whether pursuant to the terms of this Agreement, any other Transaction Document or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8<u>Inability to Determine SOFR Rate</u>. In the event that any fee, charge or other payment or amount under the Transaction Documents is determined by reference to the SOFR Rate and Aron determines that the provisions of Section 7.11(a) of the Financing Agreement have been implicated, the Parties shall endeavor to establish an alternate rate to replace such "SOFR Rate" for all such purposes pursuant to the terms of Section 7.11(a) of the Financing Agreement.

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9<u>Incremental Reduction</u>. At any time the Fixed Charge Coverage Ratio (Indenture) falls below 1.50:1.00 for two consecutive fiscal quarters, Aron may, in its sole discretion, elect to reduce the Daily Value for all Product Groups by implementing the Incremental <u>FCCR</u> Fixed Holdback in accordance with <u>Schedule B</u> (the "<u>Incremental Reduction</u>") with immediate effect for the immediately subsequent invoice delivered pursuant to <u>Section 8.4</u> until the end of the month in which the delivery of quarterly financial statements for two subsequent consecutive fiscal quarters pursuant to <u>Section</u>

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<u>15.3(a)(ii)</u> shows a Fixed Charge Coverage Ratio (Indenture) for each such fiscal quarter greater than or equal to 1:50:1:00.

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Advance Rate</u> <u>Reduction.</u> <u> </u>![Graphic](clmt-20260331xex10d5055.jpg)

![Graphic](clmt-20260331xex10d5056.jpg)

![Graphic](clmt-20260331xex10d5057.jpg)

![Graphic](clmt-20260331xex10d5058.jpg)

![Graphic](clmt-20260331xex10d5059.jpg)

![Graphic](clmt-20260331xex10d5060.jpg)

![Graphic](clmt-20260331xex10d5061.jpg)

![Graphic](clmt-20260331xex10d5062.jpg)

![Graphic](clmt-20260331xex10d5063.jpg)

![Graphic](clmt-20260331xex10d5064.jpg)

![Graphic](clmt-20260331xex10d5065.jpg)

![Graphic](clmt-20260331xex10d5066.jpg)

![Graphic](clmt-20260331xex10d5067.jpg)

![Graphic](clmt-20260331xex10d5068.jpg)

![Graphic](clmt-20260331xex10d5069.jpg)

![Graphic](clmt-20260331xex10d5070.jpg)

![Graphic](clmt-20260331xex10d5071.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>In the event that any Senior Notes or Senior Secured Notes (together with any</u> <u>Senior Notes, the "Reference Debt") remain outstanding</u><u> </u><u>91 days prior to the then stated maturity</u> <u>date of the corresponding Reference Debt to which such maturity date applies (any such date, the</u> <u>"Advance Rate Reduction Trigger Date"), then Aron may, in its sole discretion, elect to reduce</u> <u>the Inventory Advance Rate for each Product Group by implementing the Incremental Maturity</u> <u>Date Fixed Holdback in accordance with Schedule B with immediate effect for the immediately</u> <u>subsequent invoice delivered pursuant to Section 8.4 and for so long as any such Reference Debt</u> <u>for which an Advance Rate Reduction Trigger Date has occurred remains outstanding without</u> <u>repayment or refinancing as contemplated in Section 8.10(b).</u><u> </u><u>For the avoidance of doubt,</u><u> </u><u>if an</u> <u>Advance Rate Reduction Trigger Date has occurred with respect to more than one of the Senior</u> <u>Notes or Senior Secured Notes that constitute the Reference Debt that remains outstanding at the</u> <u>same time, the implementation of the Incremental Maturity Date Fixed Holdback shall not be</u> <u>additive (but shall continue to apply until it ceases to apply pursuant to the terms of Section</u> <u>8.10(b).</u>

![Graphic](clmt-20260331xex10d5072.jpg)

![Graphic](clmt-20260331xex10d5073.jpg)

![Graphic](clmt-20260331xex10d5028.jpg)

![Graphic](clmt-20260331xex10d5075.jpg)

![Graphic](clmt-20260331xex10d5076.jpg)

![Graphic](clmt-20260331xex10d5077.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>In the event that (i) any</u><u> </u><u>Reference Debt has been repaid or refinanced in full in a</u> <u>manner permitted pursuant to the Transaction Documents and (ii) no other Reference Debt for</u> <u>which an Advance Rate Reduction Trigger Date has occurred remains outstanding without such</u> <u>repayment or refinancing, then effective immediately following the date on which the</u> <u>circumstances described in both the foregoing clauses (i) and (ii) exist, the Incremental Maturity</u> <u>Date Fixed Holdback for all Product Groups shall cease to apply, unless and until a subsequent</u> <u>Advance Rate Reduction Trigger Date occurs.</u>

#### ARTICLE 9
<u>[RESERVED]</u>

#### ARTICLE 10
<u>INDEPENDENT</u><u> </u><u>INSPECTORS;</u><u> </u><u>STANDARDS</u><u> </u><u>OF</u><u> </u><u>MEASUREMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1Aron shall be entitled to have Aron's Inspector present at any time the Volume Determination Procedures are to be applied in accordance with the terms of this Agreement, which shall be at the Company's sole cost and expense four (4) times per calendar year, and to observe (subject to Accepted Industry Practice during such observation) the conduct of Volume Determination Procedures. For the avoidance of doubt, if the Company shall have paid the costs and expenses of Aron's Inspector under either this Section 10.1 or under Section 7.1(b) in any calendar quarter, the Company shall have no other obligation to pay for the costs and expenses of Aron's Inspector under the other section in the same calendar quarter (unless an Event of Default has occurred and is continuing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2In addition to its rights under <u>Section</u><u> </u><u>10.1</u>, Aron may, from time to time during the Term of this Agreement, upon reasonable prior notice to the Company, at the Company's sole cost and expense once per year (unless an Event of Default has occurred and is continuing), have Aron's Inspector conduct measurements, surveys and inspections of any of the Included Locations other than Included Third Party Locations or observe any Feedstock or Product transmission, handling, metering or other activities being conducted at such Included Locations or the Delivery Points associated therewith, including for the

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purpose of (a) measuring the quantity of, and/or conducting sampling and analyses of, any Feedstock or Products in accordance with the specifications set forth in the Volume Determination Procedures and (b) measuring the quality of, and/or conducting sampling and analyses of, any Feedstock or Products (collectively, the "<u>Inspection Activities</u>"); <u>provided</u>, that such Inspection Activities shall not materially interfere with the ordinary course of business being conducted at such Included Locations or the refinery and shall be conducted in accordance with Accepted Industry Practice; <u>provided</u>, further that, to the extent Aron's Inspector is solely observing any Inspection Activities caused to be conducted by the Company, the Company shall provide, or cause to be provided, to Aron, a copy of any reports, documents, testing results or other information related to such Inspection Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3Subject to the Storage Facilities Agreement, the applicable Required Storage and Transportation Arrangements, any Bailee's Letter, any Carrier Notices, any Freight Forwarder Agreement, and any Customs Broker Agreement, Aron will have the right (or, with respect to any Included Locations that are not the Refinery and Terminal Assets and any Eligible In-Transit Inventory, the Transaction Parties shall ensure that Aron will have the right) to inspect the Included Locations and any Eligible In-Transit Inventory in accordance with Accepted Industry Practice. In the event that recalibration of meters, gauges or other measurement equipment is requested by Aron using commercially reasonable judgment as a result of the activity contemplated in this <u>Article 10</u>, the Transaction Parties shall make all necessary recalibrations in accordance with the specifications set forth in the Volume Determination Procedures within five (5) days and shall promptly communicate such changes to Aron. The cost of any such recalibration is to be borne solely by the Transaction Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4<u>Standards of Measurement</u>. All quantity and volume determinations herein, except for the Wax Product Group, will be corrected to sixty (60) degrees Fahrenheit based on a U.S. gallon of two hundred thirty-one (231) cubic inches and forty-two (42) gallons to the Barrel, in accordance with the latest supplement or amendment to ASTM-IP petroleum measurement tables (Table 5A of ASTM-IP for Feedstock and Table 5B of ASTM-IP for Products).

#### ARTICLE 11
<u>[RESERVED]</u>

#### ARTICLE 12
<u>REFINERY</u><u> </u><u>TURNAROUND,</u><u> </u><u>MAINTENANCE</u><u> </u><u>AND</u><u> </u><u>CLOSURE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1The Transaction Parties shall be responsible for all operations and maintenance of Included Title Locations which are, directly or indirectly, owned by the Transaction Parties including the Stonebriar Refinery Assets. The applicable Transaction Party shall promptly notify Aron in writing of the date for which any material inspection, material maintenance, restart or turnaround at the Refinery or any Refinery Facility has been scheduled, or any revision to previously scheduled material inspection, material maintenance, restart or turnaround, which may impair receipts of Feedstock at the Refinery or the Included Title Locations, the processing of Feedstock in the Refinery or the delivery of Products to Aron or by Aron to any Transaction Party or any third parties; <u>provided</u> that, (i) promptly after the Company completes its annual business plan with respect to any year, it shall notify Aron of any such material inspection, material maintenance, restart or turnaround contemplated with respect to such year and (ii) the Company shall give Aron at least two (2) months' prior written notice of any such scheduled material inspection, material maintenance, restart or turnaround.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2The Transaction Parties shall promptly (and in any event within two (2) Business Days after the occurrence thereof) notify Aron orally (followed by prompt written notice) or by e-mail of any

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previously unscheduled downtime or maintenance (or any reasonably foreseeable unscheduled downtime or maintenance) in respect of any Refinery hydrocracker, any Refinery coker or any Feedstock unit or any other material portion of the Refinery and Terminal Assets exceeding forty-eight (48) hours (including any such downtime as a result of Force Majeure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3In the event of a scheduled shutdown of the Refinery, the Transaction Parties shall provide written notice to Aron describing the plan and the scope of work to be conducted during such scheduled shutdown, including any material impacts to the processing of Feedstock or delivery of Products during such scheduled shutdown, and shall use commercially reasonable efforts to keep Aron apprised of the progress of the work and any deviations from the previously disclosed plan of work or anticipated processing of Feedstocks and delivery of Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Treatment</u> <u> </u> <u>of</u> <u> </u> <u>Facilities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to <u>Section 12.4(b)</u> below, if at any time Aron determines that all or any portion of the facilities constituting an Included Lien Location or an Included Title Location (such facilities, in each case, "<u>Identified Facilities</u>") fails to satisfy Aron's then applicable policies and procedures relating to the prudent maintenance and operation of storage tanks, pipeline facilities, vessels and other infrastructure used to store or transport Feedstock and/or refined products, as applicable ("<u>Aron's Policies and Procedures</u>"), and without limiting any other rights and remedies available to Aron hereunder or under any other Transaction Document, Aron may provide the Company notice of such failure so long as such failure is continuing and, if Aron provides such notice, the following provisions shall be applicable: (i) in the case of any Identified Facilities that are subject to the Storage Facilities Agreement, upon such date as Aron shall specify in such notice, such Identified Facilities shall cease to constitute an Included Lien Location (or a part of an Included Lien Location) or an Included Title Location (or part of an Included Title Location), as applicable, for purposes hereof and any payment to Aron in respect of any Feedstock or Products held in such Identified Facilities shall become due in accordance with the provisions of <u>Article 10</u> hereof; (ii) in the case of any Identified Facilities that are subject to a Required Storage and Transportation Arrangement, the Parties shall endeavor as promptly as reasonably practicable to execute such rights, provide such notices, negotiate such reassignments or terminations and/or take such further actions as Aron deems necessary or appropriate to terminate Aron's status as the party entitled to use and/or hold Feedstock or Products at such Identified Facilities and, concurrently with effecting the termination of such status, such Identified Facilities shall cease to constitute an Included Lien Location (or part of an Included Lien Location) or an Included Title Location (or part of an Included Title Location), as applicable, for purposes hereof and any payment to Aron in respect of any Feedstock or Products held in such Identified Facilities shall become due in accordance with the provisions of <u>Article 10</u> hereof; and (iii) to the extent such Identified Facilities were Included Title Locations, Aron may in its sole discretion, designate such Identified Facilities as Included Lien Locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aron's rights under <u>Section 12.4(a)</u> above are subject to the following additional terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Aron shall apply Aron's Policies and Procedures with respect to the Included Locations in a non-discriminatory manner as compared with other similar storage tanks and pipeline facilities utilized by Aron in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any Identified Facilities cease to be Included Locations pursuant to <u>Section 12.4(a)</u> above, and thereafter Aron determines, in its reasonable good faith judgment, that such Identified Facilities have become compliant with Aron's Policies

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and Procedures, then Aron shall promptly cooperate with the Company to reestablish such Identified Facilities as Included Locations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the failure of any Identified Facilities to satisfy Aron's Policies and Procedures is solely as a result of Aron's Policies and Procedures exceeding the standards or requirements imposed under Applicable Law or Accepted Industry Practice, then (1) Aron shall not require the removal of such Identified Facilities as Included Title Locations until the 60th day after giving the Company written notice of such failure, unless in Aron's reasonable judgment such failure presents an imminent risk relating to Aron's rights and interests in Feedstock or Products located at such Identified Facility, in which case Aron may require that such Identified Facility immediately cease to constitute an Included Title Location and the terms of <u>Section 12.4(a)</u> shall immediately become applicable, (2) during such sixty (60) day period, Aron shall consult with the Company in good faith to determine whether, based on further information provided by the Company, additional actions or procedures can be taken or implemented that would cause such Identified Facilities to comply with Aron's Policies and Procedures, and (3) if it is determined that such Identified Facilities do comply with Aron's Policies and Procedures or, as a result of such additional actions or procedures, such Identified Facilities become so compliant within such sixty (60) day period, then such Identified Facilities shall remain Included Title Locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If within the sixty (60) day period referred to in clause (iii)(2) above, the Company has identified and diligently commenced the implementation of additional actions or procedures that are intended to result in such Identified Facilities becoming compliant with Aron's Policies and Procedures, but such implementation cannot, despite the use of commercially reasonable efforts, be completed within such sixty (60) day period, then for so long as the Company continues to diligently pursue the implementation of such additional actions and procedures, such sixty (60) day period shall be extended up to an additional sixty (60) days (or such longer period as the Parties may mutually agree (including via email)) to allow for such implementation to be completed.

#### ARTICLE 13
<u>TAXES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1The Transaction Parties shall, jointly and severally, pay and indemnify on After-Tax Basis and hold Aron harmless against, the amount of all Non-Income Taxes, paid, owing, asserted against, or incurred by Aron directly or indirectly with respect to the Feedstock procured and sold to a Transaction Party hereunder, and the Products purchased and resold to a Transaction Party hereunder, and other transactions contemplated hereunder to the greatest extent permitted by Applicable Law; in the event that the applicable Transaction Party is not permitted to pay such Taxes, the amount due hereunder shall be adjusted by Aron such that the Transaction Parties shall bear the economic burden of the Non-Income Taxes. Each Transaction Party shall pay when due such Non-Income Taxes unless there is an applicable exemption from such Non-Income Tax, with written confirmation of such Non-Income Tax exemption to be contemporaneously provided to Aron. To the extent Aron is required by law to collect such Non-Income Taxes, one hundred percent (100%) of such Non-Income Taxes shall be added to invoices as separately stated charges and paid in full by the Transaction Parties in accordance with this Agreement, unless the applicable Transaction Party is exempt from such Non-Income Taxes and furnishes Aron with a certificate of exemption; <u>provided</u>, <u>however</u>, that (i) the failure of Aron to separately state or collect Non-Income Taxes from any Transaction Party shall not alter the liability of

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the Transaction Parties for Non-Income Taxes and (ii) Aron shall only be liable for Non-Income Taxes if and to the extent that such Non-Income Taxes have been separately stated and collected from a Transaction Party. Any refund or credit with respect to any Non-Income Taxes paid or indemnified by the Transaction Parties hereunder shall belong to the applicable Transaction Party. Aron shall be responsible for all Taxes imposed on Aron's net or gross (or any derivative thereof) income, and each Transaction Party shall be responsible for all taxes imposed on its net or gross (or any derivative thereof) income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2If any Transaction Party disagrees with Aron's determination that any Non-Income Tax is due with respect to transactions under this Agreement, such Transaction Party shall have the right to seek an administrative determination in its own name from the applicable taxing authority, or, alternatively, such Transaction Party shall have the right to contest any asserted claim for such Non-Income Taxes in its own name, subject to its agreeing to indemnify Aron for any reasonable costs of Aron incurred the entire amount of such contested Non-Income Tax should such Non-Income Tax be deemed applicable. For the avoidance of doubt, the preceding sentence is intended to apply only in cases where the applicable Non-Income Tax is due from, or has been assessed against, the Transaction Party. Aron agrees to reasonably cooperate with such Transaction Party, in the event such Transaction Party determines to contest any such Taxes. The Transaction Parties shall be responsible for all costs and expenses incurred by them or Aron in the event any Transaction Party decides to seek an administrative determination from the applicable taxing authority or to contest any such Non-Income Taxes.

13.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Transaction Party and Aron shall promptly inform each other in writing of any assertion by a taxing authority of additional liability for Non-Income Taxes in respect of said transactions.Any legal proceedings or any other action against Aron with respect to such asserted liability shall be under Aron's direction but the Company shall be kept reasonably informed and consulted by Aron.Any legal proceedings or any other action against any Transaction Party with respect to such asserted liability shall be under such Transaction Party's direction but Aron shall be kept reasonably informed and consulted by such Transaction Party. In any event, each Transaction Party and Aron shall fully cooperate with each other as to the asserted liability. Each Party shall bear all the reasonable costs of any action undertaken by the other at the Party's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to paragraph 13.3 and other information sharing requirements applicable to Aron and the Transaction Parties, Aron and each Transaction Party shall seasonably and from time to time as is otherwise reasonable exchange and share information with each other as necessary to properly report, defend, challenge, and pay Taxes (including but not limited to sales taxes and fuel taxes and file tax returns), including information that supports and demonstrates total sales, sales that are exempt from Tax, and sales that are subject to Tax at a reduced rate. The Transaction Parties further agree to cooperate with Aron in the preparation and filing of any Non-Income Tax returns with respect to the Feedstock procured and sold to a Transaction Party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4Any other provision of this Agreement to the contrary notwithstanding, this <u>Article 13</u> shall survive until ninety (90) days after the expiration of the statute of limitations for the assessment, collection, and levy of any Tax.

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#### ARTICLE 14
<u>INSURANCE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>Insurance</u> <u> </u> <u>Coverages</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company Entities, directly or through an Affiliate, shall procure and maintain in full force and effect throughout the Term of this Agreement insurance coverage in the following types and amounts and with licensed insurance companies rated not less than A-VIII by A.M. Best Company, or otherwise reasonably acceptable to Aron, in respect of the Company Entities' receipt, handling and storage of Feedstock, Products, or J. Aron Property in connection with the Transaction Documents or the receipt, handling and storage of Feedstock, Products or J. Aron Property under any Required Storage and Transportation Arrangement or any other Transaction Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Property insurance for property damage including business interruption coverage on an "all risk" basis without co-insurance, including but not limited to flood, earthquake, windstorm, and tsunami, covering damage to the Refinery and Terminal Assets and the Storage Facilities on a repair or replacement cost basis in an amount sufficient to repair major components of and replace such Refinery and Terminal Assets and Storage Facilities as reasonably determined pursuant to an engineering report prepared by an expert recognized by underwriters for such purpose or loss limits reasonably acceptable to Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Business interruption and extra expense coverage shall include an at least twelve (12) months indemnity period and shall be in an amount equal to the projected net income plus costs that would reasonably be expected to continue from such Refinery and Terminal Assets and Storage Facilities based upon the Transaction Parties' reasonable estimate thereof and Aron shall be named as a loss payee or lender loss payee under such policy via customary endorsements acceptable to Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Stock throughput insurance on an "all risk" basis without co-insurance, including but not limited to flood, earthquake, windstorm, tsunami, theft, burglary, misappropriation, and fraud perils. Such insurance shall cover the physical damage or loss (including mysterious disappearance and shortage) of the Feedstock, Products and J. Aron Property for the full market value or replacement value with respect to the Feedstock, Products and J. Aron Property, whichever value is greater. Such insurance shall be valid to cover the Feedstock, Products and J. Aron Property that are stored at Included Locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Commercial general liability insurance, including but not limited to bodily injury, property damage, contractual liability, severability liability, cross suit liability, products and completed operations liability, time element pollution liability, and independent contractor's liability in a minimum amount of $1,000,000 per occurrence and $2,000,000 in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Workers compensation insurance in the amount required by Applicable Law, and employer's liability insurance with a minimum amount of $1,000,000 per accident, $1,000,000 per disease, and $1,000,000 aggregate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Commercial automobile liability insurance in a minimum amount of

$1,000,000 per accident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Umbrella/excess liability coverage providing coverage on a follow-form basis with respect to the coverage required under <u>Sections 14.1(a)(iv)</u> – <u>14.1(a)(vi)</u> in a minimum amount of $175,000,000 per occurrence and in the aggregate; <u>provided</u> that, to the extent such limit exceeds the insurance limits available or the insurance limits available at commercially reasonable rates in the insurance marketplace, the Company Entities will maintain the highest insurance limit available at commercially reasonable rates; <u>provided</u> however, that the Company will promptly notify Aron of the Company Entities' inability to procure and maintain such limit of coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>Additional Insurance</u> <u>Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The foregoing policies required pursuant to Section 14.1 shall include or provide that the underwriters waive all rights of subrogation against Aron and the insurance is primary without contribution from Aron's insurance. The foregoing policy listed in <u>Section 14.1(a)(iii)</u> shall include Aron as loss payee and/or lender loss payee as per the interest of Aron in the Feedstock, Products and J. Aron Property. Applicable endorsements for the loss payee and/or lender loss payee interest shall be acceptable to Aron. The foregoing policies listed in <u>Sections</u> <u>14.1(a)(iv)</u>, <u>(v)</u>, <u>(vi)</u> and <u>(vii)</u> and shall include Aron, its subsidiaries, and affiliates and their respective directors, officers, employees, advisors, representatives and agents as additional insured as their respective interests may appear. Applicable endorsements for the additional insureds interest shall be acceptable to Aron. The Company Entities shall furnish Aron with insurance certificates issued by their insurance carriers or their authorized insurance broker, in Acord form or equivalent, and the applicable endorsement documents evidencing the existence of the coverages and the endorsements required above. The Company Entities shall provide ten

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) days' written notice to Aron prior to any cancellation of insurance becoming effective. The Company Entities also shall provide to Aron renewal certificates promptly after such renewal certificates are available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company Entities shall comply with all notice and reporting requirements in the foregoing policies and timely pay all premiums, except as would not reasonably be expected to adversely impact the enforceability of any such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company Entities shall be responsible for any deductibles or retentions that are applicable to the insurance required pursuant to <u>Section 14.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All insurance required herein and in <u>Section 14.1</u> should be written on an occurrence-based basis. To the extent that any of the insurance policies are written on a claims-made basis, the Company Entities agree to continue to maintain such insurance at least 6 years after the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If incidents, occurrences, claims, settlements or judgments against the umbrella/excess liability policy required in <u>Section 14.1(a)(vii)</u> cause the insurers to establish a reserve that erodes or reduces the aggregate limit below $175,000,000, the Company Entities will purchase additional insurance to satisfy the limits requirement in <u>Section 14.1(a)(vii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each of the Company Entities shall undertake all reasonable due diligence on any third parties prior to contracting any terminaling and storage services and confirms that such appointed third parties have adequate insurance that is standard and customary to their

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businesses. If the third parties procure less insurance than is required of the Company Entities under this Agreement, the Company Entities' insurance required herein in this <u>Section 14.2</u> shall be excess and contingent of the third parties' insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3<u>No Reduction or Release</u>. The mere purchase and existence of insurance does not reduce or release any Party from any liability incurred or assumed under this Agreement or any other Transaction Documents.

#### ARTICLE 15
<u>REPRESENTATIONS,</u><u> </u><u>WARRANTIES</u><u> </u><u>AND</u><u> </u><u>COVENANTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 <u>Representations and</u> <u>Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Representations and Warranties of the Transaction Parties</u>. Each Company Entity represents and warrants to Aron as of the Commencement Date and as of each day during the Term (unless otherwise specified below), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Existence, Qualification and Power; Compliance with Applicable Laws</u>. Such Company Entity and its Restricted Subsidiaries (a) is duly organized or formed, validly existing and in good standing (to the extent the concept of good standing exists in such jurisdiction) under the Applicable Laws of the jurisdiction of its incorporation or formation, and (b) has all requisite corporate (or other equivalent entity) power and authority to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations, if any, under the Transaction Documents to which it is a party, and (c) is duly qualified and is licensed and in good standing under the Applicable Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (a) (solely with respect to Restricted Subsidiaries of the Calumet Parent that are not the Transaction Parties and Restricted Subsidiaries thereof) or clause (b)(i) or clause (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. No Company Entity is an Affected Financial Institution or Covered Entity.

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In addition to and without limiting the generality of the foregoing, each Company Entity represents and warrants to Aron that, in connection with each request for an Advance, such Advance is permitted as an incurrence of additional Indebtedness under each Senior Notes Agreement, each Senior Secured Notes Agreement and each ABL Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Binding Effect</u>. This Agreement has been, and each other Transaction Document, when delivered hereunder, will have been, duly executed and delivered by such Company Entity that is party thereto. This Agreement constitutes, and each other Transaction Document when so delivered will constitute, a legal, valid and binding obligation of such Company Entity, enforceable against each Company Entity that is party thereto in accordance with its terms except as enforceability may be limited by applicable Insolvency or Liquidation Proceeding and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Financial Statements; No Material Adverse</u> <u>Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)The Audited Financial Statements and all other audited financial statements to be delivered pursuant to <u>Section 15.3(a)(i)</u>, (i) were, or will be when delivered, prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Consolidated Parties as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other direct or known contingent material liabilities of the Consolidated Parties as of the date thereof, including material liabilities for Taxes, material commitments and Indebtedness.

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)The unaudited consolidated balance sheet of the Consolidated Parties for the Fiscal Quarter ended September 30, 2023<u>5</u>, and the related

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unaudited consolidated statements of income or operations, partners' capital and cash flows for the three month period ended on that date, and all other financial statements to be delivered pursuant to <u>Section 15.3(a)(ii)</u> or <u>Section</u><u> </u><u>15.3(a)(iii)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) were, or will be when delivered, prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Consolidated Parties as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)During the period from December 31, 2022, to and including the Commencement Date, there has been no sale, transfer or other disposition by any Consolidated Party of any material part of the business or Property of the Consolidated Parties, taken as a whole, and no purchase or other acquisition by any of them of any business or property (including any Equity Interests of any other Person) material in relation to the consolidated financial condition of the Consolidated Parties, taken as a whole, in each case, other than as reflected in the foregoing financial statements or in the notes thereto or as otherwise disclosed in writing to Aron on or prior to the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Litigation</u>. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Company Entities after due and diligent investigation, threatened in writing or contemplated in writing, at law, in equity, in arbitration or before any Governmental Authority, in each case, in writing and by or against any Company Entity or its Restricted Subsidiaries or against any of its properties or revenues that (a) purport to affect or pertain to this Agreement or any other Transaction Document, or any of the transactions contemplated hereby, or (b) either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>No Default</u>. No Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)<u>Ownership of Property; Liens</u>. Each Company Entity or its Restricted Subsidiaries has good record and marketable (or, as to real property in Texas, indefeasible) title in fee simple to, or valid leasehold interests in, all real Property necessary or used in the ordinary conduct of its business, and good title to all of its personal Property, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. All Liens of Aron in the Collateral are duly perfected, first priority Liens, in accordance with the Lien Documents and subject only to Permitted Liens.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)<u>Environmental Compliance</u>. Except in each case as where the existence and/or occurrence of any of the following could not reasonably be expected to have a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)All of the Real Estate and all operations at the Real Estate are in compliance with all applicable Environmental Laws, there is no violation of any Environmental Law with respect to the Real Estate or the operations conducted thereon, and there are no conditions relating to the Real Estate or the operations conducted thereon that could give rise to liability under any applicable Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)None of the Real Estate contains any Hazardous Materials at, on or under the Real Estate in amounts or concentrations that constitute a violation of, or could give rise to liability under, Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)No Company Entity or Restricted Subsidiary has received any written notice of, or inquiry from any Governmental Authority that remains unresolved or is currently outstanding with regard to, any violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Real Estate or the operations conducted thereon, nor does any Senior Officer of any Company Entity or Restricted Subsidiary or the general partner of any Company Entity or Restricted Subsidiary have knowledge or reason to believe that any such notice will be received or is being threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)Hazardous Materials have not been transported or disposed of from the Real Estate, or generated, treated, stored or disposed of at, on or under any of the Real Estate or any other location, in each case by or on behalf of any Company Entity or Restricted Subsidiary in violation of, or in a manner that could give rise to liability under, any applicable Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the Senior Officers of the Company Entities and their Restricted Subsidiaries or the general partner of any Company Entity or Restricted Subsidiary, threatened, under any Environmental Law to which any Company Entity or Restricted Subsidiary is or will be named as a party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to any Company Entity or Restricted Subsidiaries, the Real Estate or the operations conducted thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)There has been no Environmental Release, or threat of Release, of Hazardous Materials at or from the Real Estate, or arising from or related to the operations (including disposal) of any Company Entity or Restricted Subsidiary in connection with the Real Estate or otherwise in connection with the operations conducted thereon, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)<u>Insurance</u>. The properties of the Company Entities and their Restricted Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of a Company Entity and its Restricted Subsidiaries, in such amounts, with

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such deductibles and covering such risks as are, in the reasonable business judgment of the management of Calumet Parent, adequate for the Company Entities and their Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)<u>Taxes</u>. The Company Entities and their Restricted Subsidiaries have filed all material Tax returns and reports required to be filed, and have paid all material Taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against any Company Entity or Restricted Subsidiary that would, if made, have a Material Adverse Effect. Except as described on <u>Schedule 15.1(a)(xi)</u>, neither any Company Entity nor any Restricted Subsidiary thereof is party with any Person, other than the Company Entities and their Restricted Subsidiaries, to any Tax sharing agreement; <u>provided</u> that the allocation of taxes in connection with a business acquisition agreement (or in any partnership agreement or limited liability company agreement or equivalent) or customary provisions in commercial agreements entered into in the ordinary course of business with third parties not primarily related to Taxes of any Company Entity or any Restricted Subsidiary thereof does not constitute a tax sharing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) <u>ERISA</u> <u> </u> <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Internal Revenue Code and other federal or state Applicable Laws. Each Plan that is intended to qualify under Section 401(a) of the Internal Revenue Code has received favorable determination letters from the IRS covering the periods during which the Plan has been established, or alternatively, can rely on an opinion letter from the IRS with respect to the corresponding adoption agreement and basic Plan documents for all periods during which a determination letter does not apply to the Plan, and if no determination letter or opinion letter can be currently relied upon by the Plan, then the applicable Plan sponsor (i) has an application for such a determination letter that is currently being processed by the IRS with respect to such Plan or (ii) is within a remedial amendment period for submitting such a determination letter application that has not closed with respect thereto, and, to the best knowledge of the Company Entities, nothing has occurred which would reasonably be expected to prevent, or cause the loss of, such qualification. Each Company Entity and each ERISA Affiliate has made all required contributions to each Plan subject to Section 412 of the Internal Revenue Code, except where the failure to make such contribution could not reasonably be expected to have a Material Adverse Effect, and no application for a waiver of the minimum funding standards or an extension of any amortization period pursuant to Section 412 of the Internal Revenue Code has been made with respect to any Plan, except where the failure to make such contribution could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)There are no pending or, to the best knowledge of the Company Entities, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation

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of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Except as could not reasonably be expected to have a Material Adverse Effect, (i) no ERISA Event has occurred or is reasonably expected to occur; (ii) the aggregate actuarial present value of all accumulated plan benefits of all Pension Plans (determined utilizing the assumptions used for purposes of Statement of Financial Accounting Standards No. 35 or any successor accounting standard) did not, (x) prior to the Omnibus Amendment Effective Date, as of the date of MLP Parent's most recent financial statement reflecting any such amount and (y) on and after the Omnibus Amendment Effective Date, as of the date of Calumet Parent's most recent financial statement reflecting any such amount, in each case, exceed the aggregate fair market value of the assets of all such Pension Plans except as disclosed in such financial statement; (iii) no Company Entity or any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no Company Entity or any ERISA Affiliate has incurred, or reasonably

expects to incur, any liability (and, to the knowledge of Company Entities, no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) no Company Entity or ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)No Company Entity is an entity deemed to hold "plan assets" within the meaning of 29 C.F.R. § 2510.3-101 of any Plan or any "plan" (within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor any transaction contemplated under the other Transaction Documents gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)With respect to any Foreign Plan insofar as it relates to the obligations of a Company Entity or a Subsidiary, except as could not reasonably be expected to have a Material Adverse Effect, (i) all employer and employee contributions required by law or by the terms of the Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices applicable to that plan; (ii) in the case of any Foreign Plan described in clause (a) of the definition thereof the benefits of which are paid from a trust or book reserve established, or insurance contract purchased, by a Company Entity or Subsidiary, the fair market value of the assets of such Foreign Plan, or the liability of the issuer of such insurance contract, as applicable, together with any applicable accrued contributions, is sufficient to procure or provide for the accrued benefit obligations with respect to all current and former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and (iii) it has been registered as required and has been maintained in good standing with applicable regulatory authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)<u>Capital Structure/Subsidiaries</u>. The corporate capital and ownership structure of the Consolidated Parties as of the Commencement Date is as described in <u>Schedule 15.1(a)(xiii)(a)</u>. Set forth on <u>Schedule 15.1(a)(xiii)(b)</u> is a complete and accurate list as of the Commencement Date with respect to MLP Parent and each of its direct and indirect Subsidiaries. The outstanding Equity Interests in all such Persons are validly issued, fully paid and non-assessable and are owned by Consolidated Parties, directly or indirectly, in the manner set forth on <u>Schedule 15.1(a)(xiii)(b)</u>, free and clear of all Liens (other than Permitted Liens and other Liens arising under or contemplated in connection with the Transaction Documents). Each Transaction Party is a Subsidiary of Calumet Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) <u>Margin</u> <u> </u> <u>Regulations;</u> <u> </u> <u>Investment</u> <u> </u> <u>Company</u> <u> </u> <u>Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)None of Consolidated Parties is engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors), or extending credit for the purpose of purchasing or carrying margin stock. No Advance, Credit Extensions or proceeds of any amount paid to the Company Entities pursuant to the Transaction Documents will be used by any Consolidated Party to purchase or carry, or to reduce or refinance any Indebtedness incurred to purchase or carry, any margin stock or for any related purpose governed by Regulations T, U or X of the Board of Governors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)None of any Company Entity, any Person Controlling any Company Entity or any Subsidiary of any Company Entity is registered, or is required to be registered, as an "investment company" under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)<u>Disclosure</u>. Neither this Agreement nor any report, financial statement, certificate or other information furnished in writing by or on behalf of any Company Entity to Aron in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Transaction Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading when taken as a whole with other previously provided information in any material respect; <u>provided</u> that, with respect to projected and forecast financial information and information of a general economic nature or industry specific information, the Company Entities represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)<u>Compliance with Laws</u>. Each Company Entity and Restricted Subsidiary is in compliance with the requirements of all Applicable Laws and all orders, writs, injunctions and decrees applicable to it or to its Properties, except in such instances in which (a) such requirement of Applicable Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)<u>Intellectual Property</u>. Each Company Entity owns, or has the legal right to use, all Intellectual Property necessary for each of them to conduct its business as

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currently conducted. As of the Commencement Date, set forth on <u>Schedule 15.1(a)(xvii)</u> is a list of all Intellectual Property registered or pending registration with the United States Copyright Office or the United States Patent and Trademark Office and owned by each Company Entity or that any Company Entity has the right to use, in each case which is material to the business of a Company Entity. No claim has been asserted in writing to or is otherwise known by any Company Entity and is pending by any Person challenging or questioning the use of the Intellectual Property owned by any Company Entity or the validity or effectiveness of the Intellectual Property owned by any Company Entity, nor does any Company Entity know of any such claim, and, to the knowledge of any Company Entity the use of the Intellectual Property by any Company Entity or the granting of a right or a License by any Company Entity in respect of the Intellectual Property owned by any Company Entity does not infringe on the rights of any Person, in each case, except to the extent the foregoing could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)<u>Solvency</u>. The Company Entities and their Subsidiaries, taken together on a consolidated basis, are Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)<u>Business Locations, Etc.</u> Set forth on <u>Schedule 15.1(a)(xix)(a)</u> is a list of all Real Properties located in the United States that are leased by the Transaction Parties as of the Commencement Date. Set forth on <u>Schedule 15.1(a)(xix)(b)</u> is a list of all locations where any tangible personal Property of a Transaction Party (other than Inventory in transit and rolling stock) with an aggregate value per location in excess of

$10,000,000 is located as of the Commencement Date. Set forth on <u>Schedule 15.1(a)(xix)(c)</u> is the chief executive office, jurisdiction of formation or organization and principal place of business of each Transaction Party as of the Commencement Date. During the five (5) years preceding the Commencement Date, except as shown on <u>Schedule 15.1(a)(xix)(d)</u>, no Company Entity has had any legal name other than its existing name as specified on the applicable signature page to this Agreement, has been the surviving corporation of a merger or combination, or has acquired any substantial part of the assets of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)<u>Lien Documents</u>. The provisions of the Lien Documents taken together are effective to create in favor of Aron, legal, valid and enforceable first priority security interests in all right, title and interest of the Transaction Parties in the Collateral described therein (in each case subject to Permitted Liens which by operation of law or contract would have priority over the Liens securing the Secured Obligations). Except for filings completed prior to the Commencement Date and as contemplated by this Agreement and the Lien Documents, no filing or other action will be necessary to create or perfect such security interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)<u>Included Locations</u>. The (x) Included Locations that are owned (or exclusively leased) by such Transaction Party and (y) Included Locations that are not owned (or exclusively leased) by any Transaction Party, to the knowledge of the Transaction Parties, have been maintained, repaired, inspected and serviced in accordance with Accepted Industry Practice and Applicable Law and are in good working order and repair in all respects, except to the extent such Transaction Party has notified Aron of a deficiency pursuant to <u>Section 7.3(b)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)<u>Ownership of Feedstock and Products</u>. As of the Effective Date and the Commencement Date, (x) other than any Feedstock or Products (1) sold to Aron pursuant to the Supply and Offtake Agreement, (2) financed by Aron pursuant to the Financing Agreement, (3) subject to a perfected first priority Lien of Aron pursuant to the Lien Documents or (4) that is to be subject to Bailee's Letters or Carrier Notices but for which such Bailee's Letters or Carrier Notices have not been executed and delivered by each Person contemplated to be party thereto, such Transaction Party does not own, lease or otherwise have title to any Feedstock or Products and (y) each Transaction Party does not own, lease or otherwise have title to any Feedstock or Products, other than (1) those sold to Aron on the Commencement Date pursuant to the Inventory Sales Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Feedstock and Products that are in Included Lien Locations and subject to a perfected first priority Lien (subject only to Permitted S&O Liens) of Aron under the Lien Documents, (3) solely with respect to Calumet Refining, Feedstock and Products that are not intended to be used at or that have not been produced by the Refinery, (4) solely with respect to Calumet Refining, Feedstock that is in transit to the Shreveport Refinery via the Red River Pipeline, (5) Products that have been purchased by the Company from Aron in accordance with the terms of the Supply and Offtake Agreement and have not yet been sold to third party customers or transferred to an Affiliate of the Company pursuant to another transaction not prohibited by the Transaction Documents and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Products or Feedstock held by Calumet Refining for sale on behalf of, or purchase by, Subsidiaries of Calumet Parent other than the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)<u>Ownership of the Company and Calumet Refining</u>. (a) Calumet Parent indirectly owns 100% of the Equity Interests in Calumet Refining, (b) Calumet Refining directly owns 100% of the Equity Interests of the Company and (c) the Company does not have Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)<u>Material Contracts</u>. As of the Commencement Date, each Material Contract described in the definition of Material Contracts is set forth on Schedule 15.1(a)(xxv) (and which include, for the avoidance of doubt, those set forth on Schedule CC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)<u>Ordinary Course of Business</u>. All purchases and sales of Feedstock and Products by the Transaction Parties are made in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)<u>Projections</u>. The Projections have been prepared in good faith based upon assumptions that were believed by the Company to be reasonable at the time made, it being understood and agreed that the Projections are not a guarantee of financial performance and actual results may differ therefrom and such differences may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) <u>Sanctioned Persons; Anti-Corruption Laws; PATRIOT</u> <u>Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)None of the Company Entities or any of their Restricted Subsidiaries or any of their respective directors, officers or, to the knowledge of the Company Entities or any Restricted Subsidiary, employees, agents or Affiliates is a Sanctioned Person. Each of the Company Entities and its Restricted Subsidiaries and their respective directors, officers and, to the knowledge of the Company Entities or any of their Restricted Subsidiaries, employees, agents or Affiliates is in compliance, in all material respects, with

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Sanctions Laws, (b) all Anti-Corruption Laws and (c) the PATRIOT Act.

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No part of the proceeds of the Credit Extensions or the amount paid by Aron equal to the Commencement Date Value pursuant to the Inventory Sales Agreement or in connection with any other purchase by Aron of Feedstock or Products under the Supply and Offtake Agreement will be used, directly or indirectly, (i) for the purpose of financing any activities or business of or with any Sanctioned Person or any Sanctioned Country, (ii) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Law or (iii) in any manner that would result in the violation of any Sanctions Laws applicable to any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)No Feedstock or Products originate or will originate from, are or will be derived in whole or in part from any article which is grown, produced, or manufactured in, or have been transported through, a Sanctioned Country, Russia, or any other country or territory that is the subject of economic sanctions, for so long as such country or territory is the subject of economic sanctions. The Transaction Parties further agree that, in no event, shall Aron be obligated to take delivery of any Feedstock or Products, whether from the or any other party, that would violate the representation, warranty and covenant in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)<u>Feedstock and Products</u>. All Feedstock sold by a Transaction Party to Aron or in respect of which Aron makes an Advance to the Transaction Parties under the Transaction Documents conforms with the requirements set forth in the definition of "Feedstock." All Products sold by a Transaction Party to Aron or in respect of which Aron makes an Advance to the Transaction Parties under the Transaction Documents conforms with the requirements set forth for such Products in the Transaction Documents, and all such Products are merchantable and saleable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)<u>No Commissions, Etc.</u> None of the Company Entities' directors, officers, employees or agents of those of their Affiliates (other than Thomas Hunton of ABIL Energy, LLC) has received or will receive any commission, fee, rebate, gift or entertainment of significant value in connection with the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)<u>Calumet Refining Operations</u>. Calumet Refining does not own or operate the Refinery or any other Refinery and Terminal Assets (other than any leasehold interest that it may have in Brown Station pursuant to the Brown Station Leases).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mutual</u> <u> </u> <u>Representations</u> <u> </u> <u>and</u> <u> </u> <u>Warranties</u>. In order to induce each other to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into this Agreement and the other Transaction Documents, (ii) to enter into the various purchase and sale transactions pursuant to the Supply and Offtake Agreement and (iii) to make the various Borrowings, Advances and Credit Extensions to be made under the Financing Agreement, (a) each Transaction Party represents and warrants to Aron, (b) solely with respect to <u>Sections 15.1(b)(iv)</u> through <u>15.1(b)(viii)</u>, Calumet Parent represents and warrants to Aron and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Aron represents and warrants to each Company Entity, as of the Effective Date and on and as of each day during the Term (unless otherwise specified below) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Eligible Contract Participant</u>. Such Party is an "Eligible Contract Participant," as defined in Section 1a(18) of the Commodity Exchange Act, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Forward Contract Merchant</u>. Such Party is a "forward contract merchant" in respect of the Safe Harbor Agreements and each sale of Feedstock or Products thereunder is intended to constitute a "forward contract," as such term is used in Section 556 of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Swap Participant</u>. Such Party is a "swap participant" in respect of the Safe Harbor Agreements and each sale of Feedstock or Products thereunder is intended to constitute a "swap agreement," as such term is used in Section 560 of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>No Reliance</u>. It is not relying on any representations of the other Party other than as expressly set forth in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Principal; No Agency</u>. It has entered into this Agreement, the Supply and Offtake Agreement and the Financing Agreement as principal (and not as advisor, agent, broker or in any other capacity, fiduciary or otherwise), with a full understanding of the material terms and risks of the same, and is capable of assuming those risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Trading and Investment Decisions</u>. It has made its trading and investment decisions (including their suitability) based upon its own judgment and advice from its advisors as it has deemed necessary and not in reliance upon any view expressed by the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>Arm's Length Transactions</u>. The other Party (i) is acting solely in the capacity of an arm's-length contractual counterparty with respect to the Transaction Documents, (ii) is not acting as a financial advisor or fiduciary or in any similar capacity with respect to the Transaction Documents and (iii) has not had given to it any assurance or guarantee as to the expected performance or result of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)<u>No Finders, Brokers, Etc.</u> Neither it nor any of its Affiliates has been contacted by or negotiated with any finder, broker or other intermediary in connection with the sale of Feedstock or Products under the Supply and Offtake Agreement or any other Transaction Document who is entitled to compensation with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Representations and Warranties of Aron</u>. Aron represents and warrants to each Company Entity, as of the Effective Date and on and as of each day during the Term (unless otherwise specified below) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Organization; Requisite Power and Authority; Qualification</u>. It (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and (b) has all requisite power and authority to execute and deliver the Transaction Documents to which it is a party and to perform the Transactions to be performed by it, except, in each case, where the failure so to be or so to have, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect or, in the case of Aron, a material adverse effect on its ability to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Due Authorization</u>. The Transactions to be entered into it have been duly authorized by all necessary corporate or other organizational and, if required, stockholder, shareholder or other equity holder action on its part.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>No Conflict</u>. The execution and delivery of the Transaction Documents and the performance of the Transactions by it do not and will not violate any Applicable Law, including any order of any Governmental Authority, except to the extent any such violation, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on its ability to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Governmental Approvals</u>. All registrations with, consents or approvals of, notices to, or other actions by any Governmental Authority required to have been obtained or made by it with respect to the Transaction Documents have been obtained or made and are in full force and effect, except (a) filings and recordings with respect to the Collateral necessary to perfect Liens created under the Lien Documents and (b) those registrations, consents, approvals, notices or other actions the failure of which to obtain or make, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on its ability to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>Binding Obligation</u>. Each Transaction Document has been duly executed and delivered by it that is a party thereto and is the legally valid and binding obligation of it, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)<u>Adverse</u><u> </u><u>Proceedings</u>. There are no Adverse Proceedings with respect to it that (a) individually or in the aggregate would reasonably be expected to have a material adverse effect on its ability to perform its obligations under the Transaction Documents, or (b) in any manner question the validity or enforceability of any of the Transaction Documents or otherwise affects its ability to perform its obligations under any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>No Defaults</u>. No Aron EoD has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event any Transaction Party becomes Bankrupt or subject to any Insolvency or Liquidation Proceeding, and to the extent permitted by Applicable Law, each Transaction Party intends that (i) Aron's right to liquidate, collect, net and set off rights and obligations under the Supply and Offtake Agreement, the Inventory Sales Agreement, the Step-Out Inventory Sales Agreement and any Specified Hedge Agreement and liquidate and terminate this Agreement shall not be stayed, avoided, or otherwise limited by the Bankruptcy Code, including sections 362(a), 547, 548 or 553 thereof; (ii) Aron shall be entitled to the rights, remedies and protections afforded by and under, among other sections, sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d), 553, 556, 560, 561 and 562 of the

Bankruptcy Code; and (iii) any Cash, Securities or other property provided as performance assurance, credit support or collateral with respect to the transactions contemplated hereby shall constitute "margin payments" as defined in section 101(38) of the Bankruptcy Code and all payments for, under or in connection with the transactions contemplated hereby, shall constitute "settlement payments" as defined in section 101(51A) of the Bankruptcy Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Parties acknowledge that, as provided herein and in the other Transaction Documents, Feedstock and Products owned by Aron may be subject to Permitted S&O Liens. Notwithstanding the foregoing, each Transaction Party covenants and agrees that (i) such Transaction Party in its capacity as owner and/or operator of any Storage Facilities owned and/or operated by it shall not have or assert any Permitted S&O Lien with respect to any Feedstock or Products owned by Aron (excluding, however, any Permitted S&O Lien granted to such Transaction Party by Aron pursuant to the Storage Facilities Agreement), (ii) the permissibility or existence of any Permitted S&O Liens does not, and shall not be deemed to, in any way limit such Transaction Party's obligations hereunder and under the other Transactions Documents to pay amounts that are or could be the basis for any third parties (whether or not a Governmental Authority) asserting or enforcing, or attempting to assert or enforce, any Permitted S&O Lien, including any obligations of such Transaction Party with respect to Ancillary Costs or Taxes and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the permissibility or existence of any Permitted S&O Liens does not, and shall not be deemed to, limit any rights and remedies of Aron hereunder or under other Transactions Documents (subject, however, to the right of the Transaction Parties to exercise any available rights, remedies, or defenses hereunder or under the other Transactions Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If, in connection with the Transaction Parties' procurement of Feedstock or Products from any third party (a "<u>Company Sourcing Transaction</u>"), Aron enters into an Aron Procurement Contract or Included Purchase Transaction with any Transaction Party to purchase such Feedstock or Products from such Transaction Party and thereunder agrees to make a prepayment to such Transaction Party for such Feedstock or Products, then such Transaction Party covenants and agrees, with respect to such Company Sourcing Transaction, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Transaction Party will not request, make or agree to any modification to the bill of lading issued under any Company Sourcing Transaction (including without limitation any change to delivery location for the relevant shipment) or endorse or consign such bill of lading to any Person, in each case, without Aron's prior written consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the funds prepaid by Aron to such Transaction Party under the related Aron Procurement Contract or Included Purchase Transaction shall be used exclusively by such Transaction Party to make payment to the seller under such Company Sourcing Transaction and the date by which any prepayment from Aron is due to be made shall be fixed so that promptly after such Transaction Party's receipt of such funds it shall be required to remit the same to the seller under such Company Sourcing Transaction or to post such funds as cash collateral to support a letter of credit issued to the seller under such Company Sourcing Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 <u>Reporting</u> <u>Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Monthly Reporting</u> <u>Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Monthly Forecasts and</u> <u>Projections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)<u>Target Month End Feedstock Volumes; Target Month End</u> <u>Product Volumes</u>. No later than the fifth (5th) Business Day prior to the end of the month preceding a Delivery Month, the Transaction Parties shall provide Aron the Target Month End Feedstock Volume and the applicable Target Month

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End Product Volume for each Product Group set forth on <u>Schedule D</u>, in each case, for the following Delivery Month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)<u>Ending Feedstock Inventory; Ending Product Inventory</u>. The Company shall notify Aron of the Ending Feedstock Title Inventory, the Ending Feedstock Lien Inventory, each Ending Product Title Inventory and each Ending Product Lien Inventory for the immediately prior month by no later than 5:00

p.m. CT on the fifth (5th) Business Day after the first day of each month, except that with respect to volume information provided by third parties, the Transaction Parties shall endeavor to cause third parties to provide such information to Aron by the fifth (5th) day after the end of such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)<u>Monthly Feedstock Forecast</u>. No later than the fifth (5th) Business Day prior to the end of the month preceding a Delivery Month, the Transaction Parties shall provide Aron with a written forecast substantially in the form of <u>Schedule S</u> of the Refinery's anticipated Feedstock requirements for the following Delivery Month and the immediately following month (each, a "<u>Monthly Feedstock Forecast</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)<u>BS&W Reserve Reports</u>. The Company shall notify Aron of the BS&W for (x) all BS&W Specified Included Locations and each Product Group of Feedstock and Products as of the end of the immediately prior month by no later than 5:00 p.m. CT on the fifth (5<sup>th</sup>) Business Day after the first day of each month, and (y) all other Included Company Tanks and each Product Group of Feedstock and Products at least once per calendar year as of the end of any month with respect to which the Company measures the BS&W for such other Included Company Tank (any such month, a "<u>Specified</u><u> </u><u>Month</u>") by no later than 5:00 p.m. CT on the fifth (5th) Business Day after the first day of the month immediately following such Specified Month, in each case in a report in accordance with the requirements of and substantially in the form of <u>Schedule</u> <u>W-2</u>, except that with respect to BS&W information provided by third parties, the Company shall endeavor to cause third parties to provide such information to Aron by the tenth (10th) day after the end of each such month or Specified Month (as applicable). With respect to any Included Company Tank (other than any BS&W Specified Included Location), the BS&W identified on any BS&W reserve report shall be in accordance with the requirements as set forth in <u>Schedule W-2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Monthly Product Estimates</u>. On the Commencement Date and thereafter as set forth on <u>Schedule J</u>, the Transaction Parties shall, based on the then current Estimated Yield and such other operating factors as it deems relevant, prepare and provide to Aron an estimate of the Product quantities the Transaction Parties expect to deliver to Aron during such month (each, a "<u>Monthly Product Estimate</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Price Adjustment Data</u>. No later than the fifth (5th) Business Day prior to the end of the month preceding a Price Adjustment Month, the Transaction Parties shall provide Aron the (A) Realized Historical Sales Data in respect of such Price Adjustment Month and (B) the Company's best estimate of the Procurement Contracts which have been agreed to for the month following such Price Adjustment Month.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [ <u>Reserved].</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Daily</u> <u> </u> <u>Reporting</u> <u> </u> <u>Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Daily Volumes</u>. Each Business Day, the Company shall provide to Aron, by no later than 4:00 pm CT meter readings as contemplated by <u>Schedule</u><u> </u><u>W-1</u> and tank gauge readings confirming (y) the Measured Feedstock Quantity for each Included Feedstock Title Location and each Included Feedstock Lien Location for all Delivery Dates since the prior Business Day and (z) the Measured Product Quantity in each Included Product Title Location and each Included Product Lien Location for each Product delivered during that Delivery Date and other such relevant information including but not limited to Product identifiers and the location of Products, aggregated on a Product Group basis; <u>provided</u> that, if the Company determines that any meter readings and tank gauge readings provided pursuant to this <u>clause 15.2(c)(i)</u> are inaccurate, the Company will provide to Aron such corrected meter readings and tank gauge readings by no later than 4:00 p.m. ET on the third (3<sup>rd</sup>) Business Day following the date on which such determination is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Eligible</u> <u> </u> <u>Hydrocarbon</u> <u> </u> <u>Inventory</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)By no later than 4:00 p.m. ET on each Business Day, the Company shall provide to Aron, via email (i) a report in form and substance reasonably satisfactory to Aron as illustrated in <u>Schedule W-1</u> (the "<u>Feedstock</u> <u>Inventory Report</u>") showing the inventory quantities of all Feedstock from the immediately previous Business Day (and any other prior day subsequent thereto that was not a Business Day) that then constituted Eligible Hydrocarbon Inventory or Eligible In-Transit Inventory, including the quantity or volume, grade and location of each type of such inventory, and (ii) a report in form and substance reasonably satisfactory to Aron as illustrated in <u>Schedule W-1</u> (the "<u>Products Inventory Report</u>") showing the inventory quantities of all Products from the immediately previous Business Day (and any other prior day subsequent thereto that was not a Business Day) that then constituted Eligible Hydrocarbon Inventory or Eligible In-Transit Inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Aron may also exclude from either report any Hydrocarbons that Aron, in its reasonable judgment, determines in good faith do not constitute Eligible Hydrocarbon Inventory or Eligible In-Transit Inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)Each Transaction Party (i) by the Company delivering a Feedstock Inventory Report, shall be deemed to represent and warrant to Aron (to the same extent as if set forth in this Agreement) that all Feedstock identified as Eligible Hydrocarbon Inventory or Eligible In-Transit Inventory in such report meet all the requirements of Eligible Hydrocarbon Inventory or Eligible In-Transit Inventory, as applicable and in each case, set forth in this Agreement and the other Transaction Documents and (ii) by the Company delivering a Products Inventory Report, shall be deemed to represent and warrant to Aron (to the same extent as if set forth in this Agreement) that all Products identified as Eligible Hydrocarbon Inventory in such report meet all the requirements of Eligible Hydrocarbon Inventory or Eligible In-Transit Inventory, as applicable

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and in each case, set forth in this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Prompt</u> <u> </u> <u>Reporting</u> <u> </u> <u>Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Feedstock Purchases under Refinery Procurement Contracts</u>. The Transaction Parties will promptly provide documentation evidencing all Barrels of Feedstock purchased for any month in connection with any Refinery Procurement Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Each Party shall promptly provide to the other copies of any and all written communications and documents between it and any third party which in any way relate to Ancillary Costs, including but not limited to written communications and documents with Included Product Lien Pipelines or Included Feedstock Lien Pipelines; <u>provided</u> that no Party shall be obligated to provide to the other Parties any such materials that contain proprietary or confidential information and, in providing any such materials, such Party may redact or delete any such proprietary or confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)With respect to any proprietary or confidential information referred to in <u>Section 15.2(d)(ii)(A)</u>, Aron shall promptly notify the Transaction Parties of the nature or type of such information and use its commercially reasonable efforts to obtain such consents or releases as necessary to permit such information to be made available to the Transaction Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)The Parties shall coordinate all nominations and deliveries according to the communications protocol on <u>Schedule J</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Reporting</u> <u>Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Expected Yield and Estimated Output</u>. From time to time, based on its then current operating forecast for the Refinery, the Transaction Parties may provide to Aron a revised expected Product yield for the Refinery (each, a "<u>Revised Estimated</u> <u>Yield</u>" and, together with the Initial Estimated Yield, an "<u>Estimated Yield</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Third Party</u><u> </u><u>Invoices and</u><u> </u><u>Payments</u>. Upon Aron's request, the Company shall promptly deliver to Aron (A) any invoices received by any Transaction Party and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) evidence of any payments delivered to the applicable counterparty, in each case, in connection with any terminaling, pipeline, storage, service or lease agreements underlying any of the Bailee's Letters or any of the Required Storage and Transportation Arrangements (including without limitation the Base Agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Material</u><u> </u><u>Changes</u><u> </u><u>to</u><u> </u><u>Monthly</u><u> </u><u>Feedstock</u><u> </u><u>Forecasts</u>. The Company or the applicable Transaction Party shall promptly notify Aron in writing upon learning of any material change in any Monthly Feedstock Forecast or if it is necessary to delay any previously scheduled pipeline nominations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Preparation of Forecasts, Projections and Nominations</u>. Each Transaction Party and Aron agree to use commercially reasonable efforts in preparing the forecasts, projections and nominations required by this Agreement in a manner intended to maintain Feedstock and Product operational volumes under the Maximum Inventory Level for such Feedstock and Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Forecasts and Projections</u>. The Parties acknowledge that the Company (together with the other Transaction Parties) is solely responsible for providing the Monthly Feedstock Forecast and for making any adjustments thereto, and the Transaction Parties agree that all such forecasts and projections shall be prepared in good faith, with due regard to all available and reliable historical information and the Transaction Parties' then-current business prospects, and in accordance with such standards of care as are generally applicable in the U.S. refining industry; <u>provided</u>, <u>however</u>, the Parties acknowledge and agree that such forecasts and projections are only estimates, and the Transaction Parties shall have no liability to Aron for any differences between such forecasts and projections provided by the Transaction Parties in good faith and the actual Feedstock requirements or runs. The Transaction Parties acknowledge and agree that (A) Aron shall be entitled to rely and act, and shall be fully protected in relying and acting, upon all such forecasts and projections, and (B) Aron shall not have any responsibility to make any investigation into the facts or matters stated in such forecasts or projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3<u>Affirmative Covenants</u>. As of the Commencement Date and as of each day during the Term (unless otherwise specified below), each Company Entity shall, and shall cause each of its Restricted Subsidiaries (unless otherwise expressly specified below) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Financial Statements</u>. Deliver to Aron:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)as soon as available, but in any event within the earlier of (A) one hundred twenty (120) days after the end of each Fiscal Year of the Consolidated Parties (or such later date after giving effect to any grace period specified under Rule 12b-25 under the Securities Exchange Act of 1934, as amended, but not to exceed one hundred twenty five (125) days after such Fiscal Year end) and (B) the date on which delivered to the SEC, commencing with the Fiscal Year ending December 31, 2023, a consolidated balance sheet of the Consolidated Parties as at the end of such Fiscal Year, and the related consolidated statements of income or operations, partners' capital and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, prepared in accordance with GAAP, such statements to be audited and accompanied by a report and opinion of Ernst & Young LLP or other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with the standards of the Public Company Accounting Oversight Board (United States) and shall not be subject to any "going concern" or like qualification or exception or any qualification or exception as to the scope of such audit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as available, but in any event within the earlier of (A) sixty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) days after the end of each of the first three Fiscal Quarters of each Fiscal Year of the Consolidated Parties and (B) the date on which delivered to the SEC, commencing with the Fiscal Quarter ending March 31, 2024, a consolidated balance sheet of the Consolidated Parties as at the end of such Fiscal Quarter, and the related consolidated statements of income or operations, partners' capital and cash flows for such Fiscal

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Quarter and for the portion of the Fiscal Year then ended, setting forth in each case in comparative form the figures for the corresponding Fiscal Quarter of the previous Fiscal Year and the corresponding portion of the previous Fiscal Year, such statements to be certified on behalf of Company Entities and their Restricted Subsidiaries by a Senior Officer of Calumet Parent as fairly presenting the financial condition, results of operations, partners' capital and cash flows of the Consolidated Parties for such Fiscal Quarter and portion of such Fiscal Year in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)as soon as available, any other balance sheets or statements of income, operations, partners' capital or cash flows of the Consolidated Parties from time to time delivered pursuant to the ABL Credit Agreement not otherwise delivered pursuant to <u>Section 15.3(a)(i)</u> and <u>Section 15.3(a)(ii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Information delivered pursuant to <u>Section 15.3(b)(iv)</u> that contains the information required under clause (i), (ii) or (iii) above shall be deemed to satisfy the applicable delivery required under such clause (i), (ii) or (iii) as applicable, but the foregoing shall not be in derogation of the obligation of the Company Entities to furnish the information and materials described in clauses (i), (ii) and (iii) above at the times specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Certificates; Other Information</u>. Deliver to Aron, in form and detail reasonably satisfactory to Aron:

![Graphic](clmt-20260331xex10d5051.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)concurrently with the delivery of<u>no later than the date that is five (5)</u> <u>Business</u><u> </u><u>Days</u><u> </u><u>after</u><u> </u><u>the</u><u> </u><u>date</u><u> </u><u>on</u><u> </u><u>which</u> the financial statements referred to in subsections (i) and (ii) of <u>Section 15.3(a)</u> <u>are required to be delivered in accordance with</u> <u>the terms thereof</u> (commencing with the delivery of the financial statements for the Fiscal Year ending December 31, 2023<u>5</u>), a duly completed Compliance Certificate signed on behalf of the Company Entities and their Restricted Subsidiaries by a Senior Officer of Calumet Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)promptly after any request by Aron, copies of any detailed audit reports, management letters or recommendations submitted to the Board of Directors (or the audit committee of the Board of Directors) of any Company Entity (including itself and its Restricted Subsidiaries, taken as a whole), in each case, by independent accountants in connection with the accounts or books of such Company Entity or its applicable Restricted Subsidiaries, or any audit of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)promptly, and in any event within five (5) Business Days after receipt thereof by any Company Entity or any Restricted Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or threatened (in writing) investigation or other similar inquiry involving a material matter potentially adverse to the Calumet Parent or any of its Restricted Subsidiaries, taken as a whole, or any Transaction Party, by such agency regarding financial or accounting results of the Calumet Parent or any of its Restricted Subsidiaries or any Transaction Party thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)promptly after the same are available, copies of each annual report, definitive proxy or financial statement, report on Form 10-K, 10-Q or 8-K, or other report (other than Forms 3, 4 or 5) or communication sent to the equityholders of

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Calumet Parent, and copies of all effective registration statements (other than any registration statements on Form S-8), in each case that any Consolidated Party may file or be required to file with the SEC under the Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)promptly, such additional information regarding the business, financial or corporate or other entity affairs of any Company Entity (including the Consolidated Parties, taken as a whole), or compliance with the terms of the Transaction Documents, as Aron may from time to time reasonably request;

![Graphic](clmt-20260331xex10d5082.jpg)

![Graphic](clmt-20260331xex10d5083.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)at any time that the Refinery Asset Borrowing Base Component is greater than $0 (or otherwise (at Aron's written request) and during which time the MLP Parent or any other Company Entity is party to any Senior Notes Indenture or the Senior Secured Notes Indenture, by the twelfth (12th) Business Day of each month, a certificate signed on behalf of the Consolidated Parties by a Senior Officer of Calumet Parent which certifies (which certification shall constitute a representation and warranty for purposes of this Agreement) that the Secured Obligations did not at any time during the immediately preceding month exceed the aggregate amount of secured Indebtedness then permitted to be incurred by MLP Parent and/or any other Company Entity party thereto under each Senior Notes Indenture or the Senior Secured Notes Indenture on each date during such month in which any Secured Obligations were incurred;

Documents required to be delivered pursuant to <u>Section 15.3(a)(i), (ii) or (iii)</u>, <u>Section 15.3(b)(iv)</u> or <u>Section 15.3(c)(vi)</u> may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which Calumet Parent posts such documents, or provides a link thereto, on Calumet Parent's website on the Internet at the website address or electronically files such documents with the SEC; or (ii) on which such documents are posted on Calumet Parent's behalf to an Internet or intranet website, if any, to which Aron has access (whether a commercial, third-party website or whether sponsored by Aron); <u>provided</u> that Calumet Parent (or its agent) shall notify Aron (by electronic mail) of the posting of any such documents unless the same have been posted on the website of the SEC.

