Document:

Exhibit 10.1

 

 

Execution Version

 

MASTER
LEASE AGREEMENT

 

THIS MASTER LEASE AGREEMENT,
dated as of February 12, 2021 (this “Agreement”), is made and entered into by and between STONEBRIAR
COMMERCIAL FINANCE LLC, a Delaware limited liability company (“Lessor”), with its principal office at
5601 Granite Parkway, Suite 1350, Plano, Texas 75024, and Calumet Shreveport Refining,
LLC, a Delaware limited liability company (“Lessee”), with its principal office at 3333 Midway Avenue,
Shreveport, LA 71109. The parties may, now or in the future, enter into one or more equipment schedules (each, a “Schedule”)
which refer to and incorporate by reference this Agreement. Each Schedule shall constitute a lease (each, a “Lease”)
for the Property (defined below) specified therein. Additional details pertaining to each Lease are specified in the applicable
Schedule. Lessor has no obligation to enter into any additional Leases with, or extend any future financing to, Lessee.

 

RECITALS:

 

WHEREAS, on the date
hereof, Lessee has sold to Lessor the property described in each Schedule attached hereto (the “Property”)
pursuant to a bill of sale;

 

NOW THEREFORE, for
good and valuable consideration and reasonably equivalent value, the receipt and sufficiency of which are hereby expressly acknowledged,
Lessor and Lessee hereby agree as follows:

 

1. LEASE, DELIVERY AND ACCEPTANCE. Subject
to and upon all of the terms and conditions of this Agreement and each Schedule, Lessor agrees to lease to Lessee and Lessee agrees
to lease from Lessor, the Property for the Term (as defined in Section 2 below) set forth in such Schedule. Lessor
hereby appoints Lessee as Lessor’s agent for the sole and limited purpose of accepting delivery of the Property from each
vendor thereof, if applicable. Upon delivery, Lessee shall inspect and, to the extent the Property conforms to the condition required
by the applicable sales contract, accept the Property. Lessee will evidence its acceptance of the Property by acknowledging such
acceptance in the applicable Schedule or, upon Lessor’s request, by executing and delivering to Lessor a Delivery and Acceptance
Certificate (in the form provided by Lessor). Lessee shall pay any and all shipping, delivery and installation charges. Lessor
shall not be liable to Lessee for any delay in, or failure of, delivery of the Property.

 

2. TERM. Each Lease shall be effective
and the term of each Lease (“Term”) shall commence on the date of Lessor’s acceptance of the applicable
Schedule executed by Lessee (the “Lease Commencement Date”) and, unless sooner terminated or extended,
such Lease shall expire on the Term Expiration Date specified in the applicable Schedule; provided, however, that
obligations due to be performed by Lessee during the Term shall continue until they have been performed in full. If any Term is
extended, the word, “Term” shall be deemed to refer to all extended terms, and all provisions of this Agreement shall
apply during any extended terms, except as otherwise expressly provided in writing.

 

3. RENT. Lessee shall pay rent (“Rent”)
to Lessor for use of the Property during the Term in the amount set forth in and due as stated in the applicable Schedule. The
term “Rent” shall include all payments due under a Lease including, but not limited to rental payments, adjustments
to rent, if any, security deposits and interim rents. Timeliness of Lessee’s payment and its other performance under any
Lease is of the essence. If any Rent or other amount payable by Lessee hereunder is not paid within three (3) business days after
its due date, Lessee agrees to pay, for each late payment of Rent after the first occurrence of a late payment during the Term
of a Lease, on demand a late charge in the amount equal to five percent (5%) of any such unpaid amount (the “Late Charge”);
provided, however, that such late charge shall not constitute interest and, in no event, shall the amount collected
exceed the maximum amount permitted by applicable law. All payments provided for herein shall be payable to Lessor in United States
Dollars by wire transfer or at Lessor’s address specified in the applicable Schedule in immediately available funds, or at
any other place designated by Lessor. For the avoidance of doubt, Lessee acknowledges that the Overdue Rate shall accrue on each
late payment of Rent until such late payment is paid in full regardless of whether or not the foregoing late charge would apply.
Payments of Rent shall be applied first to the most overdue related Late Charge (if any) and unpaid Rent payment.

 

4. LEASE NOT CANCELABLE; Lessee’s
OBLIGATIONS ABSOLUTE. This Agreement may not be canceled or terminated, nor may the obligations hereunder or under any
Lease be prepaid, canceled or terminated, except as expressly provided herein or in the respective Schedule or other written rider
or amendment to the Lease, executed by both Lessor and Lessee. Lessee’s obligation to pay all Rent due or to become due hereunder
shall be absolute and unconditional and shall not be subject to any delay, reduction, set-off, defense, counterclaim, abatement
or recoupment for any reason whatsoever, including any rights or claims Lessee may have against any person or entity, including,
but not limited to, the manufacturer, vendor, or supplier of the Property related to any defects, malfunctions, breakdowns or infirmities
in the Property or any representations by the manufacturer, supplier or vendor thereof or any accident, condemnation or unforeseen
circumstances. If the Property is unsatisfactory for any reason, Lessee shall make any claim solely against the manufacturer, supplier
or vendor thereof and shall, nevertheless, pay Lessor all Rent payable hereunder.

 

     

     

    

 

5. SELECTION AND USE OF EQUIPMENT. Lessee
agrees that it shall be responsible for the selection, use of, and results obtained from, the Property and any other associated
assets or services. Lessee agrees that the Property will be operated solely in the continental United States unless the applicable
Schedule provides otherwise and by competent, qualified personnel in connection with Lessee’s business for the purpose for
which the Property was designed and in accordance with applicable operating instructions, insurance policies, laws and government
regulations except for such variances therefrom as would not reasonably be expected to have a “Material Adverse Effect”
(as hereinafter defined) on Lessee, Guarantor and its subsidiaries (taken as a whole), or the Property. Lessee shall not discontinue
use of the Property for more than one hundred eighty (180) days, except for such discontinuance of use of any particular Property
(a) as would not have a Material Adverse Effect on Lessee, Guarantor and its subsidiaries (taken as a whole), or the Property (taken
as a whole), or (b) results from (i) a plant turnaround, or (ii) (A) a casualty event that is not a casualty event with respect
to the Property, that occurs in a part of the facility in which the Property is located, or (B) a crude oil or input supply, pandemic
related, or other business interruption caused by an external event outside the control of Lessee, and which in the case of (A)
or (B) impacts for the duration of any such event the product lines for which the Property is used, resulting in idling of such
Property; provided that, the foregoing exceptions shall not be construed so as to permit Lessee to utilize other equipment
or property not constituting Property in lieu of the idled Property. Lessee shall procure and maintain in effect all orders, licenses,
certificates, permits, approvals and consents required by federal, state or local laws or by any governmental body, agency or authority
in connection with the delivery, installation, possession, use, maintenance and operation of the Property except where the failure
to procure or maintain any of the foregoing would not have a Material Adverse Effect on Lessee, the Guarantor and its subsidiaries
(taken as a whole), or the Property. Lessee shall not move any Property from the location specified for it in the applicable Schedule,
provided, however, Lessee may move Property to another location within the United States provided that Lessee has delivered to
Lessor (i) prior written notice thereof and (ii) duly executed agreements and instruments (all in form and substance satisfactory
to Lessor) necessary or, in the opinion of Lessor, desirable to protect Lessor’s interest in such Property. Notwithstanding
anything to the contrary in the immediately preceding sentence, Lessee may keep any Property consisting of motor vehicles or rolling
stock at any location in the continental United States.

 

Lessee and Lessor agree that each Lease
is a “finance lease” as defined by Section 2A-103(g) of the Uniform Commercial Code as in effect in the State
of New York (the “UCC”). Lessee acknowledges: (i) that Lessee is or has selected the “Supplier”
as defined in Article 2A of the UCC and (ii) that Lessee was informed, before Lessee’s execution of this Lease
and is hereby informed in writing that Lessee is entitled under Article 2A of the UCC to the promises and warranties, including
those of any third party, provided to Lessor by the Supplier in connection with or as part of the Property purchase, and that Lessee
may communicate with the Supplier and receive an accurate and complete statement of those promises and warranties, including any
disclaimers and limitations on remedies relating thereto. Lessee acknowledges and agrees that neither the manufacturer or supplier,
nor any salesman, representative or other agent of the manufacturer or supplier, is an agent of Lessor. No salesman, representative
or agent of the manufacturer or supplier is authorized to waive or alter any term or condition of this Agreement or any Schedule
and no representation as to the Property or any other matter by the manufacturer or supplier shall in any way affect Lessee’s
duty to pay Rent and perform its other obligations as set forth in this Agreement or any Schedule.

 

For purposes hereof, “Material
Adverse Effect” 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 Parent (as defined in the applicable
Schedule) and its subsidiaries taken as a whole; (b) a material impairment of the ability of Parent or Lessee, as applicable, to
perform its respective obligations under this Agreement, the Lease or the Guaranty; (c) a material adverse effect upon the legality,
validity, binding effect or enforceability against any Lessee or Parent of this Agreement or the Guaranty, or (d) a material adverse
effect upon the condition or value of the Property taken as a whole.

 

6. DISCLAIMER OF WARRANTIES. Lessee
acknowledges and agrees that (i) the Property is of a size, design and capacity selected by Lessee, (ii) Lessor is neither
a manufacturer nor a vendor of such Property and Lessor did not select the Property, (iii) LESSOR LEASES AND LESSEE TAKES
THE PROPERTY AND EACH PART THEREOF “AS-IS” AND THAT LESSOR MAKES NO REPRESENTATION, WARRANTY OR COVENANT, EXPRESS OR
IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, THE CONDITION, QUALITY, DURABILITY, VALUE, DESIGN, OPERATION,
SUITABILITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE IN ANY RESPECT WHATSOEVER OR AS TO THE ABSENCE OF LATENT OR OTHER
DEFECTS, WHETHER OR NOT DISCOVERABLE, OR AS TO THE ABSENCE OF ANY INFRINGEMENT OR ANY PATENT, TRADEMARK OR COPYRIGHT, OR AS TO
ANY OBLIGATION BASED ON STRICT LIABILITY IN TORT OR ANY OTHER REPRESENTATION, WARRANTY OR COVENANT OF ANY KIND OR CHARACTER, EXPRESSED
OR IMPLIED WITH RESPECT THERETO, AND HEREBY DISCLAIMS ANY SUCH WARRANTY. LESSEE SPECIFICALLY WAIVES ALL RIGHTS TO MAKE A CLAIM
AGAINST LESSOR FOR BREACH OF ANY WARRANTY WHATSOEVER. IN NO EVENT SHALL LESSOR HAVE ANY OBLIGATION OR LIABILITY FOR, NOR SHALL
LESSEE HAVE ANY REMEDY AGAINST LESSOR FOR ANY ACTUAL, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES OR OTHER CLAIM, LOSS, DAMAGE OR
EXPENSE CAUSED DIRECTLY OR INDIRECTLY BY THE PROPERTY OR ANY DEFICIENCY OR DEFECT THEREOF OR THE INSTALLATION, OPERATION, MAINTENANCE
OR REPAIR THEREOF OR THERETO. Lessee may have rights under the contract evidencing Lessor’s purchase of any of the Property
from the contractor, manufacturer or vendor. Lessee is advised to contact such contractor, manufacturer or vendor of the Property
for a description of any such rights. Lessor hereby assigns to Lessee during the term of any Lease, so long as no Event of Default
has occurred hereunder and is continuing, for the sole purpose of prosecuting a claim, the benefits of any and all warranties,
if any, expressed or implied with respect to the Property, running from the contractor, manufacturer or the vendor of the Property
to Lessor or its assigns, to the extent assignable. Lessee, by its execution of each Schedule, acknowledges that it has received
a copy of the contractor’s or manufacturer’s warranties for the applicable Property. Lessee’s sole remedy for
the breach of any such contractor’s or manufacturer’s warranty shall be against the contractor or manufacturer of the
Property, and not against Lessor or its assigns. Lessee expressly acknowledges that Lessor makes, and has made, no representations
or warranties whatsoever as to the existence or the availability of such warranties of the manufacturer of the Property.

 

    	Master Lease (02/21)	Page 2 

     

    

 

7. OWNERSHIP; MARKING; FINANCING STATEMENTS;
NO LIENS. The Property is and shall be the sole property of Lessor and, except as set forth in the applicable Schedule, the
parties agree that the Property shall at all times remain personal property and not a fixture and that Lessor’s title thereto
shall not be impaired, notwithstanding the manner in which it may be affixed to any real property. Lessee shall affix to the Property
any labels supplied by Lessor indicating ownership of such Property and shall promptly replace any such markings or identification
which are removed, defaced or destroyed. Lessee shall obtain and record such instruments and take such steps as may be necessary
to prevent any person or entity from acquiring any rights in the Property by reason of the Property being claimed or deemed to
be real property.

 

It is the express intention
of the parties hereto that (i) each Lease constitutes a true “lease” as such term is defined in Article 2A
of the UCC and not a sale or retention of security interest; and (ii) title to the Property shall at all times remain in Lessor,
and Lessee shall acquire no ownership, property, rights, equity or interest other than a leasehold interest, solely as Lessee subject
to the terms and conditions of the respective Lease, including Lessee’s right to purchase the Property thereunder. If, notwithstanding
the express intent of the parties, a court of competent jurisdiction determines that any Schedule is not a true lease, but rather
is a sale and extension of credit, a lease intended for security, a loan secured by the Property specified in such Schedule, or
other similar arrangement, the parties agree that in such event: (A) in order to secure the prompt payment and performance
as and when due of all of Lessee’s obligations (both now existing and hereafter arising) under each such Schedule, Lessee
shall be deemed to have granted and it hereby grants to Lessor, a first priority security interest in the following (whether now
existing or hereafter created): the Property described in such Schedule and all cash and non-cash proceeds, including the proceeds
of all insurance policies (regardless of whether the Property is characterized under the UCC as Lessee’s “equipment”
or “inventory”) and the security deposit, if any; and (B) Lessee agrees that with respect to the Property and
security deposit, in addition to all of the other rights and remedies available to Lessor hereunder upon the occurrence of an Event
of Default, Lessor shall have all of the rights and remedies of a first priority secured party under the UCC. Lessee may not dispose
of any of the Property except to the extent expressly provided herein, notwithstanding the fact that proceeds constitute a part
of the Property.

 

Lessee hereby authorizes Lessor to file
a financing statement and amendments thereto describing the Property described in any and all Schedules now and hereafter executed
pursuant hereto and adding any other collateral described therein and containing any other information required by the applicable
Uniform Commercial Code. Lessee shall execute and deliver to Lessor for filing any similar documents Lessor may request, including
any applicable fixture filings Lessor may deem appropriate in light of the nature of the Property.