![Graphic](clmt-20260331xex10d5084.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notices and Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Promptly notify Aron in writing of the occurrence of (A) any Default or Event of Default and the nature thereof, (B) any Default or Event of Default (under and as defined in the ABL Credit Agreement) or (C) any default or event of default under any Senior Notes Indenture or the Senior Secured Notes Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Promptly notify Aron of any matter (including the occurrence of any ERISA Event) that has resulted or could reasonably be expected to result in a Material Adverse Effect.

![Graphic](clmt-20260331xex10d5085.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Promptly notify Aron of any material change in accounting policies or financial reporting practices by any Company Entity, including any determination by the Company Entities referred to in Section 1.4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Promptly following any request therefor, provide information and documentation reasonably requested by Aron for purposes of compliance with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Promptly notify Aron of (A) the termination or "default" or "event of default" (however so described) of or under any Material Contract, (B) the delivery or receipt by the Company of any notice of default or other material notice under any Material Contract (in each case, together with a true, correct and complete copy thereof), it being understood and agreed that notices received or delivered by any Transaction Party in the ordinary course of the transactions contemplated by such Material Contracts shall for purposes of this <u>Section 15.3(c)(v)</u> be deemed to not be material notices, (C) the entering into of any new Material Contract by any Transaction Party (together with a true, correct and complete copy of such Material Contract), (D) any amendment, written supplement of, or any waiver or consent with respect to, any Material Contract (in each case, together with a true, correct and complete copy of such amendment, supplement, waiver or consent) which could reasonably be expected to materially and adversely affect Aron or the Transaction Parties or their operations or the value of the Collateral,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any breach or violation by any Transaction Party or the applicable counterparty to any Material Contract or any of its permitted assignees of the terms of such agreement has occurred or (F) any Transaction Party has failed to pay (other than as a result of administrative error which has been cured within three (3) Business Days) any scheduled lease payment or undisputed fees and expenses (or, if disputed, (A) if such fees and expenses in dispute are in excess of $500,000, individually or in the aggregate, for all outstanding Material Contracts and (B) with respect to any such dispute of the Deficiency Payment (under and as defined in the Enterprise Agreement) in excess of

$100,000, individually or in the aggregate) under any Material Contract when due; <u>provided</u> that any notice and delivery by the Company to Aron made pursuant to this <u>Section</u><u> </u><u>15.3(c)(v)</u> shall not discharge the Company's obligations pursuant to any applicable provision of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Subject to the last paragraph in <u>Section 15.3(b)</u>, promptly notify Aron of any material amendment, waiver, supplement or other modification by written consent to any documentation in respect of Indebtedness for Borrowed Money exceeding

$50,000,000 of the Company Entities and their Restricted Subsidiaries (including the ABL Credit Documents, any Bond Documents and any Refinancing Indebtedness in respect thereof).

![Graphic](clmt-20260331xex10d5086.jpg)

![Graphic](clmt-20260331xex10d5087.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>Promptly</u><u> </u><u>after</u><u> </u><u>obtaining</u><u> </u><u>knowledge</u><u> </u><u>thereof,</u><u> </u><u>notify</u><u> </u><u>Aron</u><u> </u><u>of</u><u> </u><u>any</u> <u>non-renewal of the Enterprise Agreement, for so long as it is a Base Agreement, that</u> <u>would cause it to terminate in accordance with its terms.</u>

Each notice pursuant to this <u>Section 15.3(c)</u> shall be accompanied by a statement of a Senior Officer of Calumet Parent setting forth in reasonable detail the occurrence referred to therein and stating (in the case of default) what action the Company Entities have taken and propose to take with respect thereto. Each notice pursuant to <u>Section 15.3(c)(i)</u> shall describe all provisions of this Agreement and any other Transaction Document giving rise to such Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Payment of Obligations</u>. Pay and discharge, as the same shall become due and payable, all its obligations and liabilities, except to the extent that failure to so pay and discharge could not reasonably be expected to have a Material Adverse Effect, including (i) all Tax liabilities, assessments and governmental charges or levies upon it or its Properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the applicable Company Entity or Restricted Subsidiary; (ii) all lawful claims which, if unpaid,

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would by law become a Lien upon its Property (unless a Permitted Lien); and (iii) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Preservation of Existence, Licenses, Etc.</u> (i) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Applicable Laws of the jurisdiction of its organization except in a transaction not prohibited by <u>Section 15.4(d)</u> or <u>Section 15.4(e)</u>; (ii) take all reasonable action to maintain all rights, privileges, permits, Licenses and franchises necessary in the normal conduct of its business, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) preserve or renew all of its registered copyrights, patents, trademarks, trade names and service marks, the non preservation or non-renewal of which could not reasonably be expected to have a Material Adverse Effect, and, without limitation of the foregoing, keep each License affecting any Collateral (including with respect to the manufacture, distribution or disposition of Inventory) or any other material Property of the Consolidated Parties in full force and effect, excluding those Licenses with respect to Property other than the Collateral the loss of which could not reasonably be expected to have a Material Adverse Effect; and (iv) notify Aron of any default or breach asserted in writing by any Person to have occurred under any such License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Maintenance of Properties</u>. (i) Maintain, preserve and protect all of its (A) with respect to each Company Entity, material Properties and Equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear and Involuntary Dispositions excepted and (B) with respect to each Restricted Subsidiary (other than a Company Entity), Properties and Equipment necessary in the operation of its business in good working order and condition, (x) ordinary wear and tear and Involuntary Dispositions excepted and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; (ii) make all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (iii) use the standard of care typical in the industry in the operation and maintenance of its facilities, (A) in all material respects with respect to the Transaction Parties, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) otherwise, except where the failure to do could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Maintenance of Insurance</u>. Maintain in full force and effect (i) insurance with respect to its Property and its businesses (including worker's compensation insurance, liability insurance, property insurance and business interruption insurance) with insurers rated A- or better by A.M. Best's Key Rating Guide (or any successor thereto), in such amounts, covering such risks and liabilities and with such deductibles or self-insurance retentions as are deemed sufficient for Consolidated Parties by the management of Calumet Parent in the exercise of reasonable business judgment and reasonably acceptable to Aron, provided that such insurance with respect to the Property of the Company Entities and their Restricted Subsidiaries shall cover casualty, hazard, public liability, theft, malicious mischief and such other risks, in such amounts and with such endorsements, as are reasonably satisfactory to Aron and (ii) in addition to the foregoing, insurance in such amounts as required in <u>Article 14</u> and otherwise comply with the requirements as set forth in <u>Article 14</u>. From time to time upon Aron's request, the Transaction Parties shall deliver the originals or certified copies of their insurance policies to Aron. All proceeds under each policy of insurance with respect to Collateral and J. Aron Property shall be payable to Aron and (without duplication) the proceeds under each general liability policy and each excess liability policy up to the amount necessary to reimburse Aron for any out of pocket losses, claims, damages and related expenses actually suffered by Aron as a result of its relationship with the Transaction Parties under the Transaction Documents shall be payable to

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Aron, provided, however, that, if no Event of Default has occurred and is continuing any proceeds of insurance for Collateral and J. Aron Property may be used by the Company Entities in the Ordinary Course of Business, including the replacement of Collateral and J. Aron Property. Proceeds from any business interruption insurance, general liability, workers' compensation or D&O insurance may be used by the Company Entities in the Ordinary Course of Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Compliance with Laws and Material Contractual Obligations</u>. (i) Comply in all material respects with the requirements of all Applicable Laws (including, without limitation, Sanctions, Anti-Corruption Laws and Anti-Terrorism Laws), all Contractual Obligations, and all orders, writs, injunctions and decrees applicable to it or to its business or Property, except (other than failure to comply with Sanctions, Anti-Corruption Laws or Anti-Terrorism Laws) in such instances in which (A) such requirement of Applicable Law, Contractual Obligation, or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted, or (B) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect; and (ii) maintain all Governmental Approvals necessary to the ownership of its Properties or conduct of its business, unless failure to comply (other than failure to comply with Sanctions, Anti-Corruption Laws or Anti-Terrorism Laws) or maintain could not reasonably be expected to have a Material Adverse Effect. Each Company Entity and Subsidiary shall maintain policies and procedures designed to promote and achieve compliance with applicable Anti-Corruption Laws and Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Books and Records</u>. (i) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP, in all material respects, consistently applied shall be made of all financial transactions and matters involving the assets and business of the Company Entities and their Restricted Subsidiaries, as the case may be; and (ii) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Company Entity or such Restricted Subsidiary, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Aron Meetings; Inspection</u> <u>Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Upon the request of Aron, the Company Entities shall participate in a telephonic conference with Aron to be held at such times as may be agreed to by the Company Entities and Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Subject to the limitations set forth in <u>Section 15.3(j)(iii)</u>, permit representatives and independent contractors of Aron to visit and inspect any of the Company Entities' Properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and Accounts with its directors, officers and independent public accountants, all at the expense of the Transaction Parties and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Company Entities; <u>provided</u>, <u>however</u>, that (A) when an Event of Default exists Aron may do any of the foregoing at the expense of the Transaction Parties at any time during normal business hours and without advance notice and (B) solely with respect to Calumet Parent, such inspection rights shall be limited to once per calendar quarter (other than during the existence or continuation of an Event of Default). The Transaction Parties agree that Aron, and its representatives, may conduct an annual audit of the Collateral, at the expense of the Transaction Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Reimburse Aron for all reasonable charges, costs and expenses of Aron (consistent with those charged by Aron to its other similarly situated customers) in connection with (A) examinations of any Transaction Party's books and records or any other financial or Collateral matters as Aron deems appropriate, up to four (4) times per Fiscal Year, and (B) appraisals of Inventory up to four (4) times per Fiscal Year; <u>provided</u>, <u>however</u>, that if an examination or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses therefor shall be reimbursed by the Company Entities without regard to such limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Certain Pledged Assets</u>. Each Transaction Party will (i) cause all of its owned and leased personal Property of the type constituting Collateral to be subject at all times to perfected, first priority Liens in favor of Aron to secure the Secured Obligations pursuant to the terms and conditions of the Lien Documents, subject in any case to Permitted Liens, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Landlord and Storage Agreements</u>. Upon written request, provide Aron with copies of all existing relevant agreements, and promptly after execution thereof provide Aron with copies of all future relevant agreements, between any Transaction Party and any landlord, carrier, warehouseman, processor or bailee or the like that owns any premises at which any Collateral is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Certain Agreements Relating to Inventory Structuring Transactions and ABL</u> <u>Credit Documents</u>. None of the Inventory Structuring Transaction Documents, the ABL Credit Documents and the Bond Documents shall be amended or waived in any manner that could reasonably be expected (i) to constitute or result in the occurrence of a Default under this Agreement or any other Transaction Document or (ii) to be adverse to the interests of Aron (including, without limitation, Aron's rights or remedies under this Agreement or any other Transaction Document) in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Promptly, but in no event later than the fifteenth (15th) Business Day after acquiring knowledge thereof, deliver to Aron (which delivery may be solely via email in accordance with <u>Article 24</u>) a written update as to any changes to the status of or updates to the Company Entities' appeal of any SRE Denial Determinations (including any decision by the U.S. Environmental Protection Agency or any other Governmental Authority with respect to a remand related to the SRE Denial Determinations, any reversal of the SRE Denial Determinations, any stay that has been granted in connection therewith and any negotiations and discussions with the EPA regarding the Company Entities not being required to comply with its RVOs as of any applicable RINs Compliance Deadline pursuant to the RFS Regulations) or any small refinery exemptions granted solely with respect to the Refinery; <u>provided</u> that, if requested by Aron, the Company shall make its management and advisors available to Aron and its advisors from time to time during normal business hours with reasonable advance notice to address questions from Aron and its advisors in respect of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Additional Information</u>. Upon reasonable notice, the Company Entities shall provide to Aron such additional information as Aron may reasonably request to enable it to ascertain the current financial condition of the Company Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Insurance Report</u>. Commencing with the Fiscal Year ending December 31, 2023, together with each delivery of the consolidated financial statements of the Company Entities and their Restricted Subsidiaries pursuant to <u>Section 15.3(a)(i)</u>, deliver (a) a certificate of an Authorized Officer of the Company Entities or (b) a certificate of an independent insurance broker of the Company Entities, in each case, setting forth the insurance then maintained by or on behalf of the Transaction Parties or any of their assets or operations (identifying underwriters, carriers, the type of insurance and the insurance limits) and stating that such insurance complies in all material respects with the terms of <u>Section 15.3(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>Material Contracts</u>. (i) Maintain in full force and effect, preserve, protect and defend its material rights under each Material Contract to which it is a party, (ii) perform and observe all of its material covenants and obligations contained in each of the Material Contracts to which it is a party, (iii) take all reasonable and necessary action to prevent the termination or cancellation of any Material Contracts to which it is a party in accordance with the terms of such Material Contracts or otherwise (except for the expiration of any Material Contract in accordance with its terms and not as a result of a breach or default thereunder) and (iv) enforce against each counterparty to such Material Contract each material covenant or obligation of such Material Contract to which it is a party in accordance with its terms, including enforcing such Company Entity's rights and remedies under the Material Contracts to which it is a party; except, (A) in each case, where the foregoing action is consented to by Aron (such consent not to be unreasonably withheld or delayed), and (B) with respect to any Property or Collateral of the Transaction Parties affected by the breach, default, violation (so long as such breach, default or violation does not prevent Aron's access to or ability to foreclose upon its Property or Collateral or adversely affect the perfection or priority of Aron's Liens on or security interests in the Collateral) or termination of any Specified Material Contract, within five (5) Business Days of the date of such breach, default, violation or termination, the Transaction Parties shall have effected a Material Contract Cure Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)<u>Further Assurances</u>. Execute any and all further documents, financing statements, agreements and instruments, and take any and all further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents), that may be required under any Applicable Law, or that Aron may reasonably request, to effectuate the provisions of the Lien Documents, all at the expense of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Use of</u> <u>Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Use the proceeds of (A) any purchases by Aron of Feedstock or Products under the Transaction Documents solely for working capital requirements and general corporate purposes of the Company Entities and their Restricted Subsidiaries and any other purpose not prohibited by the Transaction Documents, including any payments required to be made to Macquarie in connection with the termination of the Macquarie S&O Agreement and the related Macquarie Transaction Documents thereunder in accordance with the terms of the documentation delivered pursuant to <u>Section 2.1(g)</u> on the Commencement Date and (B) any Credit Extensions under the Financing Agreement solely for the purposes set forth in <u>Section 7.1</u> of the Financing Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Will not request any Credit Extensions and no part of the proceeds of any amounts received by any Company Entity from Aron under the Transaction Documents will be used, directly or indirectly, (A) for the purpose of financing any activities or business of or with any Sanctioned Person or in any Sanctioned Country,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Law or (C) in any manner that would result in the violation of any Sanctions Laws applicable to any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)<u>Hedge Intercreditor Agreement</u>. Exercise commercially reasonable efforts to, if not previously executed and delivered, at any time in which any Refinancing Indebtedness that is permitted pursuant to <u>Section 15.4(c)</u> and is subject to the Hedge Intercreditor Agreement is incurred or entered into or any amendment to the Hedge Intercreditor Agreement is made by the Persons party thereto, cause the holders of any Indebtedness for Borrowed Money of the Calumet Parent and its Restricted Subsidiaries, including the holders of Senior Secured Notes and any counterparties to any Swap Contracts permitted pursuant to <u>Section 15.4(c)(iv)</u>, or any duly authorized representative therefor, in each case, that has a Lien over any assets of the Company or Calumet Refining, to permit Aron to become party to the Hedge Intercreditor Agreement or execute and deliver another intercreditor agreement with Aron, in each case, having terms as may be agreed between such Persons and Aron (i) with respect to recognition of and other agreements analogous to those contained in the Intercreditor Agreement with respect to Aron's title to and ownership of Aron's Property and Aron's Liens granted pursuant to the Transaction Documents and Aron's ability to access any property (including real property, fixtures or other property, plant and equipment) over which such Persons have a Lien in order to collect, process, liquidate and enforce any of Aron's other rights with respect to the Aron's Property and any Collateral over which Aron has a Lien and (ii) that otherwise are at least as favorable to Aron as the equivalent provisions that pertain to the "Working Capital Agent" and the "Working Capital Collateral" each as defined in the Hedge Intercreditor Agreement as in effect as of the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4<u>Negative Covenants</u>. As of the Commencement Date and as of each day during the Term, unless otherwise specified below each Company Entity shall not, and shall cause each of its Restricted Subsidiaries not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Liens</u>. Create, incur, assume or permit to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Liens pursuant to any Transaction Documents (including Liens granted under the Lien Documents which secure the Secured Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Liens existing on the Commencement Date and listed on <u>Schedule 15.4(a)</u> and any renewals or extensions thereof, provided that (A) the Property (or, in the case of fungible Property, any replacement thereof) covered thereby is not changed, (B) the amount secured or benefited thereby is not increased (other than for reasonable and customary transaction costs incurred in connection with such renewal or extension), (C) the direct or any contingent obligor with respect thereto is not changed; and (D) any renewal or extension of the obligations secured or benefited thereby is permitted by <u>Section 15.4(c)(ii)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Liens for Taxes, assessments or governmental charges or levies not yet delinquent or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(A) statutory Liens of landlords and Liens and customary grants of security interests in favor of carriers, warehousemen, mechanics, materialmen, repairmen and suppliers and other Liens imposed by law or pursuant to customary reservations or retentions of title, in each case arising in the Ordinary Course of Business, provided that such Liens secure only amounts not yet overdue for a period of more than thirty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto in accordance with GAAP are maintained on the books of the applicable Company Entity and its Restricted Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) statutory Liens securing First Purchase Feedstock Payables arising in the Ordinary Course of Business which are not overdue for a period of more than thirty (30) days (other than up to $2,000,000 in the aggregate of such First Purchase Feedstock Payables which may be overdue for a period of more than thirty (30) days) or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Company Entity and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)pledges or deposits in the Ordinary Course of Business in connection with workers' compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)deposits to secure the performance of bids, trade contracts and leases (other than Capital Leases), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case incurred in the Ordinary Course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)easements, rights-of-way, restrictions (including zoning limitations) and other similar encumbrances affecting real Property which, in the aggregate, do not materially interfere with the ordinary conduct of the business of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Liens securing Indebtedness permitted under <u>Section</u><u> </u><u>15.4(c)(v)</u>; <u>provided</u> that (A) such Liens do not at any time encumber any Property constituting Collateral or any other Property other than the Property financed by such Indebtedness and the proceeds thereof (including insurance proceeds), and (B) such Liens are created within one hundred eighty (180) days of the later of the acquisition, lease, completion of

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improvements construction, repairs or additions or commencement of full operation of the assets or property subject to such Lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)(A) Liens securing Indebtedness permitted under <u>Section</u><u> </u><u>15.4(c)(vii)</u> and any renewals or extensions thereof, <u>provided</u> that (w) the Property (or, in the case of fungible Property, any replacement thereof) covered thereby is not changed, (x) the amount secured or benefited thereby is not increased (other than for reasonable and customary transaction costs incurred in connection with such renewal or extension),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the direct or any contingent obligor with respect thereto is not changed, and (z) any such Liens do not attach to or encumber any Property constituting Collateral or the Refinery and Terminal Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Liens on Property acquired pursuant to a Permitted Acquisition, or on the Property of a Restricted Subsidiary in existence at the time such Restricted Subsidiary is acquired pursuant to a Permitted Acquisition and any renewals or extensions thereof, <u>provided</u> that (x) the Property (or, in the case of fungible Property, any replacement thereof) covered thereby is not changed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the amount secured or benefited thereby is not increased (other than for reasonable and customary transaction costs incurred in connection with such renewal or extension), and (z) the direct or any contingent obligor with respect thereto is not changed; <u>provided</u> that (A) any Indebtedness that is secured by such Liens is permitted to exist under <u>Section 15.4(c)(viii)</u>, (B) such Liens existed at the time such Person became a Subsidiary and were not created in connection with, or in contemplation of, such Permitted Acquisition, (C) any such Liens either (1) do not attach to or encumber any Property constituting Collateral or (2) if and to the extent that such Liens do attach to or encumber any Property constituting Collateral, such Liens are fully discharged and released within ninety (90) days after the date of the consummation of such Permitted Acquisition and, until so released and discharged, none of the Collateral affected thereby or any proceeds thereof may be comingled with any other Collateral or proceeds thereof, and (D) the amount of Indebtedness secured thereby is not increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)leases or subleases granted to others not interfering in any material respect with the business of any Consolidated Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)(A) any interest of title of a lessor under, and Liens arising from UCC financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, (A) Operating Leases, and (B) Capital Leases permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)"protective" Liens granted in connection with sales permitted hereunder that are intended to be "true sales", or bailment, storage or similar arrangements in which a counterparty holds title to the assets that are the subject of such transaction; including Liens affecting Inventory granted by any Company Entity or a Restricted Subsidiary to the counterparty in any other Inventory Structuring Transaction, which Liens are intended to protect such counterparty in the event that such transaction is recharacterized as a secured financing and attach only to the assets that are subject of such transaction; <u>provided</u> that no such Liens shall cover the Collateral or any J. Aron Property; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)precautionary UCC financing statement filings made in respect of consignments; <u>provided</u> that none of such UCC financing statements shall cover the Collateral or any J. Aron Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)Liens deemed to exist in connection with Investments in repurchase agreements permitted under <u>Section 15.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)normal and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)Liens of sellers of goods to Consolidated Parties arising under Article 2 of the Uniform Commercial Code or similar provisions of Applicable Law in the Ordinary Course of Business, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)Liens securing Indebtedness permitted under <u>Section 15.4(c)(xii)</u>; <u>provided</u>, that such Liens do not at any time attach to or encumber any Property constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)customary setoff rights and related settlement procedures under any Swap Contract permitted to be incurred pursuant to <u>Section 15.4(c)(iv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)Liens arising in connection with (A) any lease, transfer or disposition of any metal or other element, composite or alloy used as, or part of, a catalyst necessary or useful for the operation of the refinery assets of Consolidated Parties or (B) any commodity leases for any metal or other element, composite or alloy used as, or part of, a catalyst necessary or useful for the operation of the refinery assets of Consolidated Parties in the Ordinary Course of Business and not for the purpose of speculation; <u>provided</u>, in each case, that, such Liens do not encumber any Property other than (x) the catalyst or applicable part thereof or the commodities (whether one or more) being leased, (y) any insurance proceeds of any of the foregoing, or (z) any metal or other element, composite or alloy used as, or part of, or commingled with, a catalyst in the operation of the refinery assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)Liens securing obligations under Swap Contracts permitted under <u>Section 15.4(c)(iv)</u> hereof; <u>provided</u> that (A) such Liens do not at any time attach to or encumber Property constituting Collateral, and (B) if reasonably requested by Aron following notice of the intention of a Company Entity or a Subsidiary of a Transaction Party to grant such a Lien, the counterparty to such Swap Contracts shall have entered into an intercreditor agreement with Aron, in accordance with <u>Section 15.3(t)</u>, provided that no such intercreditor agreement shall be required for Liens on cash collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)Liens on the Hedge Agreement Collateral securing Indebtedness permitted under <u>Section 15.4(c)(iv)</u> and/or securing the Senior Secured Notes, provided that (A) the Hedge Intercreditor Agreement and (B) in the event that any other

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intercreditor agreement pursuant to <u>Section 15.3(t)</u> is entered into pursuant to the terms thereof, such intercreditor agreement, in each case, remain in effect at all times during the existence of such Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)Liens securing Indebtedness of a Foreign Subsidiary permitted under <u>Section 15.4(c)(xiv)</u> hereof; <u>provided</u> that such Liens shall encumber only Property owned by such Foreign Subsidiary and the Equity Interests of such Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by Calumet Parent or any Restricted Subsidiary of Calumet Parent to the extent securing Non-Recourse Indebtedness or other Indebtedness of such Unrestricted Subsidiary or Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)Liens securing Indebtedness permitted under <u>Section</u><u> </u><u>15.4(c)(vi)</u>, <u>provided</u> that such Liens cover only (A) unearned premiums or dividends, (B) loss payments which reduce the unearned premiums, subject however, in the case of Collateral, to the interests of Aron as mortgagee or loss payee, and (C) any interest in any state guarantee fund relating to any financed policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) [Reserved];

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)with respect to each Inventory Structuring Subsidiary, Liens on the Inventory Structuring Collateral of such Inventory Structuring Subsidiary granted to an applicable Inventory Structuring Counterparty to secure the indebtedness, deferred payment obligations or other obligations under a Permitted Inventory Structuring Transaction, including liens granted as a precaution against the recharacterization of a sale transaction as a secured transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)Liens pursuant to any ABL Credit Documents or Refinancing Indebtedness in respect thereof; <u>provided</u>, that (A) such Liens shall be subject to the Intercreditor Agreement, and (B) no such Liens shall extend to or cover any Collateral or

![Graphic](clmt-20260331xex10d5089.jpg)

![Graphic](clmt-20260331xex10d5090.jpg)

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Aron Property except as to accounts and proceeds thereof as contemplated by the Intercreditor Agreement.;

![Graphic](clmt-20260331xex10d5092.jpg)

![Graphic](clmt-20260331xex10d5093.jpg)

![Graphic](clmt-20260331xex10d5094.jpg)

![Graphic](clmt-20260331xex10d5095.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)<u>Liens securing Indebtedness permitted under Section 15.4(c)(xvii);</u> <u>provided, that such Liens do not at any time encumber any Property constituting</u> <u>Collateral or any other Property other than the Property financed by such Indebtedness</u> <u>and the proceeds thereof (including insurance proceeds); and</u>

![Graphic](clmt-20260331xex10d5096.jpg)

![Graphic](clmt-20260331xex10d5097.jpg)

![Graphic](clmt-20260331xex10d5093.jpg)

![Graphic](clmt-20260331xex10d5094.jpg)

![Graphic](clmt-20260331xex10d5095.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)<u>Liens securing Indebtedness permitted under Section 15.4(c)(xviii);</u> <u>provided, that such Liens do not at any time encumber any Property constituting</u> <u>Collateral or any other Property other than the Property financed by such Indebtedness</u> <u>and the proceeds thereof (including insurance proceeds).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Investments</u>. The Company shall not make any Investments, except the following but subject to the proviso succeeding <u>Section 15.4(b)(xii)</u> below ("<u>Permitted</u> <u>Investments</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments held in the form of cash or Cash Equivalents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Investments existing as of the Commencement Date and set forth in <u>Schedule 15.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Investments consisting of advances or loans to directors, managers, officers, employees, agents, customers or suppliers in an aggregate principal amount not to exceed $5,000,000 at any time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Investments in (A) any Person which is a Company Entity or a Restricted Subsidiary at the time of such Investment, and (B) any newly created Subsidiary which is a Restricted Subsidiary, provided that any such Investments in Foreign Subsidiaries made pursuant to this Section <u>15.4(b)(iv)</u>, excluding Investments made with the proceeds of (x) equity issuances made by (1) MLP Parent after the Commencement Date but prior to <u>Omnibus Amendment</u> Effective Date and (2) Calumet Parent on and after the <u>Omnibus Amendment</u> Effective Date, in each case, prior to or substantially concurrently with such Investment or (y) Indebtedness incurred by such Foreign Subsidiary after the Commencement Date and prior to or substantially concurrently with such Investment, the proceeds of which Indebtedness have been substantially concurrently therewith paid to any Company Entity or its Restricted Subsidiaries (and then, substantially concurrently therewith, reinvested by such Company Entity or its Restricted Subsidiaries in such Foreign Subsidiary), shall not exceed $25,000,000 in aggregate amount at any time outstanding, and (C) any Foreign Subsidiary formed under the laws of Canada or any province thereof, in an aggregate amount not to exceed $50,000,000 at any one time outstanding, and effected for the purpose of financing the purchase by such Foreign Subsidiary of Inventory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the Ordinary Course of Business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Guarantees constituting Indebtedness permitted by <u>Section 15.4(c)</u>, and guarantees of the obligations (not constituting Indebtedness) of other Persons arising in the ordinary course of business, including (without limiting the generality of the foregoing) Guarantees of trade payables and guarantees of obligations (not constituting Indebtedness) of Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)any reinvestment of the proceeds of any Involuntary Disposition or of any Disposition, in each case, so long as such reinvestment is permitted by the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Investments consisting of an Acquisition by a Company Entity and its Restricted Subsidiaries (other than the Company), an Investment in a Joint Venture by a Company Entity and its Restricted Subsidiaries (other than the Company), an Investment in an Unrestricted Subsidiary by a Company Entity and its Restricted Subsidiaries (other than the Company) or any other Investment (other than Investments of the type or kind referred to in clauses (i), (ii) and (iii) of this <u>Section 15.4(b)</u>), <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)<u>Non-Hostile</u>. If such transaction involves an acquisition of the Equity Interests of another Person, the Board of Directors (or other comparable

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governing body) of such other Person shall have duly approved such Acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)No Default or Event of Default shall exist immediately prior to or immediately after the consummation of such Acquisition or Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)to the extent constituting Investments, Swap Contracts permitted to be incurred pursuant to <u>Section 15.4(c)(iv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)so long as no Default or Event of Default has occurred and is continuing or would result therefrom, Investments in Subsidiaries which are not Company Entities or a Restricted Subsidiary at the time of such Investment but which become a Company Entity or a Restricted Subsidiary concurrently with such Investment in an aggregate amount (excluding Investments of such type set forth in <u>Schedule 15.4(b)</u>) not to exceed, on the date such Investment is made and together with the amount of Investments outstanding pursuant to <u>Section 15.4(b)(xi)</u>, the greater of $100,000,000 or 5% of Consolidated Net Tangible Assets (determined based on the financial statements for the most recent Fiscal Quarter for which such statements were delivered by Calumet Parent in accordance with <u>Section 15.3(a)(i)</u> or <u>Section 15.3(a)(ii)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)so long as no Default or Event of Default has occurred and is continuing or would result therefrom, other Investments in an aggregate amount for all such Investments pursuant to this <u>Section</u><u> </u><u>15.4(b)(xi)</u>, together with the amount of Investments outstanding pursuant to <u>Section 15.4(b)(x)</u>, not to exceed on the date such Investment is made the greater of $100,000,000 or 5% of Consolidated Net Tangible Assets (determined based on the financial statements for the most recent Fiscal Quarter for which such statements were delivered in accordance herewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)Investments in Senior Notes or Senior Secured Notes required by the terms of any Senior Notes Indenture or the Senior Secured Notes Indenture, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Investments as required by the terms of the ABL Credit Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) to any extent constituting an Investment, deposits required to be made to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Aron under the Transaction Documents and (ii) any Inventory Structuring Counterparty (or an Affiliate thereof) in connection with a Permitted Inventory Structuring Transaction.

<u>provided</u>, <u>however</u>, that each Investment or deemed Investment in an Unrestricted Subsidiary must, on the date of each such Investment or deemed Investment, satisfy each of the requirements of <u>Section 15.6</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indebtedness</u>. Create, incur, assume or permit to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Indebtedness of the Company Entities and their Restricted Subsidiaries outstanding on the Commencement Date and set forth in <u>Schedule</u><u> </u><u>15.4(c)</u>, and renewals, refinancings and extensions of all or any part thereof (subject to the following proviso, "<u>Refinancing Indebtedness</u>"); <u>provided</u> that (A) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an

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amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder, and (B) the material terms relating to principal amount, amortization, maturity, and subordination (if any), and other material terms (other than pricing and yield), of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable, in the aggregate and taken as a whole, in any material respect to the Company Entities or their Restricted Subsidiaries or Aron than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended (it being understood that it shall be deemed a permitted refinancing under this <u>Section 15.4(c)(ii)</u> if funds, raised in a public offering of debt securities, are restricted to repayment of such Indebtedness, even if a period of up to sixty (60) days (or a longer period to the extent that such funds are escrowed pursuant to arrangements satisfactory to Aron) intervenes between the date such public offering closes and the date that the applicable Indebtedness is repaid from such funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)intercompany Indebtedness, and Guarantees with respect to Indebtedness otherwise permitted hereunder, so long as in each case the related Investment made by the holder of such Indebtedness or by the provider of such Guarantee, as applicable, is permitted under <u>Section 15.4(b)</u> (other than subsection (vi) thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)obligations (contingent or otherwise) of any Company Entity or its Restricted Subsidiaries existing or arising under any Swap Contract; <u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) such obligations are (or were) entered into by such Person in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or Property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation, and (B) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party (it being understood that Section 2(a)(iii) of the ISDA Master Agreement does not constitute such a provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)purchase money Indebtedness (including Attributable Indebtedness in respect of Capital Leases or Synthetic Lease Obligations) incurred, within one hundred eighty (180) days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions or commencement of full operation of any assets or property, by any Company Entity or its Restricted Subsidiary to finance all or any part of the purchase price or cost of construction or improvement of Property used in the business of such Company Entity or its Restricted Subsidiary (including, without limitation, any metal or other element, composite or alloy used as, or part of, a catalyst in the operation of the refinery assets of any of Consolidated Parties) other than Collateral; <u>provided</u> that (A) the aggregate amount of all such Indebtedness of all Company Entities and their Restricted Subsidiaries shall not exceed at any time outstanding the greater of

$100,000,000 or 5% of Consolidated Net Tangible Assets (provided that the foregoing limitation on amount shall not apply (x) to purchase money Indebtedness (whether in the form of Capital Leases or as Indebtedness) incurred to purchase any metals or other elements, composites or alloys used as, or part of, a catalyst in the operation of the refinery assets of any of Consolidated Parties or (y) if the Company Entities demonstrate to the reasonable satisfaction of Aron, based on adjustments made in good faith using reasonable assumptions, that the Fixed Charge Coverage Ratio (ABL) on a Pro Forma

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![Graphic](clmt-20260331xex10d5093.jpg)

Basis after giving effect to the incurrence of such Indebtedness shall be at least 1.0 to 1.0), provided, further, that any such Indebtedness incurred to finance the purchase of Refinery Assets constituting Equipment shall, at any time that the Refinery Asset Borrowing Base Component is greater than $0, not exceed at any time outstanding

$5,000,000, (B) such Indebtedness when incurred shall not exceed the lesser of (x) the purchase price or cost of construction or improvement and (y) the fair market value of the asset(s) financed, plus in each case, fees and expenses reasonably incurred in connection with such refinancing, (C) no such Indebtedness shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing plus reasonable premiums or other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such refinancing, (D) such refinancing Indebtedness shall have a final maturity date no earlier than the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the final maturity date of the Indebtedness being refinanced, or (y) the date that is ninety-one (91) days after the Revolver Commitment Termination Date and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Attributable Indebtedness under Operating Leases which become Capital Leases after the Commencement Date solely as a result of any change in GAAP occurring after the Commencement Date shall be excluded for purposes of determining the amount in clause (A) preceding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Indebtedness of any Company Entity or any of its Restricted Subsidiaries incurred in the ordinary course of business to finance the payment of premiums for a twelve-month period for insurance, provided that the aggregate outstanding principal amount of such Indebtedness shall not at any time exceed $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Indebtedness incurred to finance a Permitted Acquisition; <u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Liens (if such Indebtedness is secured) securing such Indebtedness shall at any time attach to or encumber any Property constituting Collateral, (B) the maturity date for such Indebtedness shall occur no earlier than the date six months after the Revolver Termination Date, (C) the principal amount of such Indebtedness shall not amortize by more than two percent (2%) during any year prior to the Revolver Termination Date (excluding the effect of put rights, required tenders for such Indebtedness or other repayments or prepayments required upon the occurrence of a contingency (such as, by way of example and not by way of limitation, an event of default, the destruction of assets or a change of control) and (D) the holder of such Indebtedness (if such Indebtedness is secured by any Property of the Company Entities) shall have entered into an intercreditor agreement with Aron, in form and substance reasonably satisfactory to Aron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Indebtedness of a Restricted Subsidiary acquired pursuant to a Permitted Acquisition (or Indebtedness assumed by a Company Entity or its Restricted Subsidiary pursuant to a Permitted Acquisition as a result of a merger or consolidation, or the acquisition of Property securing such Indebtedness), so long as such Indebtedness was not incurred in connection with, or in anticipation or contemplation of, such Permitted Acquisition; <u>provided</u> that (A) the aggregate amount of all such Indebtedness of all Company Entities and their Restricted Subsidiaries shall not exceed at any time outstanding the greater of $50,000,000 or 3% of Consolidated Net Tangible Assets and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any of such Indebtedness matures prior to the Revolver Termination Date and such Indebtedness has not been refinanced or defeased (it being acknowledged hereby that the refinancing thereof is expressly permitted hereby) within sixty (60) days prior to its

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maturity date, Aron may, in its discretion, establish a reserve with respect to such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Indebtedness of the Company Entities and their Restricted Subsidiaries in the form of (A) completion guarantees and performance bonds and other similar obligations required in the Ordinary Course of Business in an aggregate principal amount not to exceed $50,000,000 at any time outstanding, excluding bonds posted to secure excise Tax or sales Tax payment obligations and (B) Guarantees by any Company Entity or its Restricted Subsidiaries in respect of other Indebtedness of a Company Entity or its Restricted Subsidiaries otherwise permitted under this <u>Section 15.4(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)To the extent constituting Indebtedness, obligations of the Company Entities and their Restricted Subsidiaries (A) arising under any license for a proprietary refining process entered into by such Person in the Ordinary Course of Business (including, without limiting the generality of the foregoing, plant expansion, modification and optimization), or (B) in respect of leases (including any such lease constituting a Capital Lease) or other financings without regard to form or other financing structures for metals or other elements, composites or alloys used as, or part of, a catalyst in the operation of the refinery assets of any of Consolidated Parties which do not constitute Collateral, in each case in the Ordinary Course of Business, and not for the purposes of speculation, with respect to such metals, elements, composites, alloys or catalysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)additional unsecured Indebtedness of the Company Entities and their Restricted Subsidiaries not otherwise permitted pursuant to this <u>Section 15.4(c)</u>; <u>provided</u> that (A) the maturity date for such Indebtedness shall occur no earlier than the date six (6) months after the Expiration Date, (B) the principal amount of such Indebtedness shall not amortize by more than 2% during any twelve (12) month period prior to the Expiration Date (excluding the effect of put rights, required tenders for such Indebtedness or other repayments or prepayments required upon the occurrence of a contingency (such as, by way of example and not by way of limitation, an event of default, the destruction of assets or a change of control), and (C) in the case of any subordinated Indebtedness, the applicable subordination terms thereof shall be reasonably acceptable to Aron;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)additional secured or unsecured Indebtedness in an aggregate outstanding principal amount not to exceed the greater of (A) $100,000,000 and (B) 5% of Consolidated Net Tangible Assets (measured at the time of the incurrence of such Indebtedness), so long as no Liens securing such Indebtedness shall at any time attach to or encumber any Property constituting Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)Attributable Indebtedness under Sale and Leaseback Transactions incurred by Company Entities and their Restricted Subsidiaries, provided that the aggregate outstanding amount of all such Indebtedness shall not exceed the greater of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) $75,000,000 and (B) 5% of Consolidated Net Tangible Assets (measured at the time of the incurrence of such Indebtedness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)Indebtedness incurred by Foreign Subsidiaries, provided that the aggregate outstanding amount of all such Indebtedness shall not exceed the greater of

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) $100,000,000 and (B) 5% of Consolidated Net Tangible Assets (measured at the time of the incurrence of such Indebtedness);

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)Indebtedness of and incurred by any Inventory Structuring Subsidiary under and pursuant to any Permitted Inventory Structuring Transaction to which it is a party, provided that (A) such Indebtedness shall either be unsecured or shall be secured only by Liens on the Inventory Structuring Collateral as permitted by <u>Section 15.4(a)(xxvii)</u>, (B) such Indebtedness shall not be guaranteed by any other Company Entity or its Restricted Subsidiaries other than MLP Parent and (C) all such Indebtedness of any Inventory Structuring Subsidiary shall be paid in full on or prior to, and no such Indebtedness shall exist after, the Inventory Structuring Transaction Termination Date applicable to such Permitted Inventory Structuring Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)Indebtedness (A) incurred under the Credit Facilities and any Refinancing Indebtedness in respect thereof, provided that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (A) and then outstanding does not exceed the greater of (x) $500.0 million and

![Graphic](clmt-20260331xex10d5089.jpg)

![Graphic](clmt-20260331xex10d5090.jpg)

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Indenture Derived Borrowing Base, or (B) constituting Bank Product Indebtedness; <u>provided</u>, that, the administrative agent, trustee or a similar representative acting on behalf of the holders of such Indebtedness shall have become party to, and such holders shall be bound by the terms of, the Intercreditor Agreement.;

![Graphic](clmt-20260331xex10d5106.jpg)

![Graphic](clmt-20260331xex10d5107.jpg)

![Graphic](clmt-20260331xex10d5086.jpg)

![Graphic](clmt-20260331xex10d5109.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)<u>Attributable Indebtedness under Sale and Leaseback Transactions</u> <u>incurred by Calumet Montana; provided that the aggregate outstanding amount of all</u> <u>such Indebtedness shall not exceed $150,000,000; and</u>

![Graphic](clmt-20260331xex10d5110.jpg)

![Graphic](clmt-20260331xex10d5111.jpg)

![Graphic](clmt-20260331xex10d5051.jpg)

![Graphic](clmt-20260331xex10d5113.jpg)

![Graphic](clmt-20260331xex10d5114.jpg)

![Graphic](clmt-20260331xex10d5115.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)<u>Attributable Indebtedness incurred by Company and owed to Stonebriar</u> <u>(or an Affiliate thereof) under Sale and Leaseback Transactions; provided that the</u> <u>aggregate outstanding amount of all such Indebtedness shall not exceed $120,000,000</u> <u>and the net cash proceeds from</u><u> </u><u>such Sale and Leaseback Transaction shall be applied to</u> <u>repay Indebtedness.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Fundamental Changes</u>. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of the assets of the Company Entities and their Restricted Subsidiaries, taken as a whole (whether now owned or hereafter acquired); <u>provided</u> that, notwithstanding the foregoing provisions of this <u>Section 15.4(d)</u> but subject to the terms of <u>Section 15.3(k)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Company Entity or its Restricted Subsidiary may merge or consolidate with any of its Subsidiaries provided that such Company Entity or Restricted Subsidiary shall be the continuing or surviving entity or, if not the surviving entity, the survivor shall assume the obligations of such Company Entity and become a party to the Transaction Documents as a "Company Entity" in a manner reasonably acceptable to Aron, including, without limitation, by the execution of such documents of joinder and such Lien Documents as Aron may reasonably request and by demonstrating that Aron will have first priority perfected Liens on such Person's Collateral (subject to Permitted Liens) and its compliance in all material respects with Applicable Laws, including the Patriot Act,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any Consolidated Party that is not a Company Entity may be merged or consolidated with or into any Company Entity provided that such Company Entity shall be the continuing or surviving entity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any Consolidated Party that is not a Company Entity may be merged or consolidated with or into any other Consolidated Party that is not a Company Entity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any Restricted Subsidiary other than Calumet Refining and the Company may merge with any Person that is not a Company Entity in connection with a Disposition that is not prohibited under <u>Section 15.4(e)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)a Company Entity may merge with any Person in connection with a Permitted Acquisition or any other transaction, provided that such Company Entity shall be the continuing or surviving entity or, if not the surviving entity, the survivor shall assume the obligations of such Company Entity and become a party to the Transaction Documents as a " Company Entity" in a manner reasonably acceptable to Aron, including, without limitation, by the execution of such documents of joinder and such Lien Documents as Aron may reasonably request and by demonstrating that Aron will have first priority perfected Liens on such Person's Collateral and its compliance in all material respects with Applicable Laws, including the Patriot Act, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any Wholly Owned Subsidiary of a Company Entity (other than a Company Entity) may dissolve, liquidate or wind up its affairs at any time provided that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a Material Adverse Effect.

Furthermore, for so long as any Commitments or Secured Obligations (and continuing until Discharge of Secured Obligations) are outstanding, each Company Entity shall not, permit any Company Entity to merge or consolidate into, or reorganize as or otherwise become, an entity that is organized under the laws of a jurisdiction other than any State of the United States or the District of Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Dispositions</u>. Solely with respect to (x) Calumet Refining make any Disposition of (i) Feedstock or Products intended to be used at or that have been produced by the Refinery, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Equity Interests in the Company, except in either case to Calumet Parent or a Restricted Subsidiary (and subject to <u>Section 15.3(k)</u> to the extent applicable) and (y) the Company make any Disposition, in each case other than an Excluded Disposition (other than Permitted Investments involving the sale or other Disposition of Collateral, which Permitted Investments involving the sale or other Disposition of Collateral shall be subject to this <u>Section 15.4(e)</u>), <u>provided</u> that the foregoing shall not prohibit or restrict:

![Graphic](clmt-20260331xex10d5086.jpg)

![Graphic](clmt-20260331xex10d5117.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)sales or other Dispositions of assets (other than Permitted Accounts Transactions and Sale and Leaseback Transactions) having an aggregate fair market value not to exceed during any Fiscal Year <u>the greater of</u> $25,000,000 <u>or 1% of</u> <u>Consolidated Net Tangible Assets for the most recent Fiscal Year for which audited</u> <u>financial statements have been delivered to Aron in accordance with this Agreement</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Dispositions in connection with Sale and Leaseback Transactions involving Property not constituting Collateral (including, for the avoidance of doubt, metals or other elements, composites or alloys used as, or part of, a catalyst), provided that the Indebtedness incurred pursuant thereto is permitted pursuant to <u>Section 15.4(c)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Permitted Accounts Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)sales of Hydrocarbon Inventory by the Transaction Parties under the Transaction Documents, and to the extent not otherwise prohibited by the Transaction Documents sales of Hydrocarbon Inventory in the Ordinary Course of Business;

<u>provided</u>, <u>however</u>, that, in connection with any such sale or Disposition (including, without limitation, any sale or other Disposition which constitutes or is made in connection with a Permitted Investment but excluding any Permitted Accounts Transactions), no Default or Event of Default exists at the time thereof or will arise as a result thereof.

Notwithstanding any of the foregoing, (a) a Transaction Party may make one or more Dispositions of its Accounts from time to time if (but only if) each of the requirements as set forth in the ABL Credit Agreement are satisfied with respect to such Disposition, in which case such Disposition shall constitute a "<u>Permitted</u><u> </u><u>Accounts</u><u> </u><u>Transaction</u>" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in no event shall (x) with respect to both Calumet Refining and the Company, Dispose of Feedstock or Products other than solely in the Ordinary Course of Business, provided however, that the foregoing shall not prohibit or restrict (A) involuntary transfers that are the result of a casualty event, (B) equipment no longer used or useful in the business of the Company Entities, or (C) any sale, lease, license, transfer or other disposition of Property by any of the Company Entities or their Restricted Subsidiaries to any of the Company Entities or their Restricted Subsidiaries, provided that the Company Entities shall cause to be executed and delivered such documents, instruments and certificates as Aron may reasonably request so as to cause the Company Entities to be in compliance with the terms of <u>Section 15.3(k)</u> after giving effect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Restricted</u><u> </u><u>Payments</u>. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each Restricted Subsidiary of Calumet Parent may, and may incur obligations to, make Restricted Payments (directly or indirectly) to Calumet Parent or to any other Restricted Subsidiary of Calumet Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each Consolidated Party may, and may incur obligations to, declare and make Restricted Payments payable solely in, and by the issuance of, the Equity Interests of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Calumet Parent or any Restricted Subsidiary thereof may, and may incur obligations to, make offsets against and acquisitions of Equity Interests of Calumet Parent in satisfaction of customary indemnification and purchase price adjustment obligations owed to Calumet Parent or its Restricted Subsidiaries under acquisition arrangements in which Equity Interests of Calumet Parent were issued as consideration for the Acquisition, provided that the only consideration exchanged by any Consolidated Party in connection with any such Acquisition is the relief, satisfaction or waiver of claims of such Consolidated Party under such acquisition arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)so long as no Default or Event of Default shall have occurred and be continuing at the time of any action described below or would result therefrom:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Calumet Parent may, and may incur obligations to, purchase, redeem or otherwise acquire its Equity Interests with the proceeds received from the substantially concurrent issue of new units of the Equity Interests of Calumet Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)Calumet Parent may, and may incur obligations to, purchase, repurchase, retire or otherwise acquire or retire for value units of its Equity Interests (A) held by any present or former director, officer, member of management or employee of any Company Entity, or any Restricted Subsidiary of any Company Entity, in accordance with repurchase rights or obligations established in connection with such Equity Interests, and (B) pursuant to the terms of any incentive, benefit, compensation, employee or restricted equity interest purchase plan, equity interests option plan or other employee benefit or equity based compensation plan established by Calumet Parent or any other Company Entity or its Restricted Subsidiaries; <u>provided</u> that the aggregate amount of all such Restricted Payments made pursuant to this <u>Section 15.4(f)(iv)(D)</u> shall not exceed $15,000,000 in any Fiscal Year, except that any portion of such amount which is not made as a Restricted Payment during any Fiscal Year may be carried forward to successive Fiscal Years and added to such amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)Calumet Parent may, and may incur obligations to, make Restricted Payments consisting of the cashless exercise of options or warrants in connection with customary and reasonable employee compensation, incentive, or other benefit programs; and

![Graphic](clmt-20260331xex10d5051.jpg)

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)Calumet Parent may, and may incur obligations to, make other Restricted Payments not otherwise permitted above; <u>provided</u> that immediately after giving effect to such Restricted Payment, the sum of (A) cash on hand in Restricted Accounts of the Company Entities and their Restricted Subsidiaries plus (B) Availability shall be at least equal to the sum of (x) the greater of (1) (a) 20<u>15</u>% of the Aggregate Borrowing Base then in effect at any time that the Refinery Asset Borrowing Base Component is greater than $0 and (b) 15% of the Aggregate Borrowing Base then in effect at any time that the Refinery Asset Borrowing Base Component is equal to $0 and (2) $77<u>52</u>,<u>5</u>000,000 (which amount is subject to increase as provided in <u>Section 1.4</u> of the ABL Credit Agreement) plus (y) the amount of FILO Loans outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Change in Nature of Business; Name, Etc.</u> (i) Engage in any line of business different from those lines of business conducted by Consolidated Parties taken as a whole on the date hereof, any business substantially related or incidental thereto, or any reasonable extensions or expansions thereof, or any other business that relates to the exploration for, or development, mining, production, ownership, operation, processing, refining, storage, transportation (including without limitation pipeline and railcar ownership), marketing, distribution or other handling of, petroleum-based products, biofuels, feedstocks (including, without limiting the generality of the foregoing, oil and natural gas), and other minerals and fuels related to the foregoing, (ii) change its name or conduct business under any fictitious name; or change its tax, charter or other

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organizational identification number, unless, in each case, Calumet Parent first provides Aron at least thirty (30) days prior written notice of such change or fictitious name, or (iii) change its form or jurisdiction of formation except for (A) a conversion described in the last paragraph of the definition of "Change of Control", (B) with respect to any Company Entity, without first giving thirty (30) days prior written notice to Aron and providing such documents and instruments as Aron may reasonably request to continue the perfection and first priority status of its Liens on the Collateral, as contemplated herein, subject to Permitted Liens, (C) as otherwise consented to by Aron or (D) solely for the Calumet Parent and its Restricted Subsidiaries other than the Transaction Parties, any such action or change which could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Transactions with Affiliates</u>. Enter into or permit to exist any transaction or series of transactions with any officer, director, manager of a limited liability company or Affiliate of such Person other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)advances of working capital to any Company Entity or any Restricted Subsidiaries in the Ordinary Course of Business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)transfers of cash and assets to any Company Entity or any Restricted Subsidiaries in the Ordinary Course of Business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)transactions between or among any combination of the Calumet Parent and the Restricted Subsidiaries which do not adversely affect the validity, perfection or priority of Aron's Liens on any Collateral,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)intercompany transactions expressly permitted by <u>Section 15.4(b)</u>, <u>Section 15.4(c)</u>, <u>Section 15.4(d)</u>, <u>Section 15.4(e)</u> or <u>Section 15.4(f)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Reserved],

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)compensation and reimbursement of expenses of employees, officers and directors, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)except as otherwise specifically limited in this Agreement, (A) other transactions on terms and conditions substantially as favorable to such Person as would be obtainable by it in a comparable arms-length transaction with a Person other than an officer, director, manager of a limited liability company or Affiliate and (B) conveyances of assets to joint ventures pursuant to terms negotiated and agreed to on an arms-length basis with one or more third-parties that were not Affiliates of a Company Entity or its Restricted Subsidiaries immediately prior to the execution and delivery of the written agreement setting forth such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Burdensome Agreements</u>. Solely with respect to the Transaction Parties, enter into any Contractual Obligation (other than this Agreement and the other Transaction Documents, the ABL Credit Documents and the Senior Notes Indentures and the Senior Secured Notes Indenture as in effect on the Commencement Date, and, subject to the proviso below, Refinancing Indebtedness) that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)limits the ability (A) of a Company Entity or Restricted Subsidiary to make Restricted Payments to any Company Entity or its Restricted Subsidiaries or to otherwise transfer any Property to any Company Entity or Restricted Subsidiaries, provided that this clause (A) shall not prohibit (x) any such restrictions on transfers of Property by Foreign Subsidiaries contained in financing agreements governing the Indebtedness of such Foreign Subsidiaries permitted by <u>Section 15.4(c)</u>, or (y) a Restricted Subsidiary from entering into customary agreements to maintain a minimum amount of assets in connection with a Guarantee provided by such Restricted Subsidiary permitted under <u>Section 15.4(c)</u>, (B) of any Transaction Party to act as a Transaction Party under the Transaction Documents, or (C) of any Company Entity or any Restricted Subsidiary to create, incur, assume or suffer to exist Liens on any Property of such Person securing the Secured Obligations, provided, further, that clauses (A), (B) and (C) above shall not prohibit any negative pledge in favor of any holder of any Lien permitted under <u>Sections 15.4(a)(ii)</u>, <u>(v)</u>, <u>(vi)</u>, <u>(ix)</u>, <u>(x)</u>, <u>(xi)</u>, <u>(xii)</u>, <u>(xviii)</u>, <u>(xx)</u>, <u>(xxi)</u>, <u>(xxii)</u>, <u>(xxiii)</u>, <u>(xxiv)</u>, and <u>(xxv)</u> solely to the extent any such negative pledge or other restriction on transfer of Property relates to the Property financed by or the subject of such Indebtedness and proceeds thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure the Secured Obligations of such Person;

<u>provided</u>, <u>however</u>, that any of the limitations or requirements referred to in clause (i) or clause (ii) preceding as they apply to any Contractual Obligation relating to Refinancing Indebtedness shall not limit the ability of any Company Entity or Restricted Subsidiary to (A) act as a Company Entity under the Transaction Documents or to Guarantee the Obligations of any Company Entity or any Restricted Subsidiaries or (B) create, incur, assume or suffer to exist Liens on any Property of such Person securing the Secured Obligations, except for any negative pledge expressly permitted pursuant to the proviso in clause (i) preceding; and <u>provided</u>, <u>further</u>, <u>however</u>, that this <u>Section 15.4(i)</u> shall not limit customary agreements of a Subsidiary pursuant to Permitted Inventory Structuring Transactions or Permitted Accounts Transactions which limit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the ability to grant Liens on the Inventory Structuring Collateral of the Inventory Structuring Subsidiary to secure the obligations, or prohibit dispositions of the Inventory Structuring Collateral that are the subject of such Permitted Inventory Structuring Transaction or (y) the ability to grant Liens on accounts or other assets subject to a Permitted Accounts Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Use of Proceeds</u>. Use the proceeds of any Advance, Credit Extension or purchases and sales of Feedstock and Products under the Transaction Documents whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board of Governors) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose or in any other manner not contemplated in <u>Section 15.3(s)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Prepayment of Other Indebtedness</u>. Permit any Company Entity or Restricted Subsidiary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if on any date a Default or Event of Default has occurred and is continuing or would be directly or indirectly caused as a result thereof make (or give any notice with respect thereto of) any voluntary, optional or other non-scheduled payment, prepayment (including any excess cash flow sweeps of Borrowed Money), redemption, acquisition for value (including, without limitation, by way of depositing money or securities with the trustee with respect thereto before due for the purpose of paying when

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due), refund, refinance or exchange of any Senior Notes or Senior Secured Notes, any Indebtedness incurred under the ABL Credit Documents or any Subordinated Indebtedness of any Company Entity or Restricted Subsidiary, but excluding (A) any refinancing thereof permitted under <u>Section 15.4(c)</u>, (B) any payment made in satisfaction of any Company Entity's or any Restricted Subsidiary's obligations with respect to the conversion or exchange of any debt securities convertible into or exchangeable, in whole or in part, for shares of capital stock of (or other ownership or profit interests in) any Company Entity or any Restricted Subsidiary, in each case to the extent that (x) any such payment is made in lieu of fractional shares or (y) any such payment does not exceed the principal amount of the debt securities in respect of which the conversion or exchange right has been exercised, and (C) any payment or prepayment made with respect to Indebtedness arising under any Senior Notes Agreement, any Senior Secured Notes Agreement or any ABL Credit Documents upon the occurrence of any such Default or Event of Default, or the occurrence of a contingency such as, for example and not by way of limitation, an event of default, the destruction of assets or a change of control if (and only if) the applicable Senior Notes Agreement, Senior Secured Notes Agreement or ABL Credit Document requires such prepayment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)notwithstanding subsection (i) of this <u>Section</u><u> </u><u>15.4(k)</u>, make any payment in respect of Subordinated Indebtedness in violation of the relevant subordination provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Organizational Documents; Fiscal Year; Accounting Practices</u>. Permit any Company Entity or Restricted Subsidiary to (i) amend, modify or change its Organizational Documents in a manner adverse to the interests of Aron, it being acknowledged hereby that a conversion of MLP Parent on the Conversion Date to a Subsidiary of a publicly traded corporation having substantially the same beneficial owners as MLP Parent immediately prior to such conversion, shall be permitted under <u>Section 15.4(g)</u> and this <u>Section 15.4(l)</u> so long as (A) such conversion is consummated in accordance with the ABL Credit Agreement and (B) Aron receives, prior to or effective upon the consummation of such conversion, (w) a parent company guaranty from the new publicly traded parent company, (x) an amendment to the Intercreditor Agreement, (y) an amendment hereto to reflect the identity of the new publicly traded parent company and (z) other documentation in connection with such conversion that Aron may reasonably request, including legal opinions, in each such case in form and substance reasonably satisfactory to Aron in all respects; (ii) change its fiscal year; or (iii) make any material change in accounting treatment or reporting practices, except as required by GAAP and in accordance with <u>Section 1.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Ownership of Company Entities and Refinery and Terminal Assets</u>. Permit (i) Calumet Parent to own, directly or indirectly, less than 100% of the Equity Interests of each Transaction Party, (ii) Calumet Refining to directly own less than 100% of the Equity Interests in the Company, or (iii) the Company to have any Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Inventory</u><u> </u><u>Structuring</u><u> </u><u>Transactions</u>.The Inventory Structuring Subsidiaries identified on <u>Schedule 15.4(n)</u> may remain party to the Inventory Structuring Transactions identifiedon<u>Schedule 15.4(n)</u>(the"<u>Existing</u> <u>Inventory</u> <u>Financing</u> <u>Transactions</u>"). Notwithstanding anything to the contrary contained in this Agreement, Calumet Parent or any of its Restricted Subsidiaries shall not enter into any Inventory Structuring Transaction that could reasonably be expected to violate the ABL Credit Documents (each such Inventory Structuring Transaction, a "<u>Permitted Inventory Structuring Transaction</u>"). Notwithstanding anything to the contrary in this Agreement, (i) neither the Company nor Calumet Refining may enter into an

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Inventory Structuring Transaction prior to the Discharge of Secured Obligations and (ii) no transactions under any Permitted Inventory Structuring Transaction shall create or grant Liens on any Property of Calumet Parent, the Company or Calumet Refining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Material</u> <u> </u> <u>Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Waive, amend or otherwise modify any Material Contract, except, in each case, where the foregoing action (A) could not reasonably be expected to have a Material Adverse Effect or (B) is consented to by Aron (such consent not to be unreasonably withheld or delayed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Terminate any Material Contract, or permit any Material Contract to be terminated by any Company Entity or by any third party counterparty thereto, in each case, prior to its stated date of expiration (in each case, unless such terminated Material Contract is replaced with another agreement that, viewed as a whole, is on equal or better terms for the applicable Company Entity in the such Company Entity's reasonable judgment); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Fail to comply in any respect with all terms of all Material Contracts, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect;

<u>provided</u> that, in each case, there shall be deemed to be no breach of this <u>Section 15.4(o)</u> with respect to any agreement that constitutes a Specified Material Contract if, within five (5) Business Days after any waiver, amendment, modification, termination or failure to comply (so long as such failure to comply does not prevent Aron's access to or ability to foreclose upon its Property or Collateral or adversely affect the perfection or priority of Aron's Liens on or security interests in the Collateral) under such Specified Material Contract, the Transaction Parties shall have effected a Material Contract Cure Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>No Adverse Additional Financings</u>. From and after the Commencement Date, enter into any Additional Financing Agreement unless such Additional Financing Agreement, at the time it is entered into, does not adversely affect any of Aron's rights or remedies under this Agreement or the other Transaction Documents or Aron's status as the owner of Feedstock and Products to the extent contemplated hereby and by the other Transaction Documents, free and clear of any liens of any lender or other creditor that is party to such Financing Agreement, other than Permitted S&O Liens. No Company Entity shall modify or amend (including any extensions of or elections under), or waive any rights arising under, any Additional Financing Agreement without the prior written consent of Aron, if doing so would adversely affect any of Aron's rights or remedies under this Agreement or the other Transaction Documents including, without limitation, Aron's status as the owner of Feedstock and Products to the extent contemplated hereby and by the other Transaction Documents, free and clear of any liens of any lender or other creditor that is party to such Additional Financing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)In no event shall the Transaction Parties request that Aron participate in a transaction under the Transaction Documents as a "first purchaser".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5<u>Financial</u><u> </u><u>Covenant</u>.For so long as any Secured Obligations (and continuing until Discharge of Secured Obligations) are outstanding, the Company Entities shall:

![Graphic](clmt-20260331xex10d5120.jpg)

![Graphic](clmt-20260331xex10d5121.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Fixed</u><u> </u><u>Charge</u><u> </u><u>Coverage</u><u> </u><u>Ratio</u>. At all times after Availability falls below the sum of (i) the greater of (A) (x) 15% of the Borrowing Base then in effect at any time that the Refinery Asset Borrowing Base Component is greater than $0 and (yi) 10% of the Borrowing Base then in effect at any time that the Refinery Asset Borrowing Base Component is equal to $0 and (B<u>ii</u>) $4<u>3</u>5,000,000 (which amount is subject to increase as provided in <u>Section 1.4</u> of the ABL Credit Agreement) plus (ii) the amount of FILO Loans outstanding, maintain as of the end of each Fiscal Quarter (commencing with the Fiscal Quarter ending immediately prior to the Fiscal Quarter during which Availability falls below the threshold stated above) a Fixed Charge Coverage Ratio (ABL) of at least 1.0 to 1.0; <u>provided</u>, that if, after Availability falls below the sum of clauses (i) and (ii)<u>amount calculated</u> above, Availability subsequently exceeds the sum of clauses (i) and (ii)<u>amount calculated</u> above for thirty (30) consecutive days, then Company Entities and their Restricted Subsidiaries shall not be required to maintain the Fixed Charge Coverage Ratio (ABL) set forth above until such time as Availability subsequently falls below the sum of clauses (i) and (ii)<u>amount calculated</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 <u>Designation</u> <u> </u> <u>of Unrestricted Subsidiaries and Restricted</u> <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Designation of Unrestricted</u> <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Board of Directors of Calumet Parent may designate any Restricted Subsidiary of Calumet Parent to be an Unrestricted Subsidiary, if (but only if):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)any Restricted Subsidiary designated as an Unrestricted Subsidiary shall comply with all requirements contained in the definition of the term "Unrestricted Subsidiary" and shall concurrently also be designated as (and thereupon shall become) an "Unrestricted Subsidiary" pursuant to (and as defined by) each of the Senior Notes Indentures, the Senior Secured Notes Indenture and the ABL Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)both immediately before and after giving effect to any such designation (and any deemed Investment resulting from such designation on a pro forma basis), no Default or Event of Default has then occurred and is continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)such designation is made in accordance with the terms of the ABL Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)all Investments deemed to exist or to have resulted from such designation pursuant to this Agreement are permitted by this Agreement as of the effective date of such designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Unless designated as an Unrestricted Subsidiary in compliance with this <u>Section 15.6</u>, any Person that becomes a Subsidiary of a Company Entity or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Notwithstanding the foregoing, no Transaction Party shall be an Unrestricted Subsidiary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Characterization of Investment in Unrestricted Subsidiaries</u>. If a Restricted Subsidiary of Calumet Parent is designated as an Unrestricted Subsidiary pursuant to <u>Section</u><u> </u><u>15.6(a)</u>, the aggregate fair market value of all outstanding Investments owned by Calumet Parent and its Restricted Subsidiaries in the former Restricted Subsidiary so designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation that must comply with <u>Section 15.4(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Effect of Designation of Unrestricted Subsidiaries</u>. With respect to each Unrestricted Subsidiary, beginning on the effective date of such designation and continuing for so long as such Subsidiary is an Unrestricted Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such Unrestricted Subsidiary will not be a Company Entity for purposes of this Agreement or any other Transaction Document, and will not be obligated under any Transaction Document, including without limitation any representation, warranty, covenant or Event of Default herein or in any other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the results of operations, Fixed Charges and Indebtedness of such Unrestricted Subsidiary will not be taken into account for purposes of determining any financial ratio or covenant contained in this Agreement;

![Graphic](clmt-20260331xex10d5049.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Property of such Unrestricted Subsidiary will not be included in the Aggregate Borrowing Base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)each Subsidiary of such Unrestricted Subsidiary will be also deemed to be an Unrestricted Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)such Subsidiary shall be deemed released from its obligations as a Company Entity and shall no longer be a Company Entity, without any consent or approval of Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Re-Designation of an Unrestricted Subsidiary as a Restricted Subsidiary</u>. The Board of Directors of Calumet Parent may at any date designate any Unrestricted Subsidiary to be a Restricted Subsidiary of Calumet Parent; <u>provided</u> that (i) such designation will be deemed on such date to be (A) an incurrence of Indebtedness by such Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and (B) an Investment by such Restricted Subsidiary in the amount of any outstanding Investment of such Unrestricted Subsidiary in any third party, and (ii) such designation will only be permitted if (A) such deemed incurrence of Indebtedness is permitted under <u>Section 15.4(c)</u>, calculated on a pro forma basis as if such designation had occurred at the beginning of the four Fiscal Quarter reference period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) such deemed Investment is permitted under <u>Section 15.4(b)</u>, calculated on a pro forma basis as if such designation had occurred at the beginning of the four Fiscal Quarter reference period, and (C) no Default or Event of Default would be in existence following such designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certain</u> <u> </u> <u>Undertakings Relating to the Separateness of Unrestricted</u> <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Separate Records; Separate Assets</u>. The Company Entities shall, and shall cause Unrestricted Subsidiaries to, (i) maintain their respective books and records and their respective accounts separate from those of the Company Entities and their Restricted Subsidiaries on the one hand and Unrestricted Subsidiaries on the other hand, and (ii) maintain their respective financial and other books and records showing their respective assets and liabilities separate and apart from those of the Company Entities

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and their Restricted Subsidiaries. The Company Entities shall not commingle or pool, and shall cause Unrestricted Subsidiaries not to commingle or pool, their respective funds or other assets with those of any other Person, except their Restricted Subsidiaries in the case of the Company Entities and except Persons that are not the Company Entities or their Restricted Subsidiaries in the case of Unrestricted Subsidiaries, and shall maintain their respective assets in a manner that is not costly or difficult to segregate, ascertain or otherwise identify as separate from those of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Separate</u> <u> </u> <u>Name;</u> <u> </u> <u>Separate</u> <u> </u> <u>Credit</u>. The Company Entities shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct their respective businesses in their respective own names or in the names of their respective Restricted Subsidiaries and not in the name of any Unrestricted Subsidiary), and (ii) generally hold themselves as entities separate from the Unrestricted Subsidiaries. The Company Entities shall cause Unrestricted Subsidiaries to, (A) conduct their respective businesses in their respective own names or in the names of their respective Subsidiaries and not in the name of any Company Entity or their Restricted Subsidiaries, and (B) generally hold themselves as entities separate from the Company Entities and their Restricted Subsidiaries. The Company Entities shall, and shall cause Unrestricted Subsidiaries to, (1) pay their respective obligations and liabilities from their respective own funds (whether on hand or borrowed), and (2) maintain adequate capital in light of their respective business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Separate Formalities</u>. The Company Entities shall cause each Unrestricted Subsidiary to observe all limited liability company, partnership or other entity formalities and other formalities required by their respective organizational documents and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 <u>Transaction</u> <u> </u> <u>Guaranty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transaction</u> <u> </u> <u>Guaranty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each of the Transaction Parties hereby, jointly and severally, unconditionally and irrevocably, guarantees, as primary obligor and not merely as surety, to Aron and its respective successors, endorsees, transferees and assigns, the prompt and complete payment and performance by the other Transaction Parties when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations (the "<u>Transaction Guaranty</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Transaction Party hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Transaction Party under Applicable Laws relating to the insolvency of debtors (after giving effect to the right of contribution established in <u>Section 15.7(b)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Each Transaction Party agrees that the Secured Obligations may at any time and from time to time exceed the amount of the liability of such Transaction Party hereunder without impairing the guarantee contained in this <u>Section 15.7</u> or affecting the rights and remedies of Aron hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The guarantee contained in this <u>Section 15.7</u> shall remain in full force and effect until the Discharge of Secured Obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)No payment made by any of the Transaction Parties, any other guarantor or any other Person or received or collected by Aron from any of the Transaction Parties, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Secured Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Transaction Party hereunder which shall, notwithstanding any such payment (other than any payment made by such Transaction Party in respect of the Secured Obligations or any payment received or collected from such Transaction Party in respect of the Secured Obligations), remain liable for the Secured Obligations up to the maximum liability of such guarantor hereunder until the Discharge of Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Each Transaction Party agrees that its guarantee constitutes a guarantee of payment and performance when due and not of collection, and waives any right to require that resort must first be had to any of the other Transaction Parties or any security held for payment of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Right of Contribution</u>. Each Transaction Party hereby agrees that to the extent that a Transaction Party shall have paid more than its proportionate share of any payment made hereunder, such Transaction Party shall, subject to and only upon the Discharge of Secured Obligations, be entitled to seek and receive contribution from and against any other Transaction Party hereunder which has not paid its proportionate share of such payment. The provisions of this <u>Section 15.7(b)</u> shall in no respect limit the obligations and liabilities of any Transaction Party to Aron, and each Transaction Party shall remain liable to Aron for the full amount guaranteed by such Transaction Party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Subrogation</u>. Notwithstanding any payment made by any Transaction Party hereunder or any set-off or application of funds of any Transaction Party by Aron, no Transaction Party shall be entitled to be subrogated to any of the rights of Aron against any other Transaction Party or any collateral security or guarantee or right of offset held by Aron for the payment of the Secured Obligations, nor shall any Transaction Party seek or be entitled to seek any contribution or reimbursement from any other Transaction Party or the Calumet Parent in respect of payments made by such Transaction Party hereunder, until the Discharge of Secured Obligations. If any amount shall be paid to any Transaction Party on account of contribution or subrogation rights at any time when all of the Secured Obligations shall not have been paid in full, such amount shall be held by such Transaction Party in trust for Aron, segregated from other funds of such Transaction Party, and shall, forthwith upon receipt by such Transaction Party, be turned over to Aron in the exact form received by such Transaction Party (duly indorsed by such Transaction Party to Aron, if required), to be applied against the Secured Obligations, whether matured or unmatured, in such order as Aron may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Amendments, etc. with respect to the Secured Obligations</u>. Each Transaction Party shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Transaction Party and without notice to or further assent by any Transaction Party, any demand for payment of any of the Secured Obligations made by Aron may be rescinded by Aron and any of the Secured Obligations continued, and the Secured Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Aron, and this Agreement and the other Transaction Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or

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terminated, in whole or in part, as Aron may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by Aron for the payment of the Secured Obligations may be sold, exchanged, waived, surrendered or released. Aron shall not have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Secured Obligations or for the guarantee contained in this <u>Section 15.7</u> or any property subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Guarantee Absolute and Unconditional</u>. Each Transaction Party waives any and all notice of the creation, renewal, extension or accrual of any of the Secured Obligations and notice of or proof of reliance by Aron upon the guarantee contained in this <u>Section 15.7</u> or acceptance of the guarantee contained in this <u>Section 15.7</u>; the Secured Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this <u>Section 15.7</u>; and all dealings between or among the Transaction Parties, on the one hand, and Aron, on the other hand, likewise shall be conclusively presumed to have been consummated in reliance upon the guarantee contained in this <u>Section 15.7</u>. Each Transaction Party waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon any of the Transaction Parties with respect to the Secured Obligations. Each Transaction Party understands and agrees that the guarantee contained in this <u>Section 15.7</u> shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity or enforceability of, or the lack of authority to enter into, this Agreement or any other Transaction Document, any of the Secured Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by Aron, (ii) any defense based on any change in the time, manner or place of any payment under, or in any other terms of any Transaction Document or any other amendment, renewal, extension acceleration, compromise or waiver or any consent or departure from the terms of the Transaction Documents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any defense, set-off or counterclaim (other than a defense of payment or performance) which

may at any time be available to or be asserted by any of the Transaction Parties or any other Person against Aron, or (iv) any other circumstance whatsoever (with or without notice to or knowledge of such Transaction Party) which constitutes, or might be construed to constitute, an equitable or legal discharge of the relevant Transaction Party for the Secured Obligations, or of such Transaction Party under the guarantee contained in this <u>Section 15.7</u>, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Transaction Party, Aron may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against any Transaction Party or any other Person or against any collateral security or guarantee for the Secured Obligations or any right of offset with respect thereto, and any failure by Aron to make any such demand, to pursue such other rights or remedies or to collect any payments from any Transaction Party or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any Transaction Party or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Transaction Party of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Aron against any Transaction Party. For the purposes hereof "demand" shall include the commencement or continuance of any legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Reinstatement</u>. The guarantee contained in this <u>Section 15.7</u> shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by Aron upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Transaction Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or

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similar officer for, any Transaction Party or any substantial part of its property, or otherwise, all as though such payments had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Payments</u>. Each Transaction Party hereby guarantees that payments hereunder will be paid to Aron without set-off or counterclaim in U.S. dollars at the place of payment designated by Aron pursuant to the terms hereof.

#### ARTICLE 16
<u>DEFAULT</u><u> </u><u>AND</u><u> </u><u>TERMINATION</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 <u>Events of</u> <u>Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any other provision of this Agreement, the occurrence of any of the following shall constitute an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any Transaction Party fails to make payment when due (A) under <u>Article 8</u>, <u>Article 17</u>, or <u>Section 15.7</u> of this Agreement, Article 9 of the Supply and Offtake Agreement, Section 7 of the Financing Agreement, or any Company Purchase Agreement, within one (1) Business Day after a written demand therefor (it being understood and agreed that any invoice issued by Aron in accordance with the terms hereof shall constitute such written demand) or (B) under any other provision hereof or of any other Transaction Document within three (3) Business Days after the date when due (provided that, notwithstanding the foregoing, a Default under clause (i)(A) or (i)(B) above shall not constitute an Event of Default if (i) the default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the Transaction Party to make the payment when due; and (iii) the payment is made within one (1) Business Day of such Transaction Party's receipt of written notice of its failure to pay); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Other than a default described in <u>Section 16.1(a)(i)</u>, <u>16.1(a)(iii)</u>, or <u>16.1(a)(x)</u>, any Transaction Party (or, if applicable, any Affiliate of such Transaction Party that is party to a Transaction Document) fails to perform any material obligation or covenant under this Agreement or any other Transaction Document, which is not cured to the reasonable satisfaction of Aron (in its reasonable discretion) within fifteen (15) days after the date that such Transaction Party receives written notice that such obligation or covenant has not been performed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Any Transaction Party (or, if applicable, any Affiliate of such Transaction Party that is party to a Transaction Document) breaches any material representation or material warranty made or repeated or deemed to have been made or repeated by such Transaction Party, or any such representation or warranty proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated under any Transaction Document; <u>provided</u>, <u>however</u>, that if such breach is curable, such breach is not cured to the reasonable satisfaction of Aron within fifteen (15) days after the date that such Party receives notice that corrective action is needed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Any Company Entity becomes Bankrupt or otherwise subject to any Insolvency or Liquidation Proceeding; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Any Company Entity or any of its Restricted Subsidiaries (A) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or any early termination of, such Specified Transaction in an amount in excess of

$500,000, (B) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three (3) Business Days if there is no applicable notice requirement or grace period), in each case in an amount (I) in excess of $500,000 and such amount is not paid in full within one (1) Business Day or (II) less than or equal to $500,000 and such amount is not paid in full within ten (10) Business Days or (C) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); or any Company Entity or any Restricted Subsidiary of such Company Entity that is party to any credit support document provided pursuant hereto or in connection herewith, disaffirms, disclaims, repudiates or rejects, in whole or in part, such credit support document or its obligaitons thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)An ISDA Master Agreement Termination Event occurs with respect to any Company Entity or any of its Restricted Subsidiaries which results in (A) a payment obligation of such Company Entity or such Restricted Subsidiary in excess of $500,000 and such amount is not paid in full within one (1) Business Day or (B) a payment obligation of such Company Entity or such Restricted Subsidiaries that is less than or equal to $500,000 and such amount is not paid in full within ten (10) Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) A Change of Control occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)one or more judgments shall be entered against any Company Entity or any combination thereof and the same shall remain undischarged for a period of thirty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) consecutive days during which execution shall not be effectively stayed by reason of a pending appeal or otherwise, or such judgment shall not have been satisfied, vacated or bonded pending appeal, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of any Transaction Party to enforce any such judgment and such judgment either (i) is for the payment of money in an aggregate amount in excess of

$50,000,000 or (ii) is for injunctive or other non-monetary relief and would reasonably be expected to result in a Material Adverse Effect or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Any Company Entity (A) fails to perform or comply with, in any material respect, its obligations (after giving effect to any grace periods applicable thereto) under or maintain, under its terms, any Material Contract (other than a Specified Material Contract), and (B) fails to perform or comply with, in any material respect, its obligations (after giving effect to any grace periods applicable thereto) under any Specified Material Contract and, within five (5) Business Days thereof, has not consummated a Material Contract Cure Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Any Company Entity fails to perform or observe any term, covenant or agreement contained in any of Section 7.1 of the Financing Agreement, <u>Section 15.1(f)</u>, <u>Section 15.2(c)(i)</u>, <u>Section 15.3(a)(i)</u>, <u>Section 15.3(a)(ii)</u>, <u>Section 15.3(b)(iii)</u> and such failure continutes for fifteen (15) days, <u>Section 15.3</u> (other than <u>Section 15.3(c)(i)</u>) and such failure continues for a period of thirty (30) days, <u>Section 15.3(c)(i)</u>, <u>Section 15.3(e)</u> (with respect only to the existence or good standing of any Company Entity or its

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Restricted Subsidairy in its jurisdiction of organization), <u>Section 15.3(g)</u> (A) as such Section relates to insurance with respect to Collateral or (B) as such Section relates to insurance with respect to Property other than Collateral and such failure continues for five (5) days, <u>Section 15.3(j)(ii)</u> or <u>(iii)</u> (A) if another Event of Default exists at the time of such failure or (B) if no other Event of Default exists at the time of such failure, and such failure continues for ten (10) days, <u>Section 15.3(k)</u>, <u>Section 15.3(s)</u>, <u>Section 15.4</u>, <u>Section 15.5</u>, <u>Section 15.6</u>, <u>Section 15.7</u>, <u>Article 18</u>, or any provision of the MLP Parent Guaranty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)(i) Any Company Entity or Restricted Subsidiary (A) fails to make any payment when due after giving effect to any applicable grace period (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than

$50,000,000, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there occurs under any Swap Contract (other than any Swap Contract described in clauses (v) or (vi) above) an early termination date (as used or defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any Company Entity or a Restricted Subsidiary is the defaulting party (as used or defined in such Swap Contract) or (B) any termination event (as so used or defined) under such Swap Contract as to which any Company Entity or any Restricted Subsidiary is an affected party (as so used or defined) and, in either event, the Swap Termination Value owed by such Company Entity or such Subsidiary as a result thereof is (in the aggregate and together with the Swap Termination Value owed, if any, by all other Company Entities or Restricted Subsidiaries) greater than $50,000,000; or (iii) there occurs an event of default as such term is used or defined in any Senior Notes Indenture or the Senior Secured Notes Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)The occurrence of one or more ERISA Events that have had, or could reasonably be expected to result in liability which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)The Company or Calumet Refining, as applicable, Disposes of any (A) material portion of the Refinery, any Refinery and Terminal Assets or any Storage Facilities or (B) any Included Locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this Agreement, the occurrence of any of the following shall constitute an "<u>Aron EoD</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Aron fails to make payment when due (A) under Article 8 or Article 17 of this Agreement within one (1) Business Day after the written demand therefor or (B)

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under any other provision hereof or of any other Transaction Document within three (3) Business Days after the date when due (provided that, notwithstanding the foregoing, a Default under clause (i)(A) or (i)(B) above shall not constitute an Event of Default if (i) the default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable Aron to make the payment when due; and (iii) the payment is made within one (1) Business Day of Aron's receipt of written notice of its failure to pay); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Other than a default described in <u>Section 16.1(b)(i)</u> or <u>16.1(b)(iii)</u>, Aron fails to perform any of its material obligations or covenants under this Agreement or any other Transaction Document, which is not cured to the reasonable satisfaction the Company (in its reasonable discretion) within fifteen (15) days after the date that Aron receives written notice that such obligation or covenant has not been performed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Aron (or, if applicable, any Affiliate of Aron that is party to a Transaction Document) breaches any material representation or material warranty made or repeated or deemed to have been made or repeated by such Person, or any such representation or warranty proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated under any Transaction Document; <u>provided</u>, <u>however</u>, that if such breach is curable, such breach is not cured to the reasonable satisfaction of the Transaction Parties within fifteen (15) days after the date that Aron receives notice that corrective action is needed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Aron becomes Bankrupt or otherwise subject to any Insolvency or Liquidation Proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Aron (A) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or any early termination of, that Specified Transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three (3) Business Days if there is no applicable notice requirement or grace period) or (C) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); or Aron or any Affiliate of Aron that is a party to any credit support document provided pursuant hereto or in connection herewith disaffirms, disclaims, repudiates or rejects, in whole or in part, such credit support document or its obligations thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) An ISDA Master Agreement Termination Event occurs with respect to

Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 <u>Remedies</u> <u> </u> <u>Upon</u> <u> </u> <u>Event</u> <u> </u> <u>of</u> <u> </u> <u>Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding any other provision of this Agreement to the contrary, if any Event of Default with respect to a Transaction Party, on the one hand, or any Aron EoD with respect to Aron, on the other hand (such defaulting Party (which shall, for the avoidance of doubt, be all Transaction Parties, collectively, if any Transaction Party is the defaulting Party), the "<u>Defaulting Party</u>") has occurred and is continuing, Aron (where any Transaction Party is the Defaulting Party) or the Company (where Aron is the Defaulting Party) (such non-defaulting

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Party or Parties, the "<u>Non-Defaulting Party</u>") may, without notice, (i) declare all of the Defaulting Party's obligations under this Agreement and/or any other Transaction Documents to be forthwith due and payable, all without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Defaulting Party, including any Advances under the Financing Agreement then outstanding; <u>provided</u> that, the Non-Defaulting Party may elect to declare all obligations under the Transaction Documents other than the Supply and Offtake Agreement and the Inventory Sales Agreement to be due and payable without the obligations under the Supply and Offtake Agreement and/or the Inventory Sales Agreement being declared due and payable, or vice versa, (ii) terminate the Commitments under the Financing Agreement or any commitments under any other Transaction Document and/or (iii) exercise any rights and remedies provided or available to the Non-Defaulting Party under this Agreement, the other Transaction Documents or at law or in equity, including all remedies provided under the Uniform Commercial Code; <u>provided</u> that, in the case of any Event of Default under <u>Section 16.1(a)(iv)</u> or an Aron EoD pursuant to <u>Section 16.1(b)(iv)</u>, the obligations of the Non-Defaulting Party under the Transaction Documents, except for the Safe Harbor Agreements (unless so determined by the Non-Defaulting Party) shall automatically terminate, and, subject to the terms of the Supply and Offtake Agreement with respect to all Secured Obligations that have arisen thereunder and under the other Safe Harbor Agreements, to the extent the Settlement Amount is owed by the Defaulting Party, such Settlement Amount shall automatically become due and payable upon determination of the Settlement Amount pursuant to <u>Section 16.2(d)</u> below without any notice to the Defaulting Party or any further act of the Non-Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to the rights and remedies described in <u>Section 16.2(a)</u> above, if an Event of Default or Aron EoD has occurred and is continuing, the Non-Defaulting Party shall have the right, immediately and at any time(s) thereafter, to terminate this Agreement (and any other contract or agreement that may be then outstanding among the Parties that relates specifically to this Agreement, including any Transaction Document), including any of its obligations or, in the case of Aron, Commitments, hereunder or thereunder and withhold or suspend any such obligations, including any of its delivery or payment obligations, under this Agreement or the other Transaction Documents (other than any obligation to calculate or pay the Settlement Amount, the S&O Settlement Amount or the Financing Settlement Amount in accordance with the terms hereof and thereof), and any such date shall be the Early Termination Date for purposes of the Transaction Documents; <u>provided</u>, <u>however</u>, that, (i) such Early Termination Date shall only apply to the Safe Harbor Agreements if the Non-Defaulting Party expressly declares that such Early Termination Date shall apply thereto (ii) in the event that an Event of Default has occurred pursuant to <u>Section</u><u> </u><u>16.1(a)(iv)</u> or Aron EoD pursuant to <u>Section 16.1(b)(iv)</u>, subject to clause (i), the date on which such Event of Default or Aron EoD occurs shall be the Early Termination Date for purposes of such Transaction Documents and (iii), in the event Aron is the Non-Defaulting Party, this Agreement and each other Transaction Document shall not be deemed to have terminated in full until Aron shall have disposed of all Feedstock and Products owned or maintained by Aron in connection with the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that an Early Termination Date has been declared by the Non-Defaulting Party, then on or as soon as reasonably practicable following the completion of the sale or other liquidation by Aron of all Feedstock and Products within the Included Locations (after the occurrence of an Early Termination Date), the Non-Defaulting Party shall calculate the Settlement Amount, acting in good faith and in a commercially reasonable manner, and will provide to the Defaulting Party a statement (i) showing, in reasonable detail, such calculations,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) specifying any Settlement Amount payable, and (iii) giving details of the relevant account to which any amount payable to it is to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The "<u>Settlement Amount</u>" shall equal, as of any date of determination (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the event that the Non-Defaulting Party has declared an S&O Early Termination Date pursuant to the terms of the Supply and Offtake Agreement, all or any portion of the S&O Settlement Amount that has not previously been paid in accordance with the terms thereof, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in the event that the Non-Defaulting Party has declared an S&O Early Termination Date pursuant to the terms of the Supply and Offtake Agreement and the Transaction Parties are the Defaulting Party, all or any portion of the S&O Make-Whole Amount that has not previously been paid in accordance with the terms thereof, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)(x) in the event that the Transaction Parties are the Defaulting Party, the Financing Settlement Amount and (y) in the event that Aron is the Defaulting Party, the <u>product of</u> (A) the Financing Settlement Amount <u>multiplied by</u> (B) negative one (-1.0), <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any other Unpaid Amounts due from the Defaulting Party to the Non-Defaulting Party, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any other Unpaid Amounts due from the Non-Defaulting Party to the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Settlement Amount shall be due one (1) Business Day after the statement contemplated by <u>Section</u><u> </u><u>16.2(c)</u> is provided by the Non-Defaulting Party to the Defaulting Party. If the Settlement Amount is a positive number, it shall be due to the Non-Defaulting Party and if it is a negative number, the absolute value thereof shall be due to the Defaulting Party. For the avoidance of doubt, in the event the Settlement Amount is payable by the Transaction Parties, such amount shall constitute part of the Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Without limiting the generality of the foregoing, and without duplication of the rights and obligations set forth in Article 12 of the Supply and Offtake Agreement and Article 10 of the Financing Agreement, in the event the Secured Obligations under the Transaction Documents are accelerated or otherwise become due prior to their maturity date, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence of an Event of Default arising under <u>Section 16.1(a)(iv)</u>, (including the acceleration of claims by operation of law)), the S&O Make-Whole Amount applicable on the date of such acceleration, termination and determination of the Settlement Amount will also be due and payable and shall constitute part of the Secured Obligations, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the Parties as to a reasonable calculation of Aron's lost profits as a result thereof. The S&O Make-Whole Amount shall be presumed to be the liquidated damages sustained by Aron as the result of the early termination of this Agreement and the other Transaction Documents and each Transaction Party agrees that it is reasonable under the circumstances currently existing. The S&O Make-Whole Amount shall also be payable in the event the Secured Obligations that exist under this Agreement and the other Transaction Documents are satisfied or released by foreclosure (whether by power of judicial proceeding, deed in lieu of foreclosure or by any other means). EACH TRANSACTION PARTY

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EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE S&O MAKE-WHOLE AMOUNT IN CONNECTION WITH ANY SUCH ACCELERATION, TERMINATION OR

DETERMINATION OF THE SETTLEMENT AMOUNT. Each Transaction Party expressly agrees (to the fullest extent it may lawfully do so) that: (A) the S&O Make-Whole Amount is reasonable and is the product of an arm's length transaction between sophisticated business people, ably represented by counsel; (B) the S&O Make-Whole Amount shall be payable notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course of conduct among the Parties giving specific consideration in this transaction for such agreement to pay the S&O Make-Whole Amount; and (D) each Transaction Party shall be estopped hereafter from claiming differently than as agreed to in this paragraph. Each Transaction Party expressly acknowledges that its agreement to pay the S&O Make-Whole Amount to Aron as herein described is a material inducement to Aron to enter into this Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)THE SETTLEMENT AMOUNT IS DEEMED TO CONSTITUTE LIQUIDATED DAMAGES, AND THE PARTIES ACKNOWLEDGE AND AGREE THAT SUCH DAMAGES ARE DIFFICULT OR IMPOSSIBLE TO DETERMINE AND THAT THE SETTLEMENT AMOUNT IS INTENDED TO BE A REASONABLE APPROXIMATION OF THE AMOUNT OF SUCH DAMAGES AND NOT A PENALTY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Default Interest Rate for Settlement Amount</u>. For the avoidance of doubt, if the Settlement Amount is owing to the Non-Defaulting Party and is not paid when due, such overdue amount shall accrue interest at the Default Interest Rate (if owing to Aron) or Aron Default Interest Rate (if owing to a Transaction Party) until such amount shall have been paid in full to the Non-Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In addition to the rights and remedies set forth in <u>Section 16.2(a)</u> and (b) and without limiting any other rights or remedies hereunder, if an Event of Default has occurred and is continuing and Aron is the Non-Defaulting Party, Aron may, in its discretion, (i) exercise its rights and remedies under Section 10.2(b) of the Financing Agreement, (ii) withdraw from storage any and all of the Feedstock and/or Products then in the Included Title Locations pursuant to Section 14.2 of the Storage Facilities Agreement or any Required Storage and Transportation Arrangement, as applicable, (iii) otherwise arrange for the disposition of any Feedstock and/or Products subject to any outstanding Aron Procurement Contract or Included Purchase Transaction and/or the modification, settlement or termination of such outstanding Aron Procurement Contract or Included Purchase Transaction in such manner as it elects, (iv) exercise any of its rights and remedies under the Lien Documents, including under any Bailee's Letters, any Carrier Notices, any Freight Forwarder Agreements, or any Customs Broker Agreements, (v) liquidate in a commercially reasonable manner any credit support, margin or collateral, to the extent not already in the form of cash (including applying any other margin or collateral) and (vi) apply and set off any credit support, margin, or collateral or the proceeds thereof against any obligation (including the S&O Make-Whole Amount) owing by the Transaction Parties to Aron. Without limiting any other rights or remedies hereunder or under the other Transaction Documents, if any Event of Default has occurred and is continuing and Aron is the Non-Defaulting Party, then, in addition to all of Aron's rights and remedies hereunder and thereunder, immediately upon the occurrence of an Event of Default no Transaction Party shall (nor shall any Transaction Party permit any other Transaction Party to) remove any Feedstock or Products from any Included Lien Location without Aron's prior written

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consent. Aron shall be under no obligation to prioritize the order with respect to which it exercises any one or more rights and remedies available hereunder. The Transaction Parties shall in all events remain jointly and severally liable to Aron for any amount payable by the Transaction Parties in respect of any of their obligations remaining unpaid after any such liquidation, application and set off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)In addition to the rights and remedies set forth in Section 16.2(a) and (b) and without limiting any other rights or remedies hereunder, if an Aron EoD has occurred and is continuing and the Transaction Parties are the Non-Defaulting Party, the Transaction Parties may, in their discretion, otherwise arrange for the settlement or termination of the Parties' outstanding commitments hereunder and under the other Transaction Documents, the sale in a commercially reasonable manner of Feedstock and/or Product for Aron's account, and the replacement of the supply and offtake arrangement and/or the financing arrangements contemplated by this Agreement and the other Transaction Documents with such alternative arrangements as it may procure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)No delay or failure on the part of the Non-Defaulting Party in exercising any right or remedy to which it may be entitled on account of any Event of Default or Aron EoD shall constitute an abandonment of any such right, and the Non-Defaulting Party shall be entitled to exercise such right or remedy at any time during the continuance of an Event of Default or Aron EoD, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The Defaulting Party shall indemnify and hold the Non-Defaulting Party harmless from all reasonable costs and expenses, including reasonable attorney fees, incurred in the exercise of any remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Set-Off</u>. In addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default or Aron EoD, as applicable, the Non-Defaulting Party is hereby authorized by the Defaulting Party any time or from time to time, without notice to the Defaulting Party, any such notice being hereby expressly waived, to set-off and to appropriate and to apply any and all deposits (general or special, including indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts), and any other indebtedness at any time held or owing by the Non-Defaulting Party to or for the credit or the account of the Defaulting Party against and on account of the obligations and liabilities of the Defaulting Party to the Non-Defaulting Party under the Security Agreement and under any other Transaction Documents (including the S&O Make-Whole Amount), including all claims of any nature or description arising out of or connected hereto or thereto, irrespective of whether or not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Aron shall have made any demand hereunder or (ii) the purchase price of Feedstock or Products, or the principal of or the interest or fees on the obligations or any other amounts due under the Transaction Documents shall have become due and payable and although such obligations and liabilities, or any of them, may be contingent or unmatured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Parties acknowledge that, as provided herein and in the other Transaction Documents, Feedstock and Products owned by Aron may be subject to Permitted S&O Liens. Notwithstanding the foregoing, each Transaction Party covenants and agrees that (i) such Transaction Party in its capacity as owner and/or operator of any Storage Facilities owned and/or operated by it shall not have or assert any Permitted S&O Lien with respect to any Feedstock or Products owned by Aron (excluding, however, any Permitted S&O Lien granted to such Transaction Party by Aron pursuant to the Storage Facilities Agreement), (ii) the permissibility or existence of any Permitted S&O Liens does not, and shall not be deemed to, in any way limit

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such Transaction Party's obligations hereunder and the other Transaction Documents to pay amounts that are or could be the basis for any third parties (whether or not a Governmental Authority) asserting or enforcing, or attempting to assert or enforce, any Permitted S&O Lien, including any obligations of such Transaction Party with respect to Ancillary Costs or Taxes and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the permissibility or existence of any Permitted S&O Liens does not, and shall not be deemed to, limit any rights and remedies of Aron hereunder or under other Transaction Documents (subject, however, to the right of the Transaction Parties to exercise any available rights, remedies, or defenses hereunder or under the other Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)In the event that an Early Termination Date has been established in accordance with <u>Section 16.2(b)</u> of this Agreement and if, and only if, such Early Termination Date applies to the obligations under the Financing Agreement (i) the Commitments of Aron shall immediately terminate and (ii) the Financing Settlement Amount shall be included in the calculation of the Settlement Amount pursuant to <u>Section 16.2(d)</u> and payable in connection therewith pursuant to <u>Section 16.2(f)</u>.

#### ARTICLE 17
<u>SETTLEMENT</u><u> </u><u>AT</u><u> </u><u>TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1Upon the occurrence of the Expiration Date (the "<u>Termination Date</u>"; <u>provided</u> that, if such date is not a Business Day, any payments due on such date shall be made on the immediately preceding day that is also a Business Day), the Parties covenant and agree to proceed as provided in this <u>Article 17</u>; <u>provided</u> that (x) this Agreement shall continue in effect following the Termination Date until all obligations are finally settled as contemplated by this <u>Article 17</u> and (y) the provisions of this <u>Article 17</u> shall in no way limit the rights and remedies which the Non-Defaulting Party may have as a result of an Event of Default or Aron EoD, whether pursuant to <u>Article 16</u> above or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any Aron Procurement Contract or Included Purchase Transaction does not either (i) by its terms automatically become assigned to a Transaction Party on and as of the Termination Date in a manner which releases Aron from all obligations thereunder for all periods following the Termination Date or (ii) by its terms, expire or terminate on and as of the Termination Date, then the Parties shall promptly negotiate and enter into, with each of the then existing Third Party Suppliers, assignments, assumptions and/or such other documentation, in form and substance reasonably satisfactory to the Parties, pursuant to which, as of the Termination Date, (w) such Aron Procurement Contract or Included Purchase Transaction, as applicable, shall be assigned to a Transaction Party or shall be terminated, (x) all rights and obligations of Aron under each of the then outstanding Aron Procurement Contracts or Included Purchase Transactions shall be assigned to a Transaction Party, (y) a Transaction Party shall assume all of such obligations to be paid or performed following such termination, and (z) Aron shall be released by such Third Party Suppliers and the applicable Transaction Parties from any further obligations thereunder. In connection with the assignment or reassignment of any Aron Procurement Contract or Included Purchase Transaction, in each case, the Parties shall endeavor, in a commercially reasonable manner, to facilitate the transitioning of the supply and payment arrangements, including any change in payment terms, under the relevant Aron Procurement Contracts, Refinery Procurement Contracts or any other arrangement between Aron and a Third Party Supplier or third party purchaser under any transaction pursuant to the Marketing and Sales Agreement so as to prevent any material disruption in the supply of Feedstock or Products thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If, pursuant to the Marketing and Sales Agreement, any sales commitments are outstanding which, by their terms, extend beyond the Termination Date, then the Parties shall promptly negotiate and enter into, with each of the purchasers thereunder, assignments, assumptions and/or such other documentation, in form and substance reasonably satisfactory to the Parties, pursuant to which, as of the Termination Date, (i) such sales commitment shall be assigned (or reassigned) to a Transaction Party or shall be terminated, (ii) all rights and obligations of Aron with respect to each then outstanding sales commitment shall be assigned to a Transaction Party, (iii) a Transaction Party shall assume all of such obligations to be paid or performed following such termination, and (iv) Aron shall be released by the purchasers thereunder and the applicable Transaction Parties from any further obligations with respect to such sales commitments. In connection with the assignment or reassignment of any such contract, the Parties shall endeavor, in a commercially reasonable manner, to facilitate the transitioning of the Product marketing and sales arrangements so as to prevent any material disruption in the distribution of Products from the Refinery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that Aron has become a party to any other third party service contract in connection with this Agreement and the transactions contemplated hereby, including any pipeline, terminaling, storage and shipping arrangement including but not limited to the Required Storage and Transportation Arrangements (an "<u>Ancillary</u><u> </u><u>Contract</u>") and such Ancillary Contract does not by its terms expire or terminate on and as of the Termination Date, then the Parties shall promptly negotiate and enter into with each service provider thereunder such instruments or other documentation, in form and substance reasonably satisfactory to the Parties, pursuant to which as of the Termination Date (i) such Ancillary Contract shall be assigned to a Transaction Party or shall be terminated, (ii) all rights and obligations of Aron with respect to each then outstanding Ancillary Contract shall be assigned to a Transaction Party, (iii) a Transaction Party shall assume all of such obligations to be paid or performed following such termination, and (iv) Aron shall be released by the third party service providers thereunder and the applicable Transaction Parties from any further obligations with respect to such Ancillary Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The volume of Feedstock and Products at the Included Title Locations shall be purchased and transferred as contemplated in the Step-Out Inventory Sales Agreement. The Feedstock volumes measured by the Transaction Parties or, at Aron's election, by Aron's Inspector, at the Termination Date and, if so elected by Aron, recorded in Aron's Inspector's final inventory report shall be the "<u>Termination Date Feedstock Volumes</u>" for the purposes of this Agreement and the Product volumes measured by the Transaction Parties or, at Aron's election, by Aron's Inspector at the Termination Date and recorded in Aron's Inspector's final inventory report shall be the "<u>Termination Date Product Volumes</u>" for purposes of this Agreement, and such Termination Date Feedstock Volumes and Termination Date Product Volumes shall collectively be referred to as the "<u>Termination Date Volumes</u>", in each case, as measured in accordance with the Step-Out Inventory Sales Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Aron shall promptly reconcile and determine the Termination Amount pursuant to <u>Section 17.2</u>. The Parties shall promptly exchange all information necessary to determine the estimates and final calculations contemplated by <u>Section 17.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)From and after the Termination Date or such earlier date as the Parties may determine in connection with the transitioning of supply arrangements for Feedstock or Products to the Company or its designee, Aron shall have no further obligation to purchase or advance on account of and shall not purchase or pay for or advance any funds on account of Feedstock or Products, or incur any such purchase or advance obligations (including in respect of any Lien

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Amounts), except as may be required for Aron to fulfill its obligations hereunder until the Termination Date or during any obligatory notice period pursuant to any Aron Procurement Contract or Included Purchase Transaction. Notwithstanding anything to the contrary herein, no Delivery Date shall occur later than the calendar day immediately preceding the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 <u>Termination</u> <u> </u> <u>Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The " <u>Termination</u> <u> </u> <u>Amount</u> " shall equal (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any unwind costs related to Agreed Roll Differentials as determined by Aron in a commercially reasonably manner based on customary market practice for similarly situated counterparties and products and taking into account prevailing market conditions at the time; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Unpaid Amounts owed to Aron, <u>minus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Unpaid Amounts owed to the Transaction Parties, <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)all Ancillary Costs incurred by Aron in connection with the period from the Commencement Date through the Termination Date that have not yet been paid or reimbursed by the Transaction Parties, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any amounts owed to Aron in connection with any Lien Amounts, Credit Extensions or Advances under the Financing Agreement, including any interest or fees accrued thereon.

All of the foregoing amounts shall be aggregated or netted to a single liquidated amount owing from one Party to the other. If the Termination Amount is a positive number, it shall be due to Aron and if it is a negative number, the absolute value thereof shall be due to the Company.

![Graphic](clmt-20260331xex10d5082.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Parties acknowledge that one or more of the components of the Termination Amount may not be able to be definitively determined by the Termination Date and therefore agree that Aron shall, estimate, in good faith and in a commercially reasonable manner, each of such components and use such estimated components to determine an estimate of the Termination Amount (the "<u>Estimated Termination Amount</u>"). Without limiting the generality of the foregoing, the Parties agree that the amount due under <u>Section 17.2(a)(i)</u> above shall be estimated by Aron in the same manner and using the same methodology as it used in preparing the Estimated Commencement Date Value, but in each case, applying the Estimated Step-Out Index Amount and the applicable Prices for such Feedstock and Products (without giving effect to any Inventory Advance Rate, any Fixed Holdback Amount<u>, any Incremental FCCR Holdback</u> <u>Amount,</u> and any Incremental <u>Maturity Date Fixed</u> Holdback Amount) and other price terms provided for herein with respect to the purchase of the Termination Date Volumes or the calculation of other amounts that may be owed by the Transaction Parties hereunder. Aron shall use its commercially reasonable efforts to prepare, and provide the Company with, an initial Estimated Termination Amount, together with appropriate supporting documentation, at least five (5) Business Days prior to the Termination Date. To the extent reasonably practicable, Aron shall endeavor to update its calculation of the Estimated Termination Amount by no later than 4:00 p.m. ET on the Business Day prior to the Termination Date. Otherwise, the initial Estimated Termination Amount shall be the amount payable on the Termination Date. If the

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Estimated Termination Amount is a positive number, it shall be due to Aron and if it is a negative number, the absolute value thereof shall be due to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)On or before the later of fifteen (15) Business Days following the (i) Termination Date and (ii) the receipt by Aron from the Transaction Parties of the Termination Date Volumes, any applicable monthly reports or statements and any other information reasonably requested by Aron, Aron shall prepare, and provide the Company with, (y) a statement showing the calculation, as of the Termination Date, of the Termination Amount, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) a statement (the "<u>Termination Reconciliation Statement</u>") reconciling the Termination Amount with the sum of the Estimated Termination Amount pursuant to <u>Section 17.2(b)</u> and indicating any amount remaining to be paid by one Party to the other as a result of such reconciliation. Within one (1) Business Day after receiving the Termination Reconciliation Statement and the related supporting documentation, the Parties will make any and all payments required pursuant thereto. Promptly after receiving (or making) such payments (but in any event within five (5) Business Days), Aron shall (i) cause any filing or recording of any UCC financing forms to be terminated, (ii) release and terminate all Lien Documents pursuant to one or more instruments mutually acceptable to the Parties and (iii) deliver, re-assign, reconvey and transfer, as applicable, to the Transaction Parties any other Collateral or credit support held or maintained by Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything herein to the contrary, Aron shall not have any obligation to make any payment contemplated by this <u>Section 17.2</u>, transfer title to Feedstock or Products, release liens or otherwise cooperate in the transition matters described in <u>Section 17.1</u> unless the Transaction Parties shall have performed their obligations under the Step-Out Inventory Sales Agreement and this <u>Section 17.2</u> as and when required pursuant to the terms hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Default Interest Rate for Termination Amount</u>. For the avoidance of doubt, if the Termination Amount is not paid when due, such overdue amount shall accrue interest at the Default Interest Rate (if owing to Aron) or the Aron Default Interest Rate (if owing to a Transaction Party) until such amount shall have been paid in full to the Party to whom such amount is owed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3<u>Transition Services</u>. To the extent necessary to facilitate the transition to the purchasers of the storage and transportation rights and status contemplated hereby, each Party shall take such additional actions, execute such further instruments and provide such additional assistance as the other Party may from time to time reasonably request for such purposes.

#### ARTICLE 18
<u>INDEMNIFICATION;</u><u> </u><u>EXPENSES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1<u>Indemnification by Aron</u>. To the fullest extent permitted by Applicable Law and except as specified otherwise elsewhere in the Transaction Documents, Aron shall defend, indemnify on an After-Tax Basis and hold harmless each Transaction Party, its Affiliates, and their directors, officers, employees, representatives, agents and contractors from and against any Liabilities directly or indirectly arising out of (i) any breach by Aron of any covenant or agreement contained in any Transaction Document or made in connection therewith or any representation or warranty of Aron made therein or in connection therewith proving to be false or misleading, (ii) any failure by Aron to comply with or observe any Applicable Law, (iii) subject to the last sentence of this <u>Section 18.1</u>, Aron's gross negligence or willful misconduct, or (iv) injury, disease, or death of any person or damage to or loss of

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any property, fine or penalty, any of which is caused by Aron or its employees, representatives, agents or contractors in exercising any rights or performing any obligations hereunder or in connection herewith, except to the extent that any Liability arising under clause (iv) has resulted from the gross negligence or willful misconduct on the part of any Transaction Party, its Affiliates or any of their respective employees, representatives, agents or contractors; <u>provided</u> that, in no event shall Aron or any of its Affiliates, employees, representatives, agents or contractors, be deemed employees, representatives, agents or contractors of any Transaction Party for purposes hereof. The Parties acknowledge that Aron shall not have any payment obligation for the indemnification pursuant to clause (iii) above until the gross negligence or willful misconduct on the part of Aron has been determined pursuant to a final and non-appealable judgement by a court of competent jurisdiction to such effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2To the fullest extent permitted by Applicable Law and except as specified otherwise elsewhere in the Transaction Documents, each Transaction Party shall, jointly and severally, defend, indemnify on an After-Tax Basis and hold harmless Aron, its Affiliates (including without limitation Goldman Sachs International), and their directors, officers, employees, representatives, agents and contractors from and against any Liabilities directly or indirectly arising out of (i) any breach by any Transaction Party of any covenant or agreement contained in any Transaction Document or made in connection therewith or any representation or warranty of any Transaction Party made therein or in connection therewith proving to be false or misleading, including, without limitation the Transaction Parties' obligation for payment of Taxes pursuant to <u>Section 13.1</u>, (ii) the Transaction Parties' transportation, handling, storage, refining or disposal of any Feedstock or the products thereof, including any conduct by any Transaction Party on behalf of or as the agent of Aron under the Required Storage and Transportation Arrangements, (iii) any Transaction Party's failure to comply with its obligations under the terminaling, pipeline and lease agreements underlying any of the Bailee's Letters or any of the Required Storage and Transportation Arrangements (including without limitation the Base Agreements),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Transaction Party's negligence or willful misconduct, (v) any failure by any Transaction Party to

comply with or observe any Applicable Law, (vi) injury, disease, or death of any person or damage to or loss of any property, fine or penalty, any of which is caused by any Transaction Party or its employees, representatives, agents or contractors in exercising any rights or performing any obligations hereunder or in connection herewith, (vii) any actual or alleged presence or release of Hazardous Substances in connection with the Transaction Documents or the transactions contemplated thereby, or any Environmental Liability related in any way to or asserted in connection with the Transaction Documents or the transactions contemplated thereby, (viii) in the event that any Transaction Party holds title to any Included Feedstock Lien Inventory or Included Product Lien Inventory, any Liabilities directly or indirectly arising therefrom, (ix) any claim, liability, or demand made pursuant to an indemnity or undertaking given by Aron to a counterparty in connection with any of the Bailee Letters or any of the Required Storage and Transportation Arrangements (including the Base Agreements) or (x) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, including strict liability, whether brought by a third party, by any Transaction Party, and regardless of whether Aron is a party thereto, except to the extent that any Liability arising under clauses (vi), (vii), (viii) or (ix) above has resulted from the gross negligence or willful misconduct on the part of Aron, its Affiliates or any of their respective employees, representatives, agents or contractors, in each case, as determined by a final and non-appealable judgment by a court of competent jurisdiction; <u>provided</u> that, in no event shall any Transaction Party or any of its Affiliates, employees, representatives, agents or contractors, be deemed Aron's employee, representative, agent or contractor for purposes hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3The Parties' obligations to defend, indemnify, and hold each other harmless under the terms of the Transaction Documents shall not vest any rights in any third party (whether a Governmental

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Authority or private entity), nor shall they be considered an admission of liability or responsibility for any purposes other than those enumerated in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4Each Party agrees to notify the other as soon as practicable after receiving notice of any claim or suit brought against it within the indemnities of this Agreement or any other Transaction Document, shall furnish to the other the complete details within its knowledge and shall render all reasonable assistance requested by the other in the defense; <u>provided</u> that, the failure to give such notice shall not affect the indemnification provided hereunder, except to the extent that the indemnifying Party is materially adversely affected by such failure. Each Party shall have the right but not the duty to participate, at its own expense, with counsel of its own selection, in the defense and settlement thereof without relieving the other of any obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5The Transaction Parties shall, jointly and severally, pay (i) all reasonable and documented out-of-pocket expenses incurred by Aron and its Affiliates (including the reasonable fees, charges and disbursements of counsel and tax consultants for Aron) in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by Aron and its Affiliates in connection with the enforcement or protection of Aron's rights under or in connection with this Agreement and the other Transaction Documents. Each Party agrees that all amounts due under this <u>Section 18.5</u> shall be (i) payable promptly after written demand therefor and (ii) secured by the Collateral and constitute Secured Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6This <u>Article 18</u> shall not apply with respect to Taxes other than any Taxes that represent Liabilities arising from non-Tax claims.

#### ARTICLE 19
<u>LIMITATION</u><u> </u><u>ON</u><u> </u><u>DAMAGES</u>

SUBJECT TO <u>SECTION 16.2(F)</u>, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES' LIABILITY FOR DAMAGES IS LIMITED TO DIRECT, ACTUAL DAMAGES ONLY (WHICH INCLUDE ANY AMOUNTS DETERMINED UNDER <u>ARTICLES 16</u> AND <u>18</u>) AND NO PARTY SHALL BE LIABLE FOR SPECIFIC PERFORMANCE, LOST PROFITS OR OTHER BUSINESS INTERRUPTION DAMAGES, OR SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES, IN TORT, CONTRACT OR OTHERWISE, OF ANY KIND, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE PERFORMANCE, THE SUSPENSION OF PERFORMANCE, THE FAILURE TO PERFORM, OR THE EXPIRATION OR TERMINATION OF THIS AGREEMENT; <u>PROVIDED</u>, <u>HOWEVER</u>, THAT, SUCH LIMITATION SHALL NOT APPLY WITH RESPECT TO (I) ANY THIRD PARTY CLAIM FOR WHICH INDEMNIFICATION IS AVAILABLE UNDER THIS AGREEMENT, (II) ANY BREACH OF <u>ARTICLE 21</u> OR (III) ANY LIABILITIES OF THE TRANSACTION PARTIES IN CONNECTION WITH THE S&O MAKE-WHOLE AMOUNT. SUBJECT TO <u>SECTION 16.2(F)</u>, EACH PARTY ACKNOWLEDGES THE DUTY TO MITIGATE DAMAGES HEREUNDER AND UNDER THE OTHER TRANSACTION DOCUMENTS.

#### ARTICLE 20
<u>RECORDS</u><u> </u><u>AND</u><u> </u><u>INSPECTION</u>

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During the Term of this Agreement each Party may make reasonable requests of the other Party for copies of documents maintained by the other Party, or any of the other Party's contractors and agents, which relate to this Agreement; <u>provided</u> <u>that</u>, neither this Section nor any other provision hereof shall entitle the Company to have access to any records concerning any hedges or offsetting transactions or other trading positions or pricing information that may have been entered into with other parties or utilized in connection with any transactions contemplated hereby or by any other Transaction Document. The right to receive copies of such records shall survive termination of this Agreement for a period of two (2) years following the Termination Date. Each Party shall preserve, and shall use commercially reasonable efforts to cause all contractors or agents to preserve, all of the aforesaid documents for a period of at least two (2) years from the Termination Date.

#### ARTICLE 21
<u>CONFIDENTIALITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1In addition to the Transaction Parties' confidentiality obligations under the Transaction Documents, the Parties agree that the specific terms and conditions of this Agreement, including any list of counterparties, the Transaction Documents and the drafts of this Agreement exchanged by the Parties and any information exchanged between the Parties, including calculations of any fees or other amounts paid by the Transaction Parties to Aron under this Agreement and any other Transaction Document and all information received by Aron from the Transaction Parties relating to the costs of operation, operating conditions, and other commercial information of the Transaction Parties not made available to the public, are confidential and shall not be disclosed to any third party, except (i) as may be required by court order or Applicable Laws (including federal and state securities laws), (ii) as may be requested by a Governmental Authority, (iii) to such Party's or its Affiliates' employees, directors, shareholders, auditors, consultants, banks, lenders, financial advisors and legal advisors for purposes of administering, negotiating, considering, processing or evaluating this Agreement and the other Transaction Documents or the transactions contemplated thereby, (iv) to any potential or prospective participant in connection with any contemplated participation in accordance with <u>Section 23.3</u> or any participations therein (and the advisors thereto) (<u>provided</u> that such participants or prospective participants and advisors are advised of and agree to be bound by either the provisions of this <u>Section 21.1</u> or other provisions at least as restrictive as this <u>Section 21.1</u> and otherwise reasonably acceptable to Aron and the Company), (v) to any direct or indirect contractual counterparties or potential counterparties (and the advisors thereto) to any swap or derivatives transaction, any credit insurance transaction or any other credit risk mitigation or protection (including any liquidation put, remarketing agreement or other liquidation or first loss protections in favor of Aron), in each case, relating to the Transaction Parties or any of their Affiliates and their obligations (provided that such counterparties or potential counterparties and advisors are advised of and agree to be bound by either the provisions of this <u>Section 21.1</u> or other provisions at least as restrictive as this <u>Section 21.1</u> and otherwise reasonably acceptable to Aron and the Company) or (vi) to such Party's insurance providers, solely for the purpose of procuring insurance coverage or confirming the extent of existing insurance coverage; <u>provided</u> <u>that</u>, prior to any disclosure permitted by this clause (vi), such insurance providers shall have agreed in writing to keep confidential any information or document subject to this <u>Section 21.1</u>. The confidentiality obligations under this Agreement shall survive termination of this Agreement for a period of two (2) years following the Termination Date. The Parties shall be entitled to all remedies available at law, or in equity, to enforce or seek relief in connection with the confidentiality obligations contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2In the case of disclosure covered by (i) <u>Section 21.1</u>, to the extent legally permissible and otherwise reasonable under the circumstances, the disclosing Party shall provide written notice, as soon as practicable, of such intended disclosure and the related requirement and (ii) clause (i) of <u>Section 21.1</u>, to the extent practicable and in conformance with the relevant court order, Applicable Law or request, the

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disclosing Party shall notify the other Party in writing of any proceeding of which it is aware which may result in disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3<u>Tax Disclosure</u>. Notwithstanding anything herein to the contrary, the Parties (and their respective employees, representatives or other agents) are authorized to disclose to any person the U.S. federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Parties relating to that treatment and structure, without the Parties imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

#### ARTICLE 22
<u>GOVERNING</u><u> </u><u>LAW;</u><u> </u><u>DISPUTE</u><u> </u><u>RESOLUTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2EACH OF THE PARTIES HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITUATED IN THE COUNTY OF NEW YORK, (WITHOUT RECOURSE TO ARBITRATION UNLESS ALL PARTIES AGREE IN WRITING), AND TO SERVICE OF PROCESS BY CERTIFIED MAIL, DELIVERED TO THE PARTY AT THE ADDRESS INDICATED IN <u>ARTICLE 24</u>. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION TO PERSONAL JURISDICTION, WHETHER ON GROUNDS OF VENUE, RESIDENCE OR DOMICILE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3Each Party waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in respect of any proceedings relating to this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4To the extent not otherwise specifically provided in this Agreement or another Transaction Document, if any Party (the "<u>Disputing Party</u>") disputes any calculation made by the other Party (the "<u>Deciding Party</u>") pursuant to <u>Section 5.4</u>, <u>Article 10</u> or <u>Article 17</u>, the Disputing Party shall provide prompt written notice thereof to the Deciding Party. Thereafter, the Parties shall promptly discuss, either in person or via teleconference, the nature of the dispute and exercise good faith efforts to resolve such dispute among themselves.

#### ARTICLE 23
<u>ASSIGNMENTS;</u><u> </u><u>PARTICIPATIONS,</u><u> </u><u>ETC.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1This Agreement shall inure to the benefit of and be binding upon the Parties hereto, their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2<u>Assignments</u>. No Company Entity shall assign this Agreement or its rights or interests hereunder in whole or in part, or delegate its obligations hereunder in whole or in part, without the express written consent of Aron. Aron may, without the Company Entities' consent, (a) assign and

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delegate all of Aron's rights and obligations under the Transaction Documents as a whole to: (i) any Affiliate of Aron; <u>provided</u> that (x) the creditworthiness of such Affiliate, in the Company's reasonable credit judgment, is equal or superior to the creditworthiness of Aron immediately prior to such assignment or (y) the obligations of such Affiliate hereunder are guaranteed by The Goldman Sachs Group, Inc.; or (ii) any non-Affiliate Person that succeeds to all or substantially all of Aron's assets and business and assumes Aron's obligations hereunder, whether by contract, operation of law or otherwise; <u>provided</u> that the creditworthiness of such successor entity, in the Company's reasonable credit judgment, is equal or superior to the creditworthiness of Aron immediately prior to such assignment, <u>provided</u>, <u>further</u>, that, in the case of this <u>clause (a)</u>, such permitted assignees shall have become a party to the Intercreditor Agreement in accordance with the terms thereof, (b) sell participations in all or any portions of the transactions contemplated pursuant to the Transaction Documents and the Secured Obligations pursuant to <u>Section 23.3</u> and (c) assign, pledge and/or grant a security interest in the Transaction Documents pursuant to <u>Section 23.4</u>. Except as provided in this <u>Article 23</u> other assignments by Aron, including an assignment of less than all Transaction Documents taken as a whole, shall require the Company's express written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 <u>Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Aron shall have the right at any time to sell one or more participations in all or any portion of the transactions contemplated pursuant to the Transaction Documents or in any other Secured Obligations to any Person other than a Disqualified Institution; <u>provided</u> that (i) Aron's obligations under the Transaction Documents shall remain unchanged, (ii) Aron shall remain solely responsible to the Transaction Parties for the performance of such obligations and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the applicable Company Entities shall continue to deal solely and directly with Aron in connection with Aron's rights and obligations under this Agreement and the other Transaction Documents. In the event that Aron sells a participation pursuant to this <u>Section 23.3</u>, Aron shall, acting solely for United States federal income tax purposes as a non-fiduciary agent of the Company, maintain a register on which it records the name and address of each participant to which it has sold a participation and the amounts (and stated fees or interest, if applicable) of each such participant's interest in the Transaction Documents or the Secured Obligations (the "<u>Participant Register</u>"); <u>provided</u> that Aron shall not have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant's interest in any Transaction Documents or Secured Obligations), except to the extent that such disclosure is necessary to establish that such right or obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. Unless otherwise required by the IRS, any disclosure required by the foregoing sentence shall be made by Aron directly and solely to the IRS. The entries in the Participant Register shall be conclusive absent manifest error, and Aron shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes under this Agreement and the other Transaction Documents, notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The holder of any such participation, other than an Affiliate of Aron, shall not be entitled to require Aron to take or omit to take any action hereunder, except that any participation agreement may provide that the participant's consent must be obtained with respect to the consent of Aron to any waiver, amendment, modification or consent the effect of which would be to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(x) increase any Commitment or obligation of Aron to purchase or sell Feedstock or Products or make any Advances or Credit Extensions, in each case, other than any decisions by Aron to enter into Aron Procurement Contracts or Included Purchase Transactions or (y) postpone the scheduled expiration date of any of those

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matters addressed in (and not excepted from) the foregoing clause (x) (it being understood that no waiver, amendment or other modification of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Commitment or obligation of Aron for purposes of this <u>Section 23.3(b)(i)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) extend the Term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)waive, reduce or postpone any scheduled payment under the Transaction Documents (but not any voluntary prepayment of Discretionary Draw Advances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)reduce the rate of interest or any fee or premium payable under the Transaction Documents, or waive or postpone the time for payment of any such interest, fee or premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)reduce the principal amount of any Advance or other Credit Extension or the amount owed to Aron in connection with any sales to the Transaction Parties of any Feedstock or Products under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) waive, amend or modify any provision of this <u>Section</u> <u> </u> <u>23.3(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)release all or substantially all the Collateral from the Liens of the Lien Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any determination regarding Prices, or any amendments to the provisions in the Transaction Documents governing Prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company Entities agree that each participant shall be entitled to the benefits of <u>Section 8.8</u> (subject to the requirements and limitations therein), and, to the extent such participant holds a participation in any Secured Obligations arising under the Financing Agreement, Sections 7.12 and 7.13 of the Financing Agreement (subject to the requirements and limitations therein) to the same extent as if it were Aron and had acquired its interest by assignment pursuant to <u>Section 23.2</u>; <u>provided</u>, that such participant shall not be entitled to receive any greater payment under Section 7.12 or 7.13 of the Financing Agreement with respect to any participation than Aron would have been entitled to receive with respect to such participation sold to such participant, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the participant acquired the applicable participation. To the extent permitted by law, each participant shall be entitled to the benefits of any set-off and recoupment provisions relating to the portion of the Secured Obligations in which it is participating as though it were Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything in this <u>Section 23.3</u> or any other term set forth in this Agreement or any other Transaction Document to the contrary, (i) at a time when an Event of Default shall have occurred and be continuing, any participant shall not at any time be subject to any limitations on its rights to require Aron to take or omit to take any action under the Transaction Documents unless expressly set forth in the participation agreement between Aron and such participant (in Aron's sole discretion) and (ii) Aron shall have no liability or obligations as a result of any participant obtaining, holding or exercising any rights to require Aron to take or omit to take any action hereunder or under any other Transaction Documents in accordance with clause (d)(i) above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4<u>Certain Other Transfers</u>. In addition to any other assignment or participation permitted pursuant to this <u>Article 23</u>, Aron may assign, pledge and/or grant a security interest in all or any portion of the Secured Obligations owed to it, and its notes, if any, to secure obligations of Aron, including to any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors and any operating circular issued by any Federal Reserve Bank or to any other central bank; <u>provided</u> that, Aron shall not be relieved of any of its obligations hereunder and under the other Transaction Documents as a result of any such assignment and pledge; and provided further that in no event shall the applicable Federal Reserve Bank, other central bank, pledgee or trustee be considered to be "Aron" hereunder or under any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5Any attempted assignment in violation of this <u>Article 23</u> shall be null and void *ab initio* and the non-assigning Party shall have the right, without prejudice to any other rights or remedies it may have hereunder or otherwise, to terminate this Agreement effective immediately upon notice to the Party attempting such assignment.

#### ARTICLE 24
<u>NOTICES</u>

Notwithstanding anything in any Transaction Document to the contrary, notices of Event of Default to the Transaction Parties shall be effective only if given in writing and sent by nationally recognized overnight courier or delivered by hand to:

![Graphic](clmt-20260331xex10d5082.jpg)

2780 Waterfront Parkway E. Dr.<u>1060</u><u> </u><u>N</u><u> </u><u>Capitol</u><u> </u><u>Ave,</u><u> </u><u>Suite</u><u> </u><u>6-401</u> Indianapolis, Indiana<u>IN</u> 4621<u>0</u>4 U.S.A.

Phone: 317-328-5660

Attention: Legal Department

![Graphic](clmt-20260331xex10d5082.jpg)

with copies (which may be delivered by email), which shall not constitute notice, to: Calumet Specialty Products Partners, L.P.