 

Upon request by Lessor, Lessee shall obtain
and deliver to Lessor valid and effective waivers, in recordable form, by the owners, landlords and mortgagees of the real property
upon which the Property is located or certificates of Lessee that it is the owner of such real property. Furthermore, Lessee agrees
to maintain the Property free from all claims, liens, attachments, rights of others or encumbrances of any nature or kind whatsoever,
including legal processes (“Liens”) of creditors of Lessee or any other persons or entities, other than
(i) Liens for fees, taxes, levies, duties or other governmental charges of any kind, Liens of mechanics, materialmen, laborers,
employees, suppliers, taxing authorities and similar Liens not yet overdue for a period of more than thirty (30) days or that are
being contested in good faith by negotiations or by appropriate proceedings which suspend the collection thereof; provided,
however, that such proceedings do not involve any substantial risk (as determined in Lessor’s sole discretion) of
the sale, forfeiture or loss of the Property or any interest therein), (ii) Liens securing purchase money indebtedness incurred
to finance the improvement or replacement of Severable Improvements, provided that (1) the amount of such indebtedness when
incurred shall not exceed the purchase price of such improvement and (2) such Lien shall not encumber Property other than the Severable
Improvement and insurance proceeds thereof, (iii) 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 use of the Property
in the ordinary course of business or Lessor’s access to and repossession of the Property upon termination or expiration
of any Lease, and (iv) with respect to the real property on which the Property is located, or with respect to sublease of any storage
tanks, any Liens expressly set forth as permitted Liens in the applicable Schedule. Lessee will defend, at its own expense, Lessor’s
title to the Property from such claims, Liens or legal processes. Lessee shall also notify Lessor promptly upon receipt of written
notice of any Lien on the Property.

 

In the event Lessee receives or otherwise
comes into possession of any manufacturer's statement of origin, any certificate of title or any other document evidencing ownership
issued with respect to any Property, Lessee will promptly (but in no event later than three (3) business days) after its receipt
thereof deliver the same directly to Lessor, in each case with any necessary endorsements in favor of Lessor.

 

Notwithstanding the terms of this Agreement,
the following constitute permitted dispositions (that are not prohibited hereby) of the Property: (i) any disposition that might
be deemed to occur as a result of the damage to or theft, loss or destruction of all or any part of the Property; provided,
however, that Lessee has fully performed its obligations set forth in Section 8, Section 10 and any applicable
obligations set forth in the Lease with respect to Stipulated Loss Values, (ii) any disposition arising from maintenance of the
Property, so long as the parts of the Property that are replaced pursuant to such maintenance continue to constitute a part of
the Property, (iii) any subassemblies or subparts of the Property that are sent out for repair and promptly returned for reassembly
with the Property shall not be deemed to have been disposed of, and (iv) the sublease of the storage tanks constituting a part
of the Property in connection with the performance of the Supply and Offtake Agreement as provided herein or in the Multiparty
Agreement.

 

    	Master Lease (02/21)	Page 3 

     

    

 

8. MAINTENANCE OF EQUIPMENT. Lessee,
at its sole cost and expense, shall maintain, service and repair the Property: (i) in accordance and consistent with (A) the manufacturer’s
or supplier’s recommendations and all maintenance and operating manuals or service agreements, whenever furnished or entered
into, including any subsequent amendments or replacements thereof, issued by the manufacturer, supplier or service provider, (B)
the requirements of all applicable insurance policies, (C) the purchase agreement or supply contract, if any, so as to preserve
all of Lessee’s and Lessor’s rights thereunder, including all rights to any warranties, indemnities or other rights
or remedies, (D) all applicable laws, except where the failure to do so would not have a Material Adverse Effect on the Lessee
or the Property, and (E) the prudent practice of other similar companies in the same business as Lessee, but in any event, to no
lesser standard than that employed by Lessee for comparable property owned or leased by it; and (ii) without limiting the foregoing,
so as to cause the Property to be in good repair, condition and working order in full compliance with the terms hereof. All replacement
parts shall be free and clear of all liens, encumbrances or rights of others and have a value, utility and remaining useful life
at least equal to the parts replaced. Title to all such parts, improvements and additions to the Property immediately shall vest
in Lessor, without cost or expense to Lessor or any further action by any other person or entity, and such parts, improvements
and additions shall be deemed incorporated in the Property and subject to the terms of the Lease as if originally leased hereunder.
Lessee shall make the Property and its maintenance records available for inspection by Lessor at reasonable times and upon reasonable
advance written notice; provided, however, that inspection is a visual act only, and inspection does not include
construction, deconstruction, cutting, welding or other physical alteration of the Property.

 

9. ALTERATION; MODIFICATIONS; PARTS.
Lessee may not materially alter or modify the Property without the prior written consent of Lessor, such consent not to be
unreasonably conditioned, delayed or withheld; provided, however, that Lessee shall have the right at any time and
from time to time during the Term to make improvements to the Property, or any portion thereof, in connection with the requirements
of Lessee’s business (each, an “Improvement”), without the prior consent of Lessor, so long as
such Improvement (i) does not diminish the then fair market value or the utility of the Property and (ii) is performed in a good
and workmanlike manner. At least once per calendar quarter or upon written request by Lessor, to the extent any Improvement during
the preceding three months involved an item of the Property identified by a serial number in the relevant Schedule, Lessee will
notify Lessor of such Improvement and, if applicable, will provide the new serial number for such item of the Property. Any Improvement,
other than a Severable Improvement shall be a part of the Property, subject to this Agreement, and shall revert to Lessor at the
expiration or earlier termination of this Agreement, with no obligation on the part of Lessor to reimburse Lessee or any other
person or entity for it. Any part installed in connection with warranty or maintenance service or which cannot be removed in accordance
with the preceding sentence shall be the property of Lessor, with no obligation on the part of Lessor to reimburse Lessee or any
other person or entity for it.

 

10. LOSS OR DAMAGE; STIPULATED LOSS
VALUE. Until the Property is returned to and received by Lessor as provided in Section 14 hereof, Lessee shall
bear the entire risk of loss or destruction or damage to the Property (“Casualty Loss”). No Casualty
Loss shall relieve Lessee from its obligations to pay Rent except as expressly provided in this section. When any Casualty Loss
occurs, Lessee shall notify Lessor as promptly as possible under the circumstances and, at the option of Lessee and at Lessee’s
sole cost and expense, promptly place such Property in good repair and working order in the condition required by this Agreement.
If an item of Property is subject to a Total Loss (as hereinafter defined) as opposed to damage that may be repaired and is economically
reasonable to repair, Lessee shall have the option, as hereinafter provided, either to replace each such item of Property with
similar new or used Property, and upon any replacement, the Lessor shall be deemed to relinquish title to such Property and to
receive title to the replacement Property (the “Replacement Property”), or to pay Stipulated Loss Value
and make related payments, as hereinafter provided. The Replacement Property shall have at least the value, expected residual value,
function and remaining useful life, as such Property that suffered the Casualty Loss, assuming that such Property had been maintained
in accordance with the maintenance provisions of the applicable Lease and it shall not result in such Property becoming “limited
use property” within the meaning of Rev. Proc. 2001-28, 2001-19 C.B. 1156 or Rev. Proc. 2001-29, 2001-19 C.B. 1160 (or any
successors thereto). Provided that no Event of Default has occurred and is continuing, upon receipt of evidence reasonably satisfactory
to Lessor of work performed or to be performed, the order of replacement goods, progress payments due for work in progress (or
for work to be completed in phases), documented deposit requirements for work to be performed (including deposits required in advance
of the commencement of work or the fabrication of replacement goods), images of completed work, or other similar evidence from
Lessee or the vendor providing the repairs, Lessor will apply any net insurance proceeds received by Lessor on account of such
loss to the cost of repairs or replacement and release such amount (if in Lessor’s custody) for payment to the vendor providing
the repair or replacement for the Property or, if Lessee so requests, disburse to Lessee the applicable amount for payment by Lessee
to such vendor. Upon the occurrence of the loss, disappearance, theft, damage or destruction of any item of the Property, or the
condemnation, confiscation, requisition, seizure, forfeiture or other taking of title to or use of any item of the Property or
the imposition of any Lien thereon by any governmental authority (any of the foregoing occurrences being herein referred to as
a “Total Loss”), Lessee shall have the option (evidenced by written notice from Lessee to Lessor within
forty-five (45) days after the Total Loss) either (i) on the next date for the payment of Rent, pay to Lessor the Rent due on that
date plus the Stipulated Loss Value (set forth in applicable Schedule) of the item or items of the Property with respect to which
the Total Loss has occurred and any other sums due hereunder with respect to that Property (less any insurance proceeds or condemnation
award actually paid and received by Lessor), and if such insurance proceeds exceed the Stipulated Loss Value, then such excess
shall be paid to Lessee, or (ii) to replace such item or items of Property, such replacement to be effected as promptly as practicable
(and Lessee shall continue to pay rent while awaiting any such replacement Property from the vendor thereof, while Lessor shall
hold any insurance proceeds with respect to Property that is a Total Loss as collateral for Lessee’s obligations hereunder,
pending the use of such insurance proceeds for the replacement cost of such Property in accordance with the terms hereof). Upon
Lessee’s election to make and the making of such payment, the Lease and the obligation to make future rental payments shall
terminate solely with respect to the Property or items thereof so paid for and (to the extent applicable) Lessee shall become entitled
thereto “AS IS WHERE IS” without warranty, express or implied, with respect to any matter whatsoever, except for the
absence of any Liens of Lessor. Stipulated Loss Value shall be determined as of the next date on which a payment of Rent is or
would be due after a Total Loss, after payment of any Rent due on such date, and the applicable Stipulated Loss Value shall be
that which is set forth with respect to such Rent payment date. If Lessee fails to perform its obligations under this Section 10,
Lessor shall have the right to substitute performance, in which case, Lessee shall immediately upon demand, reimburse Lessor therefor.

 

    	Master Lease (02/21)	Page 4 

     

    

 

11. INSURANCE. Lessee shall obtain
and maintain at all times (including, without limitation, any period of storage) on the Property, at its own expense, all risk
physical damage insurance and comprehensive general and/or automobile (as appropriate) liability insurance (covering bodily injury
and property damage exposure including, without limitation, contractual liability and products liability) in such amounts, against
such risks, in such form and with such insurers as is customary for similarly situated operators of assets such as the Property;
provided, however, that the amount of all-risk physical damage insurance shall not be less than the greater of (i)
the replacement value of the Property; or (ii) the Stipulated Loss Value of the Property specified in the applicable Schedule.
Each physical damage insurance policy will name Lessor (together with its successors and assigns) as loss payee. Each liability
insurance policy shall provide coverage (including contractual, cross-liability and personal injury coverage) of not less than
$50,000,000 or the amount required by law, whichever is greater for each occurrence, name Lessor (together with its affiliates
and each of its and their successors and assigns) as an additional insured, and be primary as respects of any other insurance.
Each insurance policy shall provide, by endorsement or otherwise that the interests of Lessor shall not be invalidated by any action
or inaction of Lessee, guarantor or any other person or entity, and shall insure Lessor regardless of any breach or violation by
Lessee or any other person or entity, of any warranties, declarations or conditions of such policies. All policies shall contain
a clause requiring the insurer to give Lessor at least fifteen (15) days prior written notice of any material change in the terms
or cancellation of the policy and shall include a waiver of subrogation as respects Lessor’s insurance policies. Lessee shall
be liable for all deductible portions of all required insurance. Lessee shall furnish a certificate of insurance providing confirmation
of these insurance policies and, at Lessor’s request, Lessee shall provide a copy of each insurance policy (with endorsements);
provided, however, Lessor shall have no duty to ascertain the existence of or to examine the insurance policies to
advise Lessee if the insurance coverage does not comply with the requirements of this Section. If Lessee fails to insure the Property
as required, Lessor shall have the right but not the obligation to obtain such insurance, and the cost of the insurance shall be
for the account of Lessee due as part of the next due Rent. Lessee consents to Lessor’s release, upon its failure to obtain
appropriate insurance coverage, of any and all information necessary to obtain insurance with respect to the Property or Lessor’s
interest therein. Lessee hereby appoints Lessor as Lessee’s attorney-in-fact (i) for so long as an Event of Default has occurred
and is continuing and (ii) regardless of whether an Event of Default is then continuing, if the insurer of any Casualty Loss fails
to comply with any loss payee clause, in each case (i) and (ii), Lessor shall have the authority, in the name and on behalf of
Lessee, to make claim for, receive payment of, and execute and endorse all documents, checks or drafts issued with respect to any
Casualty Loss under any insurance policy relating to the Property.

 

12. TAXES. Lessee will pay all personal
property taxes, fees, levies, imposts, duties, withholdings and governmental charges on the Property, including all sales, use,
excise, goods and services, and other taxes and fees. Lessee shall, to the extent permitted by law, cause all billings of such
taxes, fees, levies, imposts, duties, withholdings and governmental charges to be made to Lessee. Lessee shall indemnify and hold
Lessor harmless from, all charges, fees, assessments and sales, use, excise and other taxes (including, without limitation, income,
franchise, business and occupation, gross receipts, sales, use, licensing, registration, titling, commercial activity, personal
property, stamp and interest equalization taxes, levies, imposts, duties, charges or withholdings of any nature), and any fines,
penalties or interest thereon, imposed or levied by any governmental body, agency or tax authority upon or in connection with the
Property, its purchase, ownership, delivery, leasing, possession, use or relocation of the Property or otherwise in connection
with the transactions contemplated by each Lease or the Rent thereunder, but excluding taxes, levies, imposts, duties, charges
or withholdings of any nature (including any related interest and penalties) on or measured by, or imposed with respect to, (i)
the Lessor’s net or gross income, net or gross receipts, alternative minimum taxable income, items of tax preference, branch
profits, franchise, capital, conduct of business, stock value or net worth or other status of Lessor (in each case other than taxes
that are (or are in the nature of) sales, use, value added, transfer, excise and personal property taxes), (ii) resulting from
Lessor’s gross negligence, willful misconduct, or the material breach by Lessor of any of its representations, warranties,
covenants or obligations in this Agreement or the Lease, (iii) resulting from or arising out of any failure on the part of Lessor
to file any tax returns or pay any taxes owing on a timely basis or any errors or omissions on Lessor’s tax returns unless,
in each case, Lessee is responsible under the Lease for filing the returns pursuant to this Agreement or the Lease, (iv) attributable
to a transfer or disposition (directly or indirectly) of any interest in the Property, the Lease or any part of the foregoing or
any interest in Lessor (including a deemed transfer for tax purposes) other than (A) a transfer to Lessee pursuant to the exercise
of any purchase option granted to Lessee under the Lease, or (B) a transfer pursuant to Lessor’s exercise of remedies in
Section 21 of this Agreement as a result of an Event of Default, (v) resulting from the leasing, ownership, use or operation
of the Property after Lessee’s return of the Property in compliance with the terms of this Agreement and the applicable Lease,
except as a result of an Event of Default, (vi) imposed on Lessor (including by way of withholding) as a result of the failure
by Lessor (or any member of Lessor) to be a “United States person” (within the meaning of Section 7701(a)(30) of the
Internal Revenue Code (the “Code”), (vii) imposed on Lessor by any jurisdiction to the extent such taxes
would not have been imposed on Lessor had Lessor not engaged in activities in such jurisdiction unrelated to the transactions contemplated
by this Agreement or the Lease, and (viii) imposed on any transferee, assignee or successor in interest of Lessor to the extent
such taxes are in excess of the taxes that would have been imposed on Lessor had such transfer or assignment not occurred.

 

Lessee shall, to the extent permitted by
applicable law, prepare and file all property tax reports, renditions, tax returns and information statements which are required
to be made with respect to any item of Property leased hereunder. For that purpose, Lessor hereby appoints Lessee its agent and
attorney-in-fact and Lessee shall be responsible for making filings and payments on behalf of Lessor where the incidence thereof
falls on Lessor (but excluding, for the avoidance of doubt, federal or state income tax returns). Lessor will cooperate with Lessee
by timely providing information requested by Lessee in connection with Lessee’s preparation and filing of such reports, renditions,
returns or information statements. Lessor further agrees to promptly forward to Lessee any assessments, tax bills or other correspondence
received in connection therewith. Upon request, Lessee will furnish to Lessor proof of payment of all taxes and other imposts described
above.

 

    	Master Lease (02/21)	Page 5 

     

    

 

Lessee shall be entitled to contest the
imposition of taxes, charges and fees (including penalties) subject to this Section 12 at Lessee’s sole cost and expense;
provided that Lessee has confirmed in writing its liability for the amounts should it lose the contest, the contest does
not create a material risk of sale, loss or forfeiture of the Property or otherwise create a material adverse impact on Lessor’s
interest in the Property (as determined in Lessor’s sole good faith discretion), and Lessee keeps Lessor reasonably informed
about the progress of the contest and provides Lessor copies of any filings or correspondence with the tax authorities about the
case. Lessor shall provide to Lessee such information as Lessee may reasonably request in order to contest the applicable tax and
shall otherwise cooperate with Lessee to the extent necessary to permit Lessee to conduct such contest. Lessor agrees not to settle
any claim that Lessee is contesting in accordance with this Section 12 without the prior written consent of Lessee (such
consent not to be unreasonably withheld, conditioned or delayed). If Lessor shall obtain a refund, credit or other tax benefit
attributable to an amount paid by Lessee pursuant to this Section 12, Lessor shall promptly pay or credit to Lessee the
amount of such refund, credit or tax benefit (net of all out-of-pocket expenses incurred in obtaining such refund, credit or tax
benefit); provided that Lessee shall repay such amount to Lessor in the event Lessor is required to repay such refund, or
is subsequently denied such credit or tax benefit, upon receipt of documentation from Lessor substantiating the loss of such refund,
credit or tax benefit.

 

For the avoidance of doubt, Lessor acknowledges
and agrees that Lessee shall be entitled to claim, for federal and state tax purposes, all tax attributes and benefits, including
depreciation deductions, attributable to any Improvements, including without limitation all Severable Improvements.

 

13. PURCHASE & RENEWAL OPTIONS.
So long as no Event of Default constituting a rent payment default shall have occurred and be continuing, Lessee may:

 

		(a)	upon written notice to Lessor received at least one hundred eighty (180) days prior to the
Term Expiration Date for the applicable Lease, purchase all, but not less than all, of the Property covered by the applicable Lease
on such Term Expiration Date. The purchase price for such Property (the “Purchase Price”), shall be its
fair market value on an “in-place, in-use” basis, as mutually agreed by Lessor and Lessee, or, if they cannot agree
after exchanging written statements of the estimated fair market value, then as determined in the following manner:

 

(i) Lessor shall pick an appraiser
of recognized regional standing and notify Lessee in writing of Lessor’s selection,

 

(ii) within ten (10) days after
Lessee receives Lessor’s notice of the identity of the appraiser selected by Lessor, Lessee shall notify Lessor in writing
of Lessee’s selection of an appraiser of recognized regional standing,

 

(iii) the two appraisers shall,
within thirty (30) days after the appointment of Lessee’s appraiser nominee, meet and attempt to agree upon such fair market
value, but if they are unable to agree, then the two appraisers shall together select a third appraiser of recognized regional
or national standing, and shall notify in writing Lessor and Lessee of their selected appraiser,

 

(iv) such appraiser selected by
the appraiser nominees of Lessor and Lessee shall be directed to complete its appraisal within thirty (30) days of its appointment
pursuant to the foregoing and such third appraiser’s completed appraisal shall be the appraisal of the Property, and

 

(v) all costs arising from the
foregoing shall be borne by Lessee.

 

If Lessee has elected to exercise
its purchase option, then on the Term Expiration Date for any Property, Lessee shall pay to Lessor the Purchase Price, together
with all sales and other similar taxes applicable to the transfer of the Property and any other amount payable and arising hereunder,
in immediately available funds, whereupon Lessor shall transfer to Lessee, without recourse or warranty of any kind, express or
implied, all of Lessor’s right, title and interest in and to such Property on an “as is, where is” basis, except
Lessor will warrant that the Property is free and clear of any liens created by Lessor or any party on Lessor’s behalf; or

 

		(b)	upon written notice to Lessor received at least one hundred eighty (180) days prior to the
Term Expiration Date for the applicable Lease, extend the Term of the applicable Lease for all, but not less than all, of the Property
covered by such Lease for an additional period of not less than 24 months, during which the monthly Rental Payment Amount
(as such term is used in the applicable Schedule) will remain the same Rental Payment Amount as initially set forth in the applicable
Schedule. At the end of any extension of the initial Term, Lessee may (i) purchase from Lessor all, but not less than all,
of the Property on an “as is, where is, with all faults” basis and otherwise as described in paragraph (a) above,
(ii) elect to further extend the Term on terms satisfactory to Lessor in Lessor’s sole discretion or (iii) upon
written notice to Lessor received at least one hundred eighty (180) days prior to the expiration date of the extended Term
(or with such longer notice period required pursuant to the applicable Lease), return all, but not less than all, of the Property
covered by such Lease pursuant to the terms of Section 14 below and the terms of such Lease; or

 

		(c)	exercise any other early buyout option as and to the extent provided expressly in a Schedule.

 

If none of the foregoing options are exercised
by Lessee, then Section 14 shall apply.

 

    	Master Lease (02/21)	Page 6 

     

    

 

14. RETURN OF EQUIPMENT; HOLDOVER. Except
for Property that has suffered a Total Loss and is not required to be repaired pursuant to Section 10 hereof or Property
which has been purchased by Lessee pursuant to Section 13 hereof, upon expiration or termination of the Term of a Lease,
or upon demand by Lessor pursuant to Section 20 below, Lessee shall contact Lessor for shipping instructions and, at Lessee’s
own risk, immediately return the Property, freight, Property loading, unloading and rigging costs prepaid, to a location in the
continental United States specified by Lessor. At the time of such return to Lessor, the Property shall (i) be in the operating
order, repair and condition as required by Section 8 hereof and (ii) be capable of being immediately assembled and operated
by a third party purchaser or third party lessee without further repair, replacement, alterations or improvements, and in accordance
and compliance with any and all statutes, laws, ordinances, rules and regulations of any governmental authority or any political
subdivision thereof applicable to the use and operation of the Property. Except as otherwise provided under Section 13 hereof,
at least one hundred eighty (180) days (but not more than two hundred seventy (270) days) before the expiration of any Term, Lessee
shall give Lessor written notice of its intent to return the Property at the end of such Term (“Return Notice”).
During such one hundred eighty (180) day period, Lessor and its prospective purchasers or lessees shall have the right of access
to the premises on which the Property is located to inspect the Property, and Lessee shall cooperate in all other respects with
Lessor’s remarketing of the Property. The provisions of this Section 14 are of the essence of the Lease, and upon
application to any court of equity having jurisdiction in the premises, Lessor shall be entitled to a decree against Lessee requiring
specific performance of the covenants of Lessee set forth in this Section 14. If Lessee fails to return Property pursuant
to the provisions of this Section, the terms and conditions of the Lease shall remain in full force and effect and Lessee shall
be obligated to pay to Lessor Rent during each month (or any part thereof) when Lessor is not in possession of the Property after
the end of the Term of the Lease (the “Holdover Period”) in an amount equal to one and one-quarter (1.25)
times the monthly (or other applicable increment) rental payments required during the Term of the Lease.

 

15. GENERAL INDEMNITY. Each Lease
is a net lease. Therefore, Lessee shall indemnify Lessor and its successors and assigns and each of their agents, officers, directors,
members, managers, affiliates and employees (each an “Indemnitee”) against, and hold each such Indemnitee
harmless from and against any and all Claims (other than to the extent such a Claim (i) results from the gross negligence or willful
misconduct of such Indemnitee, (ii) is caused by or is attributable to Lessor’s breach of its express obligations or representations
under this Lease, unless such breach is caused or results from a Default, (iii) is caused by or attributable to any voluntary sale,
assignment, transfer or other disposition by such Indemnitee of the Property or any interest therein that is not a replacement
thereof under this Lease or is otherwise not contemplated under the Lease, unless such sale, transfer or other disposition has
resulted from or occurred following an Event of Default, (iv) is a claim which is expressly to be borne by Lessor under the terms
of the Lease, (v) arises as a result of a Lessor’s Lien or (vi) comprises of any amounts ordinarily payable by Lessor under
or in connection with any financing or refinancing of the Property), by paying (on an after-tax basis) or otherwise discharging
same, when and as such Claims shall become due, including Claims arising on account of any Lease or the Property, or any part thereof,
including the ordering, acquisition, delivery, installation or rejection of the Property, the possession, maintenance, use, condition,
ownership or operation of any item of Property, and by whomsoever owned, used or operated, during the term of any Lease hereunder
with respect to that item of Property, the existence of latent and other defects (whether or not discoverable by Lessor or Lessee),
any claim in tort for negligence or strict liability, any claim for patent, trademark or copyright infringement, any claim for
the loss, damage, destruction, removal, return, surrender, sale or other disposition of the Property or any item thereof, any claim
arising from breach of any environmental law, or for whatever other reason whatsoever. It is the express intention of both Lessor
and Lessee that the indemnity provided for in this Section includes the agreement by Lessee to indemnify the Indemnitees from the
consequences of such Indemnitees’ own simple negligence, whether that negligence is the sole or concurring cause of the Claims,
and to further indemnify such Indemnitees with respect to Claims for which the Indemnitees are strictly liable. Lessor or the Indemnitee
affected thereby, shall give Lessee prompt notice of any Claim hereby indemnified against and, subject to the rights of insurers
under any applicable policies of insurance, Lessee shall be entitled to control the defense thereof, so long as no payment default,
bankruptcy or insolvency default or Event of Default has occurred and is then continuing and such Claim does not involve the possibility
of criminal sanctions on any Indemnitee. For the purposes of this Lease, the term “Claims” shall mean
all claims, allegations, harms, judgments, good faith settlements entered into, suits, actions, debts, obligations, damages (whether
incidental, consequential or direct), demands (for compensation, indemnification, reimbursement or otherwise), losses, penalties,
fines, liabilities (including strict liability), charges that any Indemnitee has incurred or for which it is responsible, in the
nature of interest, Liens (other than Lessor’s Liens), and costs (including reasonable attorneys’ fees and disbursements
and any other reasonable legal or non-legal expenses of investigation or defense of any Claim, whether or not such Claim is ultimately
defeated or incurred in enforcing the rights, remedies or indemnities provided for hereunder, or otherwise available at law or
equity to Lessor), of whatever kind or nature, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, by
or against any person or entity; provided, however, Lessee’s indemnity obligation under this Section 15
shall exclude (a) any Claims that arise after Lessor has taken possession of the Property after termination of the Lease and which
are not related to any act or omission of Lessee, (b) Claims for taxes (it being agreed that Lessee’s indemnification obligations
with respect to taxes are set forth in Sections 12 and 16), (c) Claims expressly excluded as set forth hereinabove.
For avoidance of doubt, the indemnity is not limited to claims by third parties (other than ordinary and usual operating and overhead
expenses). The provisions of this Section 15 with regard to matters arising during a Lease Term shall survive the expiration
or termination of such Lease.

 

16. TAX INDEMNIFICATION. Lessee
acknowledges that Lessor, in determining the Rent due under the Lease, has assumed it is entitled to certain depreciation deductions
with respect to the Property Cost (as defined in the Schedule) for tax purposes that are available to an owner of property with
the same depreciation classification as the Property under Section 168(b) of the Code and under applicable state tax law on
the basis of a permitted recovery period, the 200 percent declining balance (or other permitted) method, using the any permitted
convention and assuming salvage value is zero (the “Tax Benefits”). If as a result of any act (other
than one permitted under this Agreement or the Schedule)), omission, breach of warranty or covenant or misrepresentation by Lessee
(a “Lessee Action”), (i) all or any part of the Tax Benefits are lost, recaptured or deferred or (ii)
Lessor is required to include in income any amount other than (A) Rent at the times such Rent is allocable in accordance with the
terms of the Lease, (B) gain or other income realized by the Lessor in respect of payments of Stipulated Loss Value, (C) gain or
other income realized by Lessor on a sale or other disposition of the Property if such sale shall not occur pursuant to the exercise
of remedies during the continuance of an Event of Default or (D) any amount payable to Lessor on overdue payments as specified
in the Lease (a “Loss”), Lessee shall pay Lessor, for each applicable Lease, as additional rent on each
date that Rent would otherwise be due, an amount needed to provide Lessor with the same after-tax yield and after-tax cash flow
as of such date (“Net Return”), but without duplication, as would have been realized by Lessor at such
date had Lessor not incurred the Loss (“Additional Rent”). The Additional Rent shall be computed by Lessor,
which shall be subject to verification if requested by Lessee pursuant to this Section 16.

 

    	Master Lease (02/21)	Page 7 

     

    

 

Lessor will promptly notify Lessee of any
claim that may give rise to indemnity hereunder. At Lessee’s reasonable written request, Lessor shall contest any such claim
(at Lessee’s sole cost and expense) until a Final Determination is reached; provided that Lessee has confirmed in
writing its liability for the amounts should it lose the contest and the contest does not create a material risk of sale, loss
or forfeiture of the Property or otherwise create a material adverse impact on Lessor’s interest in the Property (as determined
in Lessor’s sole good faith discretion) provided, further, that Lessor shall have no obligation to contest
such claim beyond the administrative level of the Internal Revenue Service or other taxing authority. In any event, Lessor shall
control all aspects of the contest, provided Lessor shall keep Lessee reasonably informed regarding the status of such contest,
allow Lessee to participate in the contest at its own expense and with counsel of its choice and shall not settle the contest without
the written consent of Lessee, which such consent shall not be unreasonably withheld, conditioned or delayed. If such administrative
appeals are not successful, Lessor agrees to consult with Lessee to consider bringing a judicial action; however, the ultimate
decision to bring a judicial action or not shall be made by Lessor in its good faith discretion. Lessee agrees to pay, promptly
upon Lessor’s written demand, all documented legal fees and other out-of-pocket expenses incurred by Lessor in defending
any such claim even if Lessor’s defense is unsuccessful. A “Final Determination” shall mean (i)
a decision, judgment, decree or other order by a court of competent jurisdiction, which decision, judgment, decree or other order
has become final after all allowable appeals (other than appeals to the United States Supreme Court) by either party to the action
have been exhausted or the time for filing such appeals has expired, a (ii) a closing agreement entered into by Lessor in good
faith under Section 7121 of the Code or any other settlement agreement entered into in connection with an administrative or judicial
proceeding, (iii) the expiration of time for instituting a claim for refund, or if such a claim was filed, the expiration of the
time for instituting suit with respect thereto or (iv) the expiration of the time for instituting suit with respect to the claimed
deficiency.