2780 Waterfront Parkway E. Drive<u>1060</u><u> </u><u>N</u><u> </u><u>Capitol</u><u> </u><u>Ave,</u><u> </u><u>Suite</u><u> </u><u>6-401</u> Indianapolis, IN 4621<u>0</u>4

Attention: David Lunin Phone: 317-328-5660

David.Lunin@calumetspecialty.com and

shreveportsoa@clmt.com and

![Graphic](clmt-20260331xex10d5082.jpg)

Norton Rose Fulbright US LLP

13<u>55</u>01 McKinney<u>Lamar</u> Street, Suite 5100

<u>2000</u>Houston, TX 77010 Attention: Joshua P. Agrons, Esq.

Email: josh.agrons@nortonrosefulbright.com

All other invoices, notices, requests and other communications given pursuant to this Agreement shall be in writing and sent by email or nationally recognized overnight courier or delivered by hand. A notice

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shall be deemed to have been received when transmitted by email to the other Party's email set forth in <u>Schedule M</u> if such is sent by 5:00 pm ET on a Business Day, or if thereafter, on the next Business Day, on the following Business Day if sent by nationally recognized overnight courier to the other Party's address set forth in <u>Schedule M</u> and to the attention of the person or department indicated or when received if delivered by hand to the other Party's address set forth in <u>Schedule M</u> and to the attention of the person or department indicated. A Party may change its address or email address by giving written notice in accordance with this Section, which is effective upon receipt. Notwithstanding anything herein or in any other Transaction Document to the contrary, any invoice, notice request or other information delivered by Aron to any Company Entity pursuant to this <u>Article 24</u> shall automatically be deemed to be delivered to each other Company Entity upon the delivery to such Company Entity. In the event that any particular Company Entity must be designated as a party to an agreement, document or other instrument or as the obligor in respect of any obligation or holder of any right, the Company shall promptly (and in any event reasonably prior to the time such designation is required) notify Aron as to the applicable Company Entity, and if no such notice is given, the applicable Company Entity shall be deemed to be the Company or such other Company Entity as is determined by Aron, using commercially reasonable judgment, to be the applicable Company Entity in such circumstance.

#### ARTICLE 25
<u>NO</u><u> </u><u>WAIVER,</u><u> </u><u>CUMULATIVE</u><u> </u><u>REMEDIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1The failure of a Party hereunder to assert a right or enforce an obligation of the other Party shall not be deemed a waiver of such right or obligation. The waiver by any Party of a breach of any provision of, or Event of Default, Aron EoD or Default under, this Agreement shall not operate or be construed as a waiver of any other breach of that provision or as a waiver of any breach of another provision of, Event of Default, Aron EoD or Default under, this Agreement, whether of a like kind or different nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2Each and every right granted to the Parties under this Agreement or allowed it by law or equity shall be cumulative and may be exercised from time to time in accordance with the terms thereof and Applicable Law.

#### ARTICLE 26
<u>NATURE</u><u> </u><u>OF</u><u> </u><u>THE</u><u> </u><u>TRANSACTION</u><u> </u><u>AND</u><u> </u><u>RELATIONSHIP</u><u> </u><u>OF</u><u> </u><u>PARTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1This Agreement shall not be construed as creating a partnership, association or joint venture between the Parties. It is understood that each Party is an independent contractor with complete charge of its employees and agents in the performance of its duties hereunder, and nothing herein shall be construed to make such Party, or any employee or agent of any Party, an agent or employee of any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2No Party shall have the right or authority to negotiate, conclude or execute any contract or legal document with any third person on behalf of any other Party; to assume, create, or incur any liability of any kind, express or implied, against or in the name of any other Party; or to otherwise act as the representative of the other, unless expressly authorized in writing by such other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3<u>Company Entities' Authority</u>. The Company Entities shall not have the right or authority to negotiate, conclude or execute any contract or legal document with any third person on behalf of Aron;

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to assume, create, or incur any liability of any kind, express or implied, against or in the name of Aron; or to otherwise act as the representative of Aron, unless expressly authorized in writing by the Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.4<u>Liquidation Rights</u>. In the event any Company Entity becomes Bankrupt or otherwise subject to any Insolvency or Liquidation Proceeding, and to the extent permitted by Applicable Law, each Company Entity intends that (a) Aron's right to liquidate, collect, net and set off rights and obligations under the Supply and Offtake Agreement, the Inventory Sales Agreement, the Step-Out Inventory Sales Agreement and any Specified Hedge Agreement and liquidate and terminate this Agreement shall not be stayed, avoided, or otherwise limited by the Bankruptcy Code, including sections 362(a), 547, 548 or 553 thereof; (b) Aron shall be entitled to the rights, remedies and protections afforded by and under, among other sections, sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d), 553, 556, 560, 561 and 562 of the Bankruptcy Code; and (c) any Cash, Securities or other property provided as performance assurance, credit, support or collateral with respect to the transactions contemplated hereby shall constitute "margin payments" as defined in Section 101(38) of the Bankruptcy Code and all payments for, under or in connection with the transactions contemplated hereby, shall constitute "settlement payments" as defined in Section 101(51A) of the Bankruptcy Code.

#### ARTICLE 27
<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1If any Article, Section or provision of this Agreement shall be determined to be null and void, voidable or invalid, unenforceable or illegal by a court of competent jurisdiction, then for such period that the same is void or invalid, it shall be deemed to be deleted from this Agreement and the remaining portions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2The terms of this Agreement and the Transaction Documents constitute the entire agreement between the Parties with respect to the matters set forth in this Agreement and the Transaction Documents, and no representations or warranties shall be implied or provisions added in the absence of a written agreement to such effect between the Parties. This Agreement shall not be amended, modified or changed except by written instrument executed by the Parties' duly authorized representatives; <u>provided</u> that, the Parties shall have the right to amend the Specified Schedules pursuant to the procedures set forth in <u>Section 27.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3No promise, representation or inducement has been made by any Party that is not embodied in this Agreement or the other Transaction Documents, and no Party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4Time is of the essence with respect to all aspects of each Party's performance of any obligations under this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5Nothing expressed or implied in this Agreement or any other Transaction Document is intended to create any rights, obligations or benefits under this Agreement or any other Transaction Document in any person other than the Parties and their successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6All payment, confidentiality and indemnification obligations and obligations under this Agreement shall survive for the time periods specified herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7This Agreement and the other Transaction Documents may be executed by the Parties in separate counterparts and delivered by e-mail, facsimile transmission or otherwise, and all such counterparts of each Transaction Document shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8All transactions hereunder are entered into in reliance on the fact that this Agreement and the other Transaction Documents constitute a single, integrated agreement between the Parties, and the Parties would not have otherwise entered into any other transactions under this Agreement or any of the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9The Parties agree that, notwithstanding anything to the contrary in <u>Section 27.1</u> or otherwise herein, the Parties may amend any item on any <u>Schedule</u> to this Agreement (each a "<u>Specified</u> <u>Schedule</u>" and, collectively, the "<u>Specified Schedules</u>") from time to time in accordance with the following procedures (each such amendment, a "<u>Specified Schedule Change</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Specified Schedule Change shall be evidenced by email exchange initiated by Aron (which initiation may be requested by the Company at any time, subject to Aron's subsequent agreement to initiate such email exchange) and subsequently acknowledged and agreed by the Company, which email shall specifically reference the item being changed and indicate the nature of the Specified Schedule Change (which may include, without limitation, the removal or addition of a Product or change to the Feedstock or Product specifications on <u>Schedule A</u>, the adjustment of calculation mechanics on <u>Schedule</u> C as contemplated in <u>Section</u> <u>8.2(c)</u>, the removal or addition of an Included Tank on <u>Schedule E</u>, a change to the notice addresses and parties on <u>Schedule M</u>, the removal or addition of or change to a Product Group on <u>Schedule P</u> or the removal of addition of an Included Location on <u>Schedule U</u>), the effective date of such Specified Schedule Change and, if such Specified Schedule Change is known to be temporary (such as in the case of an Included Tank being temporarily removed from service), the date or expected date as of which such Specified Schedule Change is to cease being effective. Such email exchange shall only be effective to bind the Parties has responded via email in a manner sufficient to confirm its agreement to the Specified Schedule Change reflected in the initial email. Other than a Specified Schedule Change, any amendment to any schedule hereto shall only be effective if evidenced by a written instrument executed by the Parties' duly authorized representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)An exchange of emails complying with the terms of this <u>Section</u><u> </u><u>27.9</u> shall (notwithstanding anything to the contrary herein) constitute an amendment of relevant Specified Schedule with respect to the Specified Schedule Change memorialized in such emails.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)As soon as reasonably practicable after a Material Contract Cure Event, Aron shall initiate a Specified Schedule Change in accordance with this <u>Section 27.9</u> to effectuate a removal of the applicable Included Locations from <u>Schedule E</u> or <u>Schedule U</u>, as applicable, and such locations shall cease to constitute Included Locations for all purposes of the Transaction Documents; <u>provided</u> that, the effective date of such Specified Schedule Change shall be the date such Material Contract Cure Event occurred.

#### ARTICLE 28
<u>JOINT</u><u> </u><u>AND</u><u> </u><u>SEVERAL</u><u> </u><u>LIABILITY</u>

Notwithstanding anything herein or in any other Transaction Document to the contrary, each Transaction Party hereby agrees that where any obligations of any Transaction Party hereunder and under any other Transaction Document contemplate that either Transaction Party may perform such

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obligations, such obligations are joint and several in nature in all respects, including such Transaction Party's obligations in respect of the Transaction Guaranty. In addition, any agreement, notice, report or other document delivered by any Transaction Party hereunder or under any other Transaction Document shall (without duplication of any obligations of any Transaction Parties) be binding upon each Transaction Party as if delivered by such Transaction Party, regardless of whether such Transaction Party delivered such agreement, notice, report or other document or was aware or otherwise had knowledge of any information contained therein.

[*Remainder of Page Intentionally Left Blank*]

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#### EXHIBIT B

#### Exhibit II to Monetization Master Agreement
[*See attached*]

------

**EXHIBIT II**

#### FORM OF COMPLIANCE CERTIFICATE
, 20

Financial Statement Date:

To: J. Aron & Company LLC Ladies and Gentlemen:

Reference is made to that certain Monetization Master Agreement, dated as of January 17, 2024 (as amended, restated, extended, supplemented or otherwise modified in writing at any time and from time to time, the "<u>Agreement</u>") among Calumet, Inc., a Delaware corporation ("<u>Calumet Parent</u>"), Calumet Refining, LLC, a Delaware limited liability company, Calumet Shreveport Refining, LLC, a Delaware limited liability company and J. Aron & Company LLC, a New York limited liability company ("<u>J. Aron</u>"). Capitalized terms used but not otherwise defined herein have the meanings provided in the Agreement.

The undersigned Authorized Officer of Calumet Parent, on behalf of the Consolidated Parties, hereby certifies as of the date hereof that he/she is the of Calumet Parent, and that, as such, he/she is authorized to execute and deliver this Compliance Certificate on behalf of Calumet Parent to J. Aron, and that:

#### [ Use   following   paragraph   1   for   fiscal   year-end   financial statements ]
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Attached hereto as <u>Schedule 1</u> are the year-end audited financial statements required by Section 15.3(a)(i) of the Agreement for the Fiscal Year of Consolidated Parties ended as of the above financial statement date, together with the report and opinion of Ernst & Young LLP or other independent registered public accounting firm of nationally recognized standing required by such section.

#### [ Use   following   paragraph   1   for   fiscal   quarter-end   financial   statements ] <sup>1</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Attached hereto as <u>Schedule 1</u> are the unaudited financial statements required by Section 15.3(a)(ii) of the Agreement for the Fiscal Quarter of Consolidated Parties and portion of the Fiscal Year ended as of the above financial statement date. Such financial statements fairly present the financial condition, results of operations, partners' capital and cash flows of Consolidated Parties for such Fiscal Quarter and portion of such Fiscal Year in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions

![Graphic](clmt-20260331xex10d5132.jpg)

1 To be delivered only with respect to the first three Fiscal Quarters of each Fiscal Year of Consolidated Parties.

EXHIBIT II - COMPLIANCE CERTIFICATE - Page 1

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and condition (financial or otherwise) of Consolidated Parties during the accounting period covered by the attached financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A review of the activities of Consolidated Parties during such fiscal period has been made under the supervision of the undersigned with a view to determining whether during such fiscal period Consolidated Parties performed and observed all of their obligations under the Transaction Documents, and

#### [select one:]
[4.To the best knowledge of the undersigned during such fiscal period, no Default has occurred and is continuing.]

-or-

[4. Defaults have occurred and are continuing and <u>Annex A</u> contains a list of each Default and a description of its nature and status.]

[5. Attached hereto as <u>Schedule 2</u> are calculations demonstrating compliance with the financial covenant(s) set forth in <u>Section 15.5</u> of the Agreement as of the last day of such fiscal period.]<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Attached hereto as <u>Schedule</u><u> </u><u>3</u> are calculations of the Fixed Charge Coverage Ratio (Indenture) as of the last day of such Fiscal Quarter or the Fiscal Year, as applicable.

[Signature Page Follows]

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2 Only if Availability falls below the greater of (i) 10% of the Borrowing Base then in effect and (ii) $35,000,000 (which amount is subject to increase as provided in <u>Section 1.4</u> of the ABL Credit Agreement), maintain as of the end of each Fiscal Quarter (commencing with the Fiscal Quarter ending immediately prior to the Fiscal Quarter during which Availability falls below the threshold stated above) a Fixed Charge Coverage Ratio (ABL) of at least 1.0 to 1.0; <u>provided</u>, that if, after Availability falls below the amount calculated above, Availability subsequently exceeds the amount calculated above for thirty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) consecutive days, then Company Entities and their Restricted Subsidiaries shall not be required to maintain the Fixed Charge Coverage Ratio (ABL) set forth above until such time as Availability subsequently falls below the amount calculated above.

EXHIBIT II - COMPLIANCE CERTIFICATE - Page 2

------

**IN WITNESS WHEREOF**, the undersigned has executed this Compliance Certificate as of the date first written above.

#### CALUMET, INC.
By: Name: Title:

EXHIBIT II - COMPLIANCE CERTIFICATE - Page 3

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#### EXHIBIT C

#### Amendments to Annex I to the Monetization Master Agreement
[*See attached*]

------

**Exhibit C Conformed Copy through Second Omnibus Amendment Agreement dated March 30, 2026**

#### ADDED TEXT SHOWN UNDERSCORED DELETED TEXT SHOWN
**STRIKETHROUGH**

#### ANNEX I

#### Definitions
For purposes of the Covered Agreements the following terms shall have the meanings indicated

below:

"<u>ABL</u><u> </u><u>Agent</u>" means Bank of America, N.A., a national banking association.

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"<u>ABL Credit Agreement</u>" means (a) that certain Third Amended and Restated Credit Agreement, dated as of February 23, 2018, by and among MLP Parent and certain of its subsidiaries as borrowers, certain of its subsidiaries as guarantors, the lenders thereto, the ABL Agent, JPMorgan Chase Bank, N.A and Wells Fargo Bank, N.A., as co-syndication agents, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement, dated as of September 4, 2019, as amended by that certain Consent and Amendment No. 2 to Third Amended and Restated Credit Agreement, dated as of November 18, 2021, as further amended by that certain Third Amendment to Third Amended and Restated Credit Agreement, dated as of January 20, 2022, as further amended by that certain Fourth ABL Credit Agreement Amendment, dated as of January 17, 2024 and, as further amended by that certain Fifth ABL Credit Agreement Amendment, dated as of July 10, 2024<u>,</u><u> </u><u>by</u> and <u>among</u><u> </u><u>Calumet</u><u> </u><u>Parent</u><u> </u><u>and</u><u> </u><u>certain</u> <u>of its subsidiaries as borrowers, MLP Parent, certain of its subsidiaries as guarantors, the lenders thereto,</u> <u>the ABL Agent, JPMorgan Chase Bank, N.A and Wells Fargo Bank, N.A., as co-syndication agents, as</u> <u>further amended by the certain Consent and Sixth Amendment to Third Amended and Restated Credit</u> <u>Agreement, dated as of September 30, 2024, as further amended by that certain Seventh Amendment to</u> <u>Third Amended and Restated Credit Agreement, dated as of January 6, 2025, as further amended by that</u> <u>certain Eighth Amendment to Third Amended and Restated Credit Agreement, dated as of July 25, 2025,</u> <u>by and among Calumet Parent and certain of its subsidiaries as borrowers, certain of its subsidiaries as</u> <u>guarantors, the lenders thereto, the ABL Agent, JPMorgan Chase Bank, N.A and Wells Fargo Bank,</u> <u>N.A., as co-syndication agents, as further amended by that certain Ninth Amendment to Third Amended</u> <u>and Restated Credit Agreement, dated as of January 23, 2026, by and among Calumet Parent, certain of</u> <u>its subsidiaries as borrowers, the lenders thereto, and the ABL Agent, and as further amended by that</u> <u>certain Tenth Amendment to Third Amended and Restated Credit Agreement, dated as of March 12,</u> <u>2026, by and among Calumet Parent, certain of its subsidiaries as borrowers, the lenders thereto, and the</u> <u>ABL Agent,</u> (b) unless otherwise specifically referenced, any credit agreement or other agreement evidencing Refinancing Indebtedness as permitted pursuant to Section 15.4(c)(ii) of the Monetization Master Agreement in respect of the Indebtedness under clause (a).

"<u>ABL Credit Documents</u>" has the meaning (a) assigned to the term "Credit Documents" in the ABL Credit Agreement and (b) unless otherwise specifically referenced, any other "credit documents" or similar term under any credit agreement or other agreement evidencing Refinancing Indebtedness as permitted pursuant to Section 15.4(c)(ii) of the Monetization Master Agreement in respect of the Indebtedness under clause (a) of the definition of "ABL Credit Agreement".

"<u>Accepted Industry Practice</u>" means those practices, methods, specifications and standards of health, safety and performance, as the same may be changed from time to time, as are commonly used in

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the operation and maintenance of assets similar to the Refinery and Terminal Assets. "Accepted Industry Practice" contemplates the exercise of that degree of skill, care, diligence, prudence and foresight that would reasonably and ordinarily be expected under similar circumstances in the refining industry in the same type of undertaking under the same or similar circumstances. "Accepted Industry Practice" does not necessarily mean one particular practice, method, specification or standard in all cases, but is instead intended to encompass a broad range of acceptable practices, methods, specifications and standards.

"<u>Accounts</u>" means all present and future accounts, as defined in the UCC, of the Transaction

Parties.

"<u>Acquisition</u>" means the purchase or other acquisition (in one transaction or a series of transactions, including pursuant to any merger or consolidation) of all or substantially all the issued and outstanding Equity Interests in, or all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of), any Person.

"<u>Actual Step-In Value</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Actual Step-Out Index Amount</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Actual Step-Out Value</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Additional Financing Agreement</u>" means any credit agreement, indenture or other financing agreement (including, without limitation, the ABL Credit Documents, the Senior Notes Agreements and the Senior Secured Notes Agreements) under which any of the Company Entities or any of its Affiliates may incur or become liable for indebtedness for borrowed money (including capitalized lease obligations and reimbursement obligations with respect to letters of credit) in excess of $25,000,000, but only if the covenants thereunder limit or otherwise apply to any of the business, assets or operations of the Company Entities and/or any of its Restricted Subsidiaries.

"<u>Additional Termination Event</u>" has the meaning specified in the definition of "ISDA Master Agreement Termination Event."

"<u>Additional Transaction</u>" has the meaning specified in the Marketing and Sales Agreement. "<u>Advance</u>" means any Interim Lien Settlement to be paid by Aron, as determined in accordance

with <u>Section</u><u> </u><u>5</u> of the Financing Agreement and <u>Article 8</u> of the Monetization Master Agreement.

"<u>Advance</u><u> </u><u>Payment</u>" has the meaning specified in the definition of "Advance Payment Contract". "<u>Advance Payment Contract</u>" means any take-or-pay or similar contract whereby a Transaction

Party agrees to make a defined payment (whether at the time the contract is entered into or in the future) as payment-in-full for the purchase of present or future delivery of Feedstock, Products or any other commodities (each, an "<u>Advance Payment</u>"), and to accept delivery of such Feedstock, Products or other commodities at some future time in excess of three (3) months after the making of such defined payment.

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<u>"Advance Rate Reduction Trigger Date" has the meaning specified in Section 8.10(a) of the</u> <u>Monetization Master Agreement.</u>

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"<u>Adverse Proceeding</u>" means any action, suit, proceeding, hearing or investigation, in each case whether administrative, judicial or otherwise, by or before any Governmental Authority or any arbitrator, that is pending or, to the knowledge of the applicable Party, threatened in writing against or affecting such Party or any property of such Party.

"<u>Affected</u><u> </u><u>Advances</u>" as defined in <u>Section</u><u> </u><u>7.11(b)</u> of the Financing Agreement.

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"<u>Affected Financial Institution</u>" means any EEA Financial Institution or UK Financial Institution.

"<u>Affected</u><u> </u><u>Lender</u>" as defined in <u>Section</u><u> </u><u>7.11(b)</u> of the Financing Agreement.

"<u>Affected Obligations</u>" has the meaning specified in <u>Section 10.3</u> of the Supply and Offtake Agreement.

"<u>Affected Party</u>" has the meaning specified in <u>Section 10.1</u> of the Supply and Offtake Agreement.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by or under common Control with the Person specified.

"<u>After-Tax Basis</u>" means any adjustment to an indemnity payment under any Covered Agreement necessary to reflect any net increase in Taxes of the recipient (other than taxes based on the net income or net profits of the recipient) of such payment as a result of receiving such payment, provided that such adjustment shall be reduced dollar for dollar for each dollar of increase in Taxes that would not have occurred had the transaction with respect to which such indemnity payment is to be made, been performed in accordance with its terms.

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"<u>Aggregate Borrowing Base</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as of the Commencement Date).

"<u>Aggregate</u><u> </u><u>Feedstock</u><u> </u><u>Purchase</u><u> </u><u>Proceeds</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> to the Monetization Master Agreement.

"<u>Aggregate</u><u> </u><u>Feedstock</u><u> </u><u>Sale</u><u> </u><u>Receipts</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> to the Monetization Master Agreement.

"<u>Aggregate</u><u> </u><u>Monthly</u><u> </u><u>Net</u><u> </u><u>Group</u><u> </u><u>Sales</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> of the Monetization Master Agreement.

"<u>Aggregate Monthly Products Sales Fee</u>" has the meaning specified in <u>Section 9.7</u> of the Supply and Offtake Agreement.

"<u>Aggregate</u><u> </u><u>Product</u><u> </u><u>Purchase</u><u> </u><u>Proceeds</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> to the Monetization Master Agreement.

"<u>Aggregate Product Sale Receipts</u>" has the meaning specified in <u>Schedule C</u> to the Monetization Master Agreement.

"<u>Aggregate</u><u> </u><u>Provisional</u><u> </u><u>Price</u><u> </u><u>Adjustment</u><u> </u><u>Interim</u><u> </u><u>Amount</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

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"<u>Aggregate</u><u> </u><u>Provisional</u><u> </u><u>Quantity</u><u> </u><u>Change</u><u> </u><u>Settlement</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> of the Monetization Master Agreement.

"<u>Agreed Roll Differential</u>" has the meaning specified in <u>Schedule Y</u> of the Monetization Master Agreement.

"<u>Agreed Roll Volume</u>" has the meaning specified in <u>Schedule Y</u> of the Monetization Master Agreement.

"<u>Agreement</u>" has the meaning, for each Covered Agreement, specified in the preamble to such Covered Agreement.

"<u>Ancillary Contract</u>" has the meaning specified in <u>Section 17.1(c)</u> of the Monetization Master Agreement.

"<u>Ancillary Costs</u>" means, to the extent reasonably demonstrated by Aron by trade ticket (including any Trade Ticket), invoice or other supporting documentation, all freight, pipeline, transportation, storage, tariffs and other costs and expenses incurred as a result of the purchase, sale, funding, movement or storage of Feedstock or Products undertaken in connection with or required for purposes of the Transaction Documents (whether or not arising under Aron Procurement Contracts and regardless of the point at which or terms upon which delivery is made under any such Aron Procurement Contract), including ocean-going freight and other costs associated with waterborne movements, inspection costs and fees, wharfage, port and dock fees, vessel demurrage, lightering costs, ship's agent fees, import charges, waterborne insurance premiums, fees and expenses, broker's and agent's fees, load or discharge port charges and fees, pipeline transportation costs, pipeline transfer and pumpover fees, pipeline throughput and scheduling charges (including any fees and charges resulting from changes in nominations undertaken to satisfy delivery requirements under the Transaction Documents), pipeline and other common carrier tariffs, blending, tankage, linefill and throughput charges, pipeline demurrage, superfund and other comparable fees, processing fees (including fees for water or sediment removal or Feedstock decontamination or Product decontamination), merchandise processing costs and fees, any charges imposed by any Governmental Authority (including Non-Income Taxes and customs and other duties), user fees, fees and costs for any credit support provided to any third party with respect to any transactions contemplated by the Transaction Documents, any costs or expenses incurred in connection with any of the Base Agreements or Required Storage and Transportation Arrangements (including without limitation any costs or expenses incurred in connection with administering or exercising Aron's rights under any such agreements and any pipeline compensation or reimbursement payments that are not timely paid by the pipeline to Aron), any costs related to the movement of Feedstock on the WTG Included Location pursuant to Section 8.3 of the Supply and Offtake Agreement and any other expenses, fees or costs that are stated to be Ancillary Costs in the Transaction Documents. Notwithstanding the foregoing, the following shall not be considered Ancillary Costs: (i) Aron's hedging costs in connection with the Supply and Offtake Agreement or the transactions contemplated hereby (but such exclusion shall not change or be deemed to change the manner in which losses, costs, and damages in connection with hedges and related trading positions are addressed under Articles 16 and 17 of the Monetization Master Agreement), (ii) any Product shipping costs of Aron, to the extent incurred after Aron has removed such Product from the Storage Facilities for its own account pursuant to the Marketing and Sales Agreement and (iii) except in connection with inspections conducted pursuant to the Inventory Sales Agreement and as expressly agreed by the Transaction Parties (including pursuant to the terms of the Transaction Documents), any costs and expenses of Aron's Inspector limited as provided in the Transaction Documents.

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"<u>Anti-Corruption Laws</u>" means the United States Foreign Corrupt Practices Act of 1977 and any other applicable anti-bribery, anti-money laundering or anti-corruption laws, rules, regulations and orders.

"<u>Anti-Terrorism Law</u>" means any law relating to terrorism or money laundering, including the Patriot Act.

"<u>API Standards</u>" means those standards published by the American Petroleum Institute with respect to the measurement of Feedstock and Products.

"<u>Applicable Law</u>" means (a) any law, statute, regulation, code, ordinance, license, decision, order, writ, injunction, decision, directive, judgment, policy, decree of any Governmental Authority and any judicial or administrative interpretations thereof, (b) any agreement, concession or arrangement with any Governmental Authority and (c) any license, permit or compliance requirement of any Governmental Authority, including Environmental Law, in each case as may apply to the applicable Party or the subject matter of the Transaction Documents.

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"<u>Applicable</u><u> </u><u>Spread</u>" means has the meaning assigned to such term in the Fee Letter.

"<u>Aron</u>" has the meaning specified in the preamble to each Covered Agreement.

"<u>Aron Default Interest Rate</u>" means a per annum rate equal to the lesser of (a) a per annum rate of interest equal to the <u>sum of</u> (i) the per annum rate of interest calculated on a daily basis using the prime rate published in the *Wall Street Journal* for the applicable day (with the rate for any day for which such rate is not published being the rate most recently published) <u>plus</u> (ii) the Default Interest Rate Spread and (b) the maximum rate of interest permitted by Applicable Law.

"<u>Aron EoD</u>" has the meaning specified in <u>Section 16.1(b)</u> of the Monetization Master Agreement.

"<u>Aron Feedstock Purchases</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Aron Feedstock Sales</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Aron Procurement Contract</u>" means a procurement contract entered into by Aron for the purchase or sale of Feedstock to be processed or sold at the Refinery, which may be (a) a contract with any Third Party Supplier of Feedstock (other than a Transaction Party or an Affiliate of a Transaction Party), including Commencement Date Aron Procurement Contracts or (b) a contract with a Transaction Party (or an Affiliate of a Transaction Party) or such other contract to the extent the Parties deem such contract to be an Aron Procurement Contract for purposes hereof.

"<u>Aron's Inspector</u>" means any Person selected by Aron that is acting as an agent for Aron to perform any inspections required by Aron that (a) is a Person that is a U.S. Customs Approved Independent Inspection Company who performs sampling, quality analysis and quantity determination of the Feedstock and Products subject to the Transaction Documents, (b) is not an Affiliate of any Party and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the reasonable judgment of Aron, is qualified and reputed to perform its services in accordance with Applicable Law and customary industry practice.

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"<u>Aron's Policies and Procedures</u>" shall have the meaning specified in <u>Section 12.4(a)</u> of the Monetization Master Agreement.

"<u>Aron's Property</u>" has the meaning specified in <u>Section 11.3</u> of the Supply and Offtake Agreement.

"<u>Arrangement</u><u> </u><u>Fee</u>" has the meaning assigned to such term in the Fee Letter.

"<u>Assignment</u><u> </u><u>of</u><u> </u><u>Claims</u><u> </u><u>Act</u>" means the Assignment of Claims Act of 1940, as it may be amended from time to time, together with all regulations promulgated from time to time in respect thereof.

"<u>Attributable Indebtedness</u>" means as of any date of determination, (a) in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease.

"<u>Audited Financial Statements</u>" means the audited consolidated balance sheet of the Consolidated Parties for the Fiscal Year ended December 31, 2022, and the related consolidated statements of income or operations, partners' capital and cash flows for such Fiscal Year of the Consolidated Parties, including the notes thereto.

"<u>Authorized Officer</u>" means, with respect to any Person, any Responsible Officer of such Person and any individual holding the position of secretary, assistant secretary, executive vice president or senior vice president of such Person; <u>provided</u> that, when such term is used in reference to any document executed by, or a certification of, an Authorized Officer, the secretary or assistant secretary of such Person shall have delivered an incumbency certificate as to the authority of such individual.

"<u>Availability</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as of the Commencement Date).

"<u>Bailee's Letter</u>" means each bailee's letter in form and substance reasonably satisfactory to Aron, entered into from time to time among the owner of an Included Lien Location, Aron and the applicable Transaction Party.

"<u>Bank</u><u> </u><u>Product</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as of the Commencement Date).

"<u>Bank Product Indebtedness</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as of the Commencement Date).

"<u>Bankrupt</u>" means that a Person (a) is dissolved, other than pursuant to a consolidation, amalgamation or merger, (b) becomes insolvent or is unable to pay its debts or fails, or admits in writing its inability, generally to pay its debts as they become due, (c) makes a general assignment, arrangement or composition with or for the benefit of its creditors, (d) institutes a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, (e) has a resolution passed for its winding-up, official management or liquidation, other than pursuant to a consolidation, amalgamation or merger, (f) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for all or substantially all of

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its assets, (g) has a secured party take possession of all or substantially all of its assets, or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all of its assets, (h) files an answer or other pleading admitting or failing to contest the allegations of a petition filed against it in any proceeding of the foregoing nature, (i) causes or is subject to any event with respect to which, under Applicable Law, has substantially the same effect as any of the foregoing events, (j) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy under any bankruptcy or insolvency law or other similar law affecting creditors' rights and such proceeding is not dismissed within sixty (60) days or (k) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing events.

"<u>Bankruptcy Code</u>" means chapter 11 of Title 11, U.S. Code. "<u>Barrel</u>" means forty-two (42) net U.S. gallons, measured at 60° F.

"<u>Base Agreements</u>" means any agreements entered into between any Transaction Party and a third party pursuant to which such Transaction Party acquires any rights to use the Included Third Party Product Tanks, Included Third Party Feedstock Storage Tanks, Included Product Title Pipelines, Included Feedstock Title Pipelines or any Included Lien Locations.

"<u>Benchmark</u>" means the SOFR Rate, <u>provided</u> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, then, pursuant to terms and according to Section 7.15 of the Financing Agreement, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder in respect of such determination on such date and all determinations on all subsequent dates.

"<u>Benchmark Replacement</u>" means, for any Interest Period, the sum of: (a) the alternate benchmark rate that has been selected by Aron and the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar denominated syndicated or bilateral credit facilities at such time and (b) the related Benchmark Replacement Adjustment; <u>provided</u> that, if the Benchmark Replacement as determined above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents.

"<u>Benchmark Replacement Adjustment</u>" means, for any Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by Aron and the Company for the applicable Corresponding Tenor giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar denominated syndicated or bilateral credit facilities at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Interest Period," timing and frequency of determining rates and making payments of interest and other

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administrative matters) that Aron decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Aron in a manner substantially consistent with market practice (or, if Aron decides that adoption of any portion of such market practice is not administratively feasible or if Aron determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as Aron decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).

"<u>Benchmark Replacement Date</u>" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in the case of clause (c) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"<u>Benchmark Transition Event</u>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

"<u>Beneficial</u><u> </u><u>Ownership</u><u> </u><u>Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Best Available Inventory Data</u>" means daily and monthly inventory reports produced by the applicable Transaction Party or third parties in respect of the Included Locations, in the form specified in <u>Schedule W</u> of the Monetization Master Agreement.

"<u>Board of Directors</u>" means (a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board, (b) with respect to a

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partnership, the board of directors or board of managers of the general partner of the partnership or, if such general partner is itself a limited partnership, then the board of directors or board of managers of its general partner, (c) with respect to a limited liability company, the board of managers or directors, the managing member or members or any controlling committee of managing members thereof, and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

"<u>Board</u><u> </u><u>of</u><u> </u><u>Governors</u>" means the Board of Governors of the Federal Reserve System.

"<u>Board Resolution</u>" means a resolution certified by the Secretary or an Assistant Secretary of Calumet Parent to have been duly adopted by the Board of Directors of Calumet Parent and to be in full force and effect on the date of such certification.

"<u>Bond Documents</u>" means, collectively, (a) the Senior Notes Agreements and (b) the Senior Secured Notes Agreements.

"<u>Borrowed</u><u> </u><u>Money</u>" means with respect to any Company Entity or Restricted Subsidiary, without duplication, its (a) outstanding principal amount of Indebtedness (other than, for purposes of determining Indebtedness of the Company Entities and Restricted Subsidiaries on a consolidated basis and for purposes of the definitions of the terms "<u>Consolidated Interest Charges</u>" and "<u>Fixed Charges</u>", intercompany Indebtedness) (i) that arises from the lending of money by any Person to any such Company Entity or Restricted Subsidiary, (ii) that is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, or (iii) in respect of the deferred purchase price for Property; (b) Capital Leases; (c) outstanding reimbursement obligations with respect to amounts drawn or paid by the issuer to the beneficiary under letters of credit; and (d) guaranties of any outstanding Indebtedness of the foregoing types owing by another Person.

"<u>Borrowing</u>" means Advances that constitute Lien Amounts and are of the same Type made or continued on the same date.

"<u>Borrowing</u><u> </u><u>Base</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as of the Commencement Date).

"<u>Brown Station</u>" means the real property as more fully described in the Brown Station Leases. "<u>Brown</u><u> </u><u>Station</u><u> </u><u>Leases</u>" means (a) that certain Lease Agreement dated effective as of July 25,

1975, by and among Georgie H. Chandler, Johnston Harman Chandler, Georgiann Chandler Lamb and

Betsy Chandler Peatross (collectively, together with any successor(s) in interest thereof, whether one or more, the "Chandlers"), as lessor, and Falco, Inc., as lessee, such lease agreement recorded under Instrument Number 660685 in the Records of Caddo Parish, Louisiana, as amended by that certain Act of Correction and Amendment dated effective as of July 23, 1980 and recorded under Instrument Number 839813 in the records of Caddo Parish, Louisiana, and (b) that certain Lease Agreement dated effective as of July 18, 1980, by and among the Chandlers, as lessor, and J.E. Fowler Petroleum Products, Inc., as lessee, such lease recorded under Instrument Number 839814 in the Records of Caddo Parish, Louisiana, in each case, as assigned to EOTT Energy Operating Limited Partnership, a Delaware limited partnership ("<u>EOTT</u>"), each of (a) and (b) as further assigned pursuant to that certain Conveyance, Assignment and Bill of Sale, dated as of May 30, 2001, by and between EOTT and Calumet Refining (as successor-in-interest to Calumet Lubricants Co., L.P.), and as subleased to Aron pursuant to the Brown Station Sublease.

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"<u>Brown Station Notice of Sublease</u>" mean that certain Notice of Sublease, dated as of the Commencement Date, by and among the Transaction Parties and Aron, to be recorded in by the Caddo Clerk of Court in the Parish of Caddo, Louisiana.

"<u>Brown Station Sublease</u>" means that certain Sublease Agreement, dated as of the Commencement Date, by and among the Transaction Parties and Aron.

"<u>BS&W</u>" means basic sediment and water.

"<u>BS&W Specified Included Locations</u>" has the meaning specified in Schedule W-2.

"<u>Business Day</u>" means any day other than a Saturday or Sunday, a day that is a legal holiday under the laws of the State of New York or a day on which banking institutions located in such State are authorized or required by law to remain closed.

"<u>Buyer</u>" has the meaning set forth in the preamble to the Inventory Sales Agreement. "<u>Calumet</u><u> </u><u>Finance</u>" means Calumet Finance Corp., a Delaware limited liability company.

![Graphic](clmt-20260331xex10d5383.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

![Graphic](clmt-20260331xex10d5385.jpg)

<u>"Calumet Montana" means Calumet Montana Refining, LLC, a Delaware limited liability</u> company.

![Graphic](clmt-20260331xex10d5386.jpg)

"Calumet GP" means Calumet GP, LLC, a Delaware limited liability company, and its successors and permitted assigns as general partner of MLP Parent or as the business entity with the authority to manage the business and operations of MLP Parent.

"<u>Calumet Parent</u>" has the meaning specified in the preamble to the Monetization Master Agreement.

"<u>Capital Lease</u>" means any lease of any Property (whether real, personal or mixed, and whether in connection with a Sale and Leaseback Transaction or otherwise) with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP, other than an Operating Lease.

"<u>Carrier Notice</u>" means a notice from a Transaction Party to a carrier on which Feedstock is or may be transported in the form of <u>Exhibit I</u> to the Financing Agreement or otherwise in form and substance reasonably satisfactory to Aron.

"<u>Carrying Value</u>" has the meaning specified in <u>Schedule K</u> of the Monetization Master Agreement.

"<u>Cash</u>" means money, currency or a credit balance in any demand or deposit account.

"<u>Cash Equivalents</u>" means, as of any date of determination, (a) marketable securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from the date of acquisition, (b) Dollar denominated time deposits and certificates of deposit of (i) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or (ii) any bank (or parent company thereof) whose short-term commercial paper rating from S&P is at least A-2 or the equivalent thereof or from Moody's is at least P-2 or the equivalent thereof (any such bank being an "<u>Approved Bank</u>"), in each case with maturities of not more than two hundred seventy (270) days from the date of acquisition and (unless

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issued by a Lender) not subject to offset rights, (c) with respect to any Foreign Subsidiary, (i) time deposits and customary short term investments with one of the five largest banks doing business in the jurisdiction in which the Foreign Subsidiary is conducting business, and (ii) other short term investments customarily used by multinational corporations in the country in which the Foreign Subsidiary is conducting business for the purpose of cash management, which investments have the preservation of capital as their primary objective, (d) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better by Moody's and maturing within six months of the date of acquisition, (e) repurchase agreements entered into by any Person with a bank or trust company or recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations having a term of not more than thirty (30) days and issued by or fully guaranteed by the United States in which such Person shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations, and (f) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are not subject to offset and are administered by reputable financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to Investments whose primary objective is the preservation of capital and whose investments are limited to "cash equivalents" as defined under GAAP.

"<u>Cash Management Services</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as of the Commencement Date).

"<u>Change</u><u> </u><u>in</u><u> </u><u>Law</u>" means the occurrence, after the Commencement Date, of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adoption or taking effect of any rule, regulation, treaty or other law, (b) any change in any rule, regulation, treaty or other law or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; <u>provided</u> that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted, promulgated or issued.

"<u>Change</u><u> </u><u>of Control</u>" means occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the direct or indirect Disposition (other than by way of merger or consolidation permitted hereunder), in one or a series of related transactions, of all or substantially all of the Properties or assets of Consolidated Parties taken as a whole, to any "person" (as that term is defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the adoption of a plan relating to the liquidation or dissolution of Calumet Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the consummation of any transaction (including any merger or consolidation), in one or a series of related transactions, the result of which is that any "person" (as that term is defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended), excluding the Qualifying Owners, becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of either Calumet Parent or Calumet GP, measured by voting power rather than number of shares, units or the like; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the first day on which a majority of the members of the Board of Directors of Calumet Parent cease to be composed of individuals (i) who were members of that board on the Commencement Date, (ii) whose election or nomination to that board was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or (iii) whose election or nomination to that board was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the occurrence of a "Change of Control" (or any comparable term) under, and as defined or used in, any ABL Credit Document, Senior Notes Indenture, the Senior Secured Notes Indenture or any Refinancing Indebtedness.

Notwithstanding the preceding, a conversion of any of Consolidated Parties from a limited partnership, corporation, limited liability company or other form of entity to a limited liability company, corporation, limited partnership or other form of entity or an exchange permitted by the terms hereof of all of the outstanding Equity Interests in one form of entity for Equity Interests in another form of entity shall not constitute a Change of Control, so long as (i) with respect to any such conversion involving a Company Entity, Aron shall have received such documents, instruments or other information as are necessary or desirable to continue the perfection and first priority status of its Liens, as contemplated herein, subject to Permitted Liens, or as Aron may otherwise reasonably request and, if requested by Aron, a legal opinion in form and substance reasonably satisfactory to Aron, and (ii) immediately following such conversion or exchange the "persons" (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) who beneficially owned the Equity Interests of Calumet Parent immediately prior to such transactions continue to beneficially own in the aggregate more than 50% of the Voting Stock of such entity, or continue to beneficially own sufficient Equity Interests in such entity to elect a majority of its directors, managers, trustees or other persons serving in a similar capacity for such entity or its general partner, as applicable, and, in either case no "person," other than a Qualifying Owner, beneficially owns more than 50% of the Voting Stock of such entity or its general partner, as applicable.

"<u>Collateral</u>" has the meaning specified in the Lien Documents.

"<u>Commencement</u><u> </u><u>Date</u>" means the date on which all conditions set forth in <u>Section 2.1</u> and <u>2.2</u> of the Monetization Master Agreement shall have been satisfied (or waived in writing by the Person with the right to waive such condition) by the Parties.

"<u>Commencement Date Feedstock Lien Volumes</u>" means the total quantity of Feedstock in the Included Lien Locations or that constitutes Eligible In-Transit Inventory on the Commencement Date.

"<u>Commencement Date Feedstock Volumes</u>" means the total quantity of Feedstock in the Included Feedstock Title Locations on the Commencement Date.

"<u>Commencement Date Lien Value</u>" means, with respect to the Commencement Date Lien Volumes, (a) initially, the Estimated Commencement Date Lien Value until the Definitive Commencement Date Lien Value has been determined and (b) thereafter, the Definitive Commencement Date Lien Value.

"<u>Commencement Date Lien Volumes</u>" means, collectively, the Commencement Date Feedstock Lien Volumes and the Commencement Date Products Lien Volumes.

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"<u>Commencement Date Products Lien Volumes</u>" means, for Products in each Product Group, the total quantities of such Products in the Included Lien Locations or that constitute Eligible In-Transit Inventory on the Commencement Date.

"<u>Commencement Date Products Volumes</u>" means the total quantities of the Products in the Included Product Title Locations on the Commencement Date.

"<u>Commencement Date Value</u>" means, with respect to the Commencement Date Volumes, (a) initially, the Estimated Commencement Date Value until the Definitive Commencement Date Value has been determined and (b) thereafter, the Definitive Commencement Date Value.

"<u>Commencement Date Volumes</u>" means, collectively, the Commencement Date Feedstock Volumes and the Commencement Date Products Volumes.

"<u>Commingled Locations</u>" means such Included Title Locations as are set forth on Schedule C to the Supply and Offtake Agreement; <u>provided</u> that for the avoidance of doubt, any Feedstock or Products that are commingled with the feedstock or products of third parties in any Commingled Locations shall be commingled in the same tanks or storage facilities, as applicable, in which such feedstock or products are held or stored, respectively.

"<u>Commitment</u>" means any commitment to make Advances in respect of Interim Lien Settlement and any other commitment to make any Credit Extension at any time pursuant to the terms of the Financing Agreement.

"<u>Commodity</u><u> </u><u>Account</u>" has the meaning specified in the UCC.

"<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"<u>Commodity Forward Agreement</u>" has the meaning specified in <u>Section 12.2(f)(i)</u> of the Supply and Offtake Agreement.

"<u>Commodity Forward Settlement Amount</u>" has the meaning specified in <u>Section 12.2(e)</u> of the Supply and Offtake Agreement.

"<u>Commodity Forward Transaction</u>" has the meaning specified in <u>Section 12.2(e)</u> of the Supply and Offtake Agreement.

"<u>Company</u>" has the meaning specified in the preamble to the Monetization Master Agreement. "<u>Company</u><u> </u><u>Entities</u>" has the meaning specified in the preamble to the Monetization Master

Agreement.

"<u>Company Purchase Agreement</u>" has the meaning specified in the Marketing and Sales Agreement.

"<u>Company Sourcing Transaction</u>" has the meaning specified in <u>Section 15.1(f)</u> of the Monetization Master Agreement.

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"<u>Compliance Certificate</u>" means Compliance Certificate to be provided by Calumet Parent, on behalf of the Company Entities and their Restricted Subsidiaries, to Aron pursuant to this Agreement, in substantially the form of <u>Exhibit II</u> of the Monetization Master Agreement, and all supporting schedules.

"<u>Compliance</u><u> </u><u>Year</u>" means any compliance period under the RFS Regulations consisting of one

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) complete calendar year.

"<u>Compounded</u><u> </u><u>SOFR</u>" means the rate calculated by Aron to be the "USD-SOFR-OIS Compound" rate as defined in the ISDA Definitions; <u>provided</u>, however, that for purposes of such definition (a) the term "Calculation Period" shall mean, with respect to any date on which a payment is due, the applicable month, except for the initial Calculation Period, which shall be the period from the Commencement Date until the end of the month in which the Commencement Date occurs, and (b) the term "Underlying Benchmark" shall mean SOFR.

"<u>Confirmation</u>" has the meaning specified in <u>Section 4.2(g)(i)</u> of the Supply and Offtake Agreement.

"<u>Connection Income Tax</u>" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"<u>Consolidated Interest Charges</u>" means, for any period, for the Company Entities and their Restricted Subsidiaries on a consolidated basis, without duplication, the sum of (a) all interest, premium payments, debt discount, fees, charges and related expenses of the Company Entities and Restricted Subsidiaries in connection with Borrowed Money (including capitalized interest, the interest component under Capital Leases and the implied interest component of Synthetic Lease Obligations) or in connection with the deferred purchase price of assets, in each case net of the effect of all payments made or received pursuant to Interest Rate Swaps and to the extent treated as interest in accordance with GAAP, and (b) the portion of rent expense of the Company Entities and their Restricted Subsidiaries with respect to such period under Capital Leases that is treated as interest in accordance with GAAP.

"<u>Consolidated Net Tangible Assets</u>" means, as of any date of determination, for the Company Entities and their Restricted Subsidiaries on a consolidated basis, the aggregate amount of total assets included in such Person's most recent quarterly or annual consolidated balance sheet prepared in accordance with GAAP less applicable reserves reflected in such balance sheet, after deducting the following amounts: (a) all current liabilities reflected in such balance sheet, and (b) all goodwill, trademarks, patents, unamortized debt discounts and expenses and other like intangibles reflected in such balance sheet.

"<u>Consolidated Parties</u>" means Calumet Parent and the Subsidiaries of Calumet Parent, and "Consolidated Party" means any one of them.

"<u>Contract Nominations</u>" has the meaning specified in <u>Section 4.3(b)</u> of the Supply and Offtake Agreement.

"<u>Contractual Obligation</u>" means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

"<u>Contribution Percentage 1</u>" and "<u>Contribution Percentage 2</u>" have the meanings specified for such terms on <u>Schedule B</u> to the Monetization Master Agreement.

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"<u>Control</u>" means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ability to exercise voting power, the ownership of Securities, by contract, or otherwise. The words "Controlling", "Controlled by" and "under common Control with" have correlative meanings.

"<u>Conversion Date</u>" means the Closing Date (as defined in the PRA (as defined below)) of the Partnership Restructuring Agreement, dated as of November 9, 2023, among MLP Parent, Calumet GP and the other Persons party thereto (the "<u>PRA</u>").

"<u>Corresponding Tenor</u>" means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable accrual period with respect to the then-current Benchmark.

"<u>Costs</u>" has the meaning specified in the definition of "Liabilities."

"<u>Counterparty Feedstock Sales</u>" means all sales of Barrels of Feedstock under Included Feedstock Sales Transactions made by Aron during any month at the direction of any Transaction Party to a counterparty other than a Transaction Party or one of its Affiliates.

"<u>Counterparty Feedstock Sales Fee</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Counterparty Requirements</u>" means, as of any date of determination, any of the following requirements, in each case as consistently applied by Aron: (a) prior or current interactions between Aron and any Person, (b) the presence or absence of trading documentation between Aron and any Person, (c) the presence or absence of a pre-existing trading relationship with any Person or the suitability of the proposed Person for the relevant transaction, (d) satisfactory completion of any reasonable and customary due diligence performed by Aron in connection with such Person or an associated transaction, including, without limitation, as to such Person's creditworthiness and other risk analyses (including credit quality and credit limits), (e) satisfaction of Aron's internal requirements and policies as they relate to any applicable "know-your-customer" rules, anti-money laundering policies and procedures, laws, rules and regulations (including without limitation, the PATRIOT Act, and rules and regulations of OFAC) and other similar client identification and business conduct standard and dealing policies and procedures (including reputational considerations), (f) delivery to Aron of all material documentation and other information required by such policies and procedures referred to in <u>clause (e)</u> of this definition and applicable regulatory authorities and (g) reputational considerations of any Person.

"<u>Covered</u><u> </u><u>Agreement</u>" means each agreement containing terms defined in this Annex I, including the Monetization Master Agreement, the Supply and Offtake Agreement, the Financing Agreement, the Marketing and Sales Agreement, the Storage Facilities Agreement, the Inventory Sales Agreement and the Intercreditor Agreement.

"<u>Covered Entity</u>" means any of the following: (a) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Credit Date</u>" means the date of any Credit Extension.

"<u>Credit Enhancement</u>" means any credit enhancement or credit support arrangement in support of the obligations of Aron under or with respect to the Supply and Offtake Agreement, the Inventory

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Sales Agreement or the Step-Out Inventory Sales Agreement, including any guarantee, collateral arrangement (including any pledge, charge, mortgage or other security interest in collateral or title transfer arrangement), trust or similar arrangement, letter of credit, transfer of margin or any similar arrangement.

"<u>Credit</u><u> </u><u>Extension</u>" means the making of an Advance.

"<u>Credit Facilities</u>" means (a) one or more debt facilities (including, without limitation, the ABL Credit Agreement), commercial paper facilities, loan agreements, or other financing agreements in each case the majority of the loans or commitments under which, as of the date of the closing of such facilities or agreements, are provided by commercial banks, by affiliates of commercial banks customarily engaging in making or providing commercial loans or other financing, or by governmental authorities, and which facilities or agreements provide for revolving credit loans, term loans, or letters of credit or similar financing arrangements in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time, and (b) one or more indentures providing for the sale or issuance of debt securities to institutional investors; <u>provided,</u> that immediately after giving effect to the incurrence of the Indebtedness under such indentures and the application of the proceeds thereof, the majority of the outstanding Indebtedness (including the Indebtedness under such indentures) and undrawn commitments that could then be incurred by the Company Entities or their Restricted Subsidiaries under the terms of such Credit Facility, in each case pursuant to Section 15.3(c)(xvi) of the Monetization Master Agreement, are provided by commercial banks, by affiliates of commercial banks customarily engaging in making or providing commercial loans or other financing, or by governmental authorities, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.

"<u>CT</u>" means the prevailing time in Shreveport, Louisiana.

"<u>Current Month Value</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Customer</u>" has the meaning specified in the Marketing and Sales Agreement.

"<u>Customs Broker</u>" means any customs broker approved from time to time by Aron in its sole discretion.

"<u>Customs Broker Agreement</u>" means an agreement among a Customs Broker, a Transaction Party and Aron in the form of <u>Exhibit II</u> to the Financing Agreement or otherwise in form and substance reasonably satisfactory to Aron.

"<u>Daily Value</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement. "<u>Debtor</u><u> </u><u>Relief</u><u> </u><u>Laws</u>" means the Bankruptcy Code and all other liquidation, conservatorship,

bankruptcy, assignment for the benefit of creditors, moratorium, arrangement (including under corporate

statutes), rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the United States of America or other applicable jurisdictions from time to time in effect.

"<u>Deciding Party</u>" has the meaning specified in <u>Section 22.4</u> of the Monetization Master Agreement.

"<u>Default</u>" means any event that, with notice or the passage of time, would constitute an Event of Default or, in connection with any provision that solely relates to Aron, an Aron EoD, as applicable.

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"<u>Default</u><u> </u><u>Interest</u><u> </u><u>Rate</u>" means a per annum rate equal to the lesser of (a) a per annum rate of interest equal to the <u>sum</u> of (i) SOFR Rate <u>plus</u> (ii) the Applicable Spread related to such amount, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Default Interest Rate Spread and (b) the maximum rate of interest permitted by Applicable Law. "<u>Default Interest Rate Spread</u>" has the meaning specified in the Fee Letter.

"<u>Default</u><u> </u><u>Right</u>" has the meaning specified in <u>Section</u><u> </u><u>12.6(a)(ii)</u> of the Supply and Offtake Agreement.

"<u>Defaulting</u><u> </u><u>Party</u>" has the meaning specified in <u>Section</u><u> </u><u>16.2(a)</u> of the Monetization Master Agreement.

"<u>Definitive Commencement Date Lien Value</u>" means the amount equal to the value, determined on the same basis as the Definitive Commencement Date Value for Feedstock and Products purchased under the Inventory Sales Agreement on the Commencement Date, of Feedstock and Products located at Included Lien Locations or that constitutes Eligible In-Transit Inventory as of the Inventory Transfer Time.

"<u>Definitive Commencement Date Value</u>" means the purchase value of the Definitive Commencement Date Volume.

"<u>Definitive Commencement Date Volume</u>" has the meaning set forth in <u>Section 4.3.1</u> of the Inventory Sales Agreement.

"<u>Definitive Termination Date Value</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Delivery</u><u> </u><u>Date</u>" means any calendar day.

"<u>Delivery Month</u>" means (a) the month in which Feedstock is to be delivered to the Refinery or any Included Location in accordance with the relevant Procurement Contract, or (b) the month in which Product is to be delivered to the Refinery or any Included Location in accordance with the relevant Refinery Product Contract or Included Purchase Transaction.

"<u>Delivery Point</u>" means a Feedstock Delivery Point or a Products Delivery Point, as applicable. "<u>Designated Affiliate</u>" means, in the case of Aron, Goldman, Sachs & Co. or any other Affiliate

of Aron or Goldman, Sachs & Co.

"<u>Designated Location</u>" has the meaning set forth in <u>Section 3.3</u> of the Inventory Sales Agreement.

"<u>Discharge of Secured Obligations</u>" has the meaning specified in the Security Agreement. "<u>Disposed</u><u> </u><u>Quantity</u>" has the meaning specified in <u>Section</u><u> </u><u>8.2(a)</u> of the Supply and Offtake

Agreement.

"<u>Disposition</u>" means any disposition (including pursuant to a Sale and Leaseback Transaction) of any or all of the Property (including without limitation the Equity Interests of a Subsidiary) of any Company Entity or any Restricted Subsidiary, whether by sale, lease, licensing, transfer or otherwise; <u>provided</u>, <u>however</u>, that the term "<u>Disposition</u>" shall be deemed to exclude any Equity Issuance.

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![Graphic](clmt-20260331xex10d5052.jpg)

"<u>Disposition</u><u> </u><u>Amount</u>" has the meaning specified in <u>Section</u><u> </u><u>8.2(a)</u> of the Supply and Offtake Agreement.

"<u>Disputing Party</u>" has the meaning specified in <u>Section 22.4</u> of the Monetization Master Agreement.

"<u>Disqualified Institution</u>" means (a) Persons in the business of oil and gas refining or specialty chemicals manufacturing, competitors of the Company Entities identified as such in the Company Entities' publicly-filed disclosure statements, and any Person identifying any Company Entity or Affiliate of a Company Entity as a competitor in the filings of any such Person and such Person's Affiliates pursuant to federal securities laws, (b) any Person identified on Schedule DD hereto, as such Schedule may be updated by written notice from Company to Aron from time to time, and (c) any Affiliate of any such Person identified pursuant to clause (b) above (i) that has been identified by name in writing by the Company to Aron from time to time or (ii) where such Affiliate's relationship to such Person is readily apparent on its face on the basis of the name of such Affiliate, in each case, other than any such Affiliate that is a bona fide fixed income investor, debt fund or any other fund that is engaged in the making, purchasing, holding or otherwise investing in loans, bonds, financings, commodity transactions or similar extensions of credit or transactions in the ordinary course of business. It is understood and agreed that any identification by the Company pursuant to this definition shall not apply retroactively to disqualify any assignment or participation to any Person that shall have become a Party or a participant prior thereto (but that no further assignments or delegations to, or sales of participations by, may be made to any such Person thereafter and such Person shall thereafter for all other purposes be a Disqualified Institution).

"<u>Dividing</u><u> </u><u>Person</u>" as defined in the definition of "Division".

"<u>Division</u>" means the division of the assets, liabilities and/or obligations of a Person (the "<u>Dividing Person</u>") among two or more Persons (whether pursuant to a "plan of division" or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

"<u>Division Successor</u>" means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person that retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

"<u>Dollars</u>" means U.S. Dollars.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Early Expiration</u>" has the meaning specified in <u>Section 3.1</u> of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Early</u><u> </u><u>Expiration</u><u> </u><u>Date</u>" has the meaning specified in <u>Section</u><u> </u><u>3.1</u><u> </u>of the Monetization Master Agreement.

"<u>Early Termination Date</u>" means the date determined in accordance with <u>Section 16.2(b)</u> of the Monetization Master Agreement.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in an EEA Member Country that is subject to the supervision of an EEA Resolution Authority; (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) above; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any financial institution established in an EEA Member Country that is a subsidiary of an institution described in the foregoing clauses and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of an EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Date</u>" has the meaning specified in the preamble to each Covered Agreement. "<u>Eligible</u><u> </u><u>Hydrocarbon</u><u> </u><u>Inventory</u>" means, as of any day, the Hydrocarbons owned by the

Transaction Parties and held for sale or that consists of raw materials and, in each case, that are subject to

a valid, first priority perfected Lien and security interest (subject only to Permitted S&O Liens) in favor of Aron, including, without limitation, at any time and with respect to any such Hydrocarbons, the aggregate volume of such Hydrocarbons constituting linefill; <u>provided</u> that, unless Aron shall otherwise elect in its reasonable discretion, Eligible Hydrocarbon Inventory shall not include any Hydrocarbon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)that is not evidenced in (i) a Feedstock Inventory Report, or (ii) a Products Inventory Report, as applicable, in each case, delivered to Aron pursuant to the terms of the Monetization Master Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is held on consignment or not otherwise owned by a Transaction Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is obsolete, rejected or repossessed or used goods taken in trade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)that consists of goods that are unmerchantable, defective or otherwise unfit for sale or constitutes product that is permanently off-spec;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)which is not subject to a sole, first priority Lien in favor of Aron pursuant to the Lien Documents, subject only to Permitted S&O Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that is subject to any other Lien whatsoever (other than Permitted S&O Liens);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)that consists solely of chemicals (other than commodity chemicals maintained in bulk), samples, prototypes, supplies, or packing and shipping materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that has been sold to a customer of a Transaction Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that is not located at an Included Lien Location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) that is the subject of a warehouse receipt, bill of lading or other document of

title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)that is not currently either usable or salable, at market price, in the normal course of the Transaction Parties' business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)that is not identified on <u>Schedule</u><u> </u><u>P</u> to the Monetization Master Agreement or (other than with respect to Feedstock) does not satisfy the applicable specifications for such

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Hydrocarbon set forth on <u>Schedule</u><u> </u><u>A</u> to the Monetization Master Agreement, unless otherwise mutually agreed by the Parties;

<u>provided</u> that, in no event shall any Related Hedges or the marked-to-market value thereof be considered in determining any Eligible Hydrocarbon Inventory.

"<u>Eligible In-Transit Feedstock Inventory</u>" means Feedstock that does not qualify as Eligible Hydrocarbon Inventory solely because it is not located at an Included Lien Location or as a result of clause (i) of the definition thereof, but as to which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)such Feedstock currently is in transit to an Included Title Location or an Included Lien Location,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) the purchase price of such Feedstock has been paid for in full, or (ii) such Feedstock has been acquired on other credit terms satisfactory to Aron,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)title to such Feedstock has passed to a Transaction Party and such Transaction Party is the sole owner of such Feedstock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)such Feedstock is insured against types of loss, damage, hazard, and risk, and in amounts satisfactory to Aron,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)such Feedstock shall not have been in-transit for more than forty-five (45) days after title to such Feedstock has passed to a Transaction Party, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such Feedstock is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or in an Eligible Pipeline Carrier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with or in an Eligible Vessel Carrier; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)such Feedstock is the subject of a bill of lading governed by the laws of a state within the United States (x) that is consigned (either directly or by means of endorsements) to a Transaction Party, (y) that was issued by the carrier respecting the subject Feedstock, and (z) that is in the possession of the applicable Transaction Party, a Customs Broker or a freight forwarder that has executed and delivered a Customs Broker Agreement or Freight Forwarder Agreement, as applicable (in each case in the continental United States), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the carrier respecting the subject Feedstock shall have received a Carrier Notice, and a copy of such Carrier Notice shall have been delivered to Aron (along with a copy of the cover letter or email used to convey such Carrier Notice) and such Eligible Vessel Carrier has delivered an executed acknowledgment as to its receipt of such Carrier Notice, subject to Section 2.1(e) of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with or in an Eligible Railroad Carrier; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)such Feedstock is the subject of a bill of lading governed by the laws of a state within the United States (x) that is consigned (either directly or by means of endorsements) to a Transaction Party, (y) that was issued by the carrier respecting the subject Feedstock, and (z) that is in the possession of the

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applicable Transaction Party, a Customs Broker or a freight forwarder that has executed and delivered a Customs Broker Agreement or Freight Forwarder Agreement, as applicable (in each case in the continental United States), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the carrier respecting the subject Feedstock shall have received a Carrier Notice, and a copy of such Carrier Notice shall have been delivered to Aron (along with a copy of the cover letter or email used to convey such Carrier Notice) and the Company shall have used commercially reasonable efforts to obtain and deliver to Aron an executed acknowledgment as to such Eligible Railroad Carrier's receipt of such Carrier Notice.

"<u>Eligible</u><u> </u><u>In-Transit</u><u> </u><u>Inventory</u>" means Eligible In-Transit Feedstock Inventory and Eligible In-Transit Product Inventory.