 

Notwithstanding the foregoing, Lessee shall
have no obligations to indemnify Lessor for any Loss that results from (a) a casualty to the Property if Lessee pays the amount
Lessee is required to pay as a result of such casualty, (b) Lessor’s sale of the Property or its interest in the Lease other
than pursuant to the exercise of remedies following an Event of Default hereunder, (c) failure of Lessor to have sufficient income
to utilize the Tax Benefits, to timely or properly claim such Tax Benefits or to report rent and interest for federal and state
income tax purposes in accordance with the Supplement, (d) an event requiring Lessee to pay Lessor’s Loss (or an amount calculated
by reference thereto) and such amount is paid in full at the time and manner provided by the Lease, (e) the failure of the Lease
to be a “true lease” for federal income tax purposes or the failure of the Lease to have “economic substance”
within the meaning of Section 7701(o) of the Code (in each case, other than due to a Lessee Action), (f) the gross negligence or
willful misconduct of Lessor and (g) a change in tax law (including tax rates) effective after the Lease begins.

 

Any Additional Rent due under this Section
16 for a Loss shall be payable upon the occurrence of the latest of (i) thirty (30) days after the date of Lessor’s notice
to Lessee pursuant to this Section 16 or (ii) five (5) days after the completion of any contest requested by Lessee pursuant
to this Section 16, provided, however, that Lessee shall not be permitted to defer payment of Additional Rent
beyond the date Lessor shall be required to pay the additional taxes giving rise to such Additional Rent payable by Lessee (taking
into account any payment deferral allowed by a contest of the applicable tax claim); provided, further however, that
if Lessee shall elect to pay such sum before the later of the dates specified in (i) and (ii) above, Lessee shall not be required
to pay Lessor the amount of any interest that shall be attributable to the period after such payment by Lessee. Lessor shall provide
Lessee with supporting computation of the Loss for which Additional Rent is claimed. If Lessee elects to contest a Loss in accordance
with this Section 16 and if there is a Final Determination which clearly establishes that the tax payable by Lessor is less
than the Additional Rent payment made by Lessee, Lessor shall refund the difference to Lessee, less Lessor's unreimbursed out-of-pocket
costs and expenses incurred in connection with such contest.

 

If Additional Rent is due hereunder, Lessor
shall in good faith calculate the amount necessary to maintain the same Net Return that Lessor would have realized from time to
time had Lessor not incurred the Loss and provide Lessee a written explanation of the rationale for the Net Return used and the
calculation of the payment due. If Lessee does not object in writing to such rationale and calculation within thirty (30) days,
such rationale and calculation shall be binding on Lessee and Lessor. If Lessee does provide written notice of its reasonable objection
thereto within thirty (30) days of receipt of the notice from Lessor, Lessor shall nominate a “Big 4” accounting firm
that is reasonably acceptable to Lessee and which is not the financial statement auditor of either Lessee or Lessor to review Lessor’s
rationale of its Net Return and explanation of the amount due and Lessee’s objections thereto. Absent manifest error, such
accounting firm’s determination of Lessor’s Net Return and the Additional Rent due hereunder shall be final and binding
on the parties. The Parties shall request that such accounting firm make its determination no later than twenty (20) days of the
request therefor. Such accounting firm’s fees shall be paid by Lessee, unless such accounting firm determines that the Additional
Rent actually due is ninety-five percent (95%) percent or less than the amount determined by Lessor.

 

If Lessor, as a result of a Loss occurring
with respect to any year under circumstances that require Lessee to indemnify Lessor with respect to such Loss, shall actually
realize, with respect to any year, income tax savings (including, without limitation, by reason of any refunds of or credits against
tax) that would not have been realized but for such Loss or the event giving rise thereto, and such savings were not previously
taken into account in computing the indemnity amount paid to Lessor, Lessor shall pay to Lessee an amount equal to such income
tax savings that it actually realizes plus the amount of any income tax savings that it actually realizes as the result of any
payment made pursuant to this sentence (calculated in accordance with the same methodology used to determine Lessor’s Net
Return); provided, however, the sum of all payments by Lessor to Lessee pursuant to this paragraph shall not
exceed the sum of all prior indemnity payments to Lessor by Lessee pursuant to this Section 16 less the amount of all prior
payments by Lessor to Lessee under this paragraph; provided, further, that Lessor will be under no obligation to
make any payment contemplated under this paragraph if an Event of Default has occurred and is continuing. Any subsequent
loss of income tax savings realized by Lessor in calculating such reverse indemnity payment to Lessee pursuant to this paragraph
shall be indemnifiable as a Loss without regard to the exclusions in this Section 16 (other than the exclusion for the gross
negligence or willful misconduct of Lessor). Any payment due to Lessee pursuant to this paragraph shall be paid within thirty (30)
days after Lessor has actually realized such tax savings. Lessor shall in good faith use diligence in claiming and pursuing refunds
and tax benefits that would result in payments to Lessee under this paragraph; provided, that all reasonable, documented
out-of-pocket costs and expenses incurred by Lessor in connection therewith shall be for the account of Lessee and shall be paid
by Lessee.

 

17. ASSIGNMENT BY LESSEE PROHIBITED.
LESSEE SHALL NOT, WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR, (i) ASSIGN, TRANSFER, PLEDGE OR OTHERWISE DISPOSE OF ANY
LEASE OR PROPERTY, OR ANY INTEREST THEREIN (EXCEPT FOR DISPOSITIONS OF THE PROPERTY EXPRESSLY PERMITTED HEREBY); or (ii) SUBLEASE
OR LEND ANY EQUIPMENT OR PERMIT IT TO BE USED BY ANYONE OTHER THAN LESSEE AND ITS EMPLOYEES (EXCEPT AS OTHERWISE SET FORTH IN A
SCHEDULE).

 

    	Master Lease (02/21)	Page 8 

     

    

 

18. ASSIGNMENT BY LESSOR. Lessor
may assign its rights, title and interest in and to any Lease and the Property, individually or together, in whole or in part,
and/or grant or assign a security interest in any Lease and the Property individually or together, in whole or in part; provided,
however, that so long as no Event of Default or event which with the giving of notice, the passage of time, or both, would
constitute an Event of Default shall have occurred, Lessor shall not make any assignment to any entity not affiliated with Lessor
without obtaining Lessee’s prior written consent, which such consent shall not be unreasonably withheld, conditioned or delayed
and Lessee shall enjoy its right to quiet enjoyment as set forth in Section 24 below. Each such assignee shall have all
of the rights of Lessor under each Lease assigned to it. Lessee shall not assert against any such assignee any claims or defenses
by way of abatement, set-off, counterclaim or recoupment that Lessee may have against Lessor or any other person or entity. Upon
receipt of written notice of Lessor’s assignment of all or any part of its interest in any Lease, Lessee agrees to attorn
to and recognize any such assignee as the owner of such assigned Lessor’s interest in any Lease and Lessee shall thereafter
make such payments, including without limitation such Rent as are indicated in the notice of assignment, to such assignee. No such
Lessor assignment will alter the terms and conditions of the relevant Lease or expand, enlarge or modify the obligations of Lessee
or any guarantor. Notwithstanding any such assignment, Lessee will continue to deal directly and solely with Stonebriar Commercial
Finance LLC as administrative agent for the lessors (whether one or more), including affiliates of Lessor, until such time as Lessee
has received written notice that such administrative agent has been replaced and Lessee has had reasonable time to acknowledge
such notice. Each of Lessee and any guarantor agrees that Lessor may disclose information regarding Lessee, any guarantor and the
transactions to any such assignee, potential assignee, rating agency or other party in connection with any such Lessor assignment
so long as such party is informed by Lessor of the confidential nature of any documents or information which Lessor has otherwise
agreed to keep confidential and agrees to keep such information confidential.

 

19. REPRESENTATIONS, WARRANTIES AND
COVENANTS OF LESSEE. Lessee represents, warrants and covenants to Lessor that:

 

		(a)	it is and will at all times remain a “registered organization” (as defined in the Uniform
Commercial Code) duly organized, validly existing and in good standing under that laws of the State indicated in the first paragraph
of this Agreement, and that Lessee’s exact legal name is as set forth in the first paragraph of this Agreement;

 

		(b)	the execution, delivery and performance by Lessee of or under this Agreement are within Lessee’s
powers, have been duly authorized by all necessary corporate or other organizational action on the part of Lessee, do not require
the approval of any stockholder, member, partner, trustee or holder of any obligations of Lessee except such as have been duly
obtained and do not and will not at any time violate (i) Lessee’s organizational documents, (ii) the provisions
of, or constitute a default under, or result in the creation of any lien or encumbrance upon the property of Lessee under, any
indenture, mortgage, contract or other agreement to which Lessee is a party or by which it or its property is bound and which would
constitute a material agreement for the Parent and its subsidiaries taken as a whole, or (iii) any law, governmental rule,
regulation, or order or contractual restriction binding on or affecting Lessee;

 

		(c)	no authorization or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body is required for the due execution, delivery and performance by Lessee of this Agreement, other than
filings necessary to evidence and perfect liens and claims arising in connection with a lease;

 

		(d)	each Lease constitutes the legal, valid and binding obligations of Lessee enforceable against Lessee
in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium, fraudulent conveyance, fraudulent
transfer and other 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);

 

		(e)	there is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or
by any court, public board or body, to which Lessee is a party, pending or threatened in writing against or affecting Lessee, nor
to the best knowledge of Lessee is there any basis therefor, wherein an unfavorable decision, ruling or finding would have a Material
Adverse Effect on the transactions contemplated by any Lease or any other document, agreement or certificate which is used or contemplated
for use in the consummation of transactions contemplated by any Lease or on the Lessee. Further, Lessee is not in default under
any obligation for borrowed money, for the deferred purchase price of property or any lease agreement which, either individually
or in the aggregate, would have a Material Adverse Effect on the Lessee or the Parent under the laws of the state(s) in which the
Property is to be located;

 

		(f)	except as set forth in the applicable Schedule, the Property consists solely of and will remain
personal property and not fixtures;

 

		(g)	the financial statements of Parent (copies of which have been furnished to Lessor) have been prepared
in all material respects in accordance with US generally accepted accounting principles consistently applied (“GAAP”),
and fairly present in all material respects in accordance with GAAP Lessee’s financial condition and the results of its operations
as of the date of and for the period covered by such statements (subject, in the case of quarterly financial statements, to customary
year-end adjustments and footnotes), and since the date of such statements, as of the date hereof there has been no material adverse
change in such conditions or operations;

 

		(h)	No Lease Party nor any officer, director or affiliate (and for purposes hereof, “affiliates”
shall be limited to those persons whose actions would subject Lessor to penalties, investigations, restrictions or other similar
actions by the relevant governmental authorities under sanctions or anti-money laundering laws) thereof (i) is or will become a
person whose property or interest in property are blocked or subject to blocking pursuant to Section 1 of Executive Order 13224
of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism
(66 Fed. Reg. 49079 (2001)); (ii) will engage in any dealings or transactions prohibited by such executive order, or be otherwise
associated with any such person in any manner that is in violation of such executive order; or (iii) will otherwise become a person
on the list of Specially Designated Nationals and Blocked Persons (“SDN List”) or subject to the limitations
or prohibitions under any other regulation, executive order or sanctions programs administered by the Office of Foreign Assets
Control; and

 

		(i)	No part of the extensions of credit hereunder or the Property leased hereunder will be used, directly
or indirectly, for any benefit or advantage 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 the United States Foreign Corrupt Practices Act of 1977, as amended from time
to time.

 

    	Master Lease (02/21)	Page 9 

     

    

 

20. DEFAULT. Lessee shall be in
default under each Lease upon the occurrence of any one or more of the following events (each, an “Event of Default”):

 

		(a)	Lessee fails to pay when due (i) any Rent required to be paid by Lessee under or in connection
with any Lease and any such failure continues for two (2) business days after written notice is provided by Lessor to Lessee; or
(ii) any other amount due under this Agreement and any such failure continues for ten (10) business days after written notice of
such failure is provided by Lessor to Lessee;

 

		(b)	Lessee shall fail to obtain and maintain the insurance required herein;

 

		(c)	Lessee or any guarantor of any or all of the obligations of Lessee hereunder (a “Guarantor”
and together with Lessee, the “Lease Parties”) fails to perform or observe any other covenant, condition
or agreement provided under or in connection with a Lease and such failure shall continue unremedied for a period of ten (10) days
after Lessor’s written notice thereof to Lessee;

 

		(d)	any statement, representation or warranty made or financial information (other than projections
of future performance) delivered or furnished by any of the Lease Parties to Lessor under or in connection with a Lease shall prove
to have been false, misleading, erroneous or inaccurate in any material respect as of the date when made;

 

		(e)	any petition for relief is filed by or against any of the Lease Parties under any bankruptcy, insolvency,
reorganization or similar laws and any such matter instituted against a Lease Party is not dismissed or fully stayed within forty-five
(45) days following the filing or commencement thereof;

 

		(f)	any of the Lease Parties fails to make any payment when due or fails to perform or observe any
covenant, condition or agreement to be performed by it under any agreement or obligation to any creditor (including Lessor under
any other agreement or any other Lease under this Agreement) which failure would permit, with the giving of notice or the lapse
of time, the acceleration of the due date for an amount in excess of $50,000,000, after any and all applicable cure periods therefor
shall have elapsed;

 

		(g)	any judgment in excess of $50,000,000 shall be rendered against any of the Lease Parties which
shall remain unpaid in accordance with its terms or is not fully stayed for a period of forty-five (45) days;

 

		(h)	(i) any of the Lease Parties shall dissolve, liquidate, wind up or cease its business; convey,
lease or otherwise dispose of all or substantially all of its assets, (ii) Lessee makes any material change in its capital structure
or lines of business that has a Material Adverse Effect, or (iii) Lessee merges or consolidates with any entity other than Parent
or a wholly owned subsidiary of Parent, or divides or is divided;

 

		(i)	Lessee ceases to be a subsidiary controlled by Parent and a majority of whose equity interests
are owned (directly or indirectly) by Parent (unless Lessor shall have consented thereto in writing);

 

		(j)	if there is a Change of Control of Parent. For the purposes of this Section 20(j), a “Change
of Control” shall mean the occurrence of (i) 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 fifty percent (50%) of the Voting Stock of either Calumet GP or of Parent, measured by voting power rather
than number of shares, units or the like; or (ii) the first day on which a majority of the members of the board of directors (or
managers, if applicable) of Calumet GP cease to be composed of individuals (A) who were members of that board on the date of this
Agreement, or (B) whose election or nomination to that board was approved by at least one Qualifying Owner; provided, however,
that a “Change of Control” shall not include the mere change in form of the Parent, such as (by way of example and
without limitation) the conversion of the Parent to a “Subchapter C Corporation” within the meaning of the Internal
Revenue Code of 1986, as amended. “Calumet GP” means Calumet GP, LLC, a Delaware limited liability company,
and its successors and permitted assigns as general partner of Parent or as the business entity with the ultimate authority to
manage the business and operations of Parent. “Qualifying Owners” means collectively, any of the owners
of Calumet GP as of the date of this Agreement 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. 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. “Voting Stock” 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. “Equity Interests” means (a) in the case of
a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether
general or limited), (d) in the case of a limited liability company, membership interests, and (e) any other interest or participation
that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
person. . The occurrence of either one or more of the actions described in clauses (i) or (ii) above shall constitute a Change
of Control; provided, however, that no Change of Control shall be deemed to have occurred if Lessor consents in writing
to such occurrence prior to the consummation thereof;

 

    	Master Lease (02/21)	Page 10 

     

    

 

		(k)	[RESERVED];

 

		(l)	any collateral security, including any security deposit or letter of credit delivered pursuant
to any Schedule, is cancelled, terminated or becomes illegal, invalid, prohibited or unenforceable and such collateral security
is not fully restored as contemplated herein within two (2) business days after written notice is provided by Lessor to Lessee;
or

 

		(m)	any Event of Default (as such term is defined therein) occurs under any other agreement between
any Lease Party or any affiliate of any Lease Party, on the one hand, and Lessor or any affiliate of Lessor, on the other; provided,
however, that if such Event of Default occurs in an agreement, other than a Schedule or Lease, subject to, referencing
or incorporating the terms of this Agreement, such Event of Default continues for two (2) business days after written notice of
such Event of Default is provided by Lessor to Lessee.

 

The occurrence of an Event of Default with
respect to any Lease shall, at the sole discretion of Lessor, constitute an Event of Default with respect to any or all Leases
under this Agreement to which Lessor and Lessee are then a party without (except as otherwise expressly provided herein) the necessity
of any notice or demand on the part of Lessor. Notwithstanding anything set forth herein, Lessor may exercise all rights and remedies
hereunder independently with respect to each Lease.

 

21. REMEDIES. Upon the occurrence
and continuation of an Event of Default, Lessor shall have the right, in its sole discretion to exercise any one or more of the
following remedies so long as such Event of Default remains uncured:

 

		(a)	terminate the applicable Lease and all of Lessee’s rights, but not its obligations, under
such Lease and in and to the Property leased thereunder;

 

		(b)	declare any and all Rent and other payment obligations under each Lease immediately due and payable,
including all past, present and future Rent and other payment obligations;

 

		(c)	take possession of or render unusable by Lessee any or all items of Property, wherever located,
without demand, notice, court order or other process of law, and without liability for entry to Lessee’s premises, for damage
to Lessee’s property or otherwise;

 

		(d)	demand that Lessee return any or all Property to Lessor in accordance with Section 14
above, and, for each day that Lessee shall fail to return any item of Property, Lessor may demand an amount equal to the Rent payable
for such Property in accordance with Section 14 above;

 

		(e)	lease, sell or otherwise dispose of any or all of the Property, whether or not in Lessor’s
possession, in a commercially reasonable manner at public or private sale with or without notice, with the right of Lessor to purchase
and apply the net proceeds of such disposition, after deducting all costs of such disposition (including but not limited to costs
of transportation, possession, storage, refurbishing, advertising and brokers’ fees), to the obligations of Lessee arising
under the Lease, with Lessee remaining liable for any deficiency until all obligations under this Agreement are paid in full and
with any excess being retained by Lessor;

 

		(f)	recover the following amounts from Lessee as damages, not as a penalty but herein liquidated for
all purposes as follows (subject to the Lessor’s duty, if any, to mitigate damages as and to the extent provided under applicable
law):

 

		i)	all costs and expenses of Lessor reimbursable to it hereunder, including, without limitation, expenses
of disposition of the Property, legal fees and all other amounts specified in Section 22 below;

 

		ii)	an amount equal to the sum of (A) any accrued and unpaid Rent through the later of the date
of the applicable default or the date that Lessor has obtained possession of the Property; and (B) if Lessor resells or relets
the Property, Rent at the periodic rate provided for in each Lease for the additional period that it takes Lessor to resell or
re-let all of the Property;

 

		iii)	the present value of all future Rent reserved in the Leases and contracted to be paid over the
unexpired Term of the Leases discounted at two percent (2.0%) per annum;

 

		iv)	all reasonable documented out of pocket costs and expenses related to (A) Lessor’s repossession
of the Property and (B) maintenance, repair and other work required to return the Property in the condition required by this Agreement
and the applicable Schedule; and

 

		v)	any indebtedness for Lessee’s indemnity under Sections 15 and 16 above,
plus a late charge at the rate specified in Section 3 above (but provided, for the avoidance of doubt, that no such
Section 3 late charge shall be charged on account of the acceleration of the due date of all Rents in accordance with the
foregoing or the subsequent untimely payment thereof);

 

		(g)	proceed by appropriate court action, either at law or in equity (including an action for specific
performance), to enforce performance by Lessee or to recover damages associated with such Event of Default; or exercise any other
right or remedy available to Lessor at law or in equity; and

 

		(h)	by offset, recoupment or other manner of application, apply any security deposit, monies held in
deposit or other sums then held by Lessor, and with respect to which Lessee has an interest, against any obligations of Lessee
arising under this Lease, whether or not Lessee has pledged, assigned or granted a security interest to Lessor in any or all such
sums as collateral for said obligations.

 

Lessor may pursue any other rights or remedies
available at law or in equity, including, without limitation, rights or remedies seeking damages, specific performance and injunctive
relief. In addition, Lessor may cure Lessee’s default, and Lessee shall be responsible for immediately reimbursing Lessor
for all amounts paid by Lessor to cure such default. Any failure of Lessor to require strict performance by Lessee, or any waiver
by Lessor of any provision hereunder or under any Schedule, shall not be construed as a consent or waiver of any other breach of
the same or of any other provision. Any amendment or waiver of any provision hereof or under any Schedule or consent to any departure
by Lessee herefrom or therefrom shall be in writing and signed by Lessor.

 

    	Master Lease (02/21)	Page 11 

     

    

 

Interest at the per annum rate (the “Overdue
Rate”) equal to the lesser of (i) the greater of (a) twelve percent (12%) and (b) the Prime Rate plus two percent
(2%) and (ii) the highest lawful rate Lessee can legally obligate itself to pay or Lessor can legally collect, shall accrue with
respect to any amounts payable under this Section 21 for as long as such amounts remain outstanding, and shall be paid by
Lessee upon demand. For purposes hereof, “Prime Rate” means, at the time any determination thereof is
to be made, the fluctuating per annum rate of interest then most recently reported in the Wall Street Journal as the “Prime
Rate” in the United States of America and if reported as a range, the interest rate shall be the mid-point of the range.
In the event that the Wall Street Journal ceases to report the Prime Rate, then “Prime Rate” shall mean the fluctuating
interest rate per annum announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate” (or, if otherwise
denominated, such bank’s reference rate for interest rate calculations on general commercial loans), which rate is not necessarily
the lowest or best rate which such bank may at any time or from time to time charge any of its customers.

 

In addition to the rights and remedies
of Lessor set forth in this Agreement, upon the occurrence and continuation of an Event of Default, except as otherwise set forth
in the applicable Schedule (i) Lessee shall permit Lessor and its designees and agents (which may include any prospective
purchasers of the Property) to access the Property on the property on which it is located; (ii) Lessor shall have the right
to (A) keep the Property on such property for the period of time that is necessary or desirable for Lessor to exercise its
rights and remedies under the applicable Lease, and (B) sell the Property while it is located on such property; and (iii) Lessor
and any purchaser of the Property shall have the right to dismantle all or any portion of the Property on such property and to
remove the Property from such property.

 

In the event Lessor takes possession of
or otherwise exercises remedies with respect to any Property, then for so long as such Property remains located on the premises
of Lessee’s real property and so long as Lessee remains in control of such real property and continues to conduct normal
business operations thereon, Lessor shall comply in all material respects with all applicable health, safety and environmental
laws in connection with such Property and shall also use commercially reasonable efforts to ensure that the ongoing use of such
Property does not unreasonably interfere with other operations at Lessee’s refinery facility or the bona fide health, safety
and environmental policies and practices in place with respect thereto.

 

No right or remedy is exclusive of any
other provided herein or permitted by law or equity. All such rights and remedies shall be cumulative and may be enforced concurrently
or individually from time to time.

 

22. LESSOR’S EXPENSES. All
reasonable, documented out-of-pocket costs and expenses incurred by Lessor in connection with entering into this Agreement and
the transactions contemplated hereby shall be for the account of Lessee and shall be paid by Lessee. Lessee shall pay Lessor on
demand all out of pocket costs and expenses in protecting and enforcing Lessor’s rights and interests in each Lease and the
Property, including, without limitation, legal, collection, inspection, appraisal, search, recording, titling, filing and remarketing
fees and expenses incurred by Lessor in enforcing the terms, conditions or provisions of each Lease or, upon the occurrence and
continuation of an Event of Default.

 

23. LESSEE’S WAIVERS. To the
extent permitted by applicable law, Lessee hereby waives any and all rights and remedies conferred upon a lessee by Sections 2A-508
through 2A-522 of the UCC. To the extent permitted by applicable law, Lessee also hereby waives any rights now or hereafter conferred
by statute or otherwise which may require Lessor to sell, lease or otherwise use any Property in mitigation of Lessor’s damages
as set forth in Section 21 above or which may otherwise limit or modify any of Lessor’s rights or remedies under
this Agreement. Any action by Lessee against Lessor for any default by Lessor under any Lease shall be commenced within one year
after Lessee becomes aware that any such cause of action accrues.

 

24. QUIET ENJOYMENT. So long as
no Event of Default has occurred and is continuing, Lessee shall peaceably hold and quietly enjoy the Property without interruption
by Lessor or any person or entity claiming through Lessor.

 

25. NOTICES; ADMINISTRATION. Except
as otherwise provided herein, all notices, approvals, consents, correspondence or other communications required or desired to be
given hereunder shall be given in writing and shall be delivered by overnight courier, hand delivery or certified or registered
mail, postage prepaid (with confirmation of receipt):

 

		a)	if to Lessor, then to 5601 Granite Parkway, Suite 1350, Plano, Texas 75024, ATTN: Credit Department,
e-mail: notice@StonebriarCF.com, or such other address as shall be designated by Lessor; and

 

		b)	if to Lessee, then to

 

		(i)	2780 Waterfront Parkway E. Drive, Suite 200, Indianapolis,
IN 46214, Attention: Chief Financial Officer; email: todd.borgmann@calumetspecialty.com and

 

		(ii)	2780 Waterfront Parkway E. Drive, Suite 200, Indianapolis,
IN 46214, Attention: General Counsel; email: greg.morical@calumetspecialty.com,

 

or such other addresses as shall
be designated by Lessee.

 

    	Master Lease (02/21)	Page 12 

     

    

 

All such notices and correspondence shall
be deemed given, and effective, when received. The parties hereto may correspond with one another by email, and email addresses
are provided above for that purpose, but notices required hereunder shall not be effective unless provided by overnight courier,
hand delivery or certified or registered mail, postage prepaid (with confirmation of receipt). Facsimile transmissions shall not
be effective for purposes of giving notice hereunder.

 

26. FURTHER ASSURANCES. Lessee,
upon the request of Lessor, will execute, acknowledge, record or file, as the case may be, such further documents and do such further
acts as may be reasonably necessary, desirable or proper to carry out more effectively the purposes of this Agreement and the transactions
contemplated hereby.

 

27. FINANCIAL STATEMENTS. Lessee
shall cause Parent to deliver to Lessor: (i) as soon as available, but not later than one hundred twenty (120) days after
the end of each fiscal year of Parent and its consolidated subsidiaries, the consolidated balance sheet, income statement and statements
of cash flows and shareholders equity for Parent and its consolidated subsidiaries (the “Financial Statements”)
for such year, prepared in accordance with GAAP and certified by independent certified public accountants of recognized standing
selected by Parent; and (ii) as soon as available, but not later than sixty (60) days after the end of each of the first
three fiscal quarters in any fiscal year of Lessee and its consolidated subsidiaries, the Financial Statements for such fiscal
quarter, together with a certification duly executed by the chief financial officer of Parent that such Financial Statements have
been prepared in all material respects in accordance with GAAP and fairly present in all material respects in accordance with GAAP
(subject to notes and normal year-end audit adjustments) the financial condition and results of operations of the Parent and its
consolidated subsidiaries taken as a whole; provided, however, that Financial statements, opinions of independent
certified public accountants and other certificates and information required to be delivered by Lessee pursuant to this Section 27
shall be deemed to have been delivered if Parent shall have timely filed with the SEC or EDGAR an SEC Form 10-Q or Form 10-K
satisfying the requirements of this Section, or such items are timely posted by or on behalf of Parent on a website to which Lessor
has access free of charge.

 

28. GOVERNING LAW;
CONSENT TO JURISDICTION. EACH LEASE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL IN ALL RESPECTS
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF
LAWS PRINCIPLES OF SUCH STATE), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF
THE EQUIPMENT. The parties agree that any action or proceeding arising out of or relating to a Lease may be commenced in any federal
or state court sitting in the Southern Federal District of New York or the Eastern Federal District of Texas and the parties irrevocably
submit to the jurisdiction of each such court and agree not to assert, by way of motion, as a defense or otherwise, in any such
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action
or proceeding is brought in an inconvenient forum, that the venue of such suit, action or proceeding is improper, or that the Lease
or the subject matter thereof or the transaction contemplated hereby or thereby may not be enforced in or by such court.

 

29. WAIVER OF JURY
TRIAL. LESSEE AND LESSOR IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

30. SEVERABILITY; INTEGRATION. If
any provision shall be held to be invalid or unenforceable, the validity and enforceability of the remaining provisions shall not
in any way be affected or impaired. Lessee acknowledges that Lessee has read this Agreement and the schedule hereto, understands
them, and agrees to be bound by their terms and conditions. Further, Lessee and Lessor agree that this agreement and the schedules
delivered in connection herewith from time to time are the complete and exclusive statement of the agreement between the parties,
superseding all proposals or prior agreements, oral or written, and all other communications between the parties relating to the
subject matter hereof.

 

31. COUNTERPARTS; DELIVERY. This
Agreement may be signed in counterparts, manually or electronically, and each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. Any signature delivered by facsimile or in "pdf"
or similar electronic format shall be deemed an original signature hereto.

 

32. LEASE DOCUMENTS. For the convenience
of the parties in future communication, this Agreement, the Schedules and all other agreements, instruments, documents and records
executed or delivered in connection herewith or therewith may be referred to as the “Lease Documents.”