"<u>Eligible</u><u> </u><u>In-Transit</u><u> </u><u>Product</u><u> </u><u>Inventory</u>" means Products that do not qualify as Eligible Hydrocarbon Inventory solely because they are not located at an Included Lien Location, but as to which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)such Products currently are in transit to an Included Title Location or an Included Lien Location,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) the purchase price of such Products has been paid for in full, or (ii) such Product has been acquired on other credit terms satisfactory to Aron,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)title to such Products has passed to a Transaction Party and such Transaction Party is the sole owner of such Products,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)such Products are insured against types of loss, damage, hazard, and risk, and in amounts satisfactory to Aron,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)such Products shall not have been in-transit for more than forty-five (45) days after title to such Products has passed to a Transaction Party, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such Products are either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or in an Eligible Pipeline Carrier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with or in an Eligible Vessel Carrier; provided that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)such Products are the subject of a bill of lading governed by the laws of a state within the United States (x) that is consigned (either directly or by means of endorsements) to a Transaction Party, (y) that was issued by the carrier respecting the subject Products, and (z) that is in the possession of the applicable Transaction Party, a Customs Broker or a freight forwarder that has executed and delivered a Customs Broker Agreement or Freight Forwarder Agreement, as applicable (in each case in the continental United States), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the carrier respecting the subject Products shall have received a Carrier Notice, and a copy of such Carrier Notice shall have been delivered to Aron (along with a copy of the cover letter or email used to convey such Carrier Notice) and such Eligible Vessel Carrier has delivered an executed acknowledgment as to its receipt of such Carrier Notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with or in an Eligible Railroad Carrier; provided that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)such Products are the subject of a bill of lading governed by the laws of a state within the United States (x) that is consigned (either directly or by means of endorsements) to a Transaction Party, (y) that was issued by the carrier respecting the subject Products, and (z) that is in the possession of the applicable Transaction Party, a Customs Broker or a freight forwarder that has executed and delivered a Customs Broker Agreement or Freight Forwarder Agreement, as applicable (in each case in the continental United States), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the carrier respecting the subject Products shall have received a Carrier Notice, and a copy of such Carrier Notice shall have been delivered to Aron (along with a copy of the cover letter or email used to convey such Carrier Notice) and the Company shall have used commercially reasonable efforts to obtain and deliver to Aron an executed acknowledgment as to such Eligible Railroad Carrier's receipt of such Carrier Notice.

"<u>Eligible Pipeline Carrier</u>" means any pipeline listed on <u>Schedule A</u> of the Financing Agreement, as the same may be updated from time to time in accordance with the terms hereof.

"<u>Eligible Railroad Carrier</u>" means any railroad carrier listed on <u>Schedule B</u> of the Financing Agreement, as the same may be updated from time to time in accordance with the terms hereof.

"<u>Eligible Vessel Carrier</u>" means any vessel carrier (including any barge carrier) listed on <u>Schedule B</u> of the Financing Agreement, as the same may be updated from time to time in accordance with the terms hereof.

"<u>Employee Benefit Plan</u>" means any of an "employee benefit plan", as defined in Section 3(3) of ERISA, that is subject to Parts II, III or IV of Title I of ERISA or Title IV of ERISA and that is or was sponsored, maintained or contributed to by, or required to be contributed to by any Company Entity or any of their respective ERISA Affiliates.

"<u>Ending Feedstock Inventory</u>" means, for any date of determination, the sum of Ending Feedstock Title Inventory and Ending Feedstock Lien Inventory as of such date.

"<u>Ending Feedstock Lien Inventory</u>" has the meaning specified in <u>Section 7.1(a)</u> of the Monetization Master Agreement.

"<u>Ending Feedstock Title Inventory</u>" has the meaning specified in <u>Section 7.1(a)</u> of the Monetization Master Agreement.

"<u>Ending Group Inventory</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Ending Product Inventory</u>" means, for any date of determination, the sum of Ending Product Title Inventory and Ending Product Lien Inventory as of such date.

"<u>Ending Product Lien Inventory</u>" has the meaning specified in <u>Section 7.1(a)</u> of the Monetization Master Agreement.

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"<u>Ending Product Title Inventory</u>" has the meaning specified in <u>Section 7.1(a)</u> of the Monetization Master Agreement.

"<u>Enterprise Agreement</u>" means that certain Pipeline Transportation Services Agreement, dated as of April 1, 2023, by and among the Company, Enterprise Refined Products Company LLC, a Delaware limited liability company, and Enterprise TE Products Pipeline Company LLC, a Texas limited liability company.

"<u>Environmental Law</u>" means, as of any time, any existing or past Applicable Law, policy, judicial or administrative interpretation thereof or any legally binding requirement that governs or purports to govern the protection of persons, natural resources or the environment (including the protection of ambient air, surface water, groundwater, land surface or subsurface strata, endangered species or wetlands), occupational health and safety and the manufacture, processing, distribution, use, generation, handling, treatment, storage, disposal, transportation, release or management of solid waste, industrial waste or hazardous substances or materials.

"<u>Environmental Liabilities</u>" means Liabilities arising from compliance or non-compliance with, or the manufacture, processing, distribution, use, generation, handling, treatment, storage, disposal, transportation, or Release of Hazardous Substances under, Environmental Law.

"<u>Environmental Release</u>" means a release as defined in CERCLA or under any other Environmental Law.

"<u>EPA</u>" means the United States Environmental Protection Agency and any successor organization.

"<u>Equipment</u>" has the meaning specified in the UCC, including all machinery, apparatus, equipment, fittings, furniture, fixtures, motor vehicles and other tangible personal Property (other than Inventory), and all parts, accessories and special tools therefor, and accessions thereto.

"<u>Equity Interests</u>" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase or acquire any of the foregoing (other than, prior to the date of such conversion, Indebtedness that is convertible into any such Equity Interests).

"<u>Equity Issuance</u>" means any issuance by any Consolidated Party to any Person of (a) shares or units of its Equity Interests, (b) any shares or units of its Equity Interests pursuant to the exercise of options or warrants, (c) any shares or units of its Equity Interests pursuant to the conversion of any debt securities to equity or the conversion of any class equity securities to any other class of equity securities, or (d) any options or warrants relating to its Equity Interests. The term "<u>Equity Issuance</u>" shall not be deemed to include any Disposition.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means, with respect to any Person, (a) any corporation that is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which such Person is a member, (b) any trade or business (whether or not incorporated) that is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which such Person is a member and (c) solely for purposes of Section 302 of

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ERISA, any member of an affiliated service group within the meaning of Section 414(m) or 414(o) of the Internal Revenue Code of which such Person, any corporation described in clause (a) above or any trade or business described in clause (b) above is a member. Any Person that was, but has since ceased to be, an ERISA Affiliate (within the meaning of the previous sentence) of any Company Entity shall continue to be considered an ERISA Affiliate of such Company Entity within the meaning of this definition with respect to the period such Person was an ERISA Affiliate of such Company Entity but only with respect to liabilities arising after such period for which such Company Entity would reasonably be expected to be liable under the Internal Revenue Code or ERISA.

"<u>ERISA Event</u>" means (a) the occurrence of a Reportable Event within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for 30 day notice to the PBGC has been waived by regulation), (b) the failure of any Company Entity or any of their respective ERISA Affiliates to meet the minimum funding standard of Section 412 of the Internal Revenue Code or Section 302 of ERISA with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code) or the failure to make by its due date a required installment under Section 430(j) of the Internal Revenue Code with respect to any Pension Plan or the failure of any Company Entity or any of their respective ERISA Affiliates to make any required contribution to a Multiemployer Plan, (c) the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan, (d) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA, (e) the withdrawal by any Company Entity or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to any Company Entity or any of their respective ERISA Affiliates pursuant to Section 4063 or 4064 of ERISA during a plan year in which such entity was a "substantial employer" as defined in Section 4001(a)(2) of ERISA, (f) the institution by the PBGC of proceedings to terminate any Pension Plan, or the appointment of a trustee to administer, any Pension Plan, (g) the imposition of liability on any Company Entity or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA, (h) the withdrawal of any Company Entity or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if any Company Entity or any of their respective ERISA Affiliates incurs any liability therefor, (i) the receipt by any Company Entity of notice from any Multiemployer Plan (i) that such Multiemployer Plan is in insolvency pursuant to Section 4245 of ERISA, (ii) that such Multiemployer Plan is in "endangered" or "critical" status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA) or (iii) that such Multiemployer Plan intends to terminate or has terminated under Section 4041A or 4042 of ERISA,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a determination that any Pension Plan is in "at risk" status (as defined in Section 430(i)(4) of the

Internal Revenue Code or Section 303(i)(4) of ERISA) with respect to any plan year, (k) the imposition of a Lien on the assets of any Company Entity pursuant to Section 430(k) of the Internal Revenue Code or Section 303(k) of ERISA or a violation of Section 436 of the Internal Revenue Code, but, in each case, only to the extent such occurrence, event or circumstance would reasonably be expected to have a Material Adverse Effect.

"<u>Estimated Commencement Date Lien Value</u>" means the amount equal to the reasonable, good faith estimate by Aron of the amount that equals the value, determined on the same basis as the Estimated Commencement Date Value for Feedstock and Products purchased under the Inventory Sales Agreement on the Commencement Date, of Feedstock and Products located at Included Lien Locations or that constitutes Eligible In-Transit Inventory as of the Inventory Transfer Time.

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"<u>Estimated Commencement Date Value</u>" has the meaning set forth in <u>Section 4.1.2</u> of the Inventory Sales Agreement.

"<u>Estimated Daily Net Liened Feedstock</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Estimated Daily Net Liened Product</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Estimated Daily Net Title Feedstock Sales</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Estimated Daily Net Title Product Sales</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Estimated Included Feedstock Lien Inventory</u>" means the Transaction Parties' good faith estimate of the Feedstock that they project will be at Included Feedstock Lien Locations as of the Commencement Date.

"<u>Estimated Included Product Lien Inventory</u>" means the Transaction Parties' good faith estimate of such Products that they project will be at Included Product Lien Locations as of the Commencement Date.

"<u>Estimated Step-In Value</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Estimated Step-Out Index Amount</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Estimated Step-Out Value</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Estimated Termination Amount</u>" has the meaning specified in <u>Section 17.2(b)</u> of the Monetization Master Agreement.

"<u>Estimated Termination Date Value</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Estimated Yield</u>" has the meaning specified in <u>Section 15.2(e)(i)</u> of the Monetization Master Agreement.

"<u>ET</u>" means the prevailing time in New York, New York.

"<u>Event of Default</u>" means an occurrence of the events or circumstances described in <u>Section</u> <u>16.1(a)</u> of the Monetization Master Agreement.

"<u>Excess Quantity</u>" has the meaning specified in <u>Section 6.3(a)</u> of the Supply and Offtake Agreement.

"<u>Exchanged Confirmations</u>" mean, with respect to an Aron Procurement Contract or Included Purchase Transaction that is confirmed by Aron and the Third Party Supplier or Product Supplier

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exchanging written confirmations rather than jointly executing a single written confirmation, the written confirmations so exchanged by Aron and such Third Party Supplier or Product Supplier.

"<u>Excluded Accounts</u>" has the meaning specified in the Security Agreement.

"<u>Excluded Disposition</u>" means any Disposition consisting of (a) the sale, lease, license, transfer or other disposition of Property (other than Feedstock and Products) in the ordinary course of such Transaction Party's business, including Dispositions of such Property in connection with scheduled turnarounds, maintenance, and equipment and facility upgrades, (b) the sale, lease, license, transfer or other disposition of obsolete or worn out property whether now owned or hereafter acquired, (c) any sale, lease, license, transfer or other disposition of Property by any of the Company Entities or their Restricted Subsidiaries to any of the Company Entities or their Restricted Subsidiaries, provided that the Company Entities shall cause to be executed and delivered such documents, instruments and certificates as Aron may reasonably request so as to cause the Company Entities to be in compliance with the terms of Section 15.3(k) of the Monetization Master Agreement after giving effect to such transaction, (d) any Involuntary Disposition by such Transaction Party or in respect of such Transaction Party's Property, (e) any Disposition of Property other than Feedstock and Products by such Transaction Party constituting a Permitted Investment, (f) Dispositions of equipment or real property to the extent that replacement property is acquired substantially contemporaneously with such Disposition, (g) dispositions of vehicles, small equipment, computer hardware and computer software and (h) the sale, lease, license, transfer, pledge or other disposition of any metal or other element, composite or alloy used as, or part of, a catalyst in the operation of the refinery assets of any Transaction Party.

![Graphic](clmt-20260331xex10d5052.jpg)

"<u>Excluded Materials</u>" means any materials other than Feedstock or Products. "<u>Excluded Property</u>" has the meaning specified in the Security Agreement.

"<u>Excluded Step-Out Feedstock and Products</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Excluded Swap Obligation</u>" means, with respect to any Transaction Party, any Swap Obligation if, and to the extent that, all or a portion of the guarantee of such Transaction Party of, or the grant by such Transaction Party of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Transaction Party's failure for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Transaction Party or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal.

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to Aron or other recipient of a payment by a Transaction Party under any Transaction Document (each, a "<u>Recipient</u>") or required to be withheld or deducted from a payment to Aron or other Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed as a result of Aron or other Recipient being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) US federal withholding Taxes imposed on amounts payable to or for the account of Aron or other Recipient under any Transaction Document pursuant to a law in effect (i) on the Commencement Date in the case of Aron, (ii) in the case

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of another Recipient, on which date such other Recipient acquires an interest in such amounts payable (other than pursuant to an assignment request by a Transaction Party under Section 7.14 of the Financing Agreement) or (iii) Aron or other Recipient changes its lending office, (c) any Taxes attributable to Aron's or other Recipient's failure to comply with Section 7.13 of the Financing Agreement, and (d) any US federal withholding Taxes imposed under FATCA.

"<u>Expiration Date</u>" has the meaning specified in <u>Section 3.1</u> of the Monetization Master Agreement.

"<u>Extension Rule</u>" means the final rule promulgated by EPA entitled "Renewable Fuel Standard (RFS) Program: Extension of Compliance and Attest Engagement Reporting Deadlines" published at 87 Fed. Reg. 5696 (February 2, 2022).

"<u>Facilities</u>" has the meaning specified in <u>Section 6.4</u> of the Storage Facilities Agreement. "<u>FATCA</u>" means (a) Sections 1471 through 1474 of the Internal Revenue Code, effective as of

the date hereof (or any amended or successor version that is not materially more onerous to comply with)

and any current or future regulations or official interpretations thereof, (b) any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and (c) any applicable treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an applicable intergovernmental agreement between the U.S. and any other jurisdiction which (in either case) facilitates the implementation of the preceding clauses (a) through (b).

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; <u>provided</u> that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate quoted to Aron on such day on such transactions by financial institutions of recognized national standing selected by Aron. Notwithstanding the foregoing, if the Federal Funds Effective Rate, determined as above, would otherwise be less than zero, then the Federal Funds Effective Rate shall be deemed to be zero for all purposes of the Transaction Documents.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Fee Letter</u>" means that certain <u>Amended and Restated</u> Fee Letter, dated as of the Commencement<u>Second Omnibus Amendment Effective</u> Date, between Aron and the Transaction Parties and as from time to time thereafter amended and/or restated, which identifies itself as the "Fee Letter" for purposes hereof, and pursuant to which the Parties have set forth the amounts for and other terms relating to certain fees payable hereunder.

"<u>Feedstock</u>" means marketable and saleable "Crude" listed on <u>Schedule P</u> of the Monetization Master Agreement, excluding any Sludge.

"<u>Feedstock and Product Inventory</u>" means all Feedstock and Products that are held in the Included Title Locations as of, and owned by any Seller immediately prior to, the Inventory Transfer Time.

"<u>Feedstock Delivery Point</u>" means, with respect to any delivery of Feedstock from an Included Feedstock Title Location, (a) the outlet flange of the Included Company Feedstock Storage Tanks at the Refinery, (b) the outlet flange of an Included Third Party Feedstock Storage Tank and (c) if the

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Feedstock is transported via an Included Feedstock Title Pipeline, the last permanent flange of such Included Feedstock Title Pipeline, as applicable.

"<u>Feedstock Intake Point</u>" means the (a) in the case of the Included Company Feedstock Storage Tanks, the inlet flange of the Included Company Feedstock Storage Tanks, (b) in the case of any Included Third Party Feedstock Storage Tank, the inlet flange of such Included Third Party Feedstock Storage Tank, and (c) if the Feedstock is transported via an Included Feedstock Title Pipeline, the first permanent flange of such Included Feedstock Title Pipeline.

"<u>Feedstock Inventory Report</u>" has the meaning as specified in <u>Section 15.2(c)(ii)(A)</u> of the Monetization Master Agreement.

"<u>Feedstock Lien Amount</u>" has the meaning as specified in <u>Section 5.1(a)</u> of the Financing Agreement.

"<u>Feedstock Lien Linefill</u>" means, at any time, the aggregate volume of linefill of Feedstock on the Included Feedstock Lien Pipelines for which a Transaction Party is treated as the exclusive owner by the Included Feedstock Lien Pipelines; <u>provided</u> that such volume shall be determined by using the volumes reported on the daily statements, as applicable, from the Included Feedstock Lien Pipelines.

"<u>Feedstock Lien Storage Tanks</u>" means any of the tanks at Included Feedstock Lien Locations listed on <u>Schedule U</u> of the Monetization Master Agreement.

"<u>Feedstock Price</u>" means the Price applicable to the Index Amount for Feedstock as specified on <u>Schedule B</u> of the Monetization Master Agreement and adjusted pursuant to <u>Schedule K</u> of the Monetization Master Agreement.

"<u>Feedstock Price Adjustment</u>" means the adjustments to the Feedstock Price as determined pursuant to <u>Schedule K</u> of the Monetization Master Agreement.

"<u>Feedstock Procurement Payment</u>" means with respect to a Refinery Procurement Contract, the payment due to a Third Party Supplier thereunder prior to delivery to the applicable Transaction Party of the Feedstock that is the subject of such Refinery Procurement Contract (and, for the avoidance of doubt, not any other amounts due thereunder), as reflected in the invoice provided by such Third Party Supplier to the applicable Transaction Party with respect to the volume of Feedstock to be delivered thereunder to such Transaction Party.

"<u>Feedstock Title Linefill</u>" means, at any time, the aggregate volume of linefill of Feedstock on the Included Feedstock Title Pipelines for which Aron is treated as the exclusive owner by the Included Feedstock Title Pipelines; <u>provided</u> that such volume shall be determined by using the volumes reported on the monthly or daily statements, as applicable, from the Included Feedstock Title Pipelines.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>FERC Tariff</u>" has the meaning specified in <u>Section 8.3(a)</u> of the Supply and Offtake Agreement. "<u>FILO Loan</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as

of the Commencement Date).

"<u>Final Rule</u>" means the final rule promulgated by EPA and entitled "Renewable Fuel Standard (RFS) Program: Alternative RIN Retirement Schedule for Small Refineries" published at 87 Fed. Reg. 54158 (September 2, 2022).

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"<u>Financing Agreement</u>" has the meaning specified in the recitals to the Monetization Master Agreement.

"<u>Financing Settlement Amount</u>" has the meaning specified in <u>Section 10.2(b)</u> of the Financing Agreement.

"<u>Financing Transactions</u>" means the execution, delivery and performance by each Company Entity of the Transaction Documents to which it is a party, the consummation by each such Company Entity of the transactions contemplated thereby, the creation of the Liens in respect of the Lien Documents and the extension of financing under the applicable Transaction Documents and the use of proceeds thereof.

"<u>First Purchase Feedstock Payables</u>" means, at any time, the aggregate unpaid amount of all obligations of any Company Entity or any Restricted Subsidiary as a "first purchaser" of Hydrocarbons, which is secured by a statutory "first purchaser" Lien created under the laws of any state, including Kansas, Louisiana, Mississippi, Montana, New Mexico, North Dakota, Oklahoma, Tennessee and Texas.

"<u>Fiscal Quarter</u>" means a fiscal quarter of any Fiscal Year.

"<u>Fiscal Year</u>" means the fiscal year of each Company Entity ending on December 31 of each calendar year.

![Graphic](clmt-20260331xex10d5049.jpg)

"<u>Fixed Charges</u>" means, for any period and without duplication, the sum of (a) Consolidated Interest Charges (other than payment-in-kind interest), <u>plus</u> (b) the sum, for the Company Entities and their Restricted Subsidiaries on a consolidated basis, of principal payments on Borrowed Money scheduled to be paid during such period and mandatory prepayments of principal paid during such period (other than principal payments made with the proceeds of an Equity Issuance, incurrence of Indebtedness (other than Indebtedness under the ABL Credit Documents) or Disposition of assets other than Collateral not prohibited by the terms of the ABL Credit Documents, in each case, within ninety (90) days of such issuance, incurrence or Disposition) <u>plus</u> (c) any dividends, distributions or other Restricted Payments (other than Restricted Payments permitted pursuant to <u>Section 15.4(f)(ii)</u>, <u>Section 15.4(f)(iii)</u> and <u>Section</u> <u>15.4(f)(iv)(E)</u> of the Monetization Master Agreement, but only to the extent that such Restricted Payments do not involve a payment in cash) made by Calumet Parent or any other Company Entity or its Restricted Subsidiary or Subsidiary of Calumet Parent to the holders or a holder of the Equity Interests of Calumet Parent during such period, <u>plus</u> (d) the sum of all management fees and consulting fees made by any Company Entity or Restricted Subsidiary to any Affiliate which is not a Company Entity or Restricted Subsidiary during such period, other than (i) any such payment made for reimbursement of a Company Entity or Restricted Subsidiary expenses which is otherwise included in the calculation of Consolidated Net Income, or (ii) other such payments otherwise included in the calculation of Consolidated Net Income, plus (e) the aggregate amount of any prepayment premiums paid by the Company Entities and their Restricted Subsidiaries during such period in connection with the repayment of Indebtedness, other than in connection with any redemption or repurchase of the Senior Secured Notes, plus (f) the Refinery Amortization Charges for such period.

"<u>Fixed Charge Coverage Ratio (ABL)</u>" means the "Fixed Charge Coverage Ratio", as defined in the ABL Credit Agreement as in effect on the Omnibus Amendment Effective Date.

![Graphic](clmt-20260331xex10d5049.jpg)

"<u>Fixed</u><u> </u><u>Charge</u><u> </u><u>Coverage</u><u> </u><u>Ratio</u><u> </u><u>(Indenture)</u>" means the "Fixed Charge Coverage Ratio", as defined in the Indenture dated June 27, 2023, regarding the 9.75% Senior Notes Due 2028, among MLP

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![Graphic](clmt-20260331xex10d5082.jpg)

Parent, Calumet Finance Corp. and Wilmington Trust, National Association, as in effect on the Commencement Date<u>Indenture</u>.

![Graphic](clmt-20260331xex10d5396.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Fixed</u><u> </u><u>Holdback"</u><u> </u><u>has</u><u> </u><u>the</u><u> </u><u>meaning</u><u> </u><u>specified</u><u> </u><u>in</u><u> </u><u>Schedule</u><u> </u><u>B</u><u> </u><u>to</u><u> </u><u>the</u><u> </u><u>Monetization</u><u> </u><u>Master</u> <u>Agreement.</u>

![Graphic](clmt-20260331xex10d5398.jpg)

![Graphic](clmt-20260331xex10d5399.jpg)

![Graphic](clmt-20260331xex10d5049.jpg)

"Fixed Holdback Amount" has the meaning specified in <u>Schedule B</u> to the Monetization Master Agreement.

"<u>Flash Title Master Confirmation</u>" means the master confirmation for Flash Title Transactions in the form provided on <u>Schedule B-2</u> to the Supply and Offtake Agreement.

"<u>Flash Title Transactions</u>" has the meaning specified in <u>Section 8.4</u> of the Supply and Offtake Agreement.

"<u>Floor</u>" means a rate of interest equal to 1.00 %.

"<u>Force Majeure</u>" means any cause or event reasonably beyond the control of a Party, including fires, earthquakes, lightning, floods, explosions, storms, adverse weather, landslides and other acts of natural calamity or acts of God; navigational accidents or maritime peril; vessel damage or loss; strikes, grievances, actions by or among workers or lock-outs (whether or not such labor difficulty could be settled by acceding to any demands of any such labor group of individuals and whether or not involving employees of the Transaction Parties or Aron); accidents at, closing of, or restrictions upon the use of mooring facilities, docks, ports, pipelines, harbors, railroads or other navigational or transportation mechanisms; disruption or breakdown of, explosions or accidents to wells, storage plants, refineries, terminals, machinery or other facilities; acts of war, hostilities (whether declared or undeclared), civil commotion, embargoes, blockades, terrorism, sabotage or acts of the public enemy; any act or omission of any Governmental Authority; good faith compliance with any order, request or directive of any Governmental Authority; curtailment, interference, failure or cessation of supplies reasonably beyond the control of a Party; or any other cause reasonably beyond the control of a Party, whether similar or dissimilar to those above and whether foreseeable or unforeseeable, which, by the exercise of due diligence, such Party could not have been able to avoid or overcome. Solely for purposes of this definition, the failure of any Third Party Supplier to deliver Feedstock pursuant to any Aron Procurement Contract, whether as a result of Force Majeure as defined above, "force majeure" as defined in such Aron Procurement Contract, breach of contract by such Third Party Supplier or any other reason, shall constitute an event of Force Majeure for Aron under the Transaction Documents with respect to the quantity of Feedstock subject to such Aron Procurement Contract. The term "Force Majeure" expressly excludes: (a) the loss of any Party's market or any market conditions for any Feedstock or Products, as applicable, that are unfavorable to either Party, (b) any failure by a Party to apply for, obtain or maintain any Governmental Approval necessary under Applicable Law for the performance of any obligation hereunder, (c) a Party's failure to perform payment obligations under the Transaction Documents, and (d) a Party's inability to perform its obligations under any Transaction Documents due to its financial weakness.

"<u>Foreign Plan</u>" means any employee benefit plan or arrangement that principally provides retirement benefits (a) maintained or contributed to by any Company Entity or Subsidiary that is not subject to the laws of the United States; or (b) mandated by a government other than the United States for employees of any Company Entity or Subsidiary.

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"<u>Foreign Subsidiary</u>" means a Subsidiary that is organized under the laws of a jurisdiction other than the United States, any State thereof or the District of Columbia.

"<u>Fourth ABL Credit Agreement Amendment</u>" means that certain Fourth Amendment to Third Amended and Restated Credit Agreement, dated as of the Commencement Date, by and among MLP Parent, the Subsidiaries of MLP Parent listed as borrowers thereto, the lenders party thereto and ABL Agent.

"<u>FRB</u>" means the Board of Governors of the Federal Reserve System of the United States. "<u>Freight</u><u> </u><u>Forwarder</u><u> </u><u>Agreement</u>" means an agreement among a freight forwarder, a Transaction

Party and Aron in the form of <u>Exhibit III</u> to the Financing Agreement or otherwise in form and substance reasonably satisfactory to Aron.

"<u>Funding Notice</u>" means a notice substantially in the form of <u>Exhibit IV</u> to the Financing Agreement.

"<u>Funds Flow Memorandum</u>" means that certain flow of funds memo, dated as of the Commencement Date, executed and delivered in connection with the Transactions contemplated to be consummated on the date on the Commencement Date.

"<u>GAAP</u>" means generally accepted accounting principles in the U.S. set out in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and the Financial Accounting Standards Board as in effect from time to time.

"<u>GAL</u>" means U.S. gallons.

"<u>Governmental Approvals</u>" means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and required reports to, all Governmental Authorities.

"<u>Governmental Authority</u>" means any federal, state, municipal, national, supranational or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with the United States of America, any State thereof or the District of Columbia or a foreign entity or government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank).

"<u>Guarantee</u>" means as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease Property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to

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protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

"<u>Hazardous Materials</u>" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, perfluoroalkyl and polyfluoroalkyl substances, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

"<u>Hazardous Substances</u>" means any explosive or radioactive substances or wastes and any toxic or hazardous substances, materials or wastes, or contaminants or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances defined or listed as "hazardous substances," "hazardous materials," "hazardous wastes" or "toxic substances" (or similarly identified), regulated under or forming the basis for liability under any applicable Environmental Law.

"<u>Hedge</u><u> </u><u>Agreement</u>" means any agreement with respect to any swap, forward, future or derivative transaction, or any option or similar agreement, involving, or settled by delivery of or reference to, one or more rates, currencies, commodities, prices of Securities or instruments, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value, or the occurrence or non-occurrence of an event or condition not within the control of the parties, and any similar transaction or combination of the foregoing transactions, whether or not documented under a master agreement based on an ISDA Form; <u>provided</u> that no phantom stock, stock option, stock appreciation right or similar plan or right providing for payments only on account of services provided by current or former directors, officers, employees or consultants of any Company Entity shall be a Hedge Agreement.

"<u>Hedge Agreement Collateral</u>" means the "Collateral" as such term is defined in the "Collateral Trust Agreement" as such term is defined in the Hedge Intercreditor Agreement, as such Collateral Trust Agreement is in effect as of April 20, 2016, and without any amendment thereto or modification thereof except as may be consented to by Agent; <u>provided</u>, <u>however</u>, that in no event shall the "Hedge Agreement Collateral" include any Collateral.

"<u>Hedge</u><u> </u><u>Intercreditor</u><u> </u><u>Agreement</u>" means that certain Second Amended and Restated Intercreditor Agreement dated as of April 20, 2016, as amended by that certain Amendment No. 1, dated as of July 31, 2020, and that certain Amendment No. 2, dated as of March 8, 2024, among MLP Parent and its Subsidiaries, Wilmington Trust, National Association as "Fixed Asset Collateral Trustee" and Bank of America, N.A., including any joinders thereto or replacement thereof approved by Agent from time to time.

"<u>Historical Financial Statements</u>" means the audited consolidated balance sheets and related audited consolidated statements of operations, stockholders' equity and cash flows, in each case prepared in accordance with GAAP, of the MLP Parent and its consolidated Subsidiaries for the Fiscal Year ended December 31, 2022.

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"<u>Historical Pricing Period</u>" has the meaning specified in <u>Schedule K</u> of the Monetization Master Agreement.

"<u>Hydrocarbons</u>" means Feedstock, Products, intermediate feedstocks, blendstocks, finished and unfinished petroleum products, and other hydrocarbons, including gasoline and diesel fuels.

"<u>Identified Facilities</u>" has the meaning specified in <u>Section 12.4(a)</u> of the Monetization Master Agreement.

"<u>IM</u><u> </u><u>Step-Out</u><u> </u><u>Liability</u>" means, with respect to the Supply and Offtake Agreement and the Step-Out Inventory Sales Agreement, any payments required to be made by any Transaction Party, upon the termination thereof to repurchase any Feedstock and Products owned by Aron.

"<u>Inactive Tanks</u>" has the meaning specified in <u>Section 7.3(c)</u> of the Monetization Master Agreement.

"<u>Included Company Feedstock Storage Tanks</u>" means any of the Feedstock storage tanks at the Refinery that are owned (or exclusively leased) and operated by any Transaction Party as further identified and described on <u>Schedule E</u> of the Monetization Master Agreement.

"<u>Included Company Feedstock Title Pipelines</u>" means any of the Feedstock pipelines that are owned (or exclusively leased) and operated by any Transaction Party as further identified and described on <u>Schedule E</u> of the Monetization Master Agreement.

"<u>Included Company Product Tanks</u>" means the Product storage tanks owned (or exclusively leased) and operated by any Transaction Party as further identified and described on <u>Schedule E</u> of the Monetization Master Agreement.

"<u>Included Company</u><u> </u><u>Product Title Pipelines</u>" means any of the Products pipelines that are owned (or exclusively leased) and operated by any Transaction Party as further identified and described on <u>Schedule E</u> of the Monetization Master Agreement.

"<u>Included Company Tank</u>" means all Included Tanks other than Included Third Party Tanks. "<u>Included</u><u> </u><u>Company</u><u> </u><u>Title</u><u> </u><u>Pipelines</u>" means any Included Company Feedstock Title Pipelines and

any Included Company Product Title Pipelines.

"<u>Included</u><u> </u><u>Feedstock</u><u> </u><u>Lien</u><u> </u><u>Inventory</u>" means, as of any date of determination, Feedstock that is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) located at an Included Feedstock Lien Location and (b) qualifies as Eligible Hydrocarbon Inventory.

"<u>Included Feedstock Lien Locations</u>" means, collectively, the Feedstock Lien Storage Tanks and Included Feedstock Lien Pipelines.

"<u>Included Feedstock</u><u> </u><u>Lien Pipelines</u>" means the Feedstock pipelines or sections thereof owned or leased by a Transaction Party or by a third party and that are listed on <u>Schedule U</u> of the Monetization Master Agreement.

"<u>Included Feedstock Purchase Transaction</u>" means any transaction entered into by Aron pursuant to <u>Section 4.2</u> of the Supply and Offtake Agreement (including any Aron Procurement Contract) which provides for the purchase by Aron from a Third Party Supplier of Feedstock.

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"<u>Included Feedstock Sales Transaction</u>" means any transaction entered into by Aron at the request of a Transaction Party under Section 2.2 of (and in accordance with the terms of) the Marketing and Sales Agreement, pursuant to which Aron sells Feedstock to a Customer.

"<u>Included Feedstock Title Locations</u>" means, collectively, the Included Company Feedstock Storage Tanks, the Included Third Party Feedstock Storage Tanks and the Included Feedstock Title Pipelines.

"<u>Included Feedstock Title Pipelines</u>" means the Feedstock pipelines or sections thereof owned or leased by a Transaction Party or by a third party that is listed on <u>Schedule U</u> of the Monetization Master Agreement.

"<u>Included Lien Inventory</u>" means, collectively, the Included Feedstock Lien Inventory and Included Product Lien Inventory.

"<u>Included Lien Locations</u>" means, collectively, the Included Product Lien Locations and the Included Feedstock Lien Locations, subject to Section 2.1(e) of the Monetization Master Agreement.

"<u>Included Locations</u>" means, collectively, the Included Title Locations and the Included Lien Locations.

"<u>Included Product Lien Inventory</u>" means, as of any date of determination, Products that are (a) located at an Included Product Lien Location and (b) qualify as Eligible Hydrocarbon Inventory.

"<u>Included Product Lien Locations</u>" means, collectively, the Product Lien Storage Tanks and Included Product Lien Pipelines.

"<u>Included Product Lien Pipelines</u>" means the Product pipelines or sections thereof that are listed on <u>Schedule U</u> of the Monetization Master Agreement.

"<u>Included Product Pipelines</u>" means Included Product Title Pipelines and Included Product Lien Pipelines.

"<u>Included Product Purchase Transaction</u>" means (a) any transaction entered into by Aron at the request of a Transaction Party under Section 2.3 of (and in accordance with the terms of) the Marketing and Sales Agreement, pursuant to which Aron purchases Products from a third party (a "<u>Product</u> <u>Supplier</u>"), or (b) any transaction with a Transaction Party entered into pursuant to <u>Section 7.1(c)(i)</u> of the Supply and Offtake Agreement which provides for the purchase by Aron from such Transaction Party of Products delivered to Aron at the Products Intake Point.

"<u>Included Product Title Locations</u>" means the Included Company Product Tanks, the Included Third Party Product Tanks and the Included Product Title Pipelines.

"<u>Included Product Title Pipelines</u>" means the Product pipelines or sections thereof owned or leased by a Transaction Party or by a third party that is listed on <u>Schedule U</u> of the Monetization Master Agreement.

"<u>Included Product Sales Transaction</u>" means any transaction entered into by Aron at the any transaction entered into by Aron at the request of a Transaction Party under Section 2.2 of (and in accordance with the terms of) the Marketing and Sales Agreement, pursuant to which Aron sells Product to a Customer.

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"<u>Included Purchase Transaction</u>" means any Included Feedstock Purchase Transaction and any Included Product Purchase Transaction.

"<u>Included Sales Transaction</u>" means any Included Feedstock Sales Transaction and any Included Product Sales Transaction.

"<u>Included Tanks</u>" means the Included Company Feedstock Storage Tanks, Included Third Party Feedstock Storage Tanks, Included Company Product Tanks, Included Third Party Product Tanks, and Feedstock Lien Storage Tanks, as more particularly described on <u>Schedule E</u> or <u>Schedule U</u> of the Monetization Master Agreement, as applicable.

"<u>Included Third Party Feedstock Storage Tanks</u>" means any of the tanks at locations owned by third parties listed on <u>Schedule E</u> of the Monetization Master Agreement, as applicable, and approved by Aron in accordance with <u>Section 2.3</u> of the Monetization Master Agreement that are used to store Feedstock.

"<u>Included Third Party Feedstock Title Pipelines</u>" means any of the pipelines or sections thereof owned by third parties listed on <u>Schedule E</u> or <u>Schedule U</u> of the Monetization Master Agreement, as applicable, and approved by Aron in accordance with <u>Section 2.3</u> of the Monetization Master Agreement that are used to transport Feedstock.

"<u>Included Third Party Locations</u>" means any Included Third Party Tanks, any Included Third Party Title Pipelines and any Included Lien Locations that do not constitute part of the Refinery and Terminal Assets or Storage Facilities.

"<u>Included Third Party</u><u> </u><u>Product Tanks</u>" means any of the tanks at locations owned by third parties listed on <u>Schedule E</u> of the Monetization Master Agreement and approved by Aron in accordance with <u>Section 2.3</u> of the Monetization Master Agreement that are used to store Products.

"<u>Included Third Party Product Title Pipelines</u>" means any of the pipelines or sections thereof owned by third parties listed on <u>Schedule E</u> of the Monetization Master Agreement and approved by Aron in accordance with <u>Section 2.3</u> of the Monetization Master Agreement that are used to transport Products.

"<u>Included Third Party</u><u> </u><u>Tanks</u>" means any Included Third Party Feedstock Storage Tanks and any Included Third Party Product Tanks.

"<u>Included Third Party Title Pipelines</u>" means any Included Third Party Feedstock Title Pipelines and Included Third Party Product Title Pipelines.

"<u>Included Title Locations</u>" means, collectively, the Included Feedstock Title Locations and the Included Product Title Locations, subject to <u>Section 2.1(e)</u> of the Monetization Master Agreement.

"<u>Included Transaction</u>" means any Included Sales Transaction and any Included Purchase Transaction.

![Graphic](clmt-20260331xex10d5401.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Incremental FCCR Fixed Holdback" has the meaning specified in Schedule B to the</u> <u>Monetization Master Agreement.</u>

![Graphic](clmt-20260331xex10d5403.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Incremental FCCR Fixed Holdback Amount" has the meaning specified in Schedule B to the</u> <u>Monetization Master Agreement.</u>

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![Graphic](clmt-20260331xex10d5405.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Incremental</u><u> </u><u>Maturity</u><u> </u><u>Date</u><u> </u><u>Fixed</u><u> </u><u>Holdback"</u><u> </u><u>has</u><u> </u><u>the</u><u> </u><u>meaning</u><u> </u><u>specified</u><u> </u><u>in</u><u> </u><u>Schedule</u><u> </u><u>B</u><u> </u><u>of</u><u> </u><u>the</u> <u>Monetization Master Agreement.</u>

![Graphic](clmt-20260331xex10d5407.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Incremental Maturity Date Fixed Holdback Amount" has the meaning specified in Schedule B</u> <u>of the Monetization Master Agreement.</u>

"<u>Incremental Reduction</u>" has the meaning specified in <u>Section 8.9</u> of the Monetization Master Agreement.

"<u>incur</u>" means to create, incur, assume or, in the case of any Indebtedness, otherwise become liable with respect to such Indebtedness.

"<u>Indebtedness</u>" means with respect to any Person, without duplication, (a) all obligations of such Person for Borrowed Money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made (other than trade debt incurred in the Ordinary Course of Business and due within six (6) months of the incurrence thereof), (c) all obligations of such Person under conditional sale or other title retention agreements relating to Property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the Ordinary Course of Business), (d) all obligations of such Person issued or assumed as the deferred purchase price of Property or services purchased by such Person (other than trade debt incurred in the Ordinary Course of Business and due within six (6) months of the incurrence thereof) which would appear as liabilities on a balance sheet of such Person, (e) all obligations of such Person under take-or-pay or similar arrangements or under commodities agreements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Attributable Indebtedness of such Person with respect to Capital Leases and Synthetic Lease Obligations, (g) all net obligations of such Person under Swap Contracts, (h) all direct and contingent reimbursement obligations in respect of letters of credit (other than trade letters of credit) and bankers' acceptances, including, without duplication, all unreimbursed drafts drawn thereunder (less the amount of any cash collateral securing any such letters of credit or and bankers' acceptances), (i) the principal component or liquidation preference of all Equity Interests issued by a Consolidated Party and which by the terms thereof could at any time prior to the Expiration Date be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments, mandatory redemption or other acceleration,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the outstanding principal amount of all payment obligations of such Persons under Securitization Transactions, (k) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, Property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (l) all Guarantees of such Person with respect to Indebtedness of another Person, and (m) the Indebtedness of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer to the extent such Indebtedness is recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. To the extent that the rights and remedies of the obligee of any Indebtedness are limited to certain property and are otherwise non-recourse to such Person, the amount of such Indebtedness shall be limited to the value of the Person's interest in such property (valued at the higher of book value or market value as of such date of determination).

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Transaction Party under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"<u>Indenture Derived</u> <u>Borrowing Base</u>" means, as of any date, the sum of (a) 85% of the fair market value of inventories of the MLP Parent and the Restricted Subsidiaries as of the end of the most recent month preceding such date or any more recent date for which such information is available, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)90% of the book value of the accounts receivable (net of allowance for credit losses) of the MLP Parent and the Restricted Subsidiaries as of the end of the most recent month preceding such date or any more recent date for which such information is available, in each case calculated on a consolidated basis and on a pro forma basis for any subsequent acquisitions or dispositions of business entities or property and assets constituting a division or line of business of any Person that have been made by the specified Person or any of the Restricted Subsidiaries, including through mergers or consolidations.

"<u>Independent Inspection Company</u>" means a U.S. Customs approved, certified and licensed independent petroleum inspection company.

"<u>Index Amount(s)</u>" means, for any month and with respect to a particular Product Group, the purchase value index, formula or benchmark set forth on and determined in accordance with <u>Schedule B</u> of the Monetization Master Agreement for such month.

"<u>Initial Estimated Yield</u>" has the meaning specified in <u>Section 2.1(x)</u> of the Monetization Master Agreement.

"<u>Initial</u><u> </u><u>Lien</u><u> </u><u>Amount</u>" has the meaning specified in <u>Section 5.2(a)</u> of the Financing Agreement. "<u>Insolvency or Liquidation Proceeding</u>" means with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)an involuntary proceeding has been commenced against such Person that such Person be wound up or liquidated, adjudging such Person Bankrupt, insolvent or subject to or seeking reorganization, arrangement, adjustment or other debt relief of or in respect of such Person under any Debtor Relief Law or seeking the appointment of a receiver, liquidator, assignee or trustee (or other similar official) of such Person or of any substantial part of its property or other assets or the winding up or liquidation of its affairs, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the institution by such Person of, or the consent by such Person to the institution of, proceedings to be adjudicated Bankrupt or insolvent or subject to or seeking reorganization, arrangement, adjustment or other debt relief under any Debtor Relief Law or to the appointment of a receiver, liquidator, assignee or trustee (or other similar official) of such Person or of any substantial part of its property or the making by it of a general assignment for the benefit of creditors or such Person shall generally fail to pay its debts as they fall due or an admission by it in writing of its inability or unwillingness to pay its debts generally as they become due or any other event shall have occurred which under any Debtor Relief Law would have an effect substantially similar to any of the events listed above in this clause (b) with respect to such Person or any action is taken by such Person for the purpose of effecting any of the foregoing.

"<u>Inspection Activities</u>" has the meaning specified in <u>Section 10.2</u> of the Monetization Master Agreement.

"<u>Inspector's Report</u>" has the meaning set forth in <u>Section 3.1</u> of the Inventory Sales Agreement. "<u>Intellectual</u><u> </u><u>Property</u>" means all intellectual and similar Property of a Person, including

inventions, designs, patents, patent applications, copyrights, trademarks, service marks, trade names,

trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments or fixations thereof and all related documentation, registrations and franchises; all books and records describing or used in connection with the foregoing; and all licenses or other rights to use any of the foregoing.

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"<u>Intercreditor Agreement</u>" means the Amended and Restated Intercreditor Acknowledgment Agreement, dated as of July 10, 2024, by and among Aron, MLP Parent, Calumet Parent, the Company, Calumet Refining and Bank of America, N.A., as agent.

"<u>Interest Payment Date</u>" means, for any SOFR Advance, the first Monthly True-Up Date that occurs after the making of such SOFR Advance.

"<u>Interest Period</u>" means, with respect to any SOFR Borrowing, the period (a) commencing on the date of such Borrowing and ending on the last day of the calendar month in which such SOFR Borrowing was made and (b) thereafter, commencing on the first day of each calendar month and ending on the last day of such calendar month; <u>provided</u> that (i) if an Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall end on the immediately preceding Business Day, (ii) any Interest Period of one month's duration that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (iii) below, end on the last Business Day of the next succeeding calendar month of such Interest Period and (iii) notwithstanding anything to the contrary in the Financing Agreement, no Interest Period for a SOFR Borrowing may be extended beyond the Expiration Date. For purposes hereof, the date of a SOFR Borrowing shall initially be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent continuation of such Borrowing; <u>provided</u>, <u>further</u> that, the for the initial Interest Period occurring immediately following the Commencement Date, the Interest Period shall commence on the Commencement Date and ending on the last day of the calendar month immediately following the month in which the Commencement Date occurs.

"<u>Interest Rate Swaps</u>" means Swap Contracts entered into for the purpose of protecting any Company Entity or Restricted Subsidiary from fluctuations in interest rates and not for speculative purposes.

"<u>Interim Lien Settlement</u>" has the meaning specified in <u>Section 8.1(c)</u> of the Monetization Master Agreement.

"<u>Interim Payment</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Interim Title Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Internal</u><u> </u><u>Revenue</u><u> </u><u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended. "<u>Inventory</u>" has the meaning specified in the UCC.

"<u>Inventory Advance</u>" means any advance made to any Transaction Party in respect of Feedstock or Products by Aron in connection with the Financing Agreement.

"<u>Inventory Advance Rate</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Inventory Measurement Time</u>" means 00:00:01 a.m., CT, on the Commencement Date. "<u>Inventory</u><u> </u><u>Sales</u><u> </u><u>Agreement</u>" means the Inventory Sales Agreement, in form and in substance

mutually agreeable to the Parties, dated as of the Commencement Date, among the Sellers and Aron,

pursuant to which each of the Sellers is selling and transferring to Aron the Commencement Date

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Volumes for the Commencement Date Value related thereto, free and clear of all Liens, other than Permitted S&O Liens.

"<u>Inventory Structuring Counterparty</u>" means each counterparty to an Inventory Structuring Transaction.

"<u>Inventory Structuring Subsidiary</u>" means Subsidiary, other than the Company or Calumet Refining, at any time that it is party to an Inventory Structuring Transaction.

"<u>Inventory Structuring Transaction Documents</u>" means each of the agreements or instruments entered into in connection with a Permitted Inventory Structuring Transaction.

"<u>Inventory Structuring Transactions</u>" means one or more transactions or series of transactions entered into by an Inventory Structuring Subsidiary pursuant to which one or more Inventory Structuring Counterparties supplies, or agrees to supply, to one or more Inventory Structuring Subsidiaries Inventory of a type that are used or produced in the ordinary course of business of such Subsidiaries, including without limitation, such transactions that include sales by an Inventory Structuring Subsidiary of similar Inventory to such Inventory Structuring Counterparties and later purchases (or options to purchase) by an Inventory Structuring Subsidiary of similar Inventory to such Inventory Structuring Counterparties and/or their affiliates, and which may include loans or other extensions of credit from time to time outstanding made by an Inventory Structuring Counterparty to an Inventory Structuring Subsidiary in connection with an Inventory Structuring Transaction, and including the provision by Inventory Structuring Counterparties of storage and other related services or the leasing by Inventory Structuring Counterparties of related storage facilities; provided, that, for all purposes of the Transaction Documents, neither the Transaction Documents nor any of the transaction contemplated thereby shall constitute an Inventory Structuring Transaction.

"<u>Inventory</u><u> </u><u>Transfer</u><u> </u><u>Time</u>" means 00:00:01 a.m., CT, on the Commencement Date.

"<u>Investment</u>" means in any Person, means (a) any Acquisition of such Person or its Property, (b) any other acquisition of Equity Interests, bonds, notes, debentures, partnership, joint ventures or other ownership interests or other securities of such other Person, (c) any deposit with, or advance, loan or other extension of credit to, such Person (other than deposits made in connection with the purchase of equipment inventory and supplies in the Ordinary Course of Business) or (d) any other capital contribution to or investment in such Person, including any Guarantee incurred for the benefit of such Person and any Disposition to such Person for consideration less than the fair market value of the Property disposed in such transaction, but excluding any Restricted Payment to such Person. Investments which are capital contributions or purchases of Equity Interests which have a right to participate in the profits of the issuer thereof shall be valued at the amount (or, in the case of any Investment made with Property other than cash, the book value of such Property) actually contributed or paid (including cash and non-cash consideration and any assumption of Indebtedness) to purchase such Equity Interests as of the date of such contribution or payment. Investments which are loans, advances, extensions of credit or Guarantees shall be valued at the principal amount of such loan, advance or extension of credit outstanding as of the date of determination or, as applicable, the principal amount of the loan or advance outstanding as of the date of determination actually guaranteed by such Guarantees. If Calumet Parent or any Restricted Subsidiary of Calumet Parent sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of Calumet Parent such that, after giving effect to any such sale or Disposition, such Person is no longer a Restricted Subsidiary of Calumet Parent, then Calumet Parent will be deemed to have made an Investment on the date of any such sale or Disposition in an amount equal to the fair market value of the Equity Interests of such former Restricted Subsidiary not sold or otherwise disposed of (with the fair market value of any such Investment determined reasonably and in

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good faith, in the case of amounts less than $35,000,000, by an officer of Calumet GP and, in the case of amounts equal to or greater than $35,000,000, by the Board of Directors of Calumet Parent).

"<u>Investment Grade Rating</u>" means a rating of BBB- or better from Standard & Poor's or Fitch, Inc., or Baa3 or better from Moody's Investors Service, Inc., or any such from any successor or assignee of any of the foregoing companies.

"<u>Involuntary Disposition</u>" means any loss of, damage to or destruction of, or any condemnation or other taking, eminent domain proceeding, or other governmental or quasi-governmental acquisition or conveyance in lieu thereof for public or quasi-public use of, any Property of Calumet Parent or any Restricted Subsidiary.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>ISDA</u><u> </u><u>Definitions</u>" means the 2021 ISDA Interest Rate Derivatives Definitions published by the International Swaps and Derivatives Association, Inc. (including all appendices thereto and the Matrices, as defined therein), as in effect on the Commencement Date.

"<u>ISDA</u><u> </u><u>Form</u>" means the ISDA 2002 Master Agreement, as published by the International Swaps and Derivatives Association, Inc.

"<u>ISDA Master Agreement</u>" means any ISDA Master Agreement promulgated as such by the International Swaps and Derivatives Association from time to time and entered into between any Transaction Party or any of its Affiliates and Aron, including all schedules, annexes and exhibits thereto and all confirmations from time to time issued thereunder and subject thereto, as amended, supplemented, restated or otherwise modified time to time.

"<u>ISDA Master Agreement Termination Event</u>" means, with respect to a party, any "Event of Default" under the ISDA Master Agreement with respect to such party or any "Additional Termination Event" under the ISDA Master Agreement for which such party is the sole Affected Party thereunder.

"<u>ISDA Master Early Termination Amount</u>" means the Early Termination Amount as defined in and calculated in accordance with Section 6(e) of the ISDA Master Agreement.

"<u>ISDA U.S. Protocol</u>" has the meaning specified in <u>Section 12.6(c)</u> of the Supply and Offtake Agreement.

"<u>J. Aron Property</u>" means all volumes of Feedstock and Products Aron owns and may from time to time acquire and own, including all volumes of Feedstock and Products owned by Aron and held in any of the Included Title Locations.

"<u>Joint Venture</u>" means any Person that is not a direct or indirect Subsidiary of Calumet Parent in which Calumet Parent or any of its Restricted Subsidiaries makes any Investment.

"<u>Judicial Remand</u>" means, in the event that any Company Entity appeals any denial by the EPA of its SRE Petition for any applicable Compliance Year, the rendering of a judgment or order by a court of competent jurisdiction that remands to the EPA or any other applicable Governmental Authority for reconsideration of such SRE Petition.

"<u>Liabilities</u>" means any losses, liabilities, charges, damages, deficiencies, assessments, interests, fines, penalties, costs and expenses (collectively, "<u>Costs</u>") of any kind (including reasonable attorneys'

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fees and other fees, court costs and other disbursements), including any Costs directly or indirectly arising out of or related to any suit, proceeding, judgment, settlement or judicial or administrative order.

"<u>License</u>" means any license or agreement under which a Company Entity or its Restricted Subsidiary is authorized to use Intellectual Property in connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business.

"<u>Licensed Premises</u>" means certain real property located in or near any Refinery and Terminal Assets or any Included Title Locations owned by any Transaction Party, together with all facilities, pumps, valves, fittings, fixtures, gauges and meters, and other equipment connected therewith or located thereon, and all easements, rights-of-way, permits, licenses and other interests in real estate over which the same may run, in each case held by any Transaction Party, together with the right to operate the same.

"<u>Lien</u>" means any lien, mortgage, pledge, assignment, security interest, hypothecation, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, and any lease or license in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing.

"<u>Lien</u><u> </u><u>Amount</u>" has the meaning specified in <u>Section</u><u> </u><u>5.1(b)</u> of the Financing Agreement.

"<u>Lien Documents</u>" means the Security Agreement, each Bailee's Letter, each Carrier Notice, each Freight Forwarder Agreement, each Customs Broker Agreement and any other instruments, documents and agreements delivered by or on behalf of any Transaction Party and its Affiliates in order to grant to and perfect in favor of Aron a security interest in and Lien on Collateral of any Transaction Party and its Affiliates (subject to customary exclusions acceptable to Aron) as security for the Secured Obligations.

"<u>Long-Term Indebtedness</u>" means any Indebtedness that, in accordance with GAAP, constitutes (or, when incurred, constituted) a long-term liability.

"<u>Macquarie</u>" means Macquarie Energy North America Trading Inc., a Delaware corporation. "<u>Macquarie</u><u> </u><u>Payoff</u><u> </u><u>Letter</u>" means that certain Payoff Letter, dated as of the Commencement

Date, by and among Macquarie and the Company Entities.

"<u>Macquarie S&O Agreement</u>" means Supply and Offtake Agreement, dated as of June 19, 2017, by and between Macquarie Energy North America Trading Inc., Calumet Shreveport Fuels, LLC and Calumet Shreveport Lubricants & Waxes, LLC, as amended by that certain First Amendment to Supply and Offtake Agreement, dated as of March 28, 2018, as further amended by that certain Second Amendment to Supply and Offtake Agreement, dated as of December 21, 2018, as further amended by that certain Third Amendment to Supply and Offtake Agreement, dated as of May 9, 2019, as further amended by that certain Fourth Amendment to Supply and Offtake Agreement, dated as of February 12, 2021, as further amended by that certain Fifth Amendment to Supply and Offtake Agreement, dated as of June 30, 2022, as further amended by that certain Sixth Amendment to Supply and Offtake Agreement, dated as of November 2, 2022, as further amended by that certain Seventh Amendment to Supply and Offtake Agreement, dated as of December 30, 2022, as further amended by that certain Eighth Amendment to Supply and Offtake Agreement, dated as of March 30, 2023, as further amended by that certain Ninth Amendment to Supply and Offtake Agreement, dated as of December 18, 2023 and as further amended by that certain Tenth Amendment to Supply and Offtake Agreement, dated as of January 16, 2024.

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"<u>Macquarie Transaction Documents</u>" means the "Transaction Documents" as defined in the Macquarie S&O Agreement.

"<u>Mandatory Roll Differential</u>" has the meaning specified in <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Mandatory Roll Volume</u>" has the meaning specified in <u>Schedule Y</u> of the Monetization Master Agreement.

"<u>Market Structure Roll Pass-Through</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Marketing and Sales Agreement</u>" means the products marketing and sales agreement, dated as of the Commencement Date, among the Transaction Parties and Aron pursuant to which the Product purchased by Aron hereunder shall from time to time be marketed and sold by the Transaction Parties for Aron's account or otherwise.

"<u>Master Agreement Guaranty</u>" means any guaranty agreement, by any Transaction Parties in favor of Aron, in respect of any Transaction Party's obligations under the ISDA Master Agreement.

"<u>Material Adverse Effect</u>" means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Company Entities and their Restricted Subsidiaries taken as a whole; (b) a material impairment of the ability of any Company Entity to perform its obligations under any Transaction Document to which it is a party; (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Company Entity of any Transaction Document to which it is a party or (d) a material adverse effect on the rights, remedies and benefits available to, or conferred upon, the Parties under the Transaction Documents, taken as a whole.

"<u>Material Contract Cure Event</u>" means, at any time, with respect to any agreement that constitutes a Specified Material Contract, the Transaction Parties have (a) (i) paid Aron in full for any Barrels of Feedstock and Products at Included Title Locations that are subject to such Base Agreement, if applicable, and (ii) prepaid any Advances relating to Barrels of Feedstock and Products at Included Lien Locations that are subject to such Base Agreement in accordance with the terms of the Financing Agreement, if applicable, and (b) notified Aron in writing of the Transaction Parties' desire to remove any Included Locations that are subject to such Specified Material Contract from being Included Locations in accordance with the terms of the Transaction Documents.

"<u>Material Contracts</u>" means (a) each Base Agreement and any other applicable storage, transportation or services agreement underlying any Bailee's Letter, Carrier Notice, Freight Forwarder Agreement, or any Customs Broker Agreement that (i) requires any Transaction Party to pay amounts in the aggregate under such agreement that are greater than $2,000,000 per year or (ii) contemplates the storage of more than 100,000 Barrels or the movement or handling of more than 100,000 Barrels per month of any Feedstock and Products, individually or in the aggregate, (b) the Brown Station Leases, (c) the Stonebriar Lease, (d) the Enterprise Agreement, (e) each other agreement set forth on <u>Schedule CC</u> of the Monetization Master Agreement, and (f) any other agreement, contract or document (other than any ABL Credit Documents, Bond Documents or any other agreement, document or instrument governing or evidencing, or providing for Liens or security interests securing, any Indebtedness) that (i) obligates any Transaction Party (individually or collectively) to make payments (including without limitation as a result of any termination or breach thereof by any party thereto) in an aggregate amount greater than

$25,000,000 in any Fiscal Year and (ii) pertains to the Refinery, any other Refinery and Terminal Assets

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or the transactions contemplated under the Transaction Documents; <u>provided</u>, that, upon the consummation of a Material Contract Cure Event, the Material Contract that is subject of such Material Contract Cure Event shall no longer be a Material Contract for purposes of the Transaction Documents.

"<u>Maximum Inventory Level</u>" means the maximum amount of inventory at any time for each Product Group, as set forth on <u>Schedule D</u> of the Monetization Master Agreement.

"<u>Measured Feedstock Quantity</u>" means, for any Delivery Date, the total quantity of Feedstock that, during such Delivery Date, was withdrawn and lifted by and delivered to a Transaction Party at the Feedstock Delivery Point, as evidenced by either meter readings for that Delivery Date and tank gaugings conducted at the beginning and end of such Delivery Date.

"<u>Measured Product Quantity</u>" means, for any Delivery Date, the total quantity of a particular Product that, during such Delivery Date, was delivered by a Transaction Party to Aron at the Products Intake Point, as evidenced by either (a) meter readings for that Delivery Date or (b) tank gaugings conducted at the beginning and end of such Delivery Date.

![Graphic](clmt-20260331xex10d5409.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Minimum Inventory Level" means the minimum amount of inventory at any time for each</u> <u>Product Group, as set forth on Schedule D of the Monetization Master Agreement.</u>

"<u>Minimum Notional Value</u>" has the meaning specified in the Fee Letter.

"<u>MLP Parent</u>" means Calumet Specialty Products Partners, L.P., a Delaware limited partnership. "<u>MLP Parent Guaranty</u>" means that certain Amended and Restated Guaranty, dated as of July 10,

2024, by Calumet Parent and MLP Parent in favor of Aron. "<u>Monetization</u><u> </u><u>Master</u><u> </u><u>Agreement</u>" means this Agreement.

"<u>Monthly Average Daily Product Group Inventory</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Monthly</u><u> </u><u>Cash Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Monthly</u><u> </u><u>Cover</u><u> </u><u>Costs</u>" has the meaning specified in <u>Section</u><u> </u><u>6.1</u> of the Supply and Offtake Agreement.

"<u>Monthly</u><u> </u><u>Feedstock</u><u> </u><u>Forecast</u>" has the meaning specified in <u>Section</u><u> </u><u>15.2(a)(i)(C)</u> of the Monetization Master Agreement.

"<u>Monthly</u><u> </u><u>Intermediation</u><u> </u><u>Fee</u><u> </u><u>Amount</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> of the Monetization Master Agreement.

"<u>Monthly Product Estimate</u>" has the meaning specified in <u>Section 15.2(a)(ii)</u> of the Monetization Master Agreement.

"<u>Monthly Product</u><u> </u><u>Fee</u><u> </u><u>Amount</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

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"<u>Monthly True-Up Amount</u>" has the meaning specified in <u>Section 8.2(a)</u> of the Monetization Master Agreement.

"<u>Monthly True-Up Date</u>" means each date on which the Monthly True-Up Amount is due under the Monetization Master Agreement, in accordance with the terms thereof.

"<u>Moody's</u>" means Moody's Investors Service, Inc. and any successor thereto.

"<u>Multiemployer</u><u> </u><u>Plan</u>" means any "multiemployer plan" (as defined in Section 3(37) of ERISA)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is subject to Title IV of ERISA and (b) to which any Company Entity or any ERISA Affiliate contributes.

"<u>Nomination Cutoff Date</u>" means, with respect to any Aron Procurement Contract, the date and time (if any) by which Aron is required to provide its nominations to the Third Party Supplier thereunder for the next monthly delivery period for which nominations are then due or can then be made.

"<u>Non-Affected Party</u>" has the meaning specified in <u>Section 10.1</u> of the Supply and Offtake Agreement.

"<u>Non-Defaulting</u><u> </u><u>Party</u>" has the meaning specified in <u>Section 16.2(a)</u> of the Monetization Master Agreement.

"<u>Non-Income Tax</u>" means all sales, use, gross receipts, value added, severance, ad valorem, excise, property, spill, environmental, transaction-based, or similar taxes, duties and fees, howsoever designated regardless of the taxing authority, and all penalties and interest thereon.

"<u>Non-Recourse Indebtedness</u>" means Indebtedness: (a) as to which neither Calumet Parent nor any of its Restricted Subsidiaries (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (ii) is directly or indirectly liable as a guarantor or otherwise; (b) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Secured Obligations) of Calumet Parent or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its stated maturity; and (c) as to which the lenders on such Indebtedness do not have any recourse to the Equity Interests or assets of Calumet Parent or any of its Restricted Subsidiaries except as contemplated by <u>Section 15.4(a)(xxiv</u>) of the Monetization Master Agreement. For purposes of determining compliance with <u>Section 15.4</u> of the Monetization Master Agreement, in the event that any Non-Recourse Indebtedness of any Unrestricted Subsidiary of Calumet Parent ceases to be Non-Recourse Indebtedness of such Unrestricted Subsidiary on any date, such event will be deemed to constitute an incurrence on such date of Indebtedness by a Restricted Subsidiary of Calumet Parent.

"<u>NSV</u>" means, with respect to any measurement of volume, the total liquid volume, excluding sediment and water and free water, corrected for the observed temperature to 60° F.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the United States Department of the Treasury.

"<u>Omnibus Amendment Agreement</u>" means that certain Omnibus Amendment Agreement, dated as of July 10, 2024, by and among Aron, the Transaction Parties, MLP Parent and Calumet Parent.

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"<u>Omnibus Amendment Effective Date</u>" has the meaning ascribed to the term "Omnibus Amendment Effective Date" in the Omnibus Amendment Agreement.

"<u>Operating Lease</u>" means, as applied to any Person, (a) an operating lease under GAAP, (b) any lease that was treated as an operating lease under GAAP at the time it was entered into that later becomes a Capital Lease as a result of a change in GAAP during the life of such lease, including any renewals thereof, and (c) any lease entered into after the Commencement Date that would have been considered as operating lease under GAAP as in effect as of December 31, 2022, in each case, other than any such lease in which that Person is the lessor.

"<u>Ordinary Course of Business</u>" means, with respect to any Person, the ordinary course of business of such Person, consistent with past practices, and reasonable extensions thereof, undertaken in good faith.

"<u>Organizational Documents</u>" means (a) with respect to any corporation or company, its certificate or articles of incorporation, organization or association, as amended, and its bylaws, as amended, (b) with respect to any limited partnership, its certificate or declaration of limited partnership, as amended, and its partnership agreement, as amended, (c) with respect to any general partnership, its partnership agreement, as amended, and (d) with respect to any limited liability company, its certificate of formation or articles of organization, as amended, and its operating agreement, as amended. In the event any term or condition of any of Transaction Documents requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such "Organizational Document" shall only be to a document of a type customarily certified by such governmental official.