 

[Signature Page Follows]

 

    	Master Lease (02/21)	Page 13 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed or caused this Master Lease Agreement to be duly executed by their respective duly authorized officers as of the date
first above written

 

	Calumet Shreveport
    Refining, LLC	STONEBRIAR COMMERCIAL FINANCE
    LLC
	 	 	 
	By: Calumet Refining, LLC, its sole member	By:	/s/
    Harrison P. Smith
	By: Calumet Operating, LLC, its sole member	 	 
	By: Calumet Specialty Products Partners, L.P.,
    its sole member	Name:	/s/
    Harrison P. Smith
	By: Calumet GP, LLC, its general partner	 	 
	 	Title:	Vice
    President

 

	By:	/s/
    Todd Borgmann	 
	 	 	 
	Print Name:  	Todd
    Borgmann  
	 	 	 
	Print Title:	Senior
    Vice President & Chief Financial Officer	 

 

FEIN: 20-1717754

 

    	Master Lease (02/21)	Page 14 

     

    

 

 

 

Execution
Version

 

PROPERTY
SCHEDULE NO. 1

 

	Lessor:	STONEBRIAR COMMERCIAL
    FINANCE LLC
	 	 
	Lessee:	Calumet Shreveport
    Refining, LLC

 

THIS
PROPERTY SCHEDULE NO. 1, dated as of February 12, 2021 (this “Schedule”), is executed, and the Property
(defined below) is hereby leased, pursuant to that certain Master Lease Agreement, dated as of February 12, 2021 (the “MLA”),
between Lessee and Lessor, the terms of which are incorporated herein by reference. This Schedule, incorporating by reference
the terms and conditions of the MLA and any Riders or other addenda referencing the MLA or this Schedule, constitutes a separate
instrument of lease effective as of the date accepted by Lessor as indicated below. Unless specifically defined herein, capitalized
terms used in this Schedule shall have the same meaning as set forth in the MLA.

 

RECITALS:

 

WHEREAS,
on the date hereof, Lessee has sold to Lessor the property described in Exhibit A attached hereto pursuant to a bill of sale;

 

WHEREAS,
Lessee is a wholly owned subsidiary of Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the “Parent”),
and Parent has executed that certain Continuing Guaranty, dated as of the date hereof, guaranteeing Lessee’s prompt payment
and performance of the MLA and this Schedule;

 

WHEREAS,
Lessee has entered into a supply and offtake agreement (the “Supply and Offtake Agreement”) with Macquarie
Energy North America Trading Inc. (“Macquarie”), pursuant to which Macquarie, or its successors and
assigns, has and may from time to time in the future, among other things, purchase additional refined products from Lessee, store
such goods in the storage tanks constituting part of the Property, and may sell such goods back to Lessee for sale by Lessee to
other customers, and Macquarie, Lessee and Lessor have, on the date hereof, entered into an agreement (the “Multiparty
Agreement”) permitting Macquarie, or its successors and assigns, to remove its goods from the applicable storage
tanks constituting Property, providing for certain limited cure rights with respect to this Agreement, and providing for a limited
period for an orderly wind up by Macquarie, or its successors and assigns, of its storage of goods prior to the exercise by the
Lessor of any remedies for default hereunder.

 

NOW
THEREFORE, for good and valuable consideration and reasonably equivalent value, the receipt and sufficiency of which are hereby
expressly acknowledged, Lessor and Lessee hereby agree as follows:

 

The
equipment leased hereunder shall be as set forth and described in Exhibit A attached hereto and incorporated herein for
all purposes (the “Property”), and Lessee hereby irrevocably acknowledges (i) the Property is in Lessee’s
possession and no physical delivery by Lessor or inspection by Lessee is required hereunder and (ii) receipt and acceptance of
the Property in satisfactory condition.

 

Lessee
hereby agrees to the following terms and provisions:

 

	1. Property Location(s):	3333 Midway Street, Shreveport,
    LA 71109
	 	 
	2.  Property Cost:	$70,000,000
	 	 
	3.  Rental Payment Amount:	$1,001,630.54 (plus any applicable sales/use
    tax) 
	 	 
	4.  Number of Rental Payments:	84
	 	 
	5.  First Rental Payment Due Date:	March 1, 2021 with subsequent Rental Payments
    due on the 1st day each month thereafter.
	 	 
	6. Interim Rental Amount:
    
	$346,164.38 (plus any applicable sales/use tax),
    payable on the date hereof. 
	 	 
	7.  Security Deposit Amount:	N/A
	 	 
	8.  Term Expiration Date and Settlement
    Date:	February 29, 2028.

 

    	Property Schedule No. 1 (02/21)	Page 1

     

    

 

	9.	Stipulated
                                         Loss Value. The Stipulated Loss Value of any item of Property shall be an amount
                                         equal to the product of (a) the Property Cost of such item of Property and (b) the Stipulated
                                         Loss Value Percentage set forth in the Schedule B attached hereto and incorporated
                                         herein by reference, which corresponds to the number of full monthly rental payments
                                         that have been received by Lessor prior to the date of loss.

 

	10.	Early
                                         Termination Option. Notwithstanding anything in the Lease to the contrary, upon Lessee’s
                                         payment on the sixth (6th) anniversary of the First Rental Payment Due Date (the “Early
                                         Termination Date”), and provided Lessee has paid and Lessor has received
                                         all rental and any other payments due under the Lease prior to the exercise of the early
                                         termination option described in this Section 10, Lessee shall have the right to,
                                         upon not less than ninety (90) days’ (or more than one hundred eighty (180) days’)
                                         prior written notice to Lessor, purchase all, but not less than all, of the Property
                                         by paying a lump sum cash payment to Lessor on the Early Termination Date in an amount
                                         equal to 32.94% of the Property Cost indicated above (the “Early Termination
                                         Purchase Price”), plus all applicable sales, use, transfer, property and
                                         other similar taxes related to the sale of the Property. Upon receipt by Lessor of the
                                         Early Termination Purchase Price on the Early Termination Date, together with any other
                                         amounts due and payable under the Lease, all in immediately available funds, Lessor shall
                                         transfer to Lessee, without recourse or warranty of any kind, express or implied, all
                                         of Lessor’s right, title and interest in and to such Property on an AS-IS, WHERE-IS
                                         basis, with all faults, except Lessor will warrant that the Property is free and clear
                                         of any liens created by Lessor or any party on its behalf. Lessee would be obligated
                                         to reimburse Lessor for all taxes, charges and expenses relating to the sale, registration,
                                         use, possession, and operation of the Property to the extent provided in the MLA. Lessor
                                         shall provide promptly to Lessee following Lessee’s request (a) wire transfer information,
                                         (b) a list of all charges and amounts due and owing by Lessee to Lessor at any relevant
                                         date in connection with the foregoing, and (c) such other information and calculations
                                         as Lessee may reasonably request in order to permit Lessee to exercise and perform the
                                         “Early Termination Option” described in this Section 10.

 

	11.	End
                                         of Term Options. If Lessee does not exercise the early termination option as described
                                         in Section 10 above, the Lease shall continue until the Term Expiration Date,
                                         at which time Lessee shall have the end of term options set forth in the MLA.

 

	12.	Upfront
                                         Fee. Simultaneously with Lessee’s execution of this Schedule, Lessee shall
                                         pay to Lessor a non-refundable upfront fee of an amount equal to 1% of the Property Cost
                                         in immediately available funds. Lessee hereby acknowledges and agrees that such upfront
                                         fee is fully earned by Lessor and non-refundable as of the date hereof.

 

	13.	Conditions
                                         Precedent. On or prior to the date hereof, as a condition precedent to the effectiveness
                                         of Lessor’s obligation to fund the Property Cost, Lessor shall have received the
                                         following documents, each in form and substance satisfactory to Lessor:

 

		(a)	confirmation
                                         that the Property is free and clear of all liens, privileges, claims, mortgages and other
                                         encumbrances other than permitted liens described in Section 18 hereof;

 

		(b)	an
                                         appraisal of the Property issued by an appraiser, and pursuant to an appraisal plan,
                                         selected and engaged by Lessor (and mutually acceptable to Lessee);

 

		(c)	a
                                         copy of the most recent existing perimeter survey of the real property on which the Property
                                         is located, issued by a surveyor, as mutually agreed by Lessee and Lessor;

 

		(d)	abstract
                                         of title evidencing the ownership of the real property on which the Property is located
                                         and identifying all encumbrances, with copies of all such encumbrances, together with
                                         a “date down” letter from Louisiana counsel for Lessee identifying any encumbrances
                                         since the date of such abstract;

 

		(e)	a
                                         precautionary mortgage executed by Lessee in favor of Lessor in form and substance acceptable
                                         to Lessor;

 

    	Property Schedule No. 1 (02/21)	Page 2

     

    

 

		(f)	an
                                         act of sale and deimmobilization conveying the Property to Lessor in form and substance
                                         acceptable to Lessor;

 

		(g)	confirmation
                                         of insurance covering the Property in amounts and with insurers acceptable to Lessor;

 

		(h)	a
                                         collateral access agreement executed by the mortgagor of any real property on which the
                                         Property will be located and Lessee, confirming Lessor’s ability to access the
                                         Property following any Event of Default;

 

		(i)	confirmation
                                         to Lessor’s satisfaction that Lessee is the fee simple owner of the real property
                                         on which the Property will be located, but subject to liens disclosed in writing to Lessor
                                         prior to the date hereof;

 

		(j)	a
                                         release from Lessee’s existing creditors having liens thereon, releasing such creditors’
                                         liens on the Property, including the Lien in favor of the Collateral Trustee pursuant
                                         to the Mortgage (each as defined below in Section 18);

 

		(k)	a
                                         partial release of mortgage with respect to the Mortgage, as defined below, duly executed
                                         by Wilmington Trust, National Association, as collateral trustee, in form and substance
                                         acceptable to Lessor;

 

		(l)	precautionary
                                         UCC lease and fixture filings as required to perfect the security interest of Lessor
                                         granted hereunder;

 

		(m)	Lessee’s
                                         corporate and reporting policies for hazardous waste materials in form and substance
                                         acceptable to Lessor;

 

		(n)	provision
                                         of certain rights with respect to and/or assignment of all easements, deeded rights of
                                         access and all other agreements that govern access to and ongoing operation of the Property;

 

		(o)	copies
                                         of duly executed intercreditor and/or subordination agreements entered into by Lessee
                                         and Lessee’s existing lenders in form and substance acceptable to Lessor;

 

		(p)	an
                                         officer’s certificate of Lessee (A) certifying that no material adverse change
                                         in Lessee’s financial condition has occurred since December 31, 2020 and (B) containing
                                         true, correct and complete copies of (i) the charter documents of Lessee, (ii) resolutions
                                         of Lessee’s sole member authorizing the execution, delivery and performance by
                                         Lessee of the MLA, this Schedule and the other agreements entered into in connection
                                         therewith; (iii) an incumbency certificate of Lessee; and (iv) evidence of Lessee’s
                                         good standing in the States of Delaware and Louisiana;

 

		(q)	an
                                         officer’s certificate of Calumet Specialty Products Partners, L.P. (“Guarantor”)
                                         (A) certifying that no material adverse change in Guarantor’s financial condition
                                         has occurred since December 31, 2020 and (B) containing true, correct and complete copies
                                         of (i) the charter documents of Guarantor, (ii) resolutions of Guarantor’s general
                                         partner authorizing the execution, delivery and performance by Guarantor of the guaranty
                                         by Guarantor in favor of Lessor entered into in connection with the MLA and described
                                         in clause (n) below; (iii) an incumbency certificate of Guarantor; and (iv) evidence
                                         of Guarantor’s good standing in the State of Delaware;

 

		(r)	a
                                         guaranty dated on or about the date hereof issued by the Guarantor in favor of Lessor
                                         entered into in connection with the MLA, in form and substance acceptable to Lessor;

 

		(s)	the
                                         execution and delivery by all parties thereto of the Multiparty Agreement;

 

		(t)	an
                                         opinion of Lessee’s and Guarantor’s outside counsel addressing such issues
                                         as Lessor may reasonably request with respect to the MLA, this Schedule and the transactions
                                         contemplated hereby to include, without limitation, opinions related to (i) due authority,
                                         execution and delivery; (ii) enforceability; (iii) no violation of law or other material
                                         financing agreements; and (iv) no consents/approvals/authorizations of third parties
                                         required; and

 

		(u)	an
                                         opinion of Louisiana counsel for Lessee addressing such issues as Lessor may request
                                         with respect to this Schedule and the transactions contemplated hereby.

 

		14.	Conditions
                                         Subsequent.

 

	(a)	Partial
                                         Release Recording. The partial release of mortgage described in Section 13(k)
                                         shall be accepted for recording by the recorder of mortgages for the Parish of Caddo,
                                         Louisiana within two (2) business days after the date hereof.

 

    	Property Schedule No. 1 (02/21)	Page 3

     

    

 

	(b)	Investment
                                         in Property Project.

 

		(i)	Lessee
                                         shall undertake to spend, on or before December 31, 2022, at least $6,500,000.00 (the
                                         “Required Investment”) in capital expenditures for the maintenance, upgrading
                                         and improvement of the Property, including the “truck rack” (as hereinafter
                                         defined), and Lessee shall provide to Lessor evidence thereof reasonably satisfactory
                                         to Lessor; provided however, that the deadline date of December 31, 2022 shall be extended
                                         in the event that any event outside the control of Lessee, such as (by way of example
                                         and not by way of limitation) fire, lightning, storms (including hurricanes), floods,
                                         labor unrest or strikes, riots, civil or political unrest or insurrection, suspension
                                         of electricity supply, pandemic (and related governmental action), and acts of God, such
                                         extension to be for the same period of time as the duration of all of the foregoing events
                                         outside of Lessee’s control.

 

		(ii)	Lessor
                                         and Lessee agree that Lessee has, as of the date hereof, spent $685,650.00 on (and to
                                         be credited toward) the foregoing Required Investment (including expenditures for engineering
                                         consultation, programming changes to support new product code in the Accuload system,
                                         piping modifications, electrical and instrumentation modifications, modifications to
                                         the AccuLoad programming to support future proprietary additive injection systems additions
                                         and replacement of the AccuLoad modules at each lane, fiber optics replacements, and
                                         automated shutoff valves installation). For the avoidance of doubt, spending on Severable
                                         Improvements, additives tanks or new storage tanks will not count or be credited toward
                                         the Required Investment.

 

		(iii)	In
                                         the event that Lessee does not fulfill the Required Investment spending on or before
                                         December 31, 2022, then Lessee shall provide to Lessor, on January 2, 2023, a letter
                                         of credit issued by a national bank reasonably satisfactory to Lessor that (i) is in
                                         form reasonably satisfactory to Lessor, (ii) names Lessor as beneficiary, (iii) permits
                                         multiple partial drawings, (iv) is freely assignable and transferable by Lessor without
                                         restriction or condition (other than notifying the issuing bank of any such assignment
                                         or transfer and delivering any required transfer form); (v) is in an amount equal to
                                         the difference between the Required Investment and the amount actually invested by Lessee
                                         in capital expenditures for the maintenance, upgrading and improvement of the Property,
                                         as reasonably demonstrated to Lessor by Lessee, (vi) remains in full force and effect
                                         during the Term and for not less than ninety (90) days following the Term Expiration
                                         Date (provided that the Letter of Credit can be issued for a shorter term, so long as
                                         the Letter of Credit is an “evergreen” letter of credit that automatically
                                         renews for successive one year periods until the end of the required period, or for which
                                         a substitute letter of credit, with an extended maturity date, and containing an evergreen
                                         provision for successive one year periods, is provided (and which otherwise satisfies
                                         the conditions set forth herein) at least 120 days prior to the stated expiry date of
                                         the letter of credit being replaced) (vii) is subject to drawing upon the occurrence
                                         and during the continuation of an Event of Default under the MLA (any such proceeds thereof
                                         to be applied by Lessor in satisfaction of its claims under the MLA); provided that the
                                         amount available for drawing under such letter of credit shall be reduced (and such letter
                                         of credit shall so provide via joint certifications by Lessor and Lessee), prior to its
                                         expiry date, for each dollar spent by Lessee after its issuance for capital expenditures
                                         for the maintenance, upgrading and improvement of the Property materially consistent
                                         with the plans provided by Lessee to Lessor as of the date hereof. On the Term Expiration
                                         Date, upon payment and settlement in full by Lessee in accordance with the terms hereof,
                                         such letter of credit shall be returned by Lessor to Lessee for cancellation and discharge.

 

	15.	Addenda.
                                         In addition to those expressly referred to herein, the following Riders, Schedules or
                                         other addenda are agreed to by the parties on the effective date hereof and are incorporated
                                         in the Lease for all purposes:

 

		(a)	Exhibit
                                         A (Property Description);

 

		(b)	Exhibit
                                         B (Stipulated Loss Value); and

 

		(c)	Maintenance
                                         and Return Rider to Property Schedule No. 1.

 

    	Property Schedule No. 1 (02/21)	Page 4

     

    

 

	16.	Proprietary
                                         Additives. For the avoidance of doubt, Lessor and Lessee acknowledge and agree that
                                         (a) to the extent that Lessee has custody of any proprietary gasoline additives (“Proprietary
                                         Additives”) provided by Lessee’s customers (the “Additive
                                         Provider”) and stored in any of the storage tanks constituting Property,
                                         Lessor shall have no right, title, claim on or interest in or to any Proprietary Additives,
                                         (b) Lessee, and each Additive Provider, shall have the right, using the standard of care
                                         customary for prudent refinery operators, to remove from the Property any or all Proprietary
                                         Additives at any time or from time to time, without regard to whether or not an Event
                                         of Default has occurred or is continuing hereunder, and without any obligation to make
                                         any payment of any kind to Lessor, provided that Lessor may require, in connection
                                         with its remedies during the continuation of an Event of Default hereunder, that an Additive
                                         Provider exercise commercially reasonable efforts to remove from the Property any Proprietary
                                         Additives within fifteen (15) days after Lessor provides notice to Additive Provider
                                         that the Additive Provider’s Proprietary Additives must be removed because an Event
                                         of Default is continuing under this Agreement and, if such Proprietary Additives are
                                         not removed within such fifteen (15) day period, the Additive Provider shall be thereafter
                                         required to pay rent in an amount to be reasonably determined by Lessor for each day
                                         until the Proprietary Additives are removed to Lessor’s satisfaction, (c) Lessee
                                         may, if an Additive Provider requires it, sublease the storage tanks (whether one or
                                         more) to the Additive Providers (whether one or more) for the sole purpose of permitting
                                         the Additive Providers to store and remove therefrom Proprietary Additives therein, (d)
                                         each Additive Provider is a third party intended beneficiary of this paragraph, and (e)
                                         each Additive Provider may file a financing statement, on Form UCC-1, to evidence its
                                         interests in and ownership of any Proprietary Additives in Lessee’s custody; provided,
                                         however, that no such financing statement shall contemplate any interest in
                                         or ownership of any Property nor identify Lessor as debtor.

 

	17.	Multiparty
                                         Agreement. Lessor acknowledges and agrees that the Property may be used by Macquarie
                                         and its successors and assigns and that Lessee may sublease the Property to Macquarie
                                         and its successors and assigns as and to the extent contemplated in the Multiparty Agreement;
                                         provided that, any such sublease is subject and subordinate to the MLA and this
                                         Schedule.

 

	18.	Permitted
                                         Liens. The following shall be considered a permitted Lien: (i) the lien in respect
                                         of the real property on which the Property is located created in favor of Wilmington
                                         Trust, National Association, as collateral trustee (the “Collateral Trustee”)
                                         pursuant to that certain Second Amended and Restated Multiple Indebtedness Mortgage,
                                         Pledge of Leases and Rents, Security Agreement and Fixture Filing entered into as of
                                         the 20th day of April, 2016 (the “Mortgage”), and covering
                                         Lessee’s real property in Caddo Parish, Louisiana, on which the Property is located,
                                         including (A) any successor, assign or replacement of the Collateral Trustee or the lenders
                                         represented by the Collateral Trustee, and (B) Liens on such real property securing any
                                         replacement financing that replaces the obligations secured by the Mortgage, (ii) the
                                         right of Macquarie (and its successors and assigns, as well as any replacement financing
                                         providers for finished goods inventory, such as (by way of example and not limitation,
                                         revolving credit lenders) from time to time to use the Property to store therein and
                                         remove therefrom (a) inventory of Lessee, and (b) inventory of Macquarie, or its successors
                                         and assigns, acquired from Lessee, or purchased by Macquarie’s successors and assigns
                                         from Macquarie (or pledged to Macquarie, or its successors and assigns, or any replacement
                                         financing providers as aforesaid), in each case, as and to the extent set forth in the
                                         Multiparty Agreement, (iii) the sublease by Lessee to Macquarie (and its successors and
                                         assigns, or any replacement financing providers as aforesaid) of the storage tanks constituting
                                         Property so as to permit Macquarie (and its successors and assigns, or any replacement
                                         financing providers as aforesaid) to store therein inventory or goods of Macquarie purchased
                                         by Macquarie, or its successors and assigns, from Lessee, or purchased by Macquarie’s
                                         successors and assigns from Macquarie (or pledged to Macquarie, or its successors and
                                         assigns, or any replacement financing providers as aforesaid), in each case, in connection
                                         with the Supply and Offtake Agreement or any financing replacement therefor or any transaction
                                         documents related thereto, including the Multiparty Agreement, and (iv) the rights of
                                         Additive Providers expressly provided hereinabove. Lessor and Lessee shall cooperate
                                         in providing to any successor or assign of Macquarie the right to step in and be substituted
                                         for Macquarie under the Multiparty Agreement, or to any replacement financing providers
                                         with respect to any financing constituting a replacement of the financing provided by
                                         Macquarie, documentation comparable to the Multiparty Agreement. No replacement financing
                                         for the financing provided by Macquarie (or any successor or assignee thereof) or rights
                                         or interests of any other replacement financing providers referenced above shall contemplate
                                         or consist of the grant of a security interest in any Property nor have a material adverse
                                         impact on Lessor’s ownership, interests, and rights with respect to the Property.

 

	19.	Louisiana
                                         Provisions. Notwithstanding anything to the contrary in the MLA, this Schedule, or
                                         the other Riders, the following provisions will apply and be binding on Lessor and Lessee
                                         with respect to the Property:

 

		(a)	The
                                         MLA, the Riders, and this Schedule create a true lease of the Property as defined in
                                         the Louisiana Lease of Movables Act, La. R.S. §9:3301 – 3342.

 

		(b)	Without
                                         limiting the provisions of Sections 4 and 6 of the MLA and in addition
                                         to those provisions,

 

		(i)	Lessee’s
                                         obligation to pay rent shall not be subject to any delay, reduction, set-off, defense,
                                         counterclaim, abatement, or recoupment for any breach of warranty or claimed breach of
                                         warranty that Lessee may have against Lessor with respect to the Property or any part
                                         of the Property, or any defects or deficiencies in the Property or any part of it;

 

    	Property Schedule No. 1 (02/21)	Page 5

     

    

 

		(ii)	Lessee
                                         acknowledges and agrees that Lessor did not construct or install the Property; and

 

		(iii)	In
                                         addition to and without limiting the waivers and disclaimers set out in Section 6
                                         of the MLA, LESSEE HEREBY EXPRESSLY WAIVES ALL WARRANTIES DISCLAIMED BY LESSOR IN
                                         THE MLA, AND ALL OTHER REPRESENTATIONS, WARRANTIES, AND COVENANTS, EXPRESS OR IMPLIED,
                                         UNDER LOUISIANA LAW, INCLUDING, WITHOUT LIMITATION, UNDER LA. CIVIL CODE ARTS. 2682(2),
                                         2684, 2691, 2694, AND 2696-2699.

 

		(c)	In
                                         addition to the security interest granted in Section 7 of the MLA, and in an abundance
                                         of caution, Lessee shall grant Lessor a first priority mortgage on the Property (but
                                         not on any real property on which the Property sits) and all cash and non-cash proceeds,
                                         including the proceeds of all insurance policies, and Lessee agrees that with respect
                                         to the Property, in addition to all of the other rights and remedies available to Lessor
                                         under the MLA, the Riders, and this Schedule, upon the occurrence of an Event of Default,
                                         Lessor shall have all of the rights and remedies granted in that mortgage.

 

		(d)	If
                                         Lessor sells or otherwise transfers the Property to Lessee under Section 10 of
                                         this Schedule or Sections 10 or 13 of the MLA, the sale or transfer will
                                         be “AS IS WHERE IS” and simultaneously with the sale or transfer, Lessee
                                         shall waive all warranties, express or implied, with respect to the title to and condition
                                         of the Property and all other warranties and representations, including, without limitation,
                                         a waiver of any and all warranties with respect to the condition of the Property under
                                         La. Civ. Code art. 2475, any and all warranties that the Property is free from redhibitory
                                         or other vices, defects, or deficiencies or is suitable for its intended use under La.
                                         Civ. Code arts. 2520 through 2548, and any and all other warranties whatsoever under
                                         La. Civ. Code arts 2477 through 2548 or any other provision of law, all in a waiver that
                                         is in form and substance acceptable to Lessor, except that Lessor will warrant that the
                                         Property is free and clear of any liens created by Lessor or any party on its behalf.

 

		(e)	In
                                         addition to, but without duplication of Lessor’s remedies or recoveries and compensation,
                                         set out in Section 21 of the MLA, if Lessor elects to terminate this Lease as
                                         provided in Section 21(a) of the MLA, Lessor will have the right, in its sole
                                         discretion, to recover the aggregate of the following amounts from Lessee as liquidated
                                         and stipulated damages, and not as a penalty;

 

		(i)	all
                                         costs and expenses of Lessor reimbursable to it hereunder, including, without limitation,
                                         expenses of disposition of the Property, legal fees and all other amounts specified in
                                         Section 22 of the MLA; plus

 

		(ii)	an
                                         amount equal to the sum of all accrued and unpaid Rent through the later of the date
                                         of the termination or the date that Lessor has obtained possession of the Property; plus

 

		(iii)	an
                                         amount equal to

 

		(1)	(x)
                                         the present value of all future Rent reserved in this Lease that would have been payable
                                         had Lessor not terminated this Lease, discounted to present value at two percent (2%)
                                         simple interest per annum, plus (y) the expected residual value of the Property as of
                                         the original expiration date of the Lease, less

 

		(2)	the
                                         price for which Lessor is able to resell the Property; plus

 

		(iv)	all
                                         costs and expenses related to (A) Lessor’s repossession of the Property and (B)
                                         maintenance, repair and other work required to return the Property to the condition required
                                         by the MLA, all Riders and this Schedule; plus

 

		(v)	all
                                         indebtedness for Lessee’s indemnity under Sections 15 and 16 of the
                                         MLA, plus any then accrued late charges at the rate specified in Section 3 of
                                         the MLA (but provided, for the avoidance of doubt, that no such Section 3 late
                                         charge shall be charged on account of the liquidated damages payable in accordance with
                                         the foregoing).

 

Lessor
and Lessee acknowledge and agree that the liquidated and stipulated damages specified in this subsection (e) are a reasonable
and agreed estimate of Lessor’s actual damages should an Event of Default occur and continue and should Lessor elect to
terminate this Lease by reason of that Event of Default.

 

    	Property Schedule No. 1 (02/21)	Page 6

     

    

 

		(f)	In
                                         addition to its waivers set out in Section 23 of the MLA and elsewhere in this
                                         Lease, as to the Property, Lessee hereby waives any and all rights and remedies conferred
                                         on a lessee by the Louisiana Lease of Movables Act, La. R.S. §9:3301 – 3342
                                         and also waives any and all notice to vacate that may be required by law.

 

		(g)	Notwithstanding
                                         the provisions of Section 28 of the MLA, (i) to the extent required by Louisiana
                                         law, matters with respect to the Property or the land on which it is located will be
                                         governed by Louisiana law, and (ii) any action or proceeding arising out of or relating
                                         to the Property may, at Lessor’s option, also be commenced in any federal or state
                                         court sitting in the Western District of Louisiana, and if Lessor elects to commence
                                         an action or proceeding in that jurisdiction, Lessee irrevocably submits to the jurisdiction
                                         of that court and agrees not to assert, by way of motion, as a defense or otherwise,
                                         in any such suit, action or proceeding, any claim that it is not personally subject to
                                         the jurisdiction of such court, that the suit, action or proceeding is brought in an
                                         inconvenient forum, that the venue of such suit, action or proceeding is improper, or
                                         that the Lease or the subject matter thereof or the transaction contemplated hereby or
                                         thereby may not be enforced in or by such court.

 

		(h)	Lessor
                                         and Lessee acknowledge and agree that in accordance with Louisiana Civil Code Article
                                         468, the Property described in this Schedule has been deimmobilized prior to the consummation
                                         of the applicable Lease and therefore constitutes personal (movable) property; provided,
                                         however, that such Property constitutes “other constructions permanently
                                         attached to the ground” as referenced in LSA-R.S. 47:301(16)(l), and notwithstanding
                                         any provision to the contrary contained in the MLA or in this Schedule, the Property
                                         shall be treated as immovable property only for sales and use tax purposes, to the fullest
                                         extent provided by LSA-R.S. 47:301(16)(l). Lessor and Lessee will reasonably cooperate,
                                         at Lessee’s sole cost and expense, to reduce or eliminate Louisiana state and local
                                         taxes, whether or not such taxes are being contested in accordance with Section 12
                                         of the MLA, to the extent such cooperation does not conflict with this Section
                                         19(h).

 

		(i)	With
                                         respect to the Property, for purposes of Louisiana law and usage, the following terms
                                         will have the following meanings: (i) the term “lien” will also mean a privilege,
                                         mortgage, or security interest; (ii) the terms “land,” “real property,”
                                         “real estate,” and the like will mean “immovable property”; (iii)
                                         the term “personal property,” “personalty,” or the like, will
                                         mean “movable property”; (iv) the term “easement” will include
                                         “servitude”; (v) the term “fee simple” will mean “full
                                         undivided ownership”; (vi) the term “condemnation” will mean “expropriation”;
                                         (vii) the term “joint and several” will mean “solidary”; and
                                         (viii) the term “Uniform Commercial Code” will mean the Louisiana Commercial
                                         Laws, La. R.S. Section 10:9-101 et seq.