"<u>Other Barrels</u>" has the meaning specified in <u>Section 4.2(f)(ii)</u> of the Supply and Offtake Agreement.

"<u>Other Connection Taxes</u>" means, with respect to Aron or other Recipient, Taxes imposed as a result of a present or former connection between Aron or other Recipient and the jurisdiction imposing such Tax (other than connections arising from Aron or other Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced the Financing Agreement, or sold or assigned an interest in any Credit Extension or the Financing Agreement).

"<u>Other Product Barrels</u>" has the meaning specified in <u>Section 7.1(c)(ii)</u> of the Supply and Offtake Agreement.

"<u>Other Taxes</u>" means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, the Financing Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 7.14 of the Financing Agreement).

"<u>Participant Register</u>" has the meaning specified in <u>Section 23.3(a)</u> of the Monetization Master Agreement.

"<u>Party</u>" or "<u>Parties</u>" has the meaning specified in the preamble to each Covered Agreement.

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"<u>PATRIOT Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation.

"<u>Pension Plan</u>" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Company Entity or its Restricted Subsidiary or any ERISA Affiliate or to which any Company Entity or its Restricted Subsidiary or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five (5) plan years.

"<u>Permitted Accounts Transaction</u>" means a sale by a Company Entity or its Restricted Subsidiary of Accounts of such Company Entity or its Restricted Subsidiary, subject to the requirements of and as defined in <u>Section 15.4(e)(iv)</u> of the Monetization Master Agreement.

"<u>Permitted</u><u> </u><u>Acquisition</u>" means an Acquisition permitted pursuant to the terms of <u>Section 15.4(b)(viii)</u> or <u>Section 15.4(b)(xi)</u> of the Monetization Master Agreement.

"<u>Permitted Inventory Structuring Transaction</u>" has the meaning specified in <u>Section 15.4(n)</u> of the Monetization Master Agreement.

"<u>Permitted</u><u> </u><u>Investments</u>" has the meaning specified in <u>Section 15.4(b)</u> of the Monetization Master Agreement.

"<u>Permitted Lien</u>" means Liens in respect of Property of a Company Entity or its Subsidiary permitted to exist pursuant to the terms of <u>Section 15.4(a)</u> of the Monetization Master Agreement.

"<u>Permitted S&O Liens</u>" means: (a) Liens created in favor of Aron under the Lien Documents, (b) Liens for Taxes, assessments, governmental charges or levies, or claims not yet delinquent or the non-payment of which is being diligently contested in good faith by appropriate proceedings and, in each case, for which adequate reserves have been made in accordance with GAAP; (c) Liens of mechanics, laborers, suppliers, workers, materialmen, and other similar Liens incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith, if such reserve or appropriate provision, if any, as shall be required by GAAP shall have been made therefore; (d) Liens securing rental, storage, throughput, transportation, handling or other similar fees or charges owing from time to time to carriers, bailees, transporters, pipelines or warehousemen, solely to the extent of such fees or charges; (e) first purchaser Liens in favor of the producer at the wellhead, which arise in the ordinary course of business as a matter of law and are discharged upon payment for the Hydrocarbons produced and (f) except in the case of any sale or transfer of Feedstock or Products by and Transaction Party to Aron, Liens (1) incurred in the ordinary course of business in connection with the purchase or shipping of goods or assets (or the related assets and proceeds thereof), which Liens arise by operation of law in favor of the seller or shipper of such goods or assets, only attach to such goods or assets and cease to be in effect upon payment in full of the purchase price for such goods or assets, and (2) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods.

"<u>Person</u>" means any natural person, corporation, limited partnership, general partnership, limited liability company, limited liability partnership, joint stock company, joint venture, association, company,

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trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority.

"<u>Pipeline Cutoff Date</u>" means, with respect to any Included Feedstock Title Pipeline or any Included Product Title Pipeline, the date and time by which a shipper thereon is required to provide its nominations to the Person that schedules and tracks Feedstock or Products, as applicable, in such Included Feedstock Title Pipeline or Included Product Title Pipeline, as applicable, for the next shipment period for which nominations are then due.

"<u>Plan</u>" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) established by any Company Entity or its Restricted Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"<u>Price Adjustment Change Cashflow</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Price Adjustment Month</u>" has the meaning specified in <u>Section 5.4(d)</u> of the Monetization Master Agreement.

"<u>Prices</u>" means, for each applicable month and for each applicable Product Group, the amount added to such Index Amount that corresponds to such Product Group to determine the per Barrel amount applicable to such Feedstock or Products for purchases and sales or Advances and repayments between Aron and the Transaction Parties under the Transaction Documents, which is a positive number. The Prices applicable during the Term shall be as set forth on <u>Schedule B</u> of the Monetization Master Agreement and as may be adjusted from time to time pursuant to <u>Section 5.4</u> of the Monetization Master Agreement.

"<u>Pro Forma Basis</u>" has the meaning provided in the ABL Credit Agreement as in effect on the Omnibus Amendment Effective Date.

"<u>Procurement Contract</u>" means any Aron Procurement Contract or Refinery Procurement Contract, or such other contract to the extent the Parties mutually deem such contract to be a Procurement Contract for purposes hereof.

"<u>Procurement Contract Assignment</u>" means an instrument, in form and substance reasonably satisfactory to Aron, by which a Transaction Party assigns to Aron all rights and obligations under a Refinery Procurement Contract and Aron assumes such rights and obligations thereunder, subject to terms reasonably satisfactory to Aron providing for the automatic reassignment thereof to such Transaction Party in connection with the termination of the Supply and Offtake Agreement.

"<u>Procurement Due Date</u>" means, with respect to a Refinery Procurement Contract, the date on which the Feedstock Procurement Payment under such Refinery Procurement Contract is due to be paid, which date shall occur prior to the delivery date under such Refinery Procurement Contract (unless otherwise expressly agreed by Aron).

"<u>Product</u>" means any of the Hydrocarbon products listed on <u>Schedule P</u> of the Monetization Master Agreement that satisfy the applicable specifications for such Hydrocarbon product set forth on <u>Schedule A</u> of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5052.jpg)

"<u>Product Group</u>" means a group of Feedstock or a group of Products, as applicable, as specified on <u>Schedule D</u> of the Monetization Master Agreement.

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"<u>Product</u><u> </u><u>Lien</u><u> </u><u>Amount</u>" has the meaning specified in <u>Section</u><u> </u><u>5.1(b)</u> of the Financing Agreement.

"<u>Product</u><u> </u><u>Lien</u><u> </u><u>Linefill</u>" means, at any time and for any grade of Product, the aggregate volume of linefill of that Product on the Included Product Lien Pipelines for which a Transaction Party is treated as the exclusive owner by the Included Product Lien Pipelines; <u>provided</u> that such volume shall be determined by using the volumes reported on the monthly or daily statements, as applicable, from the Included Product Lien Pipelines.

"<u>Product Lien Storage Tanks</u>" means any of the tanks at Included Product Lien Locations listed on <u>Schedule U</u> of the Monetization Master Agreement.

"<u>Product Price</u>" means any Prices applicable to an Index Amount, except for the Index Amount for Feedstock, as shall be set forth on <u>Schedule B</u> of the Monetization Master Agreement and as may be adjusted from time to time pursuant to <u>Section 5.4</u> of the Monetization Master Agreement.

"<u>Product Price Adjustment</u>" means the adjustments to the Product Price as determined pursuant to <u>Schedule K</u> of the Monetization Master Agreement.

"<u>Product Procurement Fee</u>" has the meaning specified in the Marketing and Sales Agreement. "<u>Product</u><u> </u><u>Sales</u><u> </u><u>Fee</u>" has the meaning specified in the Marketing and Sales Agreement and

payable in accordance with <u>Article</u><u> </u><u>8</u> to the Monetization Master Agreement.

"<u>Product Supplier</u>" has the meaning specified in the definition of "Included Purchase Transaction".

"<u>Product Title Linefill</u>" means, at any time and for any grade of Product, the aggregate volume of linefill of that Product on the Included Product Title Pipelines for which Aron is treated as the exclusive owner by the Included Product Title Pipelines; <u>provided</u> that such volume shall be determined by using the volumes reported on the monthly or daily statements, as applicable, from the Included Product Title Pipelines.

"<u>Products Delivery Point</u>" means, with respect to any delivery of Product from an Included Product Title Location, (a) the outlet flange of the Included Company Product Tanks at the Refinery, (b) the outlet flange of an Included Third Party Product Tank and (c) if the Product is transported via an Included Product Title Pipeline, the last permanent flange of such Included Product Title Pipeline, as applicable.

"<u>Products Intake Point</u>" means (a) in the case of the Included Company Product Tanks, the inlet flange of the Included Company Product Tanks, (b) in the case of any Included Third Party Product Tank, the inlet flange of such Included Third Party Product Tank and (c) if the Product is transported via an Included Product Title Pipeline, the first permanent flange of such Included Product Title Pipeline.

"<u>Products Inventory Report</u>" has the meaning as specified in <u>Section 15.2(c)(ii)</u> of the Monetization Master Agreement.

"<u>Products Offtake Point</u>" means the delivery point at which Aron transfers title to Products in accordance with sales transactions executed pursuant to the Marketing and Sales Agreement.

"<u>Projected Inventory</u>" has the meaning set forth in <u>Section 4.1.1</u> of the Inventory Sales Agreement.

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"<u>Projected Monthly Production Volume</u>" has the meaning specified in <u>Section 5.3(a)</u> of the Monetization Master Agreement.

"<u>Projected Monthly Run Volume</u>" has the meaning specified in <u>Section 5.2(a)</u> of the Monetization Master Agreement.

"<u>Projected Step-Out Inventory</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Projections</u>" means the projections of the Transaction Parties for each Fiscal Quarter of Fiscal Year 2024 and for each Fiscal Year thereafter through the Term heretofore provided to Aron.

"<u>Property</u>" means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

"<u>Provisional Group Price Adjustment Interim Amount</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Provisional Quantity Change Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Purchase Value Adjustment</u>" has the meaning set forth in <u>Section 4.4</u> of the Inventory Sales Agreement.

"<u>Qualifying Owners</u>" means, collectively, any of the owners of Calumet GP as of the Commencement Date and their respective Affiliates, and the trustees, beneficiaries or the heirs or family members of any of the foregoing, including The Heritage Group, Irrevocable Intervivos Trust No.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27.73 for the Benefit of Fred Mehlert Fehsenfeld, Jr. and his issue, dated December 18, 2012 and Maggie Fehsenfeld Trust No. 106 12.30.74 for the Benefit of Fred Mehlert Fehsenfeld, Jr. and his issue, dated December 18, 2012.

"<u>Real Estate</u>" means, at any time, a collective reference to each of the facilities and real Properties owned, leased or operated by Calumet Parent and the Restricted Subsidiaries at such time.

"<u>Realized Historical Diesel Index Average</u>" has the meaning specified on <u>Schedule K</u> of the Monetization Master Agreement.

"<u>Realized Historical Sales Data</u>" has the meaning specified on <u>Schedule K</u> of the Monetization Master Agreement.

"<u>Recipient</u>" has meaning specified in the definition of "Excluded Taxes".

"<u>Red River Pipeline</u>" means that certain pipeline system commonly known as the "Red River Pipeline", including from Cushing Oklahoma to Longview, Texas whether or not owned by Plains All America Red River Pipeline, L.P., connecting Cushing, Oklahoma to Longview, Texas, and that certain pipeline system, whether or not operated by a subsidiary of Plains All American Pipeline, L.P., that connects to the Caddo Pipeline which connects to the Brown Station storage facility located at 5300 Enron Road, Shreveport, Louisiana, 71118.

"<u>Red River Terminal</u>" means that certain terminal of the Red River Pipeline located at 10911 Hwy 1 South, Shreveport, LA 71115-8561.

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"<u>Reference</u><u> </u><u>Contract</u>" has the meaning specified on <u>Schedule</u><u> </u><u>K</u> of the Monetization Master Agreement.

"<u>Reference</u><u> </u><u>Contract</u><u> </u><u>Average</u>" has the meaning specified on <u>Schedule</u><u> </u><u>K</u> of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5412.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Reference</u><u> </u><u>Debt"</u><u> </u><u>has</u><u> </u><u>the</u><u> </u><u>meaning</u><u> </u><u>specified</u><u> </u><u>in</u><u> </u><u>Section</u><u> </u><u>8.10(a)</u><u> </u><u>of</u><u> </u><u>the</u><u> </u><u>Monetization</u><u> </u><u>Master</u> <u>Agreement.</u>

"<u>Reference</u><u> </u><u>Time</u>" with respect to any determination of the Benchmark means the time determined by Aron in accordance with the Benchmark Replacement Conforming Changes.

"<u>Refinancing Indebtedness</u>" has the meaning specified in <u>Section 15.4(c)(ii)</u> of the Monetization Master Agreement.

"<u>Refinery</u>" has the meaning specified in the recitals to the Monetization Master Agreement. "<u>Refinery</u><u> </u><u>and</u><u> </u><u>Terminal</u><u> </u><u>Assets</u>" means (a) the Refinery, (b) all other terminals and storage,

loading and offloading facilities owned (or exclusively leased) by any Transaction Party, including

without limitation the Included Title Locations owned (or exclusively leased) by any Transaction Party, the Stonebriar Refinery Assets and all Storage Facilities located on Brown Station, (c) Brown Station and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all other real property, fixtures, infrastructure and other physical assets owned by any Transaction Party that are necessary or related to the ownership, operation and maintenance of each of the foregoing, including any piping, truck facilities and other delivery and loading facilities related thereto, all pipelines and related or associated facilities and infrastructure, in each case, together with all modifications or additions thereto.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Refinery Amortization Charge</u>" has the meaning provided in the ABL Credit Agreement as in effect on the Commencement Date.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Refinery</u><u> </u><u>Asset</u><u> </u><u>Borrowing</u><u> </u><u>Base</u><u> </u><u>Component</u>" has the meaning provided in the ABL Credit Agreement as in effect on the Commencement Date.

"<u>Refinery Facilities</u>" means (a) all the facilities located at the Refinery, including the Stonebriar Refinery Assets, and (b) any associated or adjacent facility used by the Transaction Parties to carry out the terms of the Monetization Master Agreement, excluding, however, the Feedstock receiving and Products delivery facilities, pipelines, tanks and associated facilities which constitute the Storage Facilities.

"<u>Refinery Feedstock Purchase Fee</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Refinery</u><u> </u><u>Feedstock</u><u> </u><u>Purchase</u><u> </u><u>Fee</u><u> </u><u>Price</u>" has the meaning specified in the Fee Letter. "<u>Refinery</u><u> </u><u>Procured</u><u> </u><u>Barrels</u>" has the meaning specified in <u>Section</u><u> </u><u>4.2(g)(i)</u> of the Supply and

Offtake Agreement.

"<u>Refinery Procured Product Barrels</u>" has the meaning specified in <u>Section 7.1(c)(i)</u> of the Supply and Offtake Agreement.

"<u>Refinery Procurement Contract</u>" means a procurement contract entered into by a Transaction Party with any third party seller for the purchase by such Transaction Party of Feedstock, which

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Feedstock is to be resold by such Transaction Party to Aron at the time such Feedstock passes the Feedstock Intake Point.

"<u>Refinery Product Contract</u>" means a procurement contract entered into by a Transaction Party with any third party seller for the purchase by such Transaction Party of Product, which Product is to be resold by such Transaction Party to Aron at the time such Product passes the Products Intake Point.

"<u>Regulatory Event</u>" has the meaning specified in <u>Section 7.4</u> of the Monetization Master Agreement.

"<u>Regulatory Event Notice</u>" has the meaning specified in <u>Section 7.4</u> of the Monetization Master Agreement.

"<u>Related Hedges</u>" means any transactions from time to time entered into by Aron with third parties unrelated to Aron or its Affiliates to hedge Aron's exposure relating to the Monetization Master Agreement or any other Transaction Document and Aron's rights and obligations hereunder or thereunder, including all hedging transactions relating to the Market Structure Roll Pass-Through.

"<u>Release</u>" means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or from, under, within or upon any building, structure, facility or fixture.

"<u>Relevant Governmental Body</u>" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or, in each case, any successor thereto.

"<u>Reportable Event</u>" shall mean with respect to any Pension Plan, any reportable event, as defined in Section 4043(c) of ERISA and the regulations thereunder, for which notice has not been waived.

"<u>Required Permits</u>" has the meaning specified in <u>Section 6.3</u> of the Storage Facilities Agreement.

"<u>Required Storage and Transportation Arrangements</u>" means such designations and other binding contractual arrangements, in form and substance reasonably satisfactory to Aron, pursuant to which the applicable Transaction Party hereafter shall provide Aron with the applicable Transaction Party's full right to use the Included Third Party Product Tanks, Included Third Party Feedstock Storage Tanks, Included Product Title Pipelines, or Included Feedstock Title Pipelines, as applicable, pursuant to the terms and conditions of the Base Agreements or such other agreements creating such Transaction Party's rights in and to such facilities or pipelines and the rights of existing third parties.

"<u>Responsible Officer</u>" means, with respect to any Person, any individual holding the position of chief executive officer, president, chief operating officer, chief financial officer, chief legal officer, principal accounting officer or treasurer of such Person.

"<u>Restricted Account</u>" has the meaning given to such term in the ABL Credit Agreement (as in effect as of the Commencement Date).

"<u>Restricted Payment</u>" means, with respect to any Person, any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of such Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to such

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Person's stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment.

"<u>Restricted Subsidiary</u>" means any Subsidiary that is not an Unrestricted Subsidiary.

"<u>Revised Estimated Yield</u>" has the meaning specified in <u>Section 15.2(e)(i)</u> of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5049.jpg)

"<u>Revolver</u><u> </u><u>Termination</u><u> </u><u>Date</u>" means January 20<u>3</u>, 2027<u>31</u>.

"<u>RINs</u>" means the unique numbers generated to represent volumes of renewable fuel as defined in 40 CFR § 80.1401 and which are required to be accumulated by obligated parties for compliance with the renewable fuel standard as set out at 40 CFR § 80 Subpart M.

"<u>RINs Compliance Deadline</u>" means, with respect to any Compliance Year, each deadline for submission of RINs to satisfy requirements for RIN submittal applicable to such Compliance Year as set forth in the RFS Regulations (as may be extended from time to time by the EPA or any other applicable Governmental Authority, including pursuant to the Extension Rule or the Final Rule).

"<u>Roll Cutoff Date</u>" has the meaning specified in <u>Schedule Y</u> of the Monetization Master Agreement.

"<u>RVO</u>" means Renewable Volume Obligation, as calculated pursuant to 40 C.F.R. 80.1407. "<u>S&O Early Termination Date</u>" means the date determined in accordance with <u>Section 12.2(c)</u> of

the Supply and Offtake Agreement.

"<u>S&O Make-Whole Amount</u>" has the meaning specified in <u>Section 12.3(a)</u> of the Supply and Offtake Agreement.

"<u>S&O</u><u> </u><u>Make-Whole</u><u> </u><u>Fee</u>" has the meaning assigned to such term in the Fee Letter.

"<u>S&O Settlement Amount</u>" has the meaning specified in <u>Section 12.2(e)</u> of the Supply and Offtake Agreement.

"<u>S&P</u>" means Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and any successor thereto.

"<u>Safe Harbor Agreements</u>" has the meaning specified in <u>Section 12.2(a)</u> of the Supply and Offtake Agreement.

"<u>Sale and Leaseback Transaction</u>" means any arrangement pursuant to which any Consolidated Party, directly or indirectly, becomes liable as lessee, guarantor or other surety with respect to any lease, whether an Operating Lease or a Capital Lease, of any Property (a) which such Consolidated Party has sold or transferred (or is to sell or transfer) to a Person which is not a Consolidated Party or (b) which such Consolidated Party intends to use for substantially the same purpose as any other Property which has been sold or transferred (or is to be sold or transferred) by such Consolidated Party to another Person which is not a Consolidated Party in connection with such lease.

"<u>Sales</u><u> </u><u>Statement</u>" has the meaning set forth in <u>Section</u><u> </u><u>4.3.1</u> of the Inventory Sales Agreement.

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"<u>Sanction(s)</u>" means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, His Majesty's Treasury or other relevant sanctions authority.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory that is itself the subject or target of any Sanctions broadly restricting or prohibiting dealings with such country, region or territory.

"<u>Sanctioned Person</u>" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the US Department of State, the US Department of Treasury (including OFAC), the United Nations Security Council, the European Union, any European Union member state, His Majesty's Treasury of the United Kingdom or the Department of Foreign Affairs, Trade and Development (Canada), (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled or 50% or more owned by any such Person or Persons described in clause (a) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) above.

"<u>Sanctions Laws</u>" means any sanctions or economic embargoes administered or enforced by the US Department of State or the US Department of Treasury (including OFAC), the United Nations Security Council, the European Union, any European Union member state, His Majesty's Treasury of the United Kingdom or the Department of Foreign Affairs, Trade and Development (Canada), and the associated laws, rules, regulations and orders.

![Graphic](clmt-20260331xex10d5417.jpg)

![Graphic](clmt-20260331xex10d5086.jpg)

"<u>SDS</u>" has the meaning specified in <u>Section 7.5</u> of the Monetization Master Agreement. <u>"Second</u><u> </u><u>Amendment"</u><u> </u><u>means</u><u> </u><u>that</u><u> </u><u>certain</u><u> </u><u>Second</u><u> </u><u>Amendment</u><u> </u><u>to</u><u> </u><u>the</u><u> </u><u>Monetization</u><u> </u><u>Master</u>

<u>Agreement,</u><u> </u><u>dated</u><u> </u><u>as</u><u> </u><u>of</u><u> </u><u>September</u><u> </u><u>30,</u><u> </u><u>2024,</u><u> </u><u>by</u><u> </u><u>and</u><u> </u><u>among</u><u> </u><u>Aron,</u><u> </u><u>the</u><u> </u><u>Transaction</u><u> </u><u>Parties</u><u> </u><u>and</u><u> </u><u>Calumet</u>

![Graphic](clmt-20260331xex10d5419.jpg)

<u>Parent.</u>

![Graphic](clmt-20260331xex10d5420.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Second</u><u> </u><u>Amendment Effective Date" has the meaning</u><u> </u><u>ascribed to the term</u><u> </u><u>"Second</u><u> </u><u>Amendment</u> <u>Effective Date" in the Second Amendment.</u>

![Graphic](clmt-20260331xex10d5422.jpg)

![Graphic](clmt-20260331xex10d5086.jpg)

![Graphic](clmt-20260331xex10d5424.jpg)

<u>"Second Omnibus Amendment Agreement" means that certain Second Omnibus Amendment</u> <u>Agreement, dated as of March 30, 2026, by and among Aron, the Transaction Parties, Calumet Parent</u> <u>and MLP Parent.</u>

![Graphic](clmt-20260331xex10d5425.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Second</u><u> </u><u>Omnibus</u><u> </u><u>Amendment</u><u> </u><u>Effective</u><u> </u><u>Date" has the meaning ascribed to the term "Second</u> <u>Omnibus Amendment Effective Date."</u>

"<u>Secured Obligations</u>" has the meaning specified in the Security Agreement.

"<u>Securities</u>" means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.

"<u>Securities Account</u>" has the meaning specified in the UCC.

"<u>Securitization Transaction</u>" means any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which a Person may sell, convey or otherwise transfer, or grant a security interest in, accounts, rights to receive payments, receivables, rights to future lease

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payments or residuals or similar rights to payment to a third party financial institution or a special purpose subsidiary or Affiliate of such Person and such transaction involving a special purpose subsidiary or Affiliate is related to a second step sale to or other financing of such property by a third party financial institution.

"<u>Security Agreement</u>" means that certain Security Agreement, dated as of the Commencement Date, by and among each Transaction Party and Aron.

"<u>Sellers</u>" has the meaning set forth in the preamble to the Inventory Sales Agreement.

![Graphic](clmt-20260331xex10d5427.jpg)

![Graphic](clmt-20260331xex10d5428.jpg)

"<u>Senior Notes</u>" means (a) $325,000,000 aggregate principal amount of 9.75% unsecured senior notes due 2028 issued pursuant to the 2028<u>3</u> Senior Notes Indenture (as defined in the definition of "Senior Notes Indentures") and any Refinancing Indebtedness thereof, (b) $325<u>100</u>,000,000 aggregate principal amount of 8<u>9</u>.12<u>7</u>5% unsecured senior notes due 2027<u>8</u> issued pursuant to the 2027 Senior Notes Indenture (as defined in the definition of "<u>Senior Notes Indentures</u>"), (c) $550,000,000 aggregate principal amount of 11.0% unsecured senior notes due 2025 issued pursuant to the 2025 Senior Notes Indenture (as defined in the definition of "Senior Notes Indentures")<u>, (c) $405,000,000 aggregate</u> <u>principal amount of 9.75% unsecured senior notes due 2031 issued pursuant to the 2026 Senior Notes</u> <u>Indenture (as defined in the definition of "Senior Notes Indentures")</u> and any Refinancing Indebtedness thereof, and (d) any subsequent offering of unsecured senior notes, without regard to principal amount, having a maturity date that is at or after the 91st day after the Expiration Date, in each case issued by MLP Parent and Calumet Finance.

"<u>Senior Notes Agreements</u>" means the Senior Notes, the Senior Notes Indentures and the Senior Notes Registration Rights Agreements.

![Graphic](clmt-20260331xex10d5429.jpg)

![Graphic](clmt-20260331xex10d5430.jpg)

![Graphic](clmt-20260331xex10d5431.jpg)

![Graphic](clmt-20260331xex10d5093.jpg)

![Graphic](clmt-20260331xex10d5429.jpg)

![Graphic](clmt-20260331xex10d5430.jpg)

![Graphic](clmt-20260331xex10d5435.jpg)

![Graphic](clmt-20260331xex10d5429.jpg)

![Graphic](clmt-20260331xex10d5430.jpg)

![Graphic](clmt-20260331xex10d5438.jpg)

![Graphic](clmt-20260331xex10d5049.jpg)

"<u>Senior Notes Indentures</u>" means (a) that certain Indenture, dated as of June 27, 2023, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association, as trustee (the "<u>202</u>83 Senior Notes Indenture"), (b) that certain Indenture, dated as of January 20<u>16</u>, 2022<u>5</u>, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association, as trustee (the "<u>202</u>75 <u>Senior Notes Indenture</u>"), (c) that certain Indenture, dated as of October<u>January</u> 11<u>2</u>, 2019<u>26</u>, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association, as trustee (the "<u>202</u>56 Senior Notes Indenture"), and (d) any note purchase agreement, indenture or other agreement evidencing any other Senior Notes or any refinancing of the foregoing permitted by <u>Section 15.4(c)</u> of the Monetization Master Agreement.

"<u>Senior Notes Registration Rights Agreements</u>" means (a) that certain Registration Rights Agreement dated March 27, 2015, among certain borrowers thereunder, as issuers or guarantors of the Senior Notes, and the "Initial Purchasers" (as defined therein), and (b) any registration rights agreement or similar agreement relating to any other Senior Notes or any refinancing thereof permitted by <u>Section</u> <u>15.4(c)</u> of the Monetization Master Agreement.

"<u>Senior Officer</u>" means with respect to any Person, the chief executive officer, president, chief financial officer, chief accounting officer, vice president-finance, controller, treasurer or assistant treasurer of such Person. Any document delivered hereunder that is signed by a Senior Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Person and such Senior Officer shall be conclusively presumed to have acted on behalf of such Person.

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![Graphic](clmt-20260331xex10d5049.jpg)

"<u>Senior Secured Notes</u>" means $200,000,000 aggregate principal amount of 9.25% senior secured notes due 2024<u>9</u> issued by MLP Parent and Calumet Finance pursuant to the Senior Secured Notes Indenture and any Refinancing Indebtedness thereof provided that the Liens securing such refinancing, refunding, renewal or extension are limited to the types of assets securing such refinanced notes and that the Lien priority is equal to or junior to (but not greater than) the Indebtedness being refinanced, refunded, renewed or extended.

"<u>Senior Secured Notes Agreements</u>" means the Senior Secured Notes, the Senior Secured Notes Indenture, the other "Note Documents" as such term is defined in the Senior Secured Notes Indenture, the "Fixed Asset Collateral Documents" as such term is defined in the Hedge Intercreditor Agreement and the "Collateral Trust Agreement" as such term is defined in the Hedge Intercreditor Agreement.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Senior Secured Notes Indenture</u>" means (a) that certain Indenture, dated as of August 5<u>March 7</u>, 2020<u>4</u>, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association as trustee, and (b) any note purchase agreement, indenture or other agreement evidencing any other Senior Secured Notes or any refinancing of the foregoing permitted by <u>Section 15.4(c)</u> of the Monetization Master Agreement.

"<u>Services</u>" has the meaning specified in <u>Section 8.1</u> of the Storage Facilities Agreement. "<u>Settlement</u><u> </u><u>Amount</u>" has the meaning specified in <u>Section</u><u> </u><u>16.2(d)</u> of the Monetization Master

Agreement.

"<u>Sludge</u>" means a semi-solid slurry consisting of Hydrocarbons, sediment, paraffin and water, produced from a process or as a result of solids separated from suspension in a liquid.

"<u>SOFR</u>" means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York's Website.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>SOFR Adjustment</u>" means a percentage equal to 0.26161% (26.161 basis points) per annum<u>has</u> <u>the meaning assigned to such term in the Fee Letter</u>.

"<u>SOFR</u><u> </u><u>Advance</u>" means an Advance bearing interest at a rate determined by reference to SOFR

Rate.

"<u>SOFR</u><u> </u><u>Borrowing</u>" means a Borrowing comprised of SOFR Advances.

"<u>SOFR Rate</u>" means the greater of (a) sum of: (i) Compounded SOFR, and (ii) the SOFR Adjustment and (b) the Floor.

"<u>Solvency Certificate</u>" means a Solvency Certificate executed by the chief financial officer of the Company substantially in the form of <u>Exhibit I</u> to the Monetization Master Agreement.

"<u>Solvent</u>" or "<u>Solvency</u>" means with respect to any Person as of a particular date, that on such date (a) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the Ordinary Course of Business, (b) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person's Property would constitute unreasonably small capital, (d) the fair value of the Property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person,

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and (e) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. In determining the Solvency of a Company Entity or its Restricted Subsidiary, due consideration shall be given to such Company Entity's or its Restricted Subsidiary's contribution and other rights, under common law or otherwise, from or against other Company Entities and their Restricted Subsidiaries.

"<u>Specified Activities</u>" has the meaning specified in <u>Section 7.4</u> of the Monetization Master Agreement.

"<u>Specified Equity Contribution</u>" means any issuance of Equity Interests by, or any contribution in respect of Equity Interests in, the Company to the extent the proceeds thereof constitute a Cure Amount.

"<u>Specified Hedge Agreement</u>" means any Hedge Agreement that is entered into between the Company or any other Transaction Party, on the one hand, and any Person that is not an Affiliate of the Company, on the other.

"<u>Specified Hedge Obligations</u>" means all obligations of every nature of the Company or any other Transaction Party under any Specified Hedge Agreement (whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor)), including obligations for interest (including interest that would continue to accrue pursuant to such Specified Hedge Agreement on any such obligation after the commencement of any proceeding under any Debtor Relief Law with respect to the Company or any other Transaction Party, whether or not such interest is allowed or allowable against the Company or such other Transaction Party in any such proceeding), payments for early termination of such Specified Hedge Agreement, fees, expenses, indemnification or otherwise.

"<u>Specified Material Contract</u>" means any Material Contract identified in clause (a) of the definition of Material Contract.

"<u>Specified Month</u>" has the meaning specified in <u>Section 15.2(a)(i)(D)</u> of the Monetization Master Agreement.

"<u>Specified Schedule(s)</u>" has the meaning specified in <u>Section 27.9</u> of the Monetization Master Agreement.

"<u>Specified Schedule Change</u>" has the meaning specified in <u>Section 27.9</u> of the Monetization Master Agreement.

"<u>Specified Transaction</u>" means (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between Aron (or any of its Designated Affiliates) and a Transaction Party (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, commodity spot transaction, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, weather swap, weather derivative, weather option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or

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forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) that is currently, or in the future becomes, recurrently entered into the financial markets (including terms and conditions incorporated by reference in such agreement) and that is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, or economic indices or measures of economic risk or value, (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in the Monetization Master Agreement or the relevant confirmation.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Springing</u><u> </u><u>Expiration</u><u> </u><u>Date</u>" has the meaning specified in <u>Section</u><u> </u><u>3.2(b)</u><u> </u>of the Monetization Master Agreement.

"<u>SRE Denial Determination</u>" means any of (a) the denial by EPA of the Company's SRE Petitions for each of the applicable Compliance Years, (b) any denial by EPA or any other applicable Governmental Authority of any SRE Petition submitted by the Company for any Specified Compliance Year, and (c) in respect of any Compliance Year, any denial by EPA or any other applicable Governmental Authority of an SRE Petition or that the Company is otherwise entitled to a small refinery exemption with respect to such Compliance Year following any Judicial Remand.

"<u>SRE</u><u> </u><u>Petition</u>" means the Company's small refinery exemption petition made in accordance with the RFS Regulations in respect of any Compliance Year.

"<u>Step-In Cash Settlement Amount</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Step-In Target Change Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Step-In Target Deviation (FIFO) Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Step-out Cash Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Step-Out Designated Location</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Step-Out Feedstock and Product Inventory</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Step-Out Inspector's Report</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Step-Out Inventory Measurement Time</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Step-Out Inventory Sales Agreement</u>" means the Step-Out Inventory Sales Agreement, in the form provided on <u>Schedule R</u> of the Monetization Master Agreement, to be dated as of the Termination Date, pursuant to which the Company and, as applicable, each of the other Transaction Parties shall buy

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Feedstock and Products from Aron subject to the provisions of the Monetization Master Agreement and any other terms agreed to by the Parties thereto.

"<u>Step-Out</u><u> </u><u>Inventory</u><u> </u><u>Transfer</u><u> </u><u>Time</u>" has the meaning specified in <u>Schedule</u><u> </u><u>R</u> of the Monetization Master Agreement.

"<u>Step-Out Sales Statement</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>Step-Out</u><u> </u><u>Transfer</u><u> </u><u>Locations</u>" has the meaning specified in <u>Schedule</u><u> </u><u>R</u> of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Stonebriar</u>" means Stonebriar Commercial Finance LLC, a Delaware limited liability company. "<u>Stonebriar</u><u> </u><u>Lease</u>" means that certain Master Lease Agreement, dated as of February 12, 2021,

by and between Stonebriar and the Company, as supplemented by that certain Property Schedule No. 1<u>2</u>,

dated as of February<u>July</u> 12<u>5</u>, 2021<u>5</u>.

![Graphic](clmt-20260331xex10d5082.jpg)

"<u>Stonebriar Multiparty Agreement</u>" means that certain letter agreement, dated as of the Commencement Date, by and among Aron, Stonebriar and the Company<u>, as amended by that certain</u> <u>Amendment to Letter Agreement, dated as of July 25, 2025</u>.

"<u>Stonebriar Refinery Assets</u>" means the "Property" as defined and as more fully described in the Stonebriar Lease.

"<u>Storage Facilities</u>" means the storage, loading and offloading facilities located at the Refinery and the Stonebriar Refinery Assets including the Included Company Feedstock Storage Tanks, the Included Company Product Tanks, Included Product Title Pipelines, Included Feedstock Title Pipelines and the land, piping, truck facilities and other facilities related thereto, together with existing or future modifications or additions, which are excluded from the definition of Refinery, except those storage, loading and offloading facilities which are used exclusively to store Excluded Materials.

"<u>Storage Facilities Agreement</u>" means the storage facilities agreement, in form and substance mutually agreeable to the Parties, to be dated as of the Commencement Date, among the Transaction Parties and Aron, pursuant to which the Transaction Parties have granted to Aron an exclusive right to use the Storage Facilities (to the extent that such exclusive right can be granted) in connection with the Transaction Documents.

"<u>Storage Term</u>" has the meaning specified in <u>Section 2</u> of the Storage Facilities Agreement. "<u>Subordinated</u><u> </u><u>Indebtedness</u>" means Indebtedness incurred by a Company Entity or Restricted

Subsidiary that is expressly subordinate and junior in right of payment to Discharge of Secured

Obligations, and is on terms (including maturity, interest, fees, repayment, covenants and subordination) satisfactory to Aron.

"<u>Subsidiary</u>" means, with respect to any Person, a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Equity Interests having ordinary voting power for the election of directors or other governing body (other than Equity Interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more

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intermediaries, or both, by such Person.Unless otherwise specified, all references herein to a "<u>Subsidiary</u>" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of Calumet Parent.

"<u>Supply and Offtake Agreement</u>" has the meaning specified in the recitals to the Monetization Master Agreement.

"<u>Swap Contract</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "<u>Master</u> <u>Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

"<u>Swap Obligation</u>" means, with respect to any Transaction Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act.

"<u>Swap Termination Value</u>" means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

"<u>Synthetic Lease Obligation</u>" means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of Property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

"<u>Tank Maintenance</u>" has the meaning specified in <u>Section 7.3(c)</u> of the Monetization Master Agreement.

"<u>Target Deviation (FIFO)</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Target Deviation (FIFO) Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Target Month End Feedstock Volume</u>" has the meaning specified in <u>Section 5.2(b)</u> of the Monetization Master Agreement.

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"<u>Target</u><u> </u><u>Month</u><u> </u><u>End</u><u> </u><u>Group</u><u> </u><u>Volume</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5052.jpg)

"<u>Target</u><u> </u><u>Month</u><u> </u><u>End</u><u> </u><u>Product</u><u> </u><u>Volume</u>" has the meaning specified in <u>Section</u><u> </u><u>5.3(b)</u> of the Monetization Master Agreement.

"<u>Tax</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term</u>" has the meaning specified in <u>Section 3.1</u> of the Monetization Master Agreement. "<u>Termination</u><u> </u><u>Amount</u>" means, without duplication, the total net amount owed by one Party to

the other Party upon termination of the Monetization Master Agreement under <u>Section</u><u> </u><u>17.2(a)</u> of the

Monetization Master Agreement.

"<u>Termination Date</u>" has the meaning specified in <u>Section 17.1</u> of the Monetization Master Agreement.

"<u>Termination Date Feedstock Volumes</u>" has the meaning specified in <u>Section 17.1(d)</u> of the Monetization Master Agreement.

"<u>Termination Date Product Volumes</u>" has the meaning specified in <u>Section 17.1(d)</u> of the Monetization Master Agreement.

"<u>Termination Date Volumes</u>" has the meaning specified in <u>Section 17.1(d)</u> of the Monetization Master Agreement.

"<u>Termination Reconciliation Statement</u>" has the meaning specified in <u>Section 17.2(c)</u> of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5447.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Third Amendment" means that certain Third Amendment to the Monetization Master</u> <u>Agreement, dated as of July 25, 2025, by and among Aron, the Transaction Parties and Calumet Parent.</u>

![Graphic](clmt-20260331xex10d5449.jpg)

![Graphic](clmt-20260331xex10d5082.jpg)

<u>"Third</u><u> </u><u>Amendment</u><u> </u><u>Effective</u><u> </u><u>Date"</u><u> </u><u>has</u><u> </u><u>the</u><u> </u><u>meaning ascribed</u><u> </u><u>to</u><u> </u><u>the</u><u> </u><u>term "Third</u><u> </u><u>Amendment</u> <u>Effective Date" in the Third Amendment.</u>

"<u>Third Party Supplier</u>" means any seller of Feedstock under a Procurement Contract (other than a Transaction Party or any Affiliate of a Transaction Party).

"<u>Total</u><u> </u><u>Fixed</u><u> </u><u>Holdback</u>" has the meaning specified in <u>Schedule</u><u> </u><u>B</u> of the Monetization Master Agreement.

"<u>Total</u><u> </u><u>Monthly</u><u> </u><u>Cover</u><u> </u><u>Cost</u>" has the meaning specified in <u>Schedule</u><u> </u><u>C</u> of the Monetization Master Agreement.

"<u>Total Provisional Price Adjustment Interim Amount</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

"<u>Total Target Change Settlement</u>" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

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"<u>Trade Ticket</u>" has the meaning specified in <u>Section 4.2(a)(iii)</u> of the Supply and Offtake Agreement.

"<u>Trading</u><u> </u><u>Day</u>" has the meaning specified on <u>Schedule B</u> of the Monetization Master Agreement.

"<u>Transaction Document</u>" means any of the Monetization Master Agreement, the Supply and Offtake Agreement, the Financing Agreement, the Marketing and Sales Agreement, the Inventory Sales Agreement, the Storage Facilities Agreement, the Step-Out Inventory Sales Agreement, the Required Storage and Transportation Arrangements, the Fee Letter, the Lien Documents, the Intercreditor Agreement, the MLP Parent Guaranty, the Stonebriar Multiparty Agreement, the Brown Station Sublease, the WTG Pipeline Buy/Sell Confirmation, the Flash Title Master Confirmation, any other agreement or instrument contemplated hereby or executed in connection herewith, including any guarantees or other credit support documents as may be from time to time provided by the Transaction Parties and/or its Affiliates to Aron, and any other document that Aron and any Transaction Party agrees in writing is to be designated as a "Transaction Document".

"<u>Transaction Guaranty</u>" has the meaning specified in <u>Section 15.7(a)(i)</u> of the Monetization Master Agreement.

"<u>Transaction Party</u>" and "<u>Transaction Parties</u>" each has the meaning specified in the preamble to the Monetization Master Agreement.

"<u>Transactions</u>" means (a) the Financing Transactions and (b) the payment of fees and expenses in connection with the foregoing.

"<u>Triparty Payment Direction Agreement</u>" means that certain Triparty Payment Direction Agreement, dated as of the Commencement Date, by and among Aron, the Transaction Parties and Macquarie.

"<u>Type</u>" when used in reference to any Advance or Borrowing, refers to whether the rate of interest on such Advance, or on the Advances comprising such Borrowing, is determined by reference to the SOFR Rate.

"<u>U.S.</u><u> </u><u>Governmental</u><u> </u><u>Authority</u>" means the federal government of the United States of America or any agency or instrumentality thereof or any state of the United States of America approved by Aron or any agency or instrumentality thereof.

"<u>U.S.</u><u> </u><u>Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Internal Revenue Code.

"<u>U.S. Special Resolution Regime</u>" has the meaning specified in <u>Section 12.5(a)(i)</u> of the Supply and Offtake Agreement.

"<u>UCC</u>" has the meaning specified in the Security Agreement.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

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"<u>Unadjusted</u><u> </u><u>Benchmark</u><u> </u><u>Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>Unpaid Amounts</u>" means, as of any date of determination, the aggregate of the amounts (including without limitation any fees) owing to any Party that became payable under the Monetization Master Agreement, the Supply and Offtake Agreement, the Financing Agreement, the Step-Out Inventory Sales Agreement or any other Transaction Document on or prior to such date and which remain unpaid as of such date.

"<u>Unrestricted Subsidiary</u>" means any Subsidiary of Calumet Parent (other than MLP Parent, Calumet Finance and Calumet GP) that is designated by the Board of Directors of Calumet Parent as an Unrestricted Subsidiary pursuant to a Board Resolution and in compliance with <u>Section 15.6</u> of the Monetization Master Agreement, but only to the extent that such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)has no Indebtedness other than Non-Recourse Indebtedness owing to any Person other than Calumet Parent or any of its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is not party to any agreement, contract, arrangement or understanding with Calumet Parent or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to Calumet Parent or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of Calumet Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is a Person with respect to which neither Calumet Parent nor any Restricted Subsidiary has any direct or indirect obligation (i) to subscribe for additional Equity Interests or (ii) to maintain or preserve such Person's financial condition or to cause such Person to achieve any specified levels of operating results; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of Calumet Parent or any of its Restricted Subsidiaries.

All Subsidiaries of an Unrestricted Subsidiary shall also be deemed to be Unrestricted Subsidiaries. Any designation of a Subsidiary of Calumet Parent as an Unrestricted Subsidiary will be evidenced to Aron by filing with Aron a Board Resolution giving effect to such designation and a written statement signed by a Senior Officer certifying that such designation complied with the preceding conditions and was permitted by Section 15.6 of the Monetization Master Agreement. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of Calumet Parent as of such date.

"<u>Updated Inspector's Report</u>" has the meaning set forth in <u>Section 3.3</u> of the Inventory Sales Agreement.

"<u>Updated Step-Out Inspector's Report</u>" has the meaning specified in <u>Schedule R</u> of the Monetization Master Agreement.

"<u>USD</u>" means United States Dollars.

"<u>Value True-Up on Target Deviation (FIFO</u>)" has the meaning specified in <u>Schedule C</u> of the Monetization Master Agreement.

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"<u>Volume Determination Procedures</u>" means (a) in respect of determining the NSV of Feedstock in the Included Company Feedstock Storage Tanks or Products in the Included Company Product Tanks, the Company's ordinary daily and month-end procedures, which include manually gauging each Included Company Feedstock Storage Tank or Included Company Product Tank at least once a month and gauging at a minimum 25 tanks on the last day of the month to ensure that the automated tank level readings are accurate to within a tolerance of three (3) inches. Regarding ordinary daily procedures, if the manual gauge is off three (3) inches or more from the automated reading, a work order is entered and worked in a timely manner. If the automated reading cannot be calibrated to be within such tolerance before the next daily measurement date, the Company shall use the manual gauge reading in its calculation until calibration has been completed. During end of the month gauging, instrument technicians are on standby to calibrate any of the 25 tanks that have tank level reading tolerances that are off by three (3) inches or more; (b) in respect of determining the NSV of Feedstock in Included Third Party Feedstock Storage Tanks, Products in the Included Third Party Product Tanks, and (c) in respect of linefill in the Transaction Party-owned Included Feedstock Title Pipelines or Included Feedstock Lien Pipelines and Transaction Party-owned Included Product Title Pipelines or Included Product Lien Pipelines, using the volumes reported on the most recently available daily reports or monthly statements in respect of such tanks or pipelines or such additional procedures as the Parties shall mutually agree with respect to such locations, in each case, in accordance with Section 10.4 of the Monetization Master Agreement.

"<u>Voting Stock</u>" means with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency.

<u>"Wholly</u><u> </u><u>Owned</u><u> </u><u>Subsidiary</u>" means, with respect to any Person, any other Person 100% of whose Equity Interests are at the time owned by such Person directly or indirectly through other Persons 100% of whose Equity Interests are at the time owned, directly or indirectly, by such Person.

"<u>WTG</u>" has the meaning specified in <u>Section 8.3(a)</u> of the Supply and Offtake Agreement. "<u>WTG</u><u> </u><u>Delivery</u><u> </u><u>Month</u>" means each "Delivery Month" as specified in the WTG Pipeline

Buy/Sell Confirmation.

"<u>WTG Feedstock Buy Leg</u>" has the meaning specified in <u>Section 8.3(c)</u> of the Supply and Offtake Agreement.

"<u>WTG Feedstock Sell Leg</u>" has the meaning specified in <u>Section 8.3(c)</u> of the Supply and Offtake Agreement.

"<u>WTG Included Title Location</u>" means the portion of the WTG Pipeline from the delivery point at Colorado City, Texas to the delivery point at Longview, Texas.

"<u>WTG Linefill Report</u>" means a report provided by WTG in respect of linefill volumes in the WTG Pipeline.

"<u>WTG Nomination</u>" has the meaning specified in <u>Section 8.3(b)</u> of the Supply and Offtake Agreement.

"<u>WTG Pipeline</u>" has the meaning specified in <u>Section 8.3(a)</u> of the Supply and Offtake Agreement.

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"<u>WTG</u><u> </u><u>Pipeline</u><u> </u><u>Buy/Sell</u><u> </u><u>Confirmation</u>" means the master confirmation for WTG Pipeline Buy/Sell Transactions in the form provided on <u>Schedule B-1</u> to the Supply and Offtake Agreement.

"<u>WTG Pipeline Buy/Sell Transaction</u>" has the meaning specified in <u>Section 8.3(c)</u> of the Supply and Offtake Agreement.

"<u>WTG</u><u> </u><u>Pipeline</u><u> </u><u>Nomination</u><u> </u><u>Due</u><u> </u><u>Date</u>" means the nomination due date published by FERC pursuant to the FERC Tariff.

"<u>WTG Pipeline Tariffs</u>" has the meaning specified in <u>Section 8.3(a)</u> of the Supply and Offtake Agreement.

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#### EXHIBIT D

#### Amendments to Financing Agreement
[*See attached*]

------

**Exhibit D**

**Conformed Copy through Second Omnibus Amendment Agreement, dated March 30, 2026 ADDED TEXT SHOWN UNDERSCOREDDELETED TEXT SHOWN**

#### STRIKETHROUGH
**FINANCING AGREEMENT**

dated as of January 17, 2024 among

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. ARON & COMPANY **LLC, CALUMET SHREVEPORT REFINING, LLC,**

as the Company and

#### CALUMET REFINING, LLC,
as Calumet Refining

4159-0352-3661.14

------

#### **TABLE OF CONTENTS**

#### Page
<sup>SECTION 1. DEFINITIONS AND CONSTRUCTION</sup>1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Definitions 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Construction of Agreement 2

<sup>SECTION 2. CONDITIONS TO ADVANCES</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Conditions to Feedstock Advances and Products Advances 2

<sup>SECTION 3. [RESERVED]</sup>2

<sup>SECTION 4. [RESERVED]</sup>2

<sup>SECTION 5. LIEN AMOUNTS</sup>2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Lien Amounts 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. [Initial Lien Amounts 3](#_TOC_250030)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Interim Settlements 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. Monthly True- ups 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. [Delivery of Lien Inventory 4](#_TOC_250029)

<sup>SECTION 6. [RESERVED]</sup>4

**SECTION 7.** PROVISIONS APPLICABLE TO ALL CREDIT EXTENSIONS4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Use of Proceeds 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Evidence of Debt 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. [Interest on Advances 4](#_TOC_250028)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. [\[Reserved\] 5](#_TOC_250027)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. Default Interest 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. [Fees 5](#_TOC_250026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. [Repayment of Advances 5](#_TOC_250025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. [Prepayments and Commitment Reductions 6](#_TOC_250024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. [Mandatory Prepayments 6](#_TOC_250023)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. [\[Reserved\] 7](#_TOC_250022)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. [Making or Maintaining SOFR Advances 7](#_TOC_250021)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12. [Increased Costs; Capital Adequacy and Liquidity 8](#_TOC_250020)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13. [Taxes; Withholding, Etc 9](#_TOC_250019)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14. Obligation to Mitigate 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15. [Benchmark Replacement 13](#_TOC_250018)

-i-

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#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;(continued)

#### Page
<sup>SECTION 8. [RESERVED]</sup>14

<sup>SECTION 9. [RESERVED]</sup>14

<sup>SECTION 10. DEFAULT AND TERMINATION</sup>14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Events of Default 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. Remedies 14

<sup>SECTION 11. [RESERVED]</sup>14

<sup>SECTION 12. [RESERVED]</sup>15

<sup>SECTION 13. [RESERVED]</sup>15

<sup>SECTION 14. [RESERVED]</sup>15

<sup>SECTION 15. [RESERVED]</sup>15

<sup>SECTION 16. GOVERNING LAW; DISPUTE RESOLUTION</sup>15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. Governing Law 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. Submission to Jurisdiction; Waiver of Jury Trial 15

<sup>SECTION 17. ASSIGNMENT</sup>15

<sup>SECTION 18. NOTICES</sup>15

<sup>SECTION 19. NO WAIVER, CUMULATIVE REMEDIES</sup>15

**SECTION 20.** NATURE OF THE TRANSACTION AND RELATIONSHIP OF

<sup>PARTIES</sup>16

<sup>SECTION 21. MISCELLANEOUS</sup>16

<sup>SECTION 22</sup>16

<sup>JOINT AND SEVERAL LIABILITY</sup>16

-ii-

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**Schedule** Schedule A Schedule B

**Schedules Description**

Eligible Pipeline Carriers

Eligible Railroad Carriers and Eligible Vessel Carriers

**Exhibits**

**Exhibit** **Description**

Exhibit IForm of Carrier Notice

Exhibit IIForm of Customs Broker Agreement

Exhibit III Exhibit IV

Exhibit V

Exhibit VI

Exhibit VII

Form of Freight Forwarder Agreement

Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

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#### FINANCING AGREEMENT
This Financing Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>") is made as of January 17, 2024 (the "<u>Effective Date</u>"), among J. Aron & Company LLC ("<u>Aron</u>"), a limited liability company organized under the laws of New York and located at 200 West Street, New York, New York 10282-2198, Calumet Shreveport Refining, LLC (the "<u>Company</u>"), a limited liability company organized under the laws of Delaware and located at 3333 Midway Ave, Shreveport, LA 71109, and Calumet Refining, LLC ("<u>Calumet Refining</u>"), a Delaware limited liability company (Calumet Refining, together with the Company, each a "<u>Transaction Party</u>" and collectively, the "<u>Transaction Parties</u>") (each of the Transaction Parties, individually or collectively, as the context may require, and Aron referred to individually as a "<u>Party</u>" or collectively as the "<u>Parties</u>").

**WHEREAS**, the Company owns and operates the Refinery for the processing and refining of Feedstock and the recovery therefrom of refined products;

**WHEREAS**, the Transaction Parties and Aron have entered into that certain Supply and Offtake Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the "<u>Supply and Offtake Agreement</u>"), pursuant to which, among other things, Aron and the Company will enter into transactions pursuant to which Aron will (a) purchase Feedstock from the Transaction Parties or certain third parties, (b) sell Feedstock to the Transaction Parties, (c) purchase Products from the Transaction Parties and (d) sell Products to the Transaction Parties, in each case, in accordance with the terms thereof;

**WHEREAS**, the Company and the other Transaction Parties have requested that Aron provide certain financial accommodations to the Transaction Parties based on product groups, with respect to Feedstock and Products pursuant to the terms hereof;

**WHEREAS**, in connection with the transactions contemplated by this Agreement, the Supply and Offtake Agreement and the other Transaction Documents entered into in connection therewith, the Transaction Parties and Aron entered into that certain Monetization Master Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the "<u>Monetization Master Agreement</u>");

**WHEREAS**, it is a condition precedent to the occurrence of the Commencement Date under the Monetization Master Agreement that the Parties enter into this Agreement on the date hereof; and

**NOW, THEREFORE**, in consideration of the premises and respective promises, conditions, terms and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties do hereby agree as follows:

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#### SECTION 1.
<u>DEFINITIONS</u><u> </u><u>AND</u><u> </u><u>CONSTRUCTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.<u>Definitions</u>. Terms used herein shall have the meanings given to them in Annex I of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.<u>Construction of Agreement</u>. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, the rules of interpretation set forth in Sections 1.2, 1.3 and 1.4 of the Monetization Master Agreement are hereby incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

#### SECTION 2.
<u>CONDITIONS</u><u> </u><u>TO</u><u> </u><u>ADVANCES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.<u>Conditions to Feedstock Advances and Products Advances</u>. The obligations of Aron contemplated by this Agreement shall be subject to satisfaction by the Transaction Parties of the conditions precedent set forth in Section 2.1 of the Monetization Master Agreement and the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Aron shall have determined the Interim Lien Settlement pursuant to the terms of the Monetization Master Agreement (including without limitation Article 8 thereof and Schedule C thereto), and such Interim Lien Settlement shall be required to be paid by Aron pursuant to the terms hereof and thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)as of the date of any Advance, no Default or Event of Default shall have occurred and be continuing.

**SECTION 3.** <u>[RESERVED]</u> **SECTION 4.** <u>[RESERVED]</u> **SECTION 5.** <u>LIEN</u><u> </u><u>AMOUNTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Lien</u> <u> </u> <u>Amounts</u>. During the Term, and subject to the terms and conditions of this

Agreement and the Monetization Master Agreement, Aron will advance to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)an amount (the "<u>Feedstock</u><u> </u><u>Lien</u><u> </u><u>Amount</u>") that will fluctuate from time to time based on the value and volume of Included Feedstock Lien Inventory that (i) is received by

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a Transaction Party at each Included Feedstock Lien Location or (ii) constitutes Eligible In-Transit Feedstock Inventory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)an amount (the "<u>Product Lien Amount</u>" and, together with the Feedstock Lien Amount, the "<u>Lien Amount</u>") that will fluctuate from time to time based on the value and volume of Included Product Lien Inventory that (i) is received by a Transaction Party at each Included Product Lien Location or (ii) constitutes Eligible In-Transit Product Inventory,

in each case, the amount of such Advance to be determined by the Product Groups and quantities set forth on Schedule D to the Monetization Master Agreement; <u>provided</u>, that, at all times, for purposes of determining the Lien Amount for each Product Group, volumes of such Product Group in Included Title Locations shall first be applied against the Maximum Inventory Level for such Product Group prior to volumes of such Product Group in Included Lien Locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Initial</u> <u> </u> <u>Lien</u> <u> </u> <u>Amounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Initial Lien Amount</u>. The initial Lien Amount ("<u>Initial Lien Amount</u>") shall equal the sum of (i) the Estimated Commencement Date Lien Value of the Estimated Included Feedstock Lien Inventory, plus (ii) the Estimated Commencement Date Lien Value of the Estimated Included Product Lien Inventory, and, subject to the satisfaction of the conditions in <u>Section</u><u> </u><u>2.1</u> hereof, Aron shall advance the Initial Lien Amount to the Company on the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Determinations of the Commencement Date Lien Value</u>. The Parties further acknowledge that procedures to be applied under the Inventory Sales Agreement to determine the Estimated Commencement Date Value and the Definitive Commencement Date Value shall be applied to determine the Estimated Commencement Date Lien Value and the Definitive Commencement Date Lien Value, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Post-Commencement Date Reconciliation and True-Up</u>. In the event that the Definitive Commencement Date Lien Value (i) exceeds the Estimated Commencement Date Lien Value, then on the Business Day immediately following the date of determination of the Definitive Commencement Date Lien Value, Aron shall make an Advance to the Company in an amount equal to such excess, (ii) is less than the Estimated Commencement Date Lien Value, the Company shall make a prepayment of the Advance made on the Commencement Date in an amount equal to the amount by which the Estimated Commencement Date Lien Value exceeds the Definitive Commencement Date Lien Value and (iii) equals the Estimated Commencement Date Lien Value, then no Advance or prepayment shall be required to be made as a result of the calculation of the Definitive Commencement Date Lien Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.<u>Interim Settlements</u>. With respect to each day during the Term, Aron shall calculate, as provided in Section 8.1(c) of the Monetization Master Agreement, an Interim Lien Settlement which shall be due from one Party to the other and settled as provided therein and shall take into account any Advances or prepayments required to be made pursuant to <u>Section</u><u> </u><u>5.2(c)</u>; <u>provided</u> that Aron shall not be obligated to pay any such Interim Lien Settlement to the Company at any time that a Default or Event of Default with respect to the Company or any Transaction Party has occurred and is continuing. Such Interim Lien Settlement shall

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constitute, (i) in respect of Feedstock (x) if paid by Aron to the Company in respect of Feedstock, an increase in the Feedstock Lien Amount and (y) if paid by the Company to Aron, a decrease in the Feedstock Lien Amount and (ii) in respect of Products (x) if paid by Aron to the Company, an increase in the Product Lien Amount and (y), if paid by the Company to Aron, a decrease in the Product Lien Amount. Any Interim Lien Settlement paid by Aron to the Company hereunder shall be deemed an Advance and any Interim Lien Settlement paid by the Company to Aron hereunder shall be deemed a repayment of an Advance, in each case, for all purposes of this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.<u>Monthly True-ups</u>. With respect to each Month during the Term, Aron shall calculate a monthly true-up of the Lien Amounts and Interim Lien Settlement in connection with calculating the Monthly True-Up Amount in accordance with Article 8 and Schedule C to the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5455.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. Delivery of Lien Inventory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As a result of the delivery of any Included Feedstock Lien Inventory or Eligible In-Transit Feedstock Inventory at the Feedstock Intake Point of an Included Feedstock Title Location, title thereto shall pass from the Company to Aron pursuant to the terms of the Supply and Offtake Agreement and, to the extent any portion of then outstanding Feedstock Lien Amount relates to such delivered volumes, it shall be applied as payment for such volumes by Aron, subject to adjustment as provided in Article 8 of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As a result of the delivery of any Included Product Lien Inventory or Eligible In-Transit Product Inventory at the Products Intake Point of an Included Product Title Location, title thereto shall pass from the Company to Aron pursuant to the terms of the Supply and Offtake Agreement and, to the extent any portion of then outstanding Product Lien Amount relates to such delivered volumes, it shall be applied as payment for such volumes by Aron, subject to adjustment as provided in Article 8 of the Monetization Master Agreement.

![Graphic](clmt-20260331xex10d5456.jpg)

**SECTION 6.** [RESERVED] **SECTION 7.**

<u>PROVISIONS</u><u> </u><u>APPLICABLE</u><u> </u><u>TO</u><u> </u><u>ALL</u><u> </u><u>CREDIT</u><u> </u><u>EXTENSIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.<u>Use of Proceeds</u>. The Company will use the proceeds of any Interim Lien Settlements solely for working capital requirements and other general corporate purposes of the Company and the other Transaction Parties and any other purpose not prohibited by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.<u>Evidence of Debt</u>. Aron shall maintain records evidencing the obligations of the Company owing to Aron, including the principal amount of any Advances made by Aron and each repayment and prepayment in respect thereof. Such records maintained by Aron shall be prima facie evidence thereof, absent manifest error; <u>provided</u> that the failure to maintain any

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such records, or any error therein, shall not in any manner affect the obligation of the Company to pay any amounts due hereunder in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Interest</u> <u> </u> <u>on</u> <u> </u> <u>Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to <u>Section</u><u> </u><u>7.5</u>, each Advance shall bear interest on the outstanding principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the SOFR Rate plus the Applicable Spread. The applicable SOFR Rate shall be determined by Aron, and such determination shall be conclusive and binding on the parties hereto, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [ <u>Reserved</u> ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Interest payable pursuant to <u>Section</u><u> </u><u>7.3</u> shall be computed on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which such interest accrues. In computing interest on any Advance, the date of the making of such Advance or the first day of an Interest Period applicable to such Advance, as the case may be, shall be included, and the date of payment of such Advance or the expiration date of an Interest Period applicable to such Advance, as the case may be, shall be excluded; <u>provided</u> that, if an Advance is repaid on the same day on which it is made, one day's interest shall accrue on such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Except as otherwise set forth herein, accrued interest on each Advance shall be payable in arrears (i) on each Interest Payment Date applicable to such Advance, (ii) in the case of any voluntary or mandatory repayment or prepayment of such Advance, to the extent accrued on the amount being repaid or prepaid, in accordance with Article 8 of the Monetization Master Agreement, (iii) on the Expiration Date or (iv) on the Termination Date in accordance with the terms of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5.<u>Default</u><u> </u><u>Interest</u>.The provisions of Section 8.6 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company agrees to pay to Aron, for each day the fees in respect of the Supply and Offtake Agreement and Interim Lien Settlements, in each case, as set forth in the Fee Letter and any other Transaction Documents, in each case, in accordance with Article 8 to the Monetization Master Agreement and Schedule C thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All fees referred to in <u>Sections</u><u> </u><u>7.6(a)</u> shall be calculated on the basis of a year of 360 days and the actual number of days elapsed and shall be payable monthly in arrears for each calendar month of each year on the Monthly True-Up Date applicable to such month;

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<u>provided</u> that all such fees shall be payable on the Expiration Date and any such fees accruing after such date shall be payable on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company agrees to pay on the Commencement Date to Aron, closing fees in the amounts separately agreed between the Company and Aron, as set forth in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fees paid hereunder shall not be refundable or creditable under any

circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Repayment</u> <u> </u> <u>of</u> <u> </u> <u>Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Lien Amounts</u>. The Company shall repay to Aron unpaid principal amounts in respect of Lien Amounts in accordance and as required pursuant to Article 8 of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Advances, Generally</u>. The Company shall repay to Aron the then unpaid principal amount of each Advance on the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Prepayments</u> <u> </u> <u>and</u> <u> </u> <u>Commitment</u> <u> </u> <u>Reductions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Payments of each Monthly True Up Amount and each Interim Payment in accordance with the terms of the Transaction Documents, to the extent resulting in a payment or prepayment of principal or interest hereunder, are expressly permitted hereunder, and are not subject to any prepayment premium or penalty hereunder.