 

	20.	Master
                                         Lease Agreement. Except as expressly provided or modified hereby, all the terms and
                                         provisions of the MLA shall remain in full force and effect. In the event of any conflict
                                         between the MLA and this Property Schedule No. 1, this Property Schedule No. 1 shall
                                         control.

 

	21.	Counterparts.
                                         This Schedule may be signed in counterparts, manually or electronically, and each such
                                         counterpart shall be deemed an original, with the same effect as if the signatures thereto
                                         and hereto were upon the same instrument.

 

	22.	Additional
                                         Rent. The maximum amount of Additional Rent claimed by Lessor under Section 16
                                         of the MLA will be six hundred ninety-three thousand dollars ($693,000.00).

 

	23.	Improvements.
                                         (a) Notwithstanding the foregoing, all Improvements (other than any Improvement that
                                         is required to comply with applicable law, constituting a repair or maintenance event,
                                         or replacement property following casualty events pursuant to Section 10 of the
                                         MLA) that are readily removable without materially impairing the current or residual
                                         value or utility of the Property (each, a “Severable Improvement”)
                                         shall remain the property of Lessee. Upon the expiration of the Term, unless Lessee has
                                         removed the applicable Severable Improvement (and in the case of storage tanks, “removal”
                                         may be by means of disconnection of the applicable storage tank from the truck rack),
                                         Lessor will have the option to purchase Severable Improvements (if the Lessee does not
                                         purchase the Property pursuant to the Lease) at their then fair market value (determined
                                         in accordance with the procedure in Section 13(a) of the MLA). If Lessor does
                                         not elect to purchase a Severable Improvement, Lessee shall remove such Severable Improvement
                                         from the Property on or prior to the expiration of the Term at Lessee’s sole cost
                                         and expense. Lessee shall repair any damage to the Property caused by any removal of
                                         Severable Improvements. If Lessee fails to remove any Severable Improvement prior to
                                         the end of the Term and returns the Property to the Lessor, title to such Severable Improvement
                                         shall vest in the Lessor. Lessor shall cooperate, at Lessee’s cost, with Lessee
                                         so as to modify any financing statements (whether one or more) filed by Lessor in connection
                                         herewith, and execute any acknowledgments or releases reasonably requested by Lessee,
                                         so as to reflect any financing obtained by Lessee from any third party with respect to,
                                         and so thereby to evidence Lessor’s disclaimer of any ownership interest in, any
                                         Severable Improvements.

 

    	Property Schedule No. 1 (02/21)	Page 7

     

    

 

		(b)	For
the avoidance of doubt, “Severable Improvements” means improvements that are neither a part of the truck rack nor
connected to the truck rack as of the date hereof, and for the avoidance of doubt, by way of example and without limitation of
the foregoing,

 

(i)
a storage tank that constitutes a replacement of a storage tank (as a result of a casualty event that damages or destroys such
tank) that is Property on the date hereof, is not a Severable Improvement but is instead an improvement to the Property,

 

(ii)
a replacement or repair of the truck rack, piping, pumps, thermal oxidizer or other asset that is part of the Property on the
date hereof, as a result of a casualty event that damages or destroys any of the foregoing, is not a Severable Improvement but
is instead an improvement to the Property,

 

(iii)
an improvement to the truck rack itself (and including assets that are located in the production process for refined products
between the storage tanks constituting Property and the truck rack, and are connected to the truck rack, and consisting of pumps
and piping) that increases the throughput capacity or flow rate of the truck rack, is not a Severable Improvement but is instead
an improvement to the Property,

 

(iv)
any improvement or upgrade to the truck rack made in connection with the performance of the investments therein contemplated in
Section 14(b) hereof is not a Severable Improvement but is instead an improvement to the Property, and

 

(v)
additional new piping, pumps and related assets, at Lessee’s Shreveport, Louisiana facility, that are connected to the truck
rack and that are also connected to a Severable Improvement, are themselves Severable Improvements.

 

Notwithstanding
the foregoing, all of the following are the property of Lessee and are not subject in any respect to the MLA, this Lease or any
agreement executed in connection herewith and constitute neither Property, improvements to Property nor Severable Improvements:
(A) all assets now existing or hereafter arising, that are upstream (that is, are not located in the production process for refined
products between the storage tanks constituting Property and the truck rack) of the Property constituting storage tanks, (B) all
storage tanks that hold only Proprietary Additives, and (C) any new storage tank (that is not a replacement of Property damaged
in a casualty event), that is connected to the truck rack and does not exist on the date hereof, and that is built to enable increased
volumes of products, or the storage and distribution of refined products that are new or different than prior products, through
the truck rack in conjunction with increased or changed capabilities of Lessee’s Shreveport, Louisiana refinery facilities.

 

		(c)	For
purposes hereof, “truck rack” shall mean the assets described under the heading “Truck Rack (Group #3)”
on Exhibit A.

 

		(d)	Notwithstanding
the foregoing, this Section 23 shall not obviate or reduce any Lessee obligations set forth in Section 5 of the
MLA.

 

[Signature
Page Follows]

 

    	Property Schedule No. 1 (02/21)	Page 8

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed or caused this Property Schedule No. 1 to be duly executed by their respective
duly authorized officers as of the date first above written.

 

Calumet
Shreveport Refining, LLC

 

	By: Calumet Refining, LLC, its sole member	 
	By: Calumet Operating, LLC, its sole member	 
	By: Calumet Specialty Products Partners, L.P., its sole member
	By: Calumet GP, LLC, its general partner	
	 	 	 
	By:	/s/ Todd Borgmann	 
	Print Name:	Todd Borgmann
    	 
	Print Title:	Senior Vice President & Chief Financial Officer

 

THIS
LEASE IS EXECUTED AND ACCEPTED BY LESSOR on this 12th day of February 2021.

 

STONEBRIAR
COMMERCIAL FINANCE LLC

 

	By:
    	Harrison
    P. Smith	 
	Name:	Harrison P. Smith     	 
	Title:	Vice President     	 

 

 

	Property Schedule No. 1 (02/21)	Page 9EX-4.1

 Exhibit 4.1 

LOANDEPOT, INC. 

REGISTRATION RIGHTS AGREEMENT 

February 16, 2021 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Section 1.	 	Definitions	  	 	2	 
	Section 2.	 	Demand Registrations	  	 	7	 
	Section 3.	 	Piggyback Registrations	  	 	14	 
	Section 4.	 	Holdback Agreements	  	 	17	 
	Section 5.	 	Registration Procedures	  	 	18	 
	Section 6.	 	Registration Expenses	  	 	23	 
	Section 7.	 	Indemnification and Contribution	  	 	24	 
	Section 8.	 	Underwritten Offerings	  	 	26	 
	Section 9.	 	Additional Parties; Joinder	  	 	26	 
	Section 10.	 	Current Public Information	  	 	27	 
	Section 11.	 	Subsidiary Public Offering	  	 	27	 
	Section 12.	 	Transfer of Registrable Securities	  	 	27	 
	Section 13.	 	General Provisions	  	 	28	 

  
 i 

 LOANDEPOT, INC. 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of February 16, 2021, among loanDepot, Inc., a Delaware
corporation (the “Company”), LD Holdings Group LLC, a Delaware limited liability company (“LD Holdings”), and (i) each of the investors listed on the Schedule of Parthenon Investors attached hereto (the
“Parthenon Investors”) and (ii) each of the investors listed on the Schedule of Hsieh Investors attached hereto (the “Hsieh Investors”) and each other Person that acquires Class A Shares from the
Company (including, without limitation, Class A Shares that are issuable by means of an exchange of Holdco Units and Class B Shares or Class C Shares, as applicable, by such Person pursuant to the terms of the Holdings LLC Agreement,
or Class D Shares) after the date hereof and becomes a party to this Agreement by the execution and delivery of a Joinder (collectively, the “Other Investors”). Except as otherwise specified herein, all capitalized terms used
in this Agreement are defined in Section 1. 
 WHEREAS, on February 11, 2021, the Company and LD Investment
Holdings, Inc., a Delaware corporation (“Parthenon Blocker”), entered into a series of transactions in connection with the initial Public Offering by the Company of Class A Shares (the “loanDepot IPO”),
pursuant to which, as of the date hereof, Parthenon Blocker has merged into the Company, with the Company remaining as the surviving corporation (the “Merger”). As a result of such Merger, funds affiliated with Parthenon Capital
Partners (the “Parthenon Stockholders”) exchanged all of the equity interests of Parthenon Blocker in return for Class D Shares. 

WHEREAS, as of the date hereof, the loanDepot IPO has been completed. 

WHEREAS, reference is hereby made to the Fourth Amended and Restated Limited Liability Company Agreement of LD Holdings, dated as of February
11, 2021, as may be amended and/or restated from time to time (the “Holdings LLC Agreement”). 
 WHEREAS, reference is
hereby made to the Stockholders Agreement, dated as of February 16, 2021 (the “Stockholders Agreement”), by and among the Company, LD Holdings and the unitholders party thereto. 

WHEREAS, as a result of the Merger and the completion of the loanDepot IPO, as of the date hereof (i) the Company owns a certain number
of LD Holdings’ issued and outstanding Holdco Units, which is equal to the number of Class A Shares, Class B Shares, Class C Shares and Class D Shares that are issued and outstanding (including Class A Shares sold in
the loanDepot IPO and Class D Shares issued to the Parthenon Stockholders in connection with the Merger) and (ii) certain of the other members of LD Holdings own the remaining issued and outstanding Holdco Units. 

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

Section 1. Definitions As used herein, the following terms shall have the following meanings. 

“Acquired Class A Shares” has the meaning set forth in Section 9. 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such Person;
provided that the Company and its Subsidiaries shall not be deemed to be Affiliates of any holder of Registrable Securities. As used in this definition, “control” (including, with its correlative meanings, “controlling,”
“controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or
otherwise). With respect to any Person who is an individual, “Affiliates” shall also include, without limitation, any member of such individual’s Family Group. 

“Agreement” has the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” has the meaning set forth in Section 2(a). 

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents
in capital stock of such corporation (whether voting or nonvoting and whether common or preferred) and (ii) with respect to any Person that is not a corporation, individual or governmental entity, any and all partnership, membership, limited
liability company or other equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of assets of, the issuing Person, including in each case any and all
warrants, rights (including conversion and exchange rights) and options to purchase any of the foregoing. 

“Class A Shares” means shares of the Company’s Class A common stock, par value $0.001 per share.

 “Class B Shares” means shares of the Company’s Class B common stock, par value $0.001 per
share. 
 “Class C Shares” means shares of the Company’s Class C common stock, par value
$0.001 per share. 
 “Class D Shares” means shares of the Company’s Class D common stock, par
value $0.001 per share. 
 “Company” has the meaning set forth in the preamble. 

“Demand Parties” means, (i) the holders of at least a majority of the Parthenon Investor Registrable Securities and
(ii) the holders of at least a majority of the Hsieh Investor Registrable Securities. 
 “Demand Registrations” has
the meaning set forth in Section 2(a). 

  
 -2- 

 “Demand Shelf Registration Statement” has the meaning set forth in
Section 2(d)(ii). 
 “End of Suspension Notice” has the meaning set forth in
Section 2(f)(iii). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from
time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 
 “Family
Group” means, with respect to a Person who is an individual, (i) such individual’s spouse, domestic partner, parent, sibling and descendants (whether natural or adopted) (collectively, for purposes of this definition,
“relatives”), (ii) such individual’s executor or personal representative, (iii) any trust, or other entity formed for estate planning purposes, the trustee (or an equivalent thereof) of which is such individual or
such individual’s executor or personal representative and which at all times is and remains solely for the benefit of such individual and/or such individual’s relatives, (iv) any corporation, limited partnership, limited liability
company or other tax flow-through entity the governing instruments of which provide that such individual or such individual’s executor or personal representative shall have the exclusive, nontransferable power to direct the management and
policies of such entity and of which the sole owners of stock, partnership interests, membership interests or any other equity interests are limited to such individual, such individual’s relatives and/or the trusts (or other entities) described
in clause (iii) above, and (v) any retirement plan for such individual or such individual’s relatives. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Follow-On Holdback Period” has the meaning set forth in
Section 4(a)(i). 
 “Free Writing Prospectus” means a free writing prospectus, as defined in Rule
405 promulgated under the Securities Act. 
 “Holdback Extension” has the meaning set forth in
Section 4(a)(iii). 
 “Holdco Units” means Class A common units of LD Holdings. 

“Holdings LLC Agreement” has the meaning set forth in the recitals. 

“Hsieh Investor Registrable Securities” means (i) any Class A Shares issued or distributed (directly or indirectly)
to the Hsieh Investors or any of their Affiliates or Family Group, (ii) any Class A Shares issued or issuable by means of an exchange of Holdco Units and Class B Shares or Class C Shares, as applicable, by a Hsieh Investor
pursuant to the terms of the Holdings LLC Agreement, (iii) any Class A Shares issued or issuable with respect to the securities referred to in clauses (i) and (ii) above by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, and (iv) any other Class A Shares owned by Persons holding securities described in clauses (i) to
(iii), inclusive, in each case, subject to Section 12(a), Persons who are or become parties to this Agreement by the execution and delivery of a Joinder. 

“Hsieh Investors” has the meaning set forth in the preamble. 

  
 -3- 

 “Indemnified Parties” has the meaning set forth in
Section 7(a). 
 “Joinder” has the meaning set forth in Section 9. 

“LD Holdings” has the meaning set forth in the preamble. 

“loanDepot IPO” has the meaning set forth in the recitals. 

“Long-Form Registrations” has the meaning set forth in Section 2(a). 

“Merger” has the meaning set forth in the recitals. 

“Other Investor Registrable Securities” means (i) any Class A Shares owned by or issuable to (including, without
limitation, Class A Shares that are issuable by means of an exchange of Holdco Units and Class B Shares or Class C Shares, as applicable, by an Other Investor pursuant to the terms of the Holdings LLC Agreement), the Other Investors
or any of their Affiliates or Family Group, in each case, subject to Section 12(a), who are or become parties to this Agreement by the execution and delivery of a Joinder, and (ii) any Class A Shares issued or
issuable with respect to the securities referred to in clause (i) above by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. 

“Other Investors” has the meaning set forth in the preamble. 

“Parthenon Blocker” has the meaning set forth in the recitals. 

“Parthenon Investor Registrable Securities” means (i) any Class A Shares issued or distributed (directly or
indirectly) to the Parthenon Investors or any of their Affiliates, (ii) any Class A Shares issued or issuable by means of an exchange of Class D Shares, (iii) any Class A Shares issued or issuable with respect to the
securities referred to in clauses (i) and (ii) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, and
(iv) any other Class A Shares owned by Persons holding securities described in clauses (i) to (iii), inclusive, in each case, subject to Section 12(a), Persons who are or become parties
to this Agreement by the execution and delivery of a Joinder. 
 “Parthenon Investors” has the meaning set forth in the
preamble. 
 “Parthenon Stockholders” has the meaning set forth