![Graphic](clmt-20260331xex10d5457.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>No Voluntary Commitment Reductions</u>. Except in the case of an Early Expiration pursuant to the terms of the Monetization Master Agreement, the<u>The</u> Company shall not reduce or terminate any commitments of Aron hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <u>Mandatory</u> <u> </u> <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Interim Lien Settlements</u>. In the event that Aron calculates an Interim Lien Settlement that is due from the Company to Aron as provided in Section 8.1(c) of the Monetization Master Agreement, then Aron shall advise the Company of the amount of such Interim Lien Settlement via an invoice issued in accordance with Schedule G of the Monetization Master Agreement. Each mandatory prepayment of any Borrowing shall be allocated to the Advances comprising such Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>General</u> <u> </u> <u>Provisions</u> <u> </u> <u>Regarding</u> <u> </u> <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)All payments by the Company or any other Transaction Party of principal, interest, fees and other amounts required to be made hereunder shall be made by wire transfer of same day funds in Dollars, without defense, recoupment, set-off or counterclaim, free of any restriction or condition, to the account of Aron in the United States of America most

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recently designated by it for such purpose and received by Aron not later than 4:00 p.m. (New York City time) on the date due for the account of the Persons entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)All principal and all accrued interest on the principal amount of any Advance repaid or prepaid by the Company pursuant to the terms and conditions hereof shall be payable to Aron and shall be payable to Aron in accordance with Article 8 of the Monetization Master Agreement, and on any date on which such interest is due and payable in accordance with Article 8 of the Monetization Master Agreement, all such payments on such date shall be applied to the payment of interest then due and payable before application to principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Subject to the proviso set forth in the definition of "Interest Period", whenever any payment to be made hereunder with respect to any Advance shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of the payment of interest hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Any payment hereunder by or on behalf of the Company to Aron that is not received by Aron in same day funds prior to 4:00 p.m. (New York City time) on the date due (or in the case of any payments due in accordance with Article 8 of the Monetization Master Agreement, by the time such amount is required to be received in accordance with the terms thereof) shall, unless Aron shall determine otherwise, be deemed to have been received, for purposes of computing interest and fees hereunder (including for purposes of determining the applicability of <u>Section</u><u> </u><u>7.5</u>), on the Business Day immediately following the date of receipt (or, if later, the Business Day immediately following the date the funds received become available funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)If an Event of Default shall have occurred and the maturity of the Advances shall have been accelerated pursuant to Section 16.2(a) of the Monetization Master Agreement, all payments or proceeds received by Aron in respect of any of the Secured Obligations hereunder, or from any sale of, collection from or other realization upon all or any part of the Collateral, shall be applied in accordance with the terms of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Aron shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. <u>Making</u> <u> </u> <u>or</u> <u> </u> <u>Maintaining</u> <u> </u> <u>SOFR</u> <u> </u> <u>Advances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Inability to Determine Applicable Interest Rate</u>. If, as of any date, Aron determines (which determination shall be conclusive absent manifest error) that the SOFR Rate cannot be determined pursuant to the definition thereof, then Aron shall give notice (which may be telephonic) thereof to the Company as promptly as practicable, whereupon, (x) no Advances may be made as SOFR Advances until such time as Aron notifies the Company that the circumstances giving rise to such notice no longer exist, (y) for any Advances that have been made as SOFR Advances, the Parties shall endeavor to establish an alternate rate of interest to

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the SOFR Rate in accordance with <u>Section</u><u> </u><u>7.15</u> and (z) any request by the Company for the making of any SOFR Borrowing shall be deemed rescinded by the Company. Aron shall promptly notify the Company when such circumstances no longer exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Illegality</u><u> </u><u>or Impracticability</u><u> </u><u>of SOFR Advances</u>. In the event that on any date Aron shall have determined (which determination shall be final and conclusive and binding upon all parties hereto) that the making, maintaining, or continuation of, its SOFR Advances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)has after the Commencement Date become unlawful as a result of compliance by Aron in good faith with any law (or would conflict with any treaty, rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has become impracticable as a result of contingencies occurring after the Commencement Date that materially and adversely affect the position of Aron in the applicable markets, then, if Aron shall have provided notice thereof to the Company, Aron shall be an "<u>Affected</u><u> </u><u>Lender</u>". If the Company receives a notice from Aron pursuant to the preceding sentence, then (1) the obligation of Aron to make Advance as, or to continue any Advance as, SOFR Advances shall be suspended until such notice shall be withdrawn by Aron, and (2) Aron's obligations to maintain SOFR Advances (the "<u>Affected Advances</u>") shall be terminated at the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Advances or when required by law. Aron shall promptly notify the Company when the circumstances that led to its notice pursuant to this <u>Section 7.11(b)</u> no longer exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Compensation for Breakage or Non-Commencement of Interest Periods</u>. In the event that (i) a borrowing of any SOFR Advance does not occur on a date specified therefor in any notice given by the Company (other than as a result of a failure by Aron to make such Advance in accordance with its obligations hereunder), whether or not such notice may be rescinded in accordance with the terms hereof, (ii) any payment of any principal of any SOFR Advance (other than any Advance in respect of Lien Amounts that is repaid or prepaid pursuant to the terms of the Monetization Master Agreement) occurs on a day other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), or (iii) a prepayment of any SOFR Advance does not occur on a date specified therefor in any notice of prepayment given by the Company, whether or not such notice may be rescinded in accordance with the terms hereof, the Company shall compensate Aron for all losses, costs, expenses and liabilities that Aron may sustain, including any loss incurred from obtaining, liquidating or employing losses from third parties, but excluding any loss of margin or any interest rate "floor", for the period following any such payment, assignment or conversion or any such failure to borrow, pay, prepay, convert or continue. To request compensation under this <u>Section</u><u> </u><u>7.11(c)</u>, Aron shall deliver to the Company a certificate setting forth in reasonable detail the basis and calculation of any amount or amounts that Aron is entitled to receive pursuant to this <u>Section</u><u> </u><u>7.11(c)</u>, which certificate shall be conclusive and binding absent manifest error. The Company shall pay Aron the amount shown as due on any such certificate within ten

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Booking of SOFR Advances</u>. Aron may make, carry or transfer SOFR Advances at, to or for the account of any of its branch offices or the office of any Affiliate of Aron.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12. <u>Increased</u> <u> </u> <u>Costs;</u> <u> </u> <u>Capital</u> <u> </u> <u>Adequacy</u> <u> </u> <u>and</u> <u> </u> <u>Liquidity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Increased</u> <u> </u> <u>Costs</u> <u> </u> <u>Generally</u>. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, Aron (except any such reserve requirement reflected in the SOFR Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject Aron to any Taxes (other than (A) Indemnified Taxes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)impose on Aron any other condition, cost or expense (other than Taxes) affecting this Agreement or any Advances made by Aron;

and the result of any of the foregoing shall be to increase the cost to Aron of making, converting to, continuing or maintaining any Advance or of maintaining its obligation to make any such Advance, or to reduce the amount of any sum received or receivable by Aron hereunder (whether of principal, interest or any other amount) then, upon request of Aron, the Company will pay to Aron such additional amount or amounts as will compensate Aron for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Capital and Liquidity Requirements</u>. If Aron determines that any Change in Law affecting Aron or any lending office of Aron or Aron's holding company, if any, regarding capital or liquidity requirements, has had or would have the effect of reducing the rate of return on such Aron's capital or on the capital of Aron's holding company, if any, as a consequence of this Agreement, the Commitments of Aron or the Advances made by Aron to a level below that which Aron or Aron's holding company could have achieved but for such Change in Law (taking into consideration Aron's policies and the policies of Aron's holding company with respect to capital adequacy or liquidity), then from time to time upon request of Aron the Company will pay to Aron such additional amount or amounts as will compensate Aron or Aron's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Certificates for Reimbursement</u>. A certificate of Aron setting forth the amount or amounts necessary to compensate Aron or its holding company, as the case may be, as specified in <u>Section</u><u> </u><u>7.12(a)</u> or <u>7.12(b)</u> and delivered to the Company, shall be conclusive absent manifest error. The Company shall pay Aron the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Delay in Requests</u>. Failure or delay on the part of Aron to demand compensation pursuant to this <u>Section</u><u> </u><u>7.12</u> shall not constitute a waiver of Aron's right to demand such compensation; <u>provided</u> that the Company shall not be required to compensate Aron pursuant to this <u>Section</u><u> </u><u>7.12</u> for any increased costs incurred or reductions suffered more than one hundred twenty (120) days prior to the date that Aron notifies the Company of the Change in Law giving rise to such increased costs or reductions, and of Aron's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or

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reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Certain</u><u> </u><u>Limitations</u>. Notwithstanding any other provision of this <u>Section</u><u> </u><u>7.12</u> to the contrary, Aron shall not request, or be entitled to receive, any compensation pursuant to this <u>Section</u><u> </u><u>7.12</u> unless it shall be the general policy or practice of Aron to seek compensation in similar circumstances under comparable provisions of other credit agreements, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13. <u>Taxes;</u> <u> </u> <u>Withholding,</u> <u>Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Applicable Law</u>. For purposes of this <u>Section</u><u> </u><u>7.13</u>, the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of any Transaction Party under this Agreement shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Transaction Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this <u>Section</u><u> </u><u>7.13</u>) Aron receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Payment of Other Taxes by the Credit Parties</u>. Each Transaction Party shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Aron timely reimburse it for the payment of, any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Indemnification by</u><u> </u><u>the Transaction Parties</u>. The Transaction Parties shall jointly and severally indemnify Aron, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section</u><u> </u><u>7.13</u>) payable or paid by Aron or required to be withheld or deducted from a payment to Aron and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by Aron shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Evidence</u><u> </u><u>of</u><u> </u><u>Payments</u>. As soon as practicable after any payment of Taxes by any Transaction Party to a Governmental Authority pursuant to this <u>Section</u><u> </u><u>7.13</u>, such Transaction Party shall deliver to Aron the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Aron.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Status of Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Aron and any other Recipient that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement or any other Transaction Document shall deliver to the Transaction Parties, at the time or times reasonably requested by the Transaction Parties, such properly completed and executed documentation reasonably requested by the Transaction Parties as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, Aron and any other Recipient, if reasonably requested by the Transaction Parties, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Transaction Parties as will enable the Transaction Parties to determine whether or not Aron or such other Recipient is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section</u><u> </u><u>7.13(g)(ii)(A)</u>, <u>Section</u><u> </u><u>7.13(g)(ii)(B)</u> and <u>Section</u><u> </u><u>7.13(g)(ii)(D)</u> below) shall not be required if in Aron's or such other Recipient's reasonable judgment such completion, execution or submission would subject Aron or such other Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Aron or such other Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Aron and any other Recipient that is a U.S. Person shall deliver to the Transaction Parties on or prior to the Commencement Date (or, in the case of a Recipient other than Aron, on or prior to such date that such Recipient becomes a Recipient) (and, in each case, from time to time thereafter upon the reasonable request of the Transaction Parties), executed copies of IRS Form W-9 (or any successor form) certifying that Aron or such other Recipient, as applicable, is exempt from U.S. federal backup withholding Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Any Recipient that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Transaction Parties (in such number of copies as shall be requested by the Transaction Parties) on or prior to the date on which such Recipient becomes a Recipient (and from time to time thereafter upon the reasonable request of the Transaction Parties), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)in the case of a Recipient claiming the benefits of an income Tax treaty to which the United States is a party (x) with respect to payments of interest (including any amounts treated as interest for U.S. federal income tax purposes) under any Transaction Document, executed copies of IRS Form W-8BEN or W-8BEN-E (or any successor form) establishing an exemption from, or reduction of U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or W-8BEN-E (or any successor form) establishing an exemption from, or reduction of,

U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of a Recipient claiming that its extension of credit will generate

U.S. effectively connected income, executed originals of IRS Form W-8ECI (or any successor form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)in the case of a Recipient claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit IV to the effect that (A) such Recipient is not a "bank" within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a "10 percent shareholder" of either Transaction Party within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Internal Revenue Code and (B) the interest payments in question are not effectively connected with a U.S. trade or business conducted by such Recipient or are effectively connected but are not includible in the Recipient's gross income for U.S. federal income Tax purposes under an income Tax treaty (a "<u>U.S.</u><u> </u><u>Tax</u><u> </u><u>Compliance</u><u> </u><u>Certificate</u>") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E (or any successor form); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)to the extent a Recipient is not the beneficial owner, executed copies of IRS Form W-8IMY (or any successor form), accompanied by IRS Form W-8ECI (or any successor form), IRS Form W-8BEN or W-8BEN-E (or any successor form), a U.S. Tax Compliance Certificate substantially in the form of Exhibit V or Exhibit VI, IRS Form W-9 (or any successor form), and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Recipient is a partnership and one or more direct or indirect partners of such Recipient are claiming the portfolio interest exemption, such Recipient may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit VII on behalf of each such direct and indirect partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)any Recipient shall, to the extent it is legally entitled to do so, deliver to the Transaction Parties (in such number of copies as shall be requested by the Transaction Parties) on or prior to the date on which such Recipient becomes a Recipient under any Transaction Document (and from time to time thereafter upon the reasonable request of the Transaction Parties), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Transaction Parties to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)if a payment made to a Recipient under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Recipient shall deliver to the Transaction Parties at the time or times prescribed by law and at such time or times reasonably requested by the Transaction Parties such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Transaction Parties as may be necessary for

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the Transaction Parties to comply with their obligations under FATCA and to determine that such Recipient has complied with such Recipient's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the Commencement Date.

Each Recipient agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Transaction Parties in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Treatment of</u><u> </u><u>Certain Refunds</u>. If Aron or any other Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section</u><u> </u><u>7.13</u> (including by the payment of additional amounts pursuant to this <u>Section 7.13</u>), it shall pay to the Transaction Parties an amount equal to such refund (but only to the extent of indemnity payments made under this <u>Section 7.13</u> with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified Party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).The Transaction Parties, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <u>Section</u><u> </u><u>7.13(h)</u> (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.Notwithstanding anything to the contrary in this <u>Section</u><u> </u><u>7.13(h)</u>, in no event will the indemnified Party be required to pay any amount to an indemnifying Party pursuant to this <u>Section</u><u> </u><u>7.13(h)</u> the payment of which would place the indemnified Party in a less favorable net after-Tax position than the indemnified Party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>Section</u><u> </u><u>7.13(h)</u> shall not be construed to require any indemnified Party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Survival</u>. Each Party's and each Recipient's obligations under this <u>Section</u><u> </u><u>7.13</u> shall survive the resignation or replacement of Aron or any assignment of rights by, or the replacement of, a lender, and the repayment, satisfaction or discharge of all obligations under any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14.<u>Obligation</u><u> </u><u>to</u><u> </u><u>Mitigate</u>.If Aron becomes an Affected Lender or requests compensation under <u>Section</u><u> </u><u>7.12</u>, or if the Company is required to pay any Indemnified Taxes or additional amount to Aron or to any Governmental Authority pursuant to <u>Section</u><u> </u><u>7.13</u>, then Aron shall (at the request of the Company) use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the judgment of Aron, such designation or assignment and delegation (a) would cause Aron to cease to be an Affected Lender or would eliminate or reduce amounts payable pursuant to <u>Section 7.12</u> or <u>7.13</u>, as the case may be, in the future and (b) would not subject Aron to any unreimbursed cost or expense and would not otherwise be disadvantageous to Aron. The Company hereby agrees to pay all

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reasonable costs and expenses incurred by Aron in connection with any such designation or assignment and delegation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15. <u>Benchmark</u> <u> </u> <u>Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder, or under any other Transaction Document, in respect of all determinations of the Benchmark at any time following 5:00 p.m. ET on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided by Aron to Company without any amendment to this Agreement or further action or consent of any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Benchmark Replacement Conforming Changes</u>. In connection with the implementation and administration of a Benchmark Replacement, Aron will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Notices;</u><u> </u><u>Standards</u><u> </u><u>for</u><u> </u><u>Decisions</u><u> </u><u>and</u><u> </u><u>Determinations</u>. Aron will promptly notify the Company of (i) any occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Aron pursuant to this <u>Section</u><u> </u><u>7.15</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from any other party.

**SECTION 8.** <u>[RESERVED</u>**] SECTION 9.** <u>[RESERVED]</u> **SECTION 10.**

<u>DEFAULT</u><u> </u><u>AND</u><u> </u><u>TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.<u>Events</u><u> </u><u>of</u><u> </u><u>Default</u>. The occurrence of any Event of Default set forth in Section 16.1 of the Monetization Master Agreement, the terms of which are incorporated herein by reference, shall constitute an Event of Default under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any exercise of remedies upon the occurrence and during the continuation of an Event of Default shall be exercised in accordance with the terms of Section 16.2 of the Monetization Master Agreement, the terms of which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that an Early Termination Date has been established in accordance with Section 16.2 of the Monetization Master Agreement, for the avoidance of doubt,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Commitments of Aron shall immediately terminate and (ii) the Financing Settlement Amount shall become immediately due and payable. As of such date, the "<u>Financing</u><u> </u><u>Settlement</u> <u>Amount</u>" shall equal the sum of: (i) the aggregate unpaid principal amount of, and accrued interest on the Advances and Lien Amounts made by Aron, <u>plus</u> (ii) all costs and expenses payable to Aron pursuant to <u>Section</u><u> </u><u>7.12(c)</u>, <u>plus</u> (iii) unpaid fees payable under the Fee Letter in respect of any Secured Obligations arising hereunder. The Financing Settlement Amount shall be included in the calculation of the Settlement Amount pursuant to Section 16.2(d) of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Default</u><u> </u><u>Interest</u><u> </u><u>Rate</u><u> </u><u>for</u><u> </u><u>Financing</u><u> </u><u>Settlement</u><u> </u><u>Amount</u>. For the avoidance of doubt, if the Financing Settlement Amount is owing to the Non-Defaulting Party and is not paid when due, such overdue amount shall accrue interest at the Default Interest Rate until such amount shall have been paid in full to the Non-Defaulting Party.

**SECTION 11.** <u>[RESERVED]</u> **SECTION 12.** <u>[RESERVED]</u> **SECTION 13.** <u>[RESERVED]</u> **SECTION 14.** <u>[RESERVED]</u> **SECTION 15.** <u>[RESERVED]</u> **SECTION 16.**

<u>GOVERNING</u><u> </u><u>LAW;</u><u> </u><u>DISPUTE</u><u> </u><u>RESOLUTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.<u>Governing</u><u> </u><u>Law</u>.THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK

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WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.<u>Submission</u><u> </u><u>to</u><u> </u><u>Jurisdiction;</u><u> </u><u>Waiver</u><u> </u><u>of</u><u> </u><u>Jury</u><u> </u><u>Trial</u>. The provisions of Sections 22.2 and 22.3 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

#### SECTION 17.
<u>ASSIGNMENT</u>

The provisions of Article 23 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

#### SECTION 18.
<u>NOTICES</u>

All invoices, notices, requests and other communications given pursuant to this Agreement shall be delivered in accordance with Article 24 of the Monetization Master Agreement.

#### SECTION 19.
<u>NO</u><u> </u><u>WAIVER,</u><u> </u><u>CUMULATIVE</u><u> </u><u>REMEDIES</u>

The provisions of Article 25 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

#### SECTION 20.
<u>NATURE</u><u> </u><u>OF</u><u> </u><u>THE</u><u> </u><u>TRANSACTION</u><u> </u><u>AND</u><u> </u><u>RELATIONSHIP</u><u> </u><u>OF</u><u> </u><u>PARTIES</u>

The provisions of Article 26 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

#### SECTION 21.
<u>MISCELLANEOUS</u>

The provisions of Article 27 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

#### SECTION 22.

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<u>JOINT</u><u> </u><u>AND</u><u> </u><u>SEVERAL</u><u> </u><u>LIABILITY</u>

Article 28 of the Monetization Master Agreement is incorporated herein by reference, mutatis mutandis, as if fully set forth herein.

[*Remainder of Page Intentionally Left Blank*]

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#### EXHIBIT E

#### Amendments to Supply and Offtake Agreement
[*See attached*]

------

**Exhibit E Conformed Copy through Second Omnibus Amendment Agreement, dated March 30, 2026**

**ADDED TEXT SHOWN UNDERSCOREDDELETED TEXT SHOWN**

**STRIKETHROUGH**

**SUPPLY AND OFFTAKE AGREEMENT**

dated as of January 17, 2024

among

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. ARON & COMPANY LLC, CALUMET SHREVEPORT REFINING, LLC,

as the Company and

#### CALUMET REFINING, LLC
as Calumet Refining

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#### **TABLE OF CONTENTS**

#### Page

#### <sup>ARTICLE 1 DEFINITIONS AND CONSTRUCTION</sup> 2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Definitions 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Construction of Agreement 2

#### <sup>ARTICLE 2 TERM OF AGREEMENT</sup> 2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Term 2

#### <sup>ARTICLE 3 COMMENCEMENT DATE TRANSFER</sup> 2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Transfer and Payment on the Commencement Date 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Post-Commencement Date Reconciliation and True- Up 2

#### <sup>ARTICLE 4 PURCHASE AND SALE OF FEEDSTOCK</sup> 2
![Graphic](clmt-20260331xex10d5459.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Sale of Feedstock 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 [Procurement of Feedstock 3](#_TOC_250017)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 [Nominations under Aron Procurement Contracts 6](#_TOC_250016)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 [Transportation, Storage and Delivery of Feedstock 8](#_TOC_250015)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 [Title, Risk of Loss and Custody 9](#_TOC_250014)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 [Contract Documentation, Confirmations and Conditions 10](#_TOC_250013)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 DISCLAIMER OF WARRANTIES 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 [Quality Claims and Claims Handling 11](#_TOC_250012)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 Communications 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 Dispute Assignment 13

#### <sup>ARTICLE 5 PURCHASE VALUE FOR FEEDSTOCK</sup> 13
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Purchase Value for Feedstock 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Refinery Feedstock Purchase Fee 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Counterparty Feedstock Sales 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Reporting; Volume Determinations 13

#### ARTICLE 6 MONTHLY ADJUSTMENTS; MONTHLY COVER COSTS;

#### <sup>SHORTFALL; EXCESS INVENTORY LEVELS</sup> 14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Monthly Cover Costs 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Costs Related to Shortfall 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 [Excess Inventory Levels 14](#_TOC_250011)

#### <sup>ARTICLE 7 PURCHASE AND DELIVERY OF PRODUCTS</sup> 15
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 [Purchase and Sale of Products 15](#_TOC_250010)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 [Transportation, Delivery and Storage of Products 17](#_TOC_250009)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Title and Risk of Loss 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Product Specifications 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Purchase Value of Products 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Fees for Included Purchase Transactions 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 [\[Reserved\] 18](#_TOC_250008)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Reporting; Volume Determinations 19

#### ARTICLE 8 ANCILLARY COSTS; MONTH END INVENTORY; CERTAIN DISPOSITIONS; TANK MAINTENANCE; CERTAIN BUY/SALE TRANSACTIONS 19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Ancillary Costs 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 [Disposition Following Force Majeure 19](#_TOC_250007)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 [West Texas Pipeline; West Texas Pipeline Buy/Sell Transactions 21](#_TOC_250006)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Flash Title Transactions 22

#### ARTICLE 9 PAYMENT PROVISIONS 23
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Payment for Commencement Date Volumes 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Payments for Feedstock and Products; Fees and Expenses 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Payments to the Transaction Parties 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Interest 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Payment in Full in Same Day Funds 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 Inability to Determine SOFR Rate 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 Payment of Product Sales Fees 24

#### ARTICLE 10 FORCE MAJEURE 24
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Performance during Force Majeure 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Notice of Force Majeure 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Force Majeure Termination/Curtailment 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Resumption of Performance 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Third Party Issues 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Alternative/Replacement Storage Arrangements 25

#### ARTICLE 11 REPRESENTATIONS, WARRANTIES AND COVENANTS 26
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Representations, Warranties and Covenants 26

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 [Acknowledgments 26](#_TOC_250005)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Further Assurances 27

#### ARTICLE 12 DEFAULT AND TERMINATION 28
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 [Events of Default 28](#_TOC_250004)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 [Remedies Upon Event of Default 28](#_TOC_250003)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 [S&O Make-Whole Amount 31](#_TOC_250002)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** **LIQUIDATED DAMAGES** 33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 [Master Netting Agreement; Additional Rights and Remedies 33](#_TOC_250001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 [U.S. Resolution Stay Provisions 33](#_TOC_250000)

#### <sup>ARTICLE 13 SETTLEMENT AT TERMINATION</sup> 35

#### <sup>ARTICLE 14 INDEMNIFICATION; EXPENSES</sup> 35

#### <sup>ARTICLE 15 LIMITATION ON DAMAGES</sup> 35

#### <sup>ARTICLE 16 CONFIDENTIALITY; TAX DISCLOSURE</sup> 35
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Confidentiality 35

![Graphic](clmt-20260331xex10d5460.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Tax Disclosure 35

#### <sup>ARTICLE 17 GOVERNING LAW; DISPUTE RESOLUTION</sup> 36
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 Governing Law 36

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Submission to Jurisdiction; Waiver of Jury Trial 36

#### <sup>ARTICLE 18 ASSIGNMENT</sup> 36

#### <sup>ARTICLE 19 NOTICES</sup> 36

#### <sup>ARTICLE 20 NO WAIVER, CUMULATIVE REMEDIES</sup> 36

#### ARTICLE 21 NATURE OF THE TRANSACTION AND RELATIONSHIP OF

#### <sup>PARTIES</sup> 36

#### <sup>ARTICLE 22 MISCELLANEOUS</sup> 36

#### <sup>ARTICLE 23 JOINT AND SEVERAL LIABILITY</sup> 37
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**Schedule** Schedule A Schedule B-1

**Schedules Description**

Form of Trade Ticket

Form of WTG Pipeline Buy/Sell Confirmation

Schedule B-2Form of Flash Title Master Confirmation

Schedule CCommingled Locations

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#### SUPPLY AND OFFTAKE AGREEMENT
This Supply and Offtake Agreement (this "<u>Agreement</u>") is made as of January 17, 2024 (the "<u>Effective Date</u>"), among J. Aron & Company LLC ("<u>Aron</u>"), a limited liability company organized under the laws of the State of New York and located at 200 West Street, New York, New York 10282-2198, Calumet Shreveport Refining, LLC (the "<u>Company</u>"), a limited liability company organized under the laws of Delaware and located at 2780 Waterfront Parkway East Drive, Suite 200, Indianapolis, IN 46214 and Calumet Refining, LLC ("<u>Calumet Refining</u>"), a Delaware limited liability company (the Company, Calumet Refining and Aron referred to individually as a "Party" or collectively as the "Parties").

**WHEREAS**, the Company owns and operates the Refinery for the processing and refining of Feedstock and the recovery therefrom of refined products;

**WHEREAS**, the Transaction Parties desire to have Aron purchase Feedstock at Included Title Locations which will be delivered to the Transaction Parties for use at the Refinery and to have Aron purchase all Products at Included Title Locations, in each case, upon and subject to the terms and conditions set forth below;

**WHEREAS**, it is contemplated that on the Commencement Date, Aron will purchase from the Transaction Parties certain Feedstock and Products then being held by the Transaction Parties at the Included Title Locations;

**WHEREAS**, the Parties have agreed that, for the Term of this Agreement, the Company will provide services to facilitate Aron in the marketing and sale of the refined products acquired by Aron hereunder in accordance with the terms and conditions of the Marketing and Sales Agreement;

**WHEREAS**, the Company has requested that Aron provide certain other financial accommodations with respect to the Feedstock and Products pursuant to the Financing Agreement;

**WHEREAS**, in connection with the transactions contemplated by this Agreement, the Financing Agreement and the other Transaction Documents entered into in connection therewith, the Transaction Parties and Aron have entered into that certain Monetization Master Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the "<u>Monetization Master Agreement</u>"); and

**WHEREAS**, it is a condition precedent to the occurrence of the Commencement Date under the Monetization Master Agreement that the Transaction Parties enter into this Agreement on the date hereof;

**NOW, THEREFORE**, in consideration of the premises and respective promises, conditions, terms and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto do agree as follows:

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#### ARTICLE 1
<u>DEFINITIONS</u><u> </u><u>AND</u><u> </u><u>CONSTRUCTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Definitions</u>. Unless otherwise defined herein, terms shall have the meanings given to them in Annex I of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Construction of Agreement</u>. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, the rules of interpretation set forth in Sections 1.2, 1.3 and 1.4 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein. All references to this Agreement include the Commodity Forward Agreement.

#### ARTICLE 2
<u>TERM</u><u> </u><u>OF</u><u> </u><u>AGREEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Term</u>. The Agreement shall become effective on the Commencement Date occurring as provided in the Monetization Master Agreement and subject to the conditions precedent set forth on Sections 2.1 and 2.2 of the Monetization Master Agreement. This Agreement shall continue until the earliest of (a) the Termination Date, in accordance with the terms of the Monetization Master Agreement, (b) an Early Termination Date, in accordance with the terms of the Monetization Master Agreement and (c) an S&O Early Termination Date, in accordance with the terms hereof.

#### ARTICLE 3
<u>COMMENCEMENT</u><u> </u><u>DATE</u><u> </u><u>TRANSFER</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Transfer</u><u> </u><u>and</u><u> </u><u>Payment</u><u> </u><u>on</u><u> </u><u>the</u><u> </u><u>Commencement</u><u> </u><u>Date</u>. The Parties acknowledge and agree that the Commencement Date Volumes shall be sold and transferred to Aron as provided under the Inventory Sales Agreement, against payment of the Estimated Commencement Date Value made as provided therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Post-Commencement Date Reconciliation and True-Up</u>. The Parties further acknowledge that the determination and payment of the Definitive Commencement Date Value shall be made as provided in the Inventory Sales Agreement, and any payment due to any Party in connection with the determination of the Definitive Commencement Date Value shall be paid in accordance with the terms of the Inventory Sales Agreement and the Monetization Master Agreement.

#### ARTICLE 4
<u>PURCHASE</u><u> </u><u>AND</u><u> </u><u>SALE</u><u> </u><u>OF</u><u> </u><u>FEEDSTOCK</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Sale of Feedstock</u>. After the Commencement Date through the end of the Term, and subject to (a) Aron's agreement in writing to enter into additional Aron Procurement Contracts pursuant to the terms hereof, including <u>Section</u><u> </u><u>4.2</u>, (b) Aron's ability to procure

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Feedstock from third parties in accordance with the terms hereof, (c) Aron's receipt of Feedstock under Aron Procurement Contracts and (d) the Transaction Parties' maintenance of the Base Agreements and Required Storage and Transportation Arrangements, if any, and compliance, in all material respects, with the terms and conditions thereof and hereof, at the written request of any Transaction Party, Aron shall have the right to determine, subject to the terms and conditions hereof, whether to enter into Aron Procurement Contracts which will accommodate, in the aggregate, monthly deliveries of Feedstock of up to 60,000 Barrels per day, and the applicable Transaction Party agrees to purchase and receive from Aron all such Feedstock as provided herein and subject to the terms and conditions hereof. The Parties acknowledge and agree that, as of the Commencement Date, Aron has not agreed to procure Feedstock under any Aron Procurement Contracts. Aron shall, in accordance with the terms and conditions hereof, purchase and have the right to be the exclusive owner of Feedstock in the Included Feedstock Title Locations; <u>provided</u> that, with respect to any Commingled Location, Aron acknowledges and agrees that (i) subject to and in accordance with the terms of the Base Agreement and Required Storage and Transportation Arrangement applicable to such Commingled Location, Feedstock may be commingled with the Feedstock of third parties in the same tank or storage facility and (ii) Aron may not have the foregoing exclusive ownership rights at such Commingled Location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Procurement</u> <u> </u> <u>of</u> <u> </u> <u>Feedstock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Aron</u> <u> </u> <u>Procurement</u> <u> </u> <u>Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)From time to time during the Term of this Agreement and subject to the conditions set forth in <u>Section</u><u> </u><u>4.1</u>, any Transaction Party may propose that one or more Aron Procurement Contracts be entered into, including any such additional Aron Procurement Contract as may be entered into to replace an outstanding Aron Procurement Contract upon its expiration, in each case, subject to Aron's sole discretion as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If Aron elects, in its sole discretion, to approve any such proposed Aron Procurement Contract with a Third Party Supplier, then the applicable Transaction Party shall endeavor to identify quantities of Feedstock that may be acquired from one or more Third Party Suppliers under contracts that provide for one or more shipment(s) of Feedstock. The applicable Transaction Party may negotiate with any such Third Party Supplier regarding the purchase value and other terms of such potential Aron Procurement Contract. Neither the Company nor any other Transaction Party shall have authority to bind Aron to, or enter into on Aron's behalf, any Aron Procurement Contract or Procurement Contract Assignment, and no Transaction Party shall represent to any third party that it has such authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Subject to the conditions set forth in Section 4.1 and the foregoing provisions of this <u>Section 4.2</u>, if a Transaction Party has negotiated an offer from an Third Party Supplier for an Aron Procurement Contract (and, if relevant, Procurement Contract Assignment) that such Transaction Party wishes to be executed, then the Company or applicable other Transaction Party shall apprise

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Aron in writing, using the applicable trade ticket included in Schedule A (the "<u>Trade Ticket</u>"), of the terms of such offer, and Aron shall promptly, but no later than two (2) Business Days after such Transaction Party's delivery of such applicable Trade Ticket, determine and advise the Company or applicable other Transaction Party as to whether Aron agrees to accept, in its sole discretion, such offer specified in the Trade Ticket. If Aron indicates its agreement to accept such offer, then Aron shall promptly communicate its acceptance of such offer to the Company or applicable other Transaction Party and such Third Party Supplier so that the Third Party Supplier and Aron may enter into a binding Aron Procurement Contract (and, if relevant, Procurement Contract Assignment); provided that any additional Aron Procurement Contract (and, if relevant, related Procurement Contract Assignment) shall require Aron's express written agreement, in its sole discretion, and Aron shall not have any liability under or in connection with this Agreement if for any reason it, in its sole discretion but acting in good faith, does not agree to any proposed Aron Procurement Contract or related Procurement Contract Assignment. Unless mutually agreed by the Parties, and in addition to all other requirements for entry by Aron into any Aron Procurement Contract pursuant to this Article 4, any Trade Ticket submitted by a Transaction Party shall (A) be for a Person that is an Third Party Supplier as of the date of such Trade Ticket, (B) be for Feedstock that is subject to such Aron Procurement Contract that is capable of being processed by the Refinery and (C) have terms and conditions that, other than with respect to the delivery by Aron of Feedstock to such Transaction Party (which shall be in accordance with the other terms hereof), shall be mirrored in the general terms and conditions and other terms and conditions to be negotiated by Aron in such Aron Procurement Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aron may, in its sole discretion, but acting in good faith, elect to reject any such offer to enter into an Aron Procurement Contract (regardless of whether any such Aron Procurement Contract is proposed to be with a Third Party Supplier or otherwise contains terms contemplated in <u>Section 4.2(a)</u>). Aron's decision to reject any such offer may be based on such factors and considerations as Aron deems relevant, which may include (without limitation) the proposed commercial terms, credit considerations (including credit quality and credit limits), reputational considerations, general terms and conditions with such Third Party Supplier that are acceptable to Aron or Counterparty Requirements. Notwithstanding the foregoing, Aron shall not reject any such offer to enter into an Aron Procurement Contract with any Person based solely on the fact that such offer was presented to it by a Transaction Party hereunder where, at such time, Aron would otherwise have transacted with such Person on such terms and under all other applicable policies and limitations (i.e., if a Person is open for trading with Aron for transactions with substantially similar terms to the transactions that Aron is requested to enter into in connection herewith, it will be open for trading for Aron Procurement Contracts, as determined on a trade-by-trade basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>[Reserved]</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that Aron enters into any Aron Procurement Contract with a Third Party Supplier, prior to the delivery of any Barrels under such Aron Procurement Contract, the Parties shall establish mutually acceptable procedures and mechanisms for determining and reporting specific volumes of such Barrels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For deliveries of Feedstock, subject to <u>Sections 8.3 and 8.4</u>, if applicable, title for each quantity of Feedstock shall pass to Aron as the Feedstock passes the applicable Feedstock Intake Point. The Parties acknowledge and agree that the consideration due from Aron to the applicable Transaction Party for (i) any Other Barrels or (ii) any Feedstock that is not delivered under an Aron Procurement Contract will be paid for in accordance with Article 8 of the Monetization Master Agreement, and will be reflected on the applicable period's Monthly True-Up Amount documentation and in the corresponding Monthly True-Up Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Refinery</u> <u> </u> <u>Procurement</u> <u> </u> <u>Contracts;</u> <u> </u> <u>Other</u> <u> </u> <u>Barrels.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any Transaction Party may, from time to time in its sole discretion for any reason, execute a Refinery Procurement Contract to acquire Feedstock that is otherwise in compliance with the terms of the Transaction Documents, including all required Feedstock specifications for such Transaction Party's account, with such Feedstock constituting Other Barrels pursuant to <u>Section 4.2(f)(ii)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the event that a Transaction Party enters into a Refinery Procurement Contract, but does not enter into a related Confirmation for any Feedstock that is to be purchased by such Transaction Party pursuant thereto, and such Feedstock is subsequently delivered to the Included Feedstock Title Locations ("<u>Other Barrels</u>"), then such Other Barrels shall be deemed sold to and purchased by Aron as and when they pass the applicable Feedstock Intake Point at a value per Barrel equal to the sum of the then current Index Amount applicable to Feedstock plus the then current Feedstock Price, in each case, at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If at any time deliveries under Refinery Procurement Contracts or Confirmations between a Transaction Party and Aron are outstanding, with respect to any Other Barrels that the Transaction Parties expect to deliver to any Included Feedstock Title Location, the Company shall give Aron written notice of such expected delivery at least ten (10) Business Days preceding the expected delivery month for such Other Barrels and in such notice the Company shall provide to Aron the quantity and delivery terms of such Other Barrels expected to be delivered. If thereafter any change occurs in the quantity or delivery terms of such Other Barrels that the Transaction Parties expect to procure for delivery during such month, then the Company shall promptly advise Aron of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Refinery Procured Barrels</u>. The following provisions shall be applicable to Refinery Procured Barrels:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No later than the twenty fifth (25<sup>th</sup>) calendar day of the month preceding a Delivery Month, the Company shall inform Aron of any Feedstock that the Transaction Parties have purchased or intend to purchase, and that has been or that is being procured under a Refinery Procurement Contract for delivery during such Delivery Month ("<u>Refinery Procured Barrels</u>"). In connection with each such quantity of Refinery Procured Barrels, the applicable Transaction Party shall submit to Aron an appropriately completed Trade Ticket relating to such Refinery Procured Barrels expected to be delivered to the Included Feedstock Title Locations (and specifying each such location) during such Delivery Month and, provided no Default or Event of Default with respect to the Transaction Parties has occurred and is then continuing, the applicable Transaction Party and Aron shall enter into a purchase and sale transaction, evidenced by a written confirmation (a "<u>Confirmation</u>") from Aron, under which such Transaction Party shall be obligated to deliver such quantity of Refinery Procured Barrels to Aron at the applicable Included Title Location specified in such Confirmation and Aron shall purchase such quantity from such Transaction Party on a "DDP" basis (DDP Incoterms® 2010) when it passes the applicable Feedstock Intake Point of such Included Title Location. If any change occurs in the terms relating to quantity, pricing or delivery (including the timing of delivery) of a Refinery Procurement Contract that the applicable Transaction Party expects to procure for delivery during such Delivery Month, such Transaction Party shall promptly advise Aron of such change. With respect to any Confirmation issued by Aron to the applicable Transaction Party in connection with a Refinery Procurement Contract, if Aron does not receive from such Transaction Party either acceptance or notification of a bona fide error within two (2) Business Days after receipt of such Confirmation, then such Transaction Party shall be deemed to have accepted such Confirmation, and such Confirmation shall be effective and binding upon the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Nominations</u> <u> </u> <u>under</u> <u> </u> <u>Aron</u> <u> </u> <u>Procurement</u> <u> </u> <u>Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Concurrently with its delivery of a Monthly Feedstock Forecast to Aron, the Company shall provide to Aron the Company's Target Month End Feedstock Volume and Target Month End Product Volumes for the related Delivery Month, if different from the Target Month End Feedstock Volume or Target Month End Product Volumes for the related Delivery Month previously provided pursuant to Sections 5.2(b) and 5.3(b) of the Monetization Master Agreement. With respect to each Delivery Month, based on its Projected Monthly Run Volume, Feedstock volumes then in Included Feedstock Title Locations, shipments previously nominated under Aron Procurement Contracts, Trade Tickets entered into in connection with Refinery Procured Barrels, Other Barrels being delivered under Refinery Procurement Contracts and such other information as it deems relevant, the Company shall determine, in its commercially reasonable judgment, the additional shipments of Feedstock under Trade Tickets that the Company desires to be delivered to the Included Title Locations during such Delivery Month.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aron and the Transaction Parties shall consult regarding (i) scheduling and nominations to be made under then outstanding Aron Procurement Contracts on or before any applicable Nomination Cutoff Dates taking into account the quantities of Other Barrels being acquired pursuant to Refinery Procurement Contracts and any Trade Tickets entered into in respect of Refinery Procured Barrels, (ii) other notices and information associated with any Aron Procurement Contract, Procurement Contract Assignment, Included Purchase Transaction or Included Sales Transaction and (iii) any exercise of rights, or compliance of required obligations, in each case, relating to the operational or logistical implementation of, and the receipt or delivery of Feedstock or Products under any such transaction (each of <u>clauses (i)</u> through and including <u>(iii)</u>, collectively, "<u>Contract Nominations</u>"). (A) Unless Aron is unable to appoint a Transaction Party as its agent for purposes of making Contract Nominations under any Aron Procurement Contract, each applicable Transaction Party agrees that it will act as Aron's agent under each Aron Procurement Contract and make all Contract Nominations thereunder and (B) in the event that Aron is unable to appoint a Transaction Party as its agent for purposes of making any nominations to be made under any Aron Procurement Contract, to the extent that Aron has received from the Company the Projected Monthly Run Volume as required under <u>Section 4.3(a)</u> and the Company has consulted with Aron with respect thereto in accordance with this <u>Section 4.3(b)</u>, then Aron shall make any such nominations under such Aron Procurement Contract on or before any applicable Nomination Cutoff Date; <u>provided</u> that, for the avoidance of doubt, (1) except as expressly provided in the immediately foregoing <u>clause</u><u> </u><u>(B)</u>, Aron shall not be required to make any Contract Nominations and (2) the Transaction Parties shall be responsible for all Contract Nominations under the applicable Refinery Procurement Contracts. In the event that Aron is required to make a nomination pursuant to this <u>Section 4.3(b)</u>, (x) to the extent reasonably practicable and upon consultation with the Company, on or before the Nomination Cutoff Date, Aron shall make nominations that reflect the quantity specified by the Company in such Projected Monthly Run Volume, (y) in the event that any nomination is not accepted by any Third Party Supplier under an Aron Procurement Contract, Aron shall promptly advise the applicable Transaction Party and use commercially reasonable efforts with such Transaction Party and such Third Party Supplier to revise the nomination subject to the terms of any such Aron Procurement Contract and (z) Aron shall provide the applicable Transaction Party with confirmation of each such nomination that is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Parties agree that the applicable Transaction Party may, from time to time, request that Aron make adjustments or modifications to Contract Nominations it has previously made under the Aron Procurement Contracts. Promptly following receipt of any such request, Aron will use its commercially reasonable efforts to make such adjustment or modification, subject to any limitations or restrictions under any relevant Aron Procurement Contracts with Third Party Suppliers. Any additional cost or expenses incurred as a result of such an adjustment or modification shall constitute Ancillary Costs hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Aron shall not nominate or otherwise knowingly acquire any Feedstock with characteristics that are not previously approved by the Transaction Parties for use at the Refinery, such approval to be in the Transaction Parties' sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In addition to the nomination process, Aron and the Transaction Parties shall follow the mutually agreed communications protocol as set forth on Schedule J to the Monetization Master Agreement, with respect to ongoing daily coordination with Third Party Suppliers, including purchases or sales of Feedstock outside of the normal nomination procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Prior to entering into any Ancillary Contract that does not by its terms expire or otherwise terminate on or before the later of (i) the Expiration Date as in effect as of the time such Ancillary Contract is entered into and (ii) a date past such Expiration Date taking into account a reasonable wind-down period under such Ancillary Contract which, but for such reasonable wind-down period, would expire on or before the Expiration Date listed in <u>clause (i)</u> above, Aron will, subject to any confidentiality restrictions afford the Transaction Parties an opportunity to review and comment on such Ancillary Contract or the terms thereof and to confer with the Transaction Parties regarding such Ancillary Contract and its terms, and if Aron enters into any such Ancillary Contract without the consent of the Transaction Parties, the Transaction Parties shall not be obligated to assume such Ancillary Contract pursuant to Section 17.1(c) of the Monetization Master Agreement. Aron, in consultation with the Transaction Parties, shall have the discretion to enter into any Ancillary Contract that is intended for the exclusive benefit of the Transaction Parties in connection with this Agreement and expires on or before the latest date referred to in the first sentence of this <u>Section 4.3(f)</u>, and if Aron enters into any such Ancillary Contract, such Transaction Party shall be obligated to assume such Ancillary Contract pursuant to Section 17.1(c) of the Monetization Master Agreement; <u>provided</u> that, for the avoidance of doubt, Aron shall have the right, in its sole discretion to refrain from entering into any Ancillary Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Transportation,</u> <u> </u> <u>Storage</u> <u> </u> <u>and</u> <u> </u> <u>Delivery</u> <u> </u> <u>of</u> <u> </u> <u>Feedstock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to <u>Section 7.2(d)</u>, Aron shall have the exclusive right to inject (except for such injections by the Transaction Parties otherwise contemplated hereby, which result in title to any injected Feedstock being transferred to Aron), store and withdraw Feedstock in and from the Included Feedstock Title Locations as provided in the Storage Facilities Agreement or applicable Required Storage and Transportation Arrangement, as applicable; <u>provided</u> that, with respect to any Commingled Location, Aron acknowledges and agrees that (i) subject to and in accordance with the terms of the Base Agreement and Required Storage and Transportation Arrangement applicable to such Commingled Location, Feedstock may be commingled with the Feedstock of third parties in the same tank or storage facility and (ii) Aron may not have the foregoing exclusive rights at such Commingled Location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provided no Default or Event of Default by a Transaction Party has occurred and is continuing, the Transaction Parties shall be permitted to withdraw from the Included Feedstock Title Locations and take delivery of Feedstock on any day and at

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any time. The withdrawal and receipt of any Feedstock by the Transaction Parties at the Feedstock Delivery Point shall be on an "ex works" basis (EXW Incoterms® 2010). Aron shall be responsible only for arranging transportation and delivery of Feedstock into the Included Feedstock Title Locations in connection with Aron Procurement Contracts that are not entered into in connection with Refinery Procurement Contracts, and in all other circumstances the Transaction Parties shall be responsible for arranging transportation and delivery of Feedstock into the Included Feedstock Title Locations. The Transaction Parties shall bear sole responsibility for arranging the withdrawal of Feedstock from the Included Feedstock Title Locations. The Transaction Parties shall take any commercially reasonable actions necessary to maintain (or, in the case of Included Third Party Feedstock Storage Tanks, cause to be maintained) a connection with the Included Feedstock Title Locations to enable withdrawal and delivery of Feedstock to be made as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Insofar as Aron has previously agreed to make any pipeline nominations for any Feedstock transported via an Included Feedstock Title Pipeline prior to any applicable Pipeline Cutoff Date for any month, Aron shall be responsible for making such pipeline and terminal nominations for that month; <u>provided</u> that, Aron's obligation to make such nominations shall be conditioned on receiving from the Company scheduling instructions for that month a sufficient number of days prior to such Pipeline Cutoff Date so that Aron can make such nominations within the lead times required by such pipelines and terminals. Aron shall not be responsible if an Included Feedstock Title Pipeline is unable to accept Aron's nomination or if the Included Feedstock Title Pipeline must allocate capacity among its shippers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Insofar as any pipeline nominations are required to be made by Aron for any Product transported via an Included Product Title Pipeline prior to any applicable Pipeline Cutoff Date for any month, Aron shall be responsible for making such pipeline and terminal nominations for that month; <u>provided</u> that, Aron's obligation to make such nominations shall be conditioned on receiving from the Company scheduling instructions for that month a sufficient number of days prior to such Pipeline Cutoff Date so that Aron can make such nominations within the lead times required by such pipelines and terminals. Aron shall not be responsible if an Included Product Title Pipeline is unable to accept Aron's nomination or if the Included Product Title Pipeline must allocate capacity among its shippers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Title,</u> <u> </u> <u>Risk</u> <u> </u> <u>of</u> <u> </u> <u>Loss</u> <u> </u> <u>and</u> <u> </u> <u>Custody</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Title to and risk of loss of the Feedstock shall pass from the applicable Transaction Party to Aron at the Feedstock Intake Point, free and clear of all Liens (other than Permitted S&O Liens). Aron shall retain title to and risk of loss of such Feedstock during the time such Feedstock is transported through any Included Feedstock Title Pipelines and held in any Included Company Feedstock Storage Tanks and Included Third Party Feedstock Storage Tanks. Title to and risk of loss of the Feedstock shall pass from Aron to the applicable Transaction Party at the applicable Feedstock Delivery Point. The applicable Transaction Party shall for its own account (and not as custodian for Aron) assume custody of the Feedstock as it passes the applicable Feedstock Delivery

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Point; <u>provided</u> that, prior to such delivery the applicable Transaction Party shall have custody of such Feedstock in accordance with <u>Section 4.5(b)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the time any Feedstock or Products (i) are held in any Storage Facilities, the applicable Transaction Party, in its capacity as operator of such Storage Facilities and pursuant to the Storage Facilities Agreement, shall be solely responsible (as among the Parties) for compliance with all Applicable Laws, including all Environmental Laws, pertaining to the possession, handling, use and processing of such Feedstock or Products and (ii) are held in any Included Title Locations, including the Storage Facilities, the Transaction Parties shall indemnify and hold harmless Aron, its Affiliates and their agents, representatives, contractors, employees, directors and officers, for all Liabilities directly or indirectly arising therefrom, except to the extent such Liabilities are caused by or attributable to any of the matters for which Aron agrees to indemnify the Transaction Parties pursuant to <u>Article 14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent any Transaction Party wishes to sell any Feedstock to any third party, such Transaction Party acknowledges that it shall not have the authority to agree to such sale without Aron's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Parties acknowledge and agree that the Transaction Parties shall have an insurable interest in Feedstock that is subject to an Aron Procurement Contract or is otherwise subject to this Agreement, and that the applicable Transaction Party may, at its election and with prior notice to Aron, endeavor to insure the Feedstock. If pursuant to the terms of this Agreement or the Monetization Master Agreement, any Transaction Party has fully compensated Aron therefor as required hereunder, then (subject to any other setoff or netting rights Aron may have hereunder) any insurance payment to Aron made to cover the same shall be promptly paid over by Aron to the applicable Transaction Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Contract</u> <u> </u> <u>Documentation,</u> <u> </u> <u>Confirmations</u> <u> </u> <u>and</u> <u> </u> <u>Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Aron's obligations to deliver Feedstock under this Agreement shall be subject to (i) the Company or other applicable Transaction Party identifying and negotiating the terms of any potential Aron Procurement Contracts, in accordance with and subject to <u>Section 4.2</u>, that are acceptable to both the applicable Transaction Party and Aron relating to a sufficient quantity of Feedstock to meet the Refinery's requirements, (ii) the Transaction Parties performing their obligations hereunder with respect to providing Aron with timely nominations, forecasts and projections (including Projected Monthly Run Volumes, as contemplated in <u>Section 4.3(a)</u>) so that Aron may make timely nominations under the Aron Procurement Contracts, (iii) all of the terms and conditions of the Aron Procurement Contracts, (iv) any other condition set forth in <u>Section 4.1</u> above and (v) no Default or Event of Default having occurred and being continuing with respect to the Transaction Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event that Aron has agreed to enter into an Aron Procurement Contract in accordance with this <u>Article 4</u>, in documenting each such Aron Procurement Contract, Aron will endeavor and cooperate with the applicable Transaction Parties, in

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good faith and in a commercially reasonable manner, to obtain the Third Party Supplier's agreement that a copy of such Aron Procurement Contract may be provided to the applicable Transaction Parties; <u>provided</u> that this <u>Section 4.6(b)</u> in no way limits the Company's rights to consent to all Aron Procurement Contracts as contemplated by <u>Section 4.2</u>. In addition, to the extent Aron is permitted to do so, Aron will endeavor to keep the Transaction Parties apprised of, and consult with the Transaction Parties regarding, the terms and conditions being incorporated into any Aron Procurement Contract under negotiation with a Third Party Supplier. Notwithstanding the foregoing, Aron and the Transaction Parties may pre-agree on one or more standard sets of general terms and conditions and modifications thereto upon which Aron Procurement Contracts may be executed without any further obligation of Aron to apprise the Transaction Parties of such terms and conditions incorporated into such Aron Procurement Contract and may, from time to time, agree to alterations or further modifications to such pre-agreed terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Subject to <u>Section 4.10</u>, if any dispute arises with a Third Party Supplier regarding the terms of any documentation to which Aron is a party, Aron in cooperation with the applicable Transaction Party shall use commercially reasonable efforts to resolve such documentation discrepancy with such Third Party Supplier; <u>provided</u> that if such discrepancy has not been resolved within five (5) Business Days after Aron has commenced such efforts, then any time thereafter, upon request by Aron, the applicable Transaction Party shall assume full responsibility for communicating with such Third Party Supplier and endeavoring to resolve such documentation discrepancy. Following the applicable Transaction Party's assumption of the handling of such dispute and upon the Company's request, Aron shall, in a commercially reasonable manner, cooperate with the Company to resolve such dispute, subject to Aron's policies, procedures and restrictions. Aron shall be fully entitled to rely on the terms in any contract that Aron has executed notwithstanding any discrepancy with any other documentation unless and until a further amendment thereto is agreed by all parties. Without limiting the foregoing, the Transaction Parties covenant and agree that any costs, losses or damages that Aron may incur directly as a result of such a documentation discrepancy (including any differences in the terms reflected in any Exchanged Confirmations) shall constitute Ancillary Costs and be for the account of the applicable Transaction Party. The Transaction Parties acknowledge that the confirmation of an Aron Procurement Contract with a Third Party Supplier may be effected by Exchanged Confirmations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each Transaction Party acknowledges and agrees that, subject to the terms and conditions of this Agreement, it is obligated to purchase and take delivery (or cause another Transaction Party to purchase and take delivery) of all Feedstock acquired by Aron under Aron Procurement Contracts executed in connection herewith and subject to the terms and conditions specified in <u>Section</u><u> </u><u>4.3</u> above. In the event of a dispute, Aron will provide, to the extent legally and contractually permissible, to the applicable Transaction Party, a copy of the Aron Procurement Contract in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7<u>DISCLAIMER OF WARRANTIES</u>. EXCEPT FOR THE WARRANTY OF TITLE WITH RESPECT TO FEEDSTOCK OR PRODUCTS DELIVERED HEREUNDER AND OTHER REPRESENTATIONS AND WARRANTIES MADE BY THE TRANSACTION PARTIES IN THE TRANSACTION DOCUMENTS, NEITHER

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PARTY MAKES ANY WARRANTY, CONDITION OR OTHER REPRESENTATION, WRITTEN OR ORAL, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS OR SUITABILITY OF SUCH FEEDSTOCK OR PRODUCTS FOR ANY PARTICULAR PURPOSE OR OTHERWISE. SUBJECT TO THE FOREGOING, NEITHER PARTY MAKES ANY WARRANTY OR REPRESENTATION THAT SUCH FEEDSTOCK OR PRODUCTS CONFORMS TO THE SPECIFICATIONS IDENTIFIED IN ANY CONTRACT WITH ANY TRANSACTION PARTY OR ANY THIRD PARTY SUPPLIER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Quality</u> <u> </u> <u>Claims and Claims</u> <u>Handling</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The failure of any Feedstock or Product that Aron hereunder sells to a Transaction Party to meet the specifications or other quality requirements applicable thereto as stated in an Aron Procurement Contract for that Feedstock or Product shall be for the sole account of such Transaction Party and shall not entitle any Transaction Party to any reduction in the amounts due by it to Aron hereunder; <u>provided</u>, <u>however</u>, that any claims made by Aron with respect to such non-conforming Feedstock or Product shall be for the applicable Transaction Party's account and resolved in accordance with this <u>Section 4.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent not already assigned to a Transaction Party pursuant to the applicable Aron Procurement Contract, Parties shall consult with each other and coordinate how to handle and resolve any claims arising in the ordinary course of business (including claims related to Feedstock, Products, pipeline or tank transfers, and any dispute, claim, or controversy arising hereunder between Aron and any of its vendors who supply goods or services in conjunction with Aron's performance of its obligations under this Agreement) made by or against Aron. In all instances wherein claims are made by a third party against Aron which will be for the account of a Transaction Party, such Transaction Party shall have the right, subject to <u>Section 4.8(c)</u>, to either direct Aron to take commercially reasonable actions in the handling of such claims or assume the handling of such claims in the name of Aron, all at such Transaction Party's cost and expense; <u>provided</u> that, Aron may require that such Transaction Party assume the handling of any such claim. To the extent not already assigned to a Transaction Party pursuant to the applicable Aron Procurement Contract and the applicable Transaction Party believes that any claim should be made by Aron for the account of such Transaction Party against any third party (whether a Third Party Supplier, terminal facility, pipeline, storage facility or otherwise), and subject to <u>Section 4.8(d)</u>, Aron will cooperate, in a commercially reasonable manner, and, subject to Aron's policies, procedures and restrictions, as requested by such Transaction Party, allow such Transaction Party to prosecute such claim, all at such Transaction Party's cost and expense and all recoveries and liabilities resulting from the prosecution of such claim shall be for the account of the Transaction Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)To the extent any claim has then not already been assigned to a Transaction Party pursuant to the applicable Aron Procurement Contract, Aron may, in its sole discretion, elect to assist at Aron's own expense in prosecuting any such claim.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Subject to <u>Section 4.10</u> and notwithstanding anything in <u>Section 4.8(b)</u> or <u>Section 4.8(c)</u> to the contrary but subject to <u>Section</u><u> </u><u>4.8(e)</u>, Aron may notify the applicable Transaction Party that Aron is retaining control over or limiting its participation in the resolution of any claim referred to in <u>Section 4.8(b)</u> or <u>Section 4.8(c)</u> based on the facts of circumstances of such claim, as determined by Aron, in its reasonable judgment and in good faith, including giving due consideration to the impact to the applicable Transaction Party; <u>provided</u> that, if Aron retains control over any such claim resolution pursuant to this <u>Section 4.8(d)</u>, then Aron shall do so at its own expense without further recourse to the Transaction Parties. In addition, any claim that is or becomes subject to <u>Article</u><u> </u><u>14</u> shall be handled and resolved in accordance with the provisions of <u>Article</u><u> </u><u>14</u>. Notwithstanding anything in this <u>Section 4.8</u> to the contrary, Aron shall not settle any claim for the applicable Transaction Party's account without the prior written consent of the applicable Transaction Party (such consent not to be unreasonably conditioned, withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding anything herein to the contrary, Aron shall not enter into any Aron Procurement Contracts with its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9<u>Communications</u>. Section 15.2(d)(ii) of the Monetization Master Agreement is hereby incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10<u>Dispute Assignment</u>. The Transaction Parties shall endeavor to include in any Aron Procurement Contract or other contract evidencing an Included Transaction provisions that require that any disputes (and all rights and obligations (or assets and liabilities) associated therewith) asserted by any Transaction Party or otherwise arising with a Third Party Supplier or other party under such Aron Procurement Contract or other contract evidencing an Included Transaction, including those referred to in <u>Section 4.6</u>, <u>Section 4.8</u> and <u>Section 7.1(b)</u>, as applicable, be assigned by Aron to the applicable Transaction Party and assumed by such Transaction Party; <u>provided</u>, that if any trade confirmations or other documentation with a Third Party Supplier otherwise negates or overrides such dispute assignment provisions (despite commercially reasonable efforts by Aron to delete the inclusion of any such language in any such trade confirmation or other documentation), the dispute resolution procedures in <u>Section 4.6</u>, <u>Section 4.8</u> and <u>Section 7.1(b)</u>, as applicable, shall govern and control.

#### ARTICLE 5
<u>PURCHASE</u><u> </u><u>VALUE</u><u> </u><u>FOR</u><u> </u><u>FEEDSTOCK</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Purchase Value for Feedstock</u>. The per Barrel purchase value for the Aggregate Monthly Net Group Sales for each Product Group of Feedstock shall equal the value per Barrel equal to the sum of the then current Index Amount applicable to such Product Group of Feedstock plus the then current Price applicable to such Product Group, in each case, at such time, subject to the calculation of the Monthly Cash Settlement as provided for on Schedule C to the Monetization Master Agreement and shall be payable as provided in Article 8 of the Monetization Master Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Refinery Feedstock Purchase Fee</u>. For any month, the Company shall owe to Aron when due the Refinery Feedstock Purchase Fee, the calculation for which is set forth on Schedule C to the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Counterparty Feedstock Sales</u>. At the request of any Transaction Party and subject to the applicable provisions of <u>Article 4</u> above, Aron may from time to time enter into one or more Counterparty Feedstock Sales, in which case a Counterparty Feedstock Sales Fee shall be applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Reporting;</u><u> </u><u>Volume</u><u> </u><u>Determinations</u>. The Transaction Parties shall deliver to Aron all reports required to be delivered in respect of Feedstock under the Monetization Master Agreement pursuant to the terms thereof. All definitive determinations regarding amounts of Feedstock sold and purchased by the Parties pursuant to this Agreement shall be determined in accordance with the terms of the Monetization Master Agreement.

#### ARTICLE 6
<u>MONTHLY</u><u> </u><u>ADJUSTMENTS;</u><u> </u><u>MONTHLY</u><u> </u><u>COVER</u><u> </u><u>COSTS;</u><u> </u><u>SHORTFALL;</u><u> </u><u>EXCESS</u> <u>INVENTORY LEVELS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>Monthly Cover Costs</u>. If, for any month (or portion thereof), Aron reasonably determines that, as a result of any Transaction Party's failure to produce or deliver the quantities of Product projected under Section 5.3(a) of the Monetization Master Agreement or any Transaction Party's failure to comply with its obligations under the Marketing and Sales Agreement (in each case, to the extent not due to Aron's failure to perform), Aron retains insufficient quantities of Product to comply with its obligations to any third parties under Included Sales Transactions, and Aron, applying commercially reasonable efforts to mitigate, incurs any additional costs and expenses or related damages in procuring and transporting Product from other sources for purposes of covering such delivery obligations or the shortfall in the quantity held for its account (collectively, "<u>Monthly Cover Costs</u>"), then the Transaction Parties shall be obliged to reimburse Aron for such Monthly Cover Costs, subject to the limitations set forth in <u>Article</u><u> </u><u>15</u>. If any Monthly Cover Costs are due to Aron, Aron shall promptly communicate such determination to the Company and, subject to any mitigation of such costs actually achieved by the Transaction Parties, include the calculation of such amount in the Monthly True-Up Amount documentation and such Monthly Cover Costs shall be incorporated as a component of the Monthly True-Up Amount due for such period. If, for any month (or portion thereof), Aron reasonably determines that, as a result of any Transaction Party's failure to produce the quantities of Product projected under Section 5.3(a) of the Monetization Master Agreement or any Transaction Party's failure to comply with its obligations under the Marketing and Sales Agreement, Aron retains insufficient quantities of Product to comply with its obligations to the Transaction Parties, under any agreements with the Transaction Parties or otherwise pursuant to Section 2.6 of the Marketing and Sales Agreement, the Transaction Parties shall be solely responsible for covering any delivery obligations to third parties or the shortfall in the quantity held for such third parties in connection with the Transaction Parties' Product marketing operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>Costs Related to Shortfall</u>. To the extent that Aron is required to cover any shortfall in any Product delivery under an Included Sales Transaction with any inventory it owns or acquires separately from the inventory owned and maintained in connection with this Agreement, any cost or loss incurred by Aron in connection therewith (such cost or loss, the "<u>Costs Related to Shortfall</u>") that is not otherwise included as a Monthly Cover Cost shall constitute an Ancillary Cost that is to be reimbursed to Aron (<u>provided</u> that, Aron shall use commercially reasonable efforts to mitigate any such costs or losses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Excess</u> <u> </u> <u>Inventory</u> <u> </u> <u>Levels</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If, at any time, either a Transaction Party or Aron determines, with respect to any Product Group, that the aggregate quantity of such Product Group being held in the Included Locations exceeds the Maximum Inventory Level for such Product Group (such excess, an "<u>Excess</u><u> </u><u>Quantity</u>"), such Party shall promptly notify the other Party of the existence and volume of such Excess Quantity. Within two (2) Business Days after such notice is given, Aron shall advise the Company as to whether Aron accepts such Excess Quantity (in which case <u>Section 6.3(b)</u> shall apply) or rejects such Excess Quantity (in which case <u>Section 6.3(c)</u> shall apply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If Aron accepts an Excess Quantity, then the Maximum Inventory Level for the relevant Product Group shall be automatically temporarily adjusted (on a one-time basis) by the amount of such Excess Quantity, and such adjusted Maximum Inventory Level shall temporarily constitute the Maximum Inventory Level for the relevant Product Group for the day in which such Excess Quantity was first identified until and including the day Aron accepts such Excess Quantity and, at Aron's option, for such additional day or days as Aron may specify in writing; <u>provided</u> that if Aron does not accept such Excess Quantity for any additional day or days, such Excess Quantity shall only be in effect for the day in which such Excess Quantity was first identified until and including the day Aron accepts such Excess Quantity and if such Excess Quantity remains after the end of such period, the provisions of this <u>Section 6.3</u> shall apply anew on the following day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If Aron rejects an Excess Quantity then, for purposes of determining amounts due under Sections 8.1 and 8.2 of the Monetization Master Agreement, such Excess Quantity, in Aron's discretion, will not be required to be paid for by Aron under this Agreement or the Monetization Master Agreement, as applicable, notwithstanding being held at an Included Title Location or not be financed as Included Feedstock Lien Inventory (as defined in the Financing Agreement) or Included Product Lien Inventory (as defined in the Financing Agreement) under the Financing Agreement, as applicable.

#### ARTICLE 7
<u>PURCHASE</u><u> </u><u>AND</u><u> </u><u>DELIVERY</u><u> </u><u>OF</u><u> </u><u>PRODUCTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Purchase</u> <u> </u> <u>and</u> <u> </u> <u>Sale</u> <u> </u> <u>of</u> <u> </u> <u>Products</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Aron agrees to, and shall, purchase and receive from the Transaction Parties, and the Transaction Parties agree to, and shall, sell and deliver to Aron, the Products output of the Refineries as set forth herein (other than Excess Quantities that Aron does not agree to purchase pursuant to <u>Section 6.3</u>) (i) on the Commencement Date pursuant to the Inventory Sales Agreement and (ii) from the Commencement Date through the end of the Term, subject to <u>Sections</u><u> </u><u>8.3</u><u> </u><u>and</u><u> </u><u>8.4</u>, if applicable, as such output enters Included Title Locations, at the purchase values determined pursuant to this Agreement and the Monetization Master Agreement and otherwise in accordance with the terms and conditions of this Agreement and the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From time to time under the Marketing and Sales Agreement, the Company may propose that Aron enter into an Included Purchase Transaction with an identified Product Supplier. Such proposal and Aron's acceptance and rejection of such proposal shall be made pursuant to Section 2.3 of the Marketing and Sales Agreement. Subject to <u>Section 4.10</u>, if any dispute arises with a Product Supplier regarding the terms of any documentation to which Aron is a party, Aron in cooperation with the applicable TransactionPartyshallusecommerciallyreasonableeffortstoresolvesuch documentation discrepancy with such Product Supplier; <u>provided</u> that if such discrepancy has not been resolved within five (5) Business Days after Aron has commenced such efforts, then any time thereafter, upon request by Aron, the applicable Transaction Party shall assume full responsibility for communicating with such Product Supplier and endeavoring to resolve such documentation discrepancy.Following the applicable Transaction Party's assumption of the handling of such dispute and upon the Company's request, Aron shall, in a commercially reasonable manner, cooperate with the Company to resolve such dispute, subject to Aron's policies, procedures and restrictions. Aron shall be fully entitled to rely on the terms in any contract that Aron has executed notwithstanding any discrepancy with any other documentation unless and until a further amendment thereto is agreed by all parties.Without limiting the foregoing, the Transaction Parties covenant and agree that any costs, losses or damages that Aron may incur directly as a result of such a documentation discrepancy (including any differences in the terms reflected in any Exchanged Confirmations) shall constitute Ancillary Costs and be for the account of the applicable Transaction Party.The Transaction Parties acknowledge that the confirmation of an Included Purchase Transaction with a Product Supplier in accordance with the Marketing and Sales Agreement may be effected by Exchanged Confirmations.Notwithstanding the foregoing or anything else to the contrary contained herein or in the Marketing and Sales Agreement, it is understood and agreed that as of the Commencement Date, Aron has not agreed to purchase any Products under any Included Purchase Transaction under the Marketing and Sales Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The following provisions shall be applicable to Refinery Procured Product Barrels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No later than the twenty fifth (25<sup>th</sup>) calendar day of the month preceding a Delivery Month, the Company shall inform Aron whether any Transaction Party has purchased or intends to purchase any Product that is being procured under a Refinery Product Contract for delivery during such Delivery Month ("<u>Refinery</u><u> </u><u>Procured</u><u> </u><u>Product</u><u> </u><u>Barrels</u>"). In connection with each such

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quantity of Refinery Procured Product Barrels, the applicable Transaction Party shall notify Aron of the quantity, grade and delivery terms of such Refinery Procured Product Barrels expected to be delivered to the Included Product Title Location or such other location designated by such Transaction Party during such Delivery Month and, provided no Default (of which Aron has provided notice to the Transaction Parties) or Event of Default with respect to the Transaction Parties has occurred and is then continuing, the applicable Transaction Party and Aron shall enter into an Included Purchase Transaction, evidenced by a written confirmation, under which Aron shall purchase such quantity from such Transaction Party when it passes the applicable Products Intake Point. If any change occurs in the quantity, grade or delivery terms of the Refinery Procured Product Barrels that the Company expects to procure for delivery during such Delivery Month, the Company shall promptly advise Aron of such change and the related Included Purchase Transaction shall be modified accordingly. With respect to any confirmation issued by Aron to the Company or any other Transaction Party in connection with such Included Purchase Transaction with such Transaction Party, if Aron does not receive from such Transaction Party either acceptance or notification of a bona fide error within two (2) Business Days after receipt of such confirmation, then such Transaction Party shall be deemed to have accepted such confirmation, and such confirmation shall be effective and binding upon the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the event that any Transaction Party enters into a Refinery Product Contract, but does not enter into a related Included Purchase Transaction pursuant to a trade ticket as contemplated under <u>Section 7.1(c)(i)</u> above, and the Products procured under such Refinery Product Contract are delivered to the Included Product Title Location or such other location designated by the applicable Transaction Party ("<u>Other Product Barrels</u>"), then such Other Product Barrels shall be deemed sold to and purchased by Aron as and when they pass the applicable Products Intake Point at a value per Barrel equal to the sum of the then current Index Amount applicable to such Product plus the then current Product Price, in each case, at such time; <u>provided</u> that prior to the delivery of any Other Product Barrels hereunder, the Parties shall establish reasonable procedures and mechanisms for determining and reporting specific volumes of such Other Product Barrels. With respect to any Other Product Barrels that any Transaction Party expects to deliver to the Included Product Title Locations, the Company shall give Aron written notice of such expected delivery at least ten (10) Business Days preceding the expected delivery month for such Other Product Barrels and in such notice the Company shall provide to Aron the quantity, grade and delivery terms of such Other Product Barrels expected to be delivered. If thereafter any change occurs in the quantity, grade or delivery terms of the Other Product Barrels that the Transaction Parties expect to procure for delivery during such month, the Company shall promptly advise Aron of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Transportation,</u> <u> </u> <u>Delivery</u> <u> </u> <u>and</u> <u> </u> <u>Storage</u> <u> </u> <u>of</u> <u> </u> <u>Products</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless otherwise agreed by the Parties, all Products shall be delivered by a Transaction Party to Aron at the Products Intake Point of the applicable Included Product Title Location (as the case may be) on a "DDP" basis (DDP Incoterms® 2010), with the Transaction Parties being responsible for ensuring delivery of such Product into the Included Product Title Locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Aron shall have exclusive right (to the extent that such exclusive right can be granted) to store Products in each Included Product Title Location as provided under the Storage Facilities Agreement and any Required Storage and Transportation Arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Subject to Section 3.3 of the Storage Facilities Agreement, Aron shall have the exclusive right (to the extent that such exclusive right can be granted) to inject, store and withdraw Feedstock and Products in the Included Title Locations (other than any Commingled Locations) as provided in the Storage Facilities Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Pursuant to the Required Storage and Transportation Arrangements, Aron shall have the exclusive right (to the extent that such exclusive right can be granted) to inject (except for such injections by the Company otherwise contemplated hereby), store, transport and withdraw Feedstock or Products in the Included Third Party Product Tanks and on the Included Product Pipelines, in each case, to the same extent as the applicable Transaction Party's rights to do so prior to the implementation of the Required Storage and Transportation Arrangements; provided that, with respect to any Commingled Location, Aron acknowledges and agrees that (i) subject to and in accordance with the terms of the Base Agreement and Required Storage and Transportation Arrangement applicable to such Commingled Location, Products may be commingled with the product of third parties in the same tank or storage facility and (ii) Aron may not have the foregoing exclusive rights at such Commingled Location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3<u>Title and Risk of Loss</u>. Title and risk of loss to Products sold by the Transaction Parties to Aron under this Agreement shall, subject to <u>Sections 8.3 and 8.4</u>, if applicable, pass from the applicable Transaction Party to Aron as Products pass the applicable Products Intake Point at an Included Product Title Location, free and clear of all Liens (other than Permitted S&O Liens). Aron shall retain title and risk of loss during the time such Products are transported through any Included Product Title Pipelines and held in any Included Product Title Location. Title and risk of loss to Products sold by Aron to any Transaction Party under this Agreement shall pass from Aron (a) to the applicable Transaction Party as Products pass at a Products Delivery Point at an Included Product Title Location or (b) in the case of sales of Product by Aron under the Marketing and Sales Agreement, to any Transaction Party or third parties (as the case may be) at a Products Offtake Point, including tank to tank transfer. Without limiting Aron's title to any Product in the Included Product Title Locations, the applicable Transaction Party shall maintain care, custody and control over such Products while they are in Included Product Title Locations, in accordance with the Storage Facilities Agreement or applicable Required Storage and Transportation Arrangement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4<u>Product Specifications</u>. The Transaction Parties agree that all Products sold to Aron hereunder shall conform to the respective specifications set forth on Schedule A to the

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Monetization Master Agreement or to such other specifications as are from time to time agreed upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5<u>Purchase Value of Products</u>. The per Barrel purchase value for the Aggregate Monthly Net Group Sales for each Product Group of Products sold to Aron hereunder shall equal the value per Barrel equal to the sum of the then current Index Amount applicable to such Product Group at such time plus the then current Price applicable to such Product Group at such time, subject to the calculation of the Monthly Cash Settlement as provided for on Schedule C to the Monetization Master Agreement and shall be payable as provided in Article 8 of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6<u>Fees for Included Purchase Transactions</u>. The Product Procurement Fee shall be applied to each Barrel of Product to be delivered to an Included Product Title Location or any Refinery pursuant to an Included Purchase Transaction. With respect to each month, the aggregate monthly value of the Product Procurement Fees (the "<u>Aggregate Monthly Purchased</u> <u>Products Fee</u>") shall be calculated pursuant to Schedule C to the Monetization Master Agreement and shall be due and payable from the Transaction Parties to Aron as specified in Schedule C to the Monetization Master Agreement or in accordance with <u>Section 12.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8<u>Reporting;</u><u> </u><u>Volume</u><u> </u><u>Determinations</u>. The Transaction Parties shall deliver to Aron all reports required to be delivered in respect of Products under the Monetization Master Agreement pursuant to the terms thereof. All definitive determinations regarding amounts of Products sold and purchased by the Parties pursuant to this Agreement shall be made in accordance with the terms of the Monetization Master Agreement.

#### ARTICLE 8
<u>ANCILLARY</u><u> </u><u>COSTS;</u><u> </u><u>MONTH</u><u> </u><u>END</u><u> </u><u>INVENTORY;</u><u> </u><u>CERTAIN</u><u> </u><u>DISPOSITIONS;</u><u> </u><u>TANK</u> <u>MAINTENANCE; CERTAIN BUY/SALE TRANSACTIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Ancillary</u> <u> </u> <u>Costs</u>. For the purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From time to time, Aron may estimate Ancillary Costs it expects to incur with respect to each day occurring during any month. As provided in Section 8.1 of the Monetization Master Agreement, Aron shall include such daily estimate of Ancillary Costs in the determination of the Interim Payments due with respect to each day in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Parties agree that, to the maximum extent reasonably practicable, the Transaction Parties shall pay directly any item that would constitute an Ancillary Cost. The Parties shall cooperate and endeavor in a commercially reasonable manner to arrange for all such items to be billed directly to a Transaction Party and for the payee of such item to expect payment of such item solely from such Transaction Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Without limiting the foregoing, the Company agrees to reimburse Aron for all Ancillary Costs incurred by Aron. Such reimbursement shall occur from time to time

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upon demand of Aron to the Company. When making such demand, Aron shall promptly provide the Company with copies of any relevant trade tickets, invoices or other supporting documentation for Ancillary Costs incurred by Aron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the extent the Transaction Parties have not paid or reimbursed Aron for any Ancillary Costs then outstanding and payable with respect to any month, or if any adjustments or refunds have occurred with respect to any Ancillary Costs previously paid or reimbursed, Aron may include in the Monthly True-Up Amount for such month as a separate line item on the applicable Monthly True-Up Amount invoice an amount to compensate the applicable Party for such items. All refunds or adjustments of any type received by Aron related to any Ancillary Costs shall be reflected in the Monthly True-Up Amount as provided in Section 8.2 of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)From time to time upon the reasonable request of either Party, the Parties shall consult to assess whether (i) Ancillary Costs actually being incurred are consistent with the expectations of the Parties and the terms of this Agreement, (ii) procedures for paying, handling or otherwise dealing with Ancillary Costs can be improved or should be modified, (iii) documentation relating to substantiation of Ancillary Costs is sufficient and (iv) in any other respect the processing of Ancillary Costs hereunder can be improved or modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Disposition</u> <u> </u> <u>Following</u> <u> </u> <u>Force</u> <u> </u> <u>Majeure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding anything herein to the contrary, if Aron determines in its commercially reasonable judgment or is required, due to an event of Force Majeure affecting either Party, to sell to any unrelated third parties, in arm's length transactions, any quantities of (i) Feedstock that, based on the then current Monthly Feedstock Forecast, Aron would reasonably have expected to have delivered to a Transaction Party but that Aron is unable to deliver to such Transaction Party as a result due to such event of Force Majeure or (ii) Products that, based on the then current Monthly Product Estimate, Aron would reasonably have expected to have delivered to a Transaction Party but that Aron is unable to deliver to such Transaction Party as a result of such event of Force Majeure (any quantity of Feedstock or Products so disposed of by Aron, as applicable, being referred to as a "<u>Disposed Quantity</u>"), then the Transaction Parties shall be obligated to pay to Aron an amount equal to the difference between the purchase value at which such Disposed Quantity would have been sold to such Transaction Party, <u>minus</u> the amount realized in the sale to a third party (the "<u>Disposition</u><u> </u><u>Amount</u>"); <u>provided</u>, <u>however</u>, that (i) prior to Aron making any such disposition and provided that no Event of Default with respect to a Transaction Party has occurred and is continuing, the Transaction Parties shall have a period equal to the lesser of (x) ten (10) Business Days from the occurrence of such Force Majeure event and (y) the remaining time period before an event of default would occur under the contracts relevant to the Disposed Quantity as a result of such Force Majeure event, in which to arrange the disposition of such Disposed Quantity on Aron's behalf on commercially reasonable terms and conditions, in the case of Products, pursuant to the Marketing and Sales Agreement and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of any such Disposed Quantity sold as a result of any event or series of related events of Force Majeure shall bear a reasonable and proportionate

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relationship to the aggregate amount of Feedstock or Products, as applicable, that the Company would have been expected to purchase based on, (x) with respect to Feedstock dispositions, the applicable current Monthly Feedstock Forecast and Feedstock Inventory Reports delivered for the period applicable thereto, or (y) with respect to Product dispositions, the applicable current Monthly Product Estimate and Products Inventory Reports delivered for the period applicable thereto, in each case, for the period during which such Transaction Party is unable to take delivery of Feedstock or Product, as applicable, as a result of such event or series of related events of Force Majeure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with its selling any Disposed Quantity, Aron shall (i) use commercially reasonably efforts to sell such Disposed Quantity at generally prevailing purchase values, as reasonably determined by Aron under the circumstances, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly determine the Disposition Amount and issue to the Transaction Parties an invoice for such amount. The Transaction Parties shall pay to Aron the invoiced amount no later than the second Business Day after the date of such invoice. If, in connection with the sale of any Disposed Quantity, the Disposition Amount is a negative number, then Aron shall pay the amount of such excess to the Company no later than the second Business Day after the date of such invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with any disposition by Aron permitted by this <u>Section 8.2,</u> Aron will endeavor, in good faith, to consult with the Company regarding, and keep the Company apprised of Aron's negotiations relating to, such disposition, so long as, in Aron's commercially reasonable judgment, doing so does not otherwise interfere with or limit Aron's ability to execute such disposition in accordance with this <u>Section 8.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>West</u> <u> </u> <u>Texas</u> <u> </u> <u>Pipeline;</u> <u> </u> <u>West</u> <u> </u> <u>Texas</u> <u> </u> <u>Pipeline</u> <u> </u> <u>Buy/Sell</u> <u>Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Transaction Parties acknowledge that West Texas Gulf Pipe Line Company LLC ("<u>WTG</u>") owns and operates the pipeline as to which it has in effect a tariff filed with FERC (F.E.R.C. No. 63.27.1) (as from time to time amended, the "<u>FERC</u> <u>Tariff</u>") and a tariff filed with the Railroad Commission of Texas (TX No. 57.12.0) (as from time to time amended, the "<u>RCT Tariff</u>", together with the FERC Tariff, collectively, the "<u>WTG Pipeline Tariffs</u>") (the "<u>WTG Pipeline</u>"). Aron agrees that it will designate and hereby designates each of the Transaction Parties as its agent for all administrative functions with respect to all movements of Aron's Feedstock on the WTG Pipeline, and each Transaction Party hereby accepts such appointment and designation, subject to the other terms and provisions of this <u>Section 8.3(a)</u>. At any time after (x) the occurrence and during the continuation of any Event of Default or (y) the failure by any Transaction Party to comply with the terms of the WTG Pipeline Tariffs, Aron may, in its sole discretion, revoke its designation of the Transaction Parties as its agent for purposes of the WTG Pipeline Tariffs without any notice to or further action or consent of any Transaction Party and in connection with any revocation pursuant to this sentence, Aron shall have no liability to the Transaction Parties as a result of them no longer being authorized to act as Aron's agent under the WTG Pipeline Tariffs. In connection with the Transaction Parties' status as Aron's agent under the WTG Pipeline Tariffs, the Transaction Parties agree that (a) title to all Feedstock shipped on the WTG Pipeline Included Location pursuant to a WTG Pipeline Buy/Sell Transaction shall remain with

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Aron, (b) all shipper history that accrues with respect to movements of Aron's Feedstock pursuant to the Transaction Documents on the WTG Pipeline shall accrue to Aron; <u>provided</u>, however, that Aron, after the Discharge of Secured Obligations or when the WTG Included Title Location ceases to be an Included Title Location, shall, promptly upon the written request of the Transaction Parties, assign such shipper history to the Transaction Parties upon written notice to WTG and (c) any scheduling error made by any Transaction Party shall be the responsibility of the Transaction Parties and any and all liabilities, losses, claims, actions, costs, expenses, penalties, interest, or other damages related to such scheduling error shall be for the sole account of the Transaction Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At any time during which the WTG Included Title Location is an Included Title Location, Calumet Refining shall on or prior to the WTG Pipeline Nomination Due Date in respect of any WTG Delivery Month, provide its nominations in writing to Aron for deliveries of Feedstock on the WTG Included Title Location for such WTG Delivery Month (each such nomination, a "<u>WTG Nomination</u>"); <u>provided</u>, that, the Transaction Parties shall exclude from such nominations all Feedstock that are to be transported by Aron pursuant to an Aron Procurement Contract entered into with a third party with Aron as shipper on the WTG Included Title Location where the delivery is to Aron at FOB in line transfer at Colorado City, Texas and Midland, Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)With respect to each delivery of Feedstock by Calumet Refining to Aron into the WTG Included Title Location, then (i) for each WTG Delivery Month, Calumet Refining and Aron shall automatically be deemed to have entered into a buy/sell transaction (each, a "<u>WTG Pipeline Buy/Sell Transaction</u>") subject to and in accordance with the terms and conditions of the WTG Pipeline Buy/Sell Confirmation, with the Part A Buyer specified in the WTG Pipeline Buy/Sell Confirmation buying such delivery of Feedstock for such day from the Part A Seller specified in the WTG Pipeline Buy/Sell Confirmation at the Part A Delivery Point specified in the WTG Pipeline Buy/Sell Confirmation (the "<u>WTG Feedstock Buy Leg</u>") and the Part B Seller shall be deemed to have sold to the Part B Buyer an equal quantity for such day and quality of Feedstock to the Part B Buyer specified in the WTG Pipeline Buy/Sell Confirmation at the Part B Delivery Point (the "<u>WTG Feedstock Sell Leg</u>"), (ii) under the WTG Feedstock Buy Leg of each WTG Pipeline Buy/Sell Transaction, the Part A Seller specified in the WTG Buy/Sell Confirmation shall sell to the Part A Buyer specified in the WTG Pipeline Buy/Sell Confirmation the quantity of Feedstock for such day with transfer of title and risk of loss all occurring as set forth under the heading "Part A Title Risk and Loss" in the WTG Pipeline Buy/Sell Confirmation, and (iii) under the WTG Feedstock Sell Leg of such WTG Pipeline Buy/Sell Transaction, the Part B Seller specified in the WTG Pipeline Buy/Sell Confirmation shall be deemed to have sold to the Part B Buyer specified in the WTG Pipeline Buy/Sell Confirmation Feedstock in a quantity equal to, and of a grade and quality at least equivalent to, that of the Feedstock purchased by the Part A Buyer for such day specified in the WTG Pipeline Buy/Sell Confirmation under the WTG Feedstock Buy Leg of such WTG Buy/Sell Transaction, with transfer of title and risk of loss occurring as set forth under the heading "Part B Title Risk and Loss" in the WTG Pipeline Buy/Sell Confirmation. With respect to each WTG Pipeline Buy/Sell Transaction, the parties acknowledge and agree that (A) any quantity shortfall, or grade or quality deficiency, with respect to the Feedstock transported pursuant to a WTG

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Pipeline Buy/Sell Transaction shall be deemed to apply to both parties in the WTG Feedstock Buy Leg and the WTG Feedstock Sell Leg and Aron shall not have any liability with respect to such shortfall or deficiency, (B) title to Feedstock shall be held exclusively by Aron at all times that Feedstock is being transferred between the delivery points specified in the WTG Pipeline Buy/Sell Confirmation, (C) for purposes hereof, neither a WTG Pipeline Buy/Sell Transaction nor the WTG Feedstock Buy Leg or WTG Feedstock Sell Leg thereunder shall constitute an Aron Procurement Contract or a Procurement Contract Assignment, (D) Aron's obligations under such WTG Pipeline Buy/Sell Transaction are subject to the performance by WTG of its obligations under WTG Pipeline Tariffs and Calumet Refining's compliance with the WTG Pipeline Tariffs as Aron's agent pursuant to <u>Section 8.3(a)</u>, and (E) any variations in actual quantities delivered in respect of all WTG Buy/Sell Transactions during each WTG Delivery Month shall be trued-up by the Parties as part of the Monthly True-Up Amount relating to such WTG Delivery Month based on the WTG Linefill Reports relating to the end of such WTG Delivery Month and the end of the immediately prior month. For the avoidance of doubt, WTG Pipeline Buy/Sell Transactions shall not apply in any circumstance in which Aron purchases Feedstock pursuant to an Aron Procurement Contract or a Procurement Contract Assignment that provides for such delivery of Feedstock to Aron at or by inline transfer at the WTG Pipeline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4<u>Flash Title Transactions</u>. With respect to each delivery under an Aron Procurement Contract or a Procurement Contract Assignment, in any case, that provides for the delivery of Feedstock from pipeline delivery to any point or location specified on Exhibit A to the Flash Title Master Confirmation, then (a) the applicable Transaction Party and Aron shall automatically be deemed to have entered into a flash title transaction (each, a "<u>Flash Title</u> <u>Transaction</u>") subject to and in accordance with the terms and conditions of the Flash Title Master Confirmation, with the Buyer specified in the Flash Title Master Confirmation buying such delivery of Feedstock from the Seller specified in the Flash Title Master Confirmation at the Delivery Point specified in the Flash Title Master Confirmation and (b) the Seller specified in the Flash Title Master Confirmation shall sell to the Buyer specified in the Flash Title Master Confirmation the quantity of Feedstock with transfer of title and risk of loss all occurring as set forth under the heading "Title Risk and Loss" in the Flash Title Master Confirmation. With respect to each Flash Title Transaction, the parties acknowledge and agree that (i) all such Feedstock in which the applicable Transaction Party holds title shall be subject to the security interest and lien in favor of Aron under the Lien Documents, (ii) for purposes hereof, a Flash Title Transaction shall not constitute an Aron Procurement Contract or a Procurement Contract Assignment and (iii) Aron's obligations under such Flash Title Transaction are subject to the performance by the applicable Third Party Supplier of its obligations under any relevant Aron Procurement Contract (including such Third Party Supplier's obligations relating to delivery of the applicable Feedstock to the Delivery Point) and Aron's receipt of such Feedstock in accordance with such Aron Procurement Contract.

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#### ARTICLE 9
<u>PAYMENT</u> <u>PROVISIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1<u>Payment for Commencement Date Volumes</u>. The initial sale and transfer from the Transaction Parties to Aron of the Commencement Date Volumes and associated payment of the Commencement Date Value shall be made pursuant to the terms in the Inventory Sales Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2<u>Payments</u><u> </u><u>for</u><u> </u><u>Feedstock</u><u> </u><u>and</u><u> </u><u>Products;</u><u> </u><u>Fees</u><u> </u><u>and</u><u> </u><u>Expenses</u>. Subject to <u>Section 12.2</u> (a) Aron shall pay the Transaction Parties for all Feedstock and Products purchased pursuant to the terms hereof and (b) the Transaction Parties shall pay Aron for all Feedstock and Products purchased by the Transaction Parties from Aron, together with any other fees, costs and expenses due to Aron or of Aron incurred pursuant to the terms of this Agreement and to the extent the reimbursement of such fees, costs or expenses is provided under this Agreement or the Monetization Master Agreement, in each case, pursuant to and in accordance with the terms of Article 8 of the Monetization Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3<u>Payments to the Transaction Parties</u>. Section 8.5 of the Monetization Master Agreement is hereby incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4<u>Interest</u>. Section 8.6 of the Monetization Master Agreement is hereby incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5<u>Payment in Full in Same Day Funds</u>. Section 8.7 of the Monetization Master Agreement is hereby incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6<u>Inability to Determine SOFR Rate</u>. Section 8.8 of the Monetization Master Agreement is hereby incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7<u>Payment</u><u> </u><u>of</u><u> </u><u>Product</u><u> </u><u>Sales</u><u> </u><u>Fees</u>. For each month, the applicable Product Sales Fee shall be applied to each Barrel of Product, if any, sold by Aron under any Included Sales Transaction during such month. With respect to each month, the aggregate monthly value of the Product Sale Fees (the "<u>Aggregate Monthly</u><u> </u><u>Products Sales Fee</u>") shall be calculated pursuant to Schedule C to the Monetization Master Agreement and shall be due and payable from the Transaction Parties to Aron in accordance with the Monetization Master Agreement and as specified in Schedule C thereto.

#### ARTICLE 10
<u>FORCE</u> <u>MAJEURE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1<u>Performance during Force Majeure</u>. If a Party is rendered unable by an event of Force Majeure to perform in whole or in part any obligation or condition of this Agreement, the Inventory Sales Agreement or the Step-Out Inventory Sales Agreement (the "<u>Affected</u><u> </u><u>Party</u>"), it

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shall not be liable to the other Party to perform such obligation or condition (except for payment and indemnification obligations) for so long as the event of Force Majeure exists and to the extent that performance is prevented or materially hindered by such event of Force Majeure; <u>provided</u>, however, that the Affected Party shall use any commercially reasonable efforts to avoid, remove or mitigate the event of Force Majeure. During the period that performance by the Affected Party of a part or whole of its obligations has been suspended by reason of an event of Force Majeure, the other Party (the "<u>Non-Affected Party</u>") likewise may suspend the performance of all or a part of its obligations to the extent that such suspension is commercially reasonable, except for any payment and indemnification obligations (including any payment obligations in respect of any fees or charges owing to the Affected Party). The Parties acknowledge that if, as a result of a Force Majeure, any of the Transaction Parties were to suspend its receipt and/or processing of Feedstock, then Aron would be entitled to suspend, to a comparable extent, its purchasing of Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2<u>Notice of Force Majeure</u>. The Affected Party shall give prompt notice (whether written or oral) to the Non-Affected Party of its declaration of an event of Force Majeure, to be followed by written notice within twenty-four (24) hours after receiving any oral notice of the occurrence of a Force Majeure event, including, to the extent feasible, the details and the expected duration of the Force Majeure event and the volume of Feedstock or Products affected. The Affected Party also shall promptly notify the Non-Affected Party when the event of Force Majeure is terminated. However, the failure or inability of the Affected Party to provide such notice within the time periods specified above shall not preclude it from declaring an event of Force Majeure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3<u>Force Majeure Termination/Curtailment</u>. In the event the Affected Party's performance is suspended due to an event of Force Majeure in excess of thirty (30) consecutive days after the date that notice of such event is given, and so long as such event is continuing, the Non-Affected Party, in its sole discretion, may terminate or curtail its corresponding obligations under this Agreement, the Inventory Sales Agreement or the Step-Out Inventory Sales Agreement, in each case, which are applicably affected by such event of Force Majeure (the "<u>Affected Obligations</u>") by giving notice of such termination or curtailment to the Affected Party, and neither Party shall have any further liability to the other in respect of such Affected Obligations to the extent terminated or curtailed, except for the rights and remedies previously accrued under the Transaction Documents, any payment and indemnification obligations by either Party under the Transaction Documents and the obligations set forth in <u>Article</u><u> </u><u>13</u>. Without limiting any rights of any Non-Affected Party under this <u>Article</u><u> </u><u>10</u>, the parties agree that following notice of an event of Force Majeure, they will consult in good faith to assess potential actions or steps with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4<u>Resumption of Performance</u>. If any Affected Obligation is not terminated pursuant to this <u>Article 10</u> or any other provision of the Transaction Documents, performance shall resume to the extent made possible by the end or amelioration of the event of Force Majeure in accordance with the terms of the Transaction Documents; <u>provided</u>, however, that the Term shall not be extended as a result of any event of Force Majeure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5<u>Third Party Issues</u>. The Parties acknowledge and agree that the right of Aron to declare a Force Majeure based upon any failure by (a) a Third Party Supplier to deliver

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Feedstock under an Aron Procurement Contract, (b) a Product Supplier to deliver Products under an Included Purchase Transaction or (c) a third party to purchase Products under an Included Sales Transaction, in each case, is solely for purposes of determining the respective rights and obligations as between Aron and the applicable Transaction Party with respect to any Feedstock or Products delivery affected thereby, and any such declaration shall not excuse the default of such Third Party Supplier, Product Supplier or such other third party under one or more Aron Procurement Contracts, Included Purchase Transactions or Included Sales Transactions; <u>provided</u> that, in no event shall Aron be obligated to take any actions to obtain or secure any replacement Feedstock or Products due to the failure by any third party to deliver any Feedstock or Products under an Aron Procurement Contract, an Included Purchase Transaction, any Included Sales Transaction or any other transaction contemplated by the Transaction Documents. Any claims that Aron may have as a result of such Person's failure shall be subject to <u>Section</u><u> </u><u>4.8</u> and any other applicable provisions of the Transaction Documents relating to claims against third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6<u>Alternative/Replacement Storage Arrangements</u>. If at any time during the Term any of the Required Storage and Transportation Arrangements cease to be in effect (in whole or in part) or any of the applicable Included Title Locations cease, in whole or in part, to be available to Aron pursuant to the Required Storage and Transportation Arrangements, and the foregoing is a result of or attributable to any owner or operator of such Included Title Locations becoming Bankrupt or breaching or defaulting in any of its obligations relating to the Required Storage and Transportation Arrangements, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Transaction Parties shall promptly use commercially reasonable efforts to establish for Aron's benefit alternative and/or replacement storage and transportation arrangements no less favorable to Aron (in Aron's reasonable judgment) than those that have ceased to be available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Until such alternative and/or replacement arrangements complying with clause (a) above have been established, each Party shall be deemed to have been affected by an event of Force Majeure and its obligations under the Transaction Documents shall be curtailed to the extent such performance is prevented or materially hindered by such lack of effectiveness of any Required Storage and Transportation Arrangements or the availability of any pipeline or storage facility related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Without limiting the generality of the foregoing, in no event shall Aron have any obligation under or in connection with the Transaction Documents to store Feedstock or Product in any pipeline or store Feedstock or Product in any storage facility at any time from and after the owner or operator thereof becoming Bankrupt. If any such storage facility is an Included Title Location then Aron may, in its discretion, elect upon written notice to the applicable Transaction Party that such storage facility shall cease to be an Included Title Location as of a date specified in such written notice in which case any Feedstock or Product held by Aron therein shall be purchased by the applicable Transaction Party in accordance with the applicable provisions of Sections 8.1 and 8.2 of the Monetization Master Agreement.

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#### ARTICLE 11
<u>REPRESENTATIONS,</u><u> </u><u>WARRANTIES</u><u> </u><u>AND</u><u> </u><u>COVENANTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1<u>Representations, Warranties and Covenants</u>. Each representation and warranty and covenant of each Party set forth in Article 15 of the Monetization Master Agreement is incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Acknowledgments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Transaction Party acknowledges and agrees that (1) Aron is a merchant of commodities, including Feedstock and Products, and may, from time to time, be dealing with prospective counterparties, or pursuing trading or hedging strategies, in connection with aspects of Aron's business which are unrelated hereto and that such dealings and such trading or hedging strategies may be different from or opposite to those being pursued by or for the Transaction Parties, (2) Aron may, in its sole discretion, determine whether to advise the Transaction Parties of any potential transaction with a Third Party Supplier and prior to advising the Transaction Parties of any such potential transaction Aron may, in its discretion, determine not to pursue such transaction or to pursue such transaction in connection with another aspect of Aron's business and Aron shall have no liability of any nature to the Transaction Parties as a result of any such determination, (3) Aron has no fiduciary or trust obligations of any nature with respect to the Refinery or the Transaction Parties or any of their Affiliates, (4) Aron may enter into transactions and purchase Feedstock or Products for its own account or the account of others at purchase values more favorable than those being paid by the Transaction Parties hereunder and (5) nothing herein shall be construed to prevent Aron, or any of its partners, officers, employees or Affiliates, in any way from purchasing, selling or otherwise trading in Feedstock, Products or any other commodity for its or their own account or for the account of others, whether prior to, simultaneously with or subsequent to any transaction under this Agreement. Aron acknowledges that Calumet Refining is in the business of buying and selling crude oil, fuels, lubricants and other feedstocks, products and commodities, both for use by or produced by the Company at the Refinery, and also in connection with the Calumet Refining's other operations and the operation of Calumet Refining's other Affiliates, and that this Agreement and the other Transaction Documents shall place no limitation on Calumet Refining's ability to do so nor impose on Calumet Refining any duty regarding its conduct of any such transaction, except, in each case, as expressly provided or required in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Parties acknowledge and agree that (i) each Party is a "forward contract merchant" (as such term is defined in the Bankruptcy Code and used in Section 556 of the Bankruptcy Code) in respect of this Agreement the Inventory Sales Agreement and the Step-Out Inventory Sales Agreement, (ii) each purchase and sale agreed to hereunder and thereunder is intended to constitute a "forward contract" (as such term has meaning under the interpretations and guidance provided by the Commodity Futures Trading Commission and as such term is defined in the Bankruptcy Code and used in Section 556 of the Bankruptcy Code), (iii) each Party is a "swap participant" (as such term is defined in the Bankruptcy Code and used in Section 560 of the Bankruptcy Code)

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in respect of this Agreement, the Inventory Sales Agreement and the Step-Out Inventory Sales Agreement and each purchase and sale agreed to hereunder and thereunder constitutes a commodity forward agreement as such term is used in the definition of "swap agreement" (as such term is defined in the Bankruptcy Code and used in Section 560 of the Bankruptcy Code), and, to the extent that any such purchase and sale is deemed to have any embedded volumetric optionality, (A) the Parties acknowledge and agree that (1) such embedded optionality is not intended to undermine the overall nature of such purchase and sale as a forward contract, (2) the predominant feature of such purchase and sale is actual delivery and (3) such embedded optionality cannot be severed and marketed separately from such purchase and sale, (B) the seller thereunder acknowledges, agrees and represents that, at the time it enters into such purchase and sale, it shall intend to deliver the underlying relevant commodity if the embedded volumetric optionality is exercised, (C) the buyer thereunder acknowledges, agrees and represents that, at the time it enters into such purchase and sale, it shall intend to take delivery of the underlying relevant commodity if the embedded volumetric optionality is exercised and (D) each Party further acknowledges, agrees and represents that it is a commercial party and, at the time it enters into any such purchase and sale, such embedded volumetric optionality shall be primarily intended to address physical factors or regulatory requirements that reasonably influence demand for, or supply of, the relevant commodity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3<u>Further Assurances</u>. Each Transaction Party agrees that neither it nor any of its Subsidiaries, as applicable, shall have any interest in or the right to dispose of, and shall not permit the creation of, or suffer to exist, any security interest, lien, encumbrance, charge or other claim of any nature, other than Permitted S&O Liens, with respect to, any quantities of Feedstock prior to the delivery thereof by Aron to a Transaction Party at a Feedstock Delivery Point or any quantities of Products after delivery thereof to Aron at a Products Intake Point (collectively, "<u>Aron's</u><u> </u><u>Property</u>"). Each Transaction Party authorizes Aron to file at any time and from time to time any UCC financing statements describing the quantities of Aron's Property subject to this Agreement, the Inventory Sales Agreement and any other Transaction Document and Aron's ownership thereof and title thereto, as well as any inventory or other Collateral on which such Transaction Party has granted to Aron a first priority Lien pursuant to the Lien Documents, and such Transaction Party shall execute and deliver to Aron, and such Transaction Party hereby authorizes Aron to file, at any time and from time to time, all amendments to financing statements, assignments, continuation financing statements, termination statements, and other documents and instruments, in form reasonably satisfactory to Aron, as Aron may reasonably request, to provide public notice of Aron's ownership of and title to the quantities of Aron's Property subject to this Agreement and to otherwise protect Aron's interest therein and provide notice of Aron's Liens on any property covered thereby.

#### ARTICLE 12
<u>DEFAULT</u><u> </u><u>AND</u><u> </u><u>TERMINATION</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Events</u> <u> </u> <u>of</u> <u> </u> <u>Default</u>.

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The occurrence of any Event of Default or Aron EoD set forth in Section 16.1 of the Monetization Master Agreement, the terms of which are incorporated herein by reference, shall constitute an Event of Default or Aron EoD, as applicable, under this Agreement and the Commodity Forward Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Remedies</u> <u> </u> <u>Upon</u> <u> </u> <u>Event</u> <u> </u> <u>of</u> <u> </u> <u>Default</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any exercise of remedies upon the occurrence and during the continuation of an Event of Default or Aron EoD may be exercised in accordance with the terms of Section 16.2 of the Monetization Master Agreement, the terms of which are incorporated herein by reference, or, at the election of the Non-Defaulting Party, pursuant to this <u>Article</u><u> </u><u>12</u>, in the event the Non-Defaulting Party declares all obligations under the Supply and Offtake Agreement, the Inventory Sales Agreement, the Commodity Forward Agreement and, if in effect, the Step-Out Inventory Sales Agreement (collectively, the "<u>Safe Harbor Agreements</u>") to be due and payable separately from the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this Agreement, if any Event of Default, on the one hand, or any Aron EoD, on the other hand has occurred and is continuing, the Non-Defaulting Party may, without notice, and in addition to any other remedies that may be available to such Non-Defaulting Party under any other Transaction Document, (i) declare all of the Defaulting Party's obligations under the Commodity Forward Agreement and/or the other Safe Harbor Agreements (including, if Aron is the Non-Defaulting Party, the S&O Make-Whole Amount) to be forthwith due and payable, all without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Defaulting Party, and/or (ii) subject to <u>Section 12.2(d)</u>, exercise any rights and remedies provided or available to the Non-Defaulting Party under the Commodity Forward Agreement and/or any other Safe Harbor Agreement, or at law or in equity, including all remedies provided under the Uniform Commercial Code and as provided under this <u>Section 12.2</u>; <u>provided</u>, <u>however</u>, that (1) if an Event of Default pursuant to Section 16.1(a)(iv) of the Monetization Master Agreement or Aron EoD pursuant to Section 16.1(b)(iv) of the Monetization Master Agreement has occurred and is continuing, the obligations of the Non-Defaulting Party to make any purchases or sales of Feedstock or Products or otherwise consummate any transactions contemplated pursuant to the terms of this Agreement shall automatically terminate, (2) upon determination of the Commodity Forward Settlement Amount pursuant to this <u>Section</u> <u>12.2</u>, any such Commodity Forward Settlement Amount shall immediately become due and payable by the Defaulting Party or the Non-Defaulting Party (as applicable) in accordance with this <u>Section 12.2</u>, and (3) upon determination of the S&O Settlement Amount pursuant to this <u>Section 12.2</u>, any such S&O Settlement Amount shall automatically become immediately due and payable without any notice to the Defaulting Party or any further act of the Non-Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In addition to the rights and remedies described in <u>Sections</u><u> </u><u>12.2(a)</u> and <u>(b)</u> above, if an Event of Default or Aron EoD has occurred and is continuing, in addition to any other remedies that may be available to such Non-Defaulting Party under any other Transaction Document, the Non-Defaulting Party shall have the right, immediately and at

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any time(s) thereafter, to terminate the Commodity Forward Agreement and any other Safe Harbor Agreements (any such date of termination, the "<u>S&O Early Termination</u> <u>Date</u>") and, subject to <u>Section 12.2(d)</u>, to liquidate and terminate any or all rights and obligations under the Safe Harbor Agreements; <u>provided</u> that, in the event Aron is the Non-Defaulting Party, the Safe Harbor Agreements shall not be deemed to have terminated in full until Aron shall have disposed of all Feedstock and Products owned or maintained by Aron in connection herewith and therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that an S&O Early Termination Date or Early Termination Date that is applicable to this Agreement has been declared by the Non-Defaulting Party, then on or as soon as reasonably practicable following the occurrence of such date, the Non-Defaulting Party shall calculate the Commodity Forward Settlement Amount and the S&O Settlement Amount, acting in good faith and in a commercially reasonable manner, and will provide to the Defaulting Party a statement (i) showing, in reasonable detail, such calculations, (ii) specifying any Commodity Forward Settlement Amount and any S&O Settlement Amount payable and (iii) giving details of the relevant account to which any amount payable is to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The " <u>S&O</u> <u> </u> <u>Settlement</u> <u> </u> <u>Amount</u> " shall mean (A) the amount, expressed in

U.S. Dollars, of losses and costs that are or would be incurred by the Non-Defaulting Party (expressed as a positive number) or gains that are or would be realized by the Non-Defaulting Party (expressed as a negative number) as a result of the liquidation and termination of all rights and obligations under the Safe Harbor Agreements other than the rights and obligations arising under the Commodity Forward Agreement, plus (B), at the election of the Non-Defaulting Party, the Commodity Forward Settlement Amount. In determining the S&O Settlement Amount, the Non-Defaulting Party shall be entitled to take into account without duplication: (i) the losses and costs (or gains) incurred or realized by the Non-Defaulting Party in terminating, transferring, redeploying or otherwise modifying any outstanding Procurement Contracts, (ii) the losses and costs (or gains) incurred or realized by the Non-Defaulting Party in terminating and liquidating any transactions evidenced by confirmations subject hereto, (iii) all losses and costs (or gains) incurred or realized by the Non-Defaulting Party, as a result of the Non-Defaulting Party's terminating, liquidating, maintaining, obtaining or reestablishing any Related Hedges (including, if Aron is the Non-Defaulting Party, all hedging transactions relating to the Monthly Market Structure Roll Pass-Through), , (iv) to the extent not included in clauses (i) through (iii) above, any fees, charges or Ancillary Costs incurred or accrued and not yet paid to the Parties under the Safe Harbor Agreements (whether or not previously invoiced) and (v) in the event that Aron is the Non-Defaulting Party, any S&O Make-Whole Amount; <u>provided</u> that, for the avoidance of doubt, the "S&O Settlement Amount" calculated hereunder shall not include any amounts owed by the Transaction Parties to Aron under any Transaction Documents in respect of any amounts owed under the Financing Agreement (including without limitation the Financing Settlement Amount). In the event that the S&O Settlement Amount is a positive number, it shall be due to the Non-Defaulting Party, and if it is a negative number, the absolute value thereof shall be due to the Defaulting Party. All of the foregoing amounts shall be aggregated or netted to a single liquidated amount owing from one Party to the other, and shall be due one (1) Business Day after the statement contemplated by <u>Section 12.2(d)</u> is provided by

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the Non-Defaulting Party to the Defaulting Party; <u>provided</u> <u>further</u> that if the Non-Defaulting Party elects that the Commodity Forward Settlement Amount shall not be included in the determination of the S&O Settlement Amount, the Commodity Forward Settlement Amount and the S&O Settlement Amount shall each become due one

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Business Day after the statement contemplated by <u>Section 12.2(d)</u> is provided by the Non-Defaulting Party to the Defaulting Party. The "<u>Commodity Forward Settlement</u> <u>Amount</u>" shall mean the amount, expressed in U.S. Dollars, of losses and costs that are or would be incurred by the Non-Defaulting Party (expressed as a positive number) or gains that are or would be realized by the Non-Defaulting Party (expressed as a negative number) as a result of the liquidation and termination of all rights and obligations (assuming the satisfaction of the condition precedent in <u>Section 12.2(f)(ii)</u> below) under the Commodity Forward Transactions, including (without duplication), all losses and costs (or gains) incurred or realized by the Non-Defaulting Party as a result of the Non-Defaulting Party's terminating, liquidating, maintaining, obtaining or reestablishing any Related Hedges. For the purposes of this Agreement, a "<u>Commodity Forward</u> <u>Transaction</u>" means any transaction entered into between Aron and the Transaction Parties (on a joint and several basis in accordance with <u>Article 23</u> hereof) under this Agreement that is a forward agreement within the meaning of §101(53)(B) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Aron and each Transaction Party (on a joint and several basis in accordance with <u>Article 23</u> hereof) agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each Commodity Forward Transaction, the rights and obligations thereunder, and the provisions set-out in this Agreement relating to the termination of those Commodity Forward Transactions upon an Event of Default or Aron EoD and the determination and payment of the resulting Commodity Forward Settlement Amount shall be deemed to form a separate single agreement between Aron and each Transaction Party (on a joint and several basis and on the same terms as set out in <u>Article 23</u> hereof) (the "<u>Commodity Forward</u> <u>Agreement</u>"), and without such agreement each such party would not otherwise enter into any Commodity Forward Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each obligation of each party under a Commodity Forward Transaction is subject to the condition precedent that no Event of Default pursuant to <u>Section</u><u> </u><u>16.1(a)(iv)</u> or Aron EoD pursuant to <u>Section</u><u> </u><u>16.1(b)(iv)</u> of the Monetization Master Agreement has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Non-Defaulting Party shall determine the Commodity Forward Settlement Amount and the S&O Settlement Amount commencing as of the S&O Early Termination Date or the Early Termination Date, as applicable, based on, among other things, such futures, forward, swap and options markets as it shall select in its commercially reasonable judgment; <u>provided</u> that the Non-Defaulting Party is not required to effect such terminations and/or determine the Commodity Forward Settlement Amount and/or the S&O Settlement Amount on a single day, but rather may effect such terminations and determine the Commodity Forward Settlement Amount and/or the S&O Settlement Amount over a commercially reasonable period of time. To the extent (i) the

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Fee Letter provides for the calculation of any amount to be included in the S&O Settlement Amount, the provisions of the Fee Letter shall be controlling for such purpose and (ii) the Non-Defaulting Party deems it commercially reasonable to do so, it may in referencing purchase values in the futures, forward, swap and options markets for purposes of calculating various elements of the S&O Settlement Amount endeavor to align the date as of which such reference purchase values are determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In addition, the Parties acknowledge that, in connection with an Event of Default or an Aron EoD, the Step-Out Inventory Sales Agreement (to the extent then in effect) may be terminated by the Non-Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Default Interest Rate for S&O Settlement Amount</u>. For the avoidance of doubt, if the Commodity Forward Settlement Amount and/or the S&O Settlement Amount is owing to the Non-Defaulting Party and is not paid when due, such overdue amount shall accrue interest at the Default Interest Rate (for amounts owing to Aron and when Aron is the Non-Defaulting Party) or the Aron Default Interest Rate (for amounts owing to a Transaction Party and when such Transaction Party is the Non-Defaulting Party) until such amount shall have been paid in full to the Non-Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>S&O</u> <u> </u> <u>Make-Whole</u> <u> </u> <u>Amount</u>.

![Graphic](clmt-20260331xex10d5089.jpg)

![Graphic](clmt-20260331xex10d5464.jpg)

![Graphic](clmt-20260331xex10d5089.jpg)

![Graphic](clmt-20260331xex10d5466.jpg)

![Graphic](clmt-20260331xex10d5435.jpg)

![Graphic](clmt-20260331xex10d5468.jpg)

![Graphic](clmt-20260331xex10d5435.jpg)

![Graphic](clmt-20260331xex10d5468.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event an Early Termination Date that is applicable to this Agreement has been established pursuant to Section 16.2(b) of the Monetization Master Agreement, <u>or</u> an S&O Early Termination Date has been established pursuant to the terms of this Agreement and Aron is the Non-Defaulting Party or an Early Expiration Date occurs pursuant to Section 3.1 of the Monetization Master Agreement, then, as part of its calculation of the S&O Settlement Amount, Aron shall calculate the S&O Make-Whole Amount acting in good faith and in a commercially reasonable manner in accordance with this <u>Section</u><u> </u><u>12.3</u>. The "<u>S&O Make-Whole Amount</u>" shall mean the amount, expressed in U.S. Dollars, and in each case determined for the period from the S&O Early Termination Date, <u>or</u> Early Termination Date or Early Expiration Date, as applicable, through the end of the Term (assuming that no Event of Default or Aron EoD or Early Expiration would occur) equal to the aggregate amount of fees under the Transaction Documents and, without duplication, the aggregate amount of fees as of the S&O Early Termination Date, <u>or</u> Early Termination Date or Early Expiration Date, as applicable, under the Fee Letter that would have been paid to Aron during such period and determined by Aron based on the product of (i) the Applicable Spread multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the greater of (x) the aggregate sum for all Product Groups, the product of (A) the historical average funded volumes for each Product Group over the 90-day period prior to the S&O Early Termination Date, <u>or</u> Early Termination Date or Early Expiration Date, as applicable, (or, if such date of calculation is less than ninety (90) days after the Commencement Date, the period from the Commencement Date to such date of calculation) multiplied by (B) the sum of (I) the product of (a) the current forward curve and the value per Barrel equal to the sum of the applicable Index Amounts applicable to such Product Group plus the then current Price applicable to such Product Group as of the date of determination of the S&O Make-Whole Amount, multiplied by (b) the Inventory Advance Rate for such Product Group, in the case of clauses (a) and (b), as

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determined in accordance with Schedule B to the Monetization Master Agreement, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the Fixed Holdback and (y) the Minimum Notional Value.

![Graphic](clmt-20260331xex10d5457.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limiting the generality of the foregoing, and without duplication of the obligations under Section 16.2 of the Monetization Master Agreement and Section 10.3 of the Financing Agreement, in the event the Secured Obligations under this Agreement are accelerated or otherwise become due prior to their maturity date, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence of an Event of Default arising under Section 16.1(a)(iv) of the Monetization Master Agreement), (including the acceleration of claims by operation of law), the S&O Make-Whole Amount applicable on the date of such acceleration, termination and determination of the S&O Settlement Amount will also be due and payable as though this Agreement were subject to an Early Expiration and shall constitute part of the Secured Obligations, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the Parties as to a reasonable calculation of Aron's lost profits as a result thereof. The S&O Make-Whole Amount shall be presumed to be the liquidated damages sustained by Aron as the result of the early termination of this Agreement and the other Safe Harbor Agreements and each Transaction Party agrees that it is reasonable under the circumstances currently existing. The S&O Make-Whole Amount shall also be payable in the event the Secured Obligations that exist under this Agreement and the other Safe Harbor Agreements are satisfied or released by foreclosure (whether by power of judicial proceeding, deed in lieu of foreclosure or by any other means). EACH TRANSACTION PARTY EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE S&O MAKE-WHOLE AMOUNT IN CONNECTION WITH ANY SUCH ACCELERATION, TERMINATION OR DETERMINATION OF THE

S&O SETTLEMENT AMOUNT. Each Transaction Party expressly agrees (to the fullest extent it may lawfully do so) that: (A) the S&O Make-Whole Amount is reasonable and is the product of an arm's length transaction between sophisticated business people, ably represented by counsel; (B) the S&O Make-Whole Amount shall be payable notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course of conduct among the Parties giving specific consideration in this transaction for such agreement to pay the S&O Make-Whole Amount; and (D) each Transaction Party shall be estopped hereafter from claiming differently than as agreed to in this paragraph. Each Transaction Party expressly acknowledges that its agreement to pay the S&O Make-Whole Amount to Aron as herein described is a material inducement to Aron to enter into this Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4**LIQUIDATED DAMAGES**. EACH OF THE S&O SETTLEMENT AMOUNT AND THE COMMODITY FORWARD SETTLEMENT AMOUNT IS DEEMED TO CONSTITUTE LIQUIDATED DAMAGES, AND THE PARTIES ACKNOWLEDGE AND AGREE THAT SUCH DAMAGES ARE DIFFICULT OR IMPOSSIBLE TO DETERMINE AND THAT EACH OF THE S&O SETTLEMENT AMOUNT AND THE COMMODITY FORWARD SETTLEMENT AMOUNT **IS**

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**INTENDED TO BE A REASONABLE APPROXIMATION OF THE AMOUNT OF SUCH DAMAGES AND NOT A PENALTY.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Master</u> <u> </u> <u>Netting</u> <u> </u> <u>Agreement;</u> <u> </u> <u>Additional</u> <u> </u> <u>Rights</u> <u> </u> <u>and</u> <u> </u> <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Parties acknowledge and agree that each Party intends to be a "master netting agreement participant" and for the Safe Harbor Agreements to constitute and to be deemed to be a "master netting agreement" for all purposes as each such term is defined in section 101(38A) of the Bankruptcy Code and as used in Section 561 of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event any Party becomes Bankrupt, and to the extent permitted by Applicable Law, each Party intends that (i) Non-Defaulting Party's right to liquidate, collect, net and set off rights and obligations under the Safe Harbor Agreements, and liquidate and terminate the Safe Harbor Agreements shall not be stayed, avoided, or otherwise limited by the Bankruptcy Code, including sections 362(a), 547, 548 or 553 thereof; (ii) the Non-Defaulting Party shall be entitled to the rights, remedies and protections afforded by and under, among other sections, sections 362(b)(6), 362(b)(17), 362(b)(27), 546(e), 546(g), 546(j), 548(d), 553, 556, 560, 561 and 562 of the Bankruptcy

Code; and (iii) any cash, securities, Feedstock, Products or other property provided as performance assurance, credit support or collateral with respect to or otherwise transferred under or in connection with the transactions contemplated hereby shall constitute "margin payments" as defined in section 101(38) of the Bankruptcy Code and all payments for, under or in connection with the transactions contemplated hereby, shall constitute "settlement payments" as defined in section 101(51A) of the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Non-Defaulting Party's rights under this <u>Article 12</u> shall be in addition to, and not in limitation or exclusion of, any other rights which the Non-Defaulting Party may have (whether by agreement, operation of law or otherwise), including (x) any other rights that such Non-Defaulting Party may have under the other Transaction Documents and (y) any rights of recoupment, setoff, combination of accounts or other rights under any credit support that may from time to time be provided in connection with the Transaction Documents; <u>provided</u> that, in no event shall any Party be entitled to recover amounts owed to it in respect of any Secured Obligations under the Safe Harbor Agreements if it has also recovered such amounts in respect of such Secured Obligations under the Monetization Master Agreement. The Defaulting Party shall indemnify and hold the Non-Defaulting Party harmless from all reasonable and documented costs and expenses, including reasonable and documented attorney fees, incurred in the exercise of any remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>U.S. Resolution Stay</u> <u> </u> <u>Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Recognition</u> <u> </u> <u>of</u> <u> </u> <u>U.S.</u> <u> </u> <u>Special</u> <u> </u> <u>Resolution</u> <u> </u> <u>Regimes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event that Aron becomes subject to a proceeding under (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act

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and the regulations promulgated thereunder (a "<u>U.S.</u><u> </u><u>Special</u><u> </u><u>Resolution</u><u> </u><u>Regime</u>") the transfer from Aron of this Agreement, the Inventory Sales Agreement and the Step-Out Inventory Sales Agreement and any interest and obligation in or under, and any property securing, this Agreement, the Inventory Sales Agreement or the Step-Out Inventory Sales Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Safe Harbor Agreements, and any interest and obligation in or under, and any property securing, the Safe Harbor Agreements were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event that Aron or an Affiliate becomes subject to a proceeding under a U.S. Special Resolution Regime, any Default Rights (as defined in 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable ("<u>Default Right</u>")) under any Safe Harbor Agreement that may be exercised against Aron are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if a Safe Harbor Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Limitation on Exercise of Certain Default Rights Related to an Affiliate's</u> <u>Entry</u><u> </u><u>into Insolvency</u><u> </u><u>Proceedings</u>. Notwithstanding anything herein to the contrary, the Parties expressly acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event that Aron or an Affiliate becomes subject to a proceeding under a U.S. Special Resolution Regime, no Transaction Party shall be permitted to exercise any Default Right with respect to a Safe Harbor Agreement or any Credit Enhancement, in each case, that is related, directly or indirectly, to an Affiliate of Aron becoming subject to any Adverse Proceeding, except to the extent that the exercise of such Default Right would be permitted under the provisions of 12 C.F.R. 252.84, 12 C.F.R. 47.5 or 12 C.F.R. 382.4, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the event that Aron or an Affiliate becomes subject to a proceeding under a U.S. Special Resolution Regime, nothing in any Safe Harbor Agreement shall prohibit the transfer of any Affiliate Credit Enhancement, any interest or obligation in or under such Affiliate Credit Enhancement, or any property securing such Affiliate Credit Enhancement, to a transferee upon or following an Affiliate of Aron becoming subject to an Adverse Proceeding, unless the transfer would result in a Transaction Party being the beneficiary of such Affiliate Credit Enhancement in violation of any law applicable to such Transaction Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>U.S. Protocol</u>. If the Transaction Parties adhere to the ISDA 2018 U.S. Resolution Stay Protocol, as published by the International Swaps and Derivatives Association, Inc. as of July 31, 2018 (the "<u>ISDA U.S. Protocol</u>"), after the Commencement Date, the terms of the ISDA U.S. Protocol will supersede and replace the terms of this <u>Section 12.6</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For purposes of this <u>Section</u><u> </u><u>12.6</u>, the term "<u>Affiliate</u>" shall mean "Affiliate" as defined in, and interpreted in accordance with 12 U.S.C. § 1841(k).

#### ARTICLE 13
<u>SETTLEMENT</u><u> </u><u>AT</u><u> </u><u>TERMINATION</u>

Upon the Termination Date, all such amounts owed by any Party to another Party hereunder shall be determined and paid in accordance with the terms of Article 17 of the Monetization Master Agreement.

#### ARTICLE 14
<u>INDEMNIFICATION;</u><u> </u><u>EXPENSES</u>

Article 18 of the Monetization Master Agreement is incorporated herein by reference,

*mutatis mutandis*, as if fully set forth herein.

#### ARTICLE 15
<u>LIMITATION</u><u> </u><u>ON</u><u> </u><u>DAMAGES</u>

Article 19 of the Monetization Master Agreement is incorporated herein by reference,

*mutatis mutandis*, as if fully set forth herein.

#### ARTICLE 16
<u>CONFIDENTIALITY;</u><u> </u><u>TAX</u><u> </u><u>DISCLOSURE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1<u>Confidentiality</u>. Article 21 of the Monetization Master Agreement is incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2<u>Tax</u><u> </u><u>Disclosure</u>. Notwithstanding anything herein to the contrary, the Parties (and their respective employees, representatives or other agents) are authorized to disclose to any person the U.S. federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Parties relating to that treatment and structure, without the Parties imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

#### ARTICLE 17
<u>GOVERNING</u><u> </u><u>LAW;</u><u> </u><u>DISPUTE</u><u> </u><u>RESOLUTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1<u>Governing</u><u> </u><u>Law</u>.THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK

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WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2<u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Sections 22.2 and 22.3 of the Monetization Master Agreement are incorporated herein by reference, *mutatis mutandis*, as if fully set forth herein.

#### ARTICLE 18
<u>ASSIGNMENT</u>

Article 23 of the Monetization Master Agreement is incorporated herein by reference,

*mutatis mutandis*, as if fully set forth herein.

#### ARTICLE 19
<u>NOTICES</u>

All invoices, notices, requests and other communications given pursuant to this Agreement shall be delivered in accordance with Article 24 of the Monetization Master Agreement.

#### ARTICLE 20
<u>NO</u><u> </u><u>WAIVER,</u><u> </u><u>CUMULATIVE</u><u> </u><u>REMEDIES</u>

Article 25 of the Monetization Master Agreement is incorporated herein by reference,

*mutatis mutandis*, as if fully set forth herein.

#### ARTICLE 21
<u>NATURE</u><u> </u><u>OF</u><u> </u><u>THE</u><u> </u><u>TRANSACTION</u><u> </u><u>AND</u><u> </u><u>RELATIONSHIP</u><u> </u><u>OF</u><u> </u><u>PARTIES</u>

Article 26 of the Monetization Master Agreement is incorporated herein by reference,

*mutatis mutandis*, as if fully set forth herein.

#### ARTICLE 22
<u>MISCELLANEOUS</u>

Article 27 of the Monetization Master Agreement is incorporated herein by reference,

*mutatis mutandis*, as if fully set forth herein.

4124-3044-3341.21

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#### ARTICLE 23
<u>JOINT</u><u> </u><u>AND</u><u> </u><u>SEVERAL</u><u> </u><u>LIABILITY</u>

Article 28 of the Monetization Master Agreement is incorporated herein by reference,

*mutatis mutandis*, as if fully set forth herein.

**[***Remainder of Page Intentionally Left Blank***]**

4132-9103-4701.2

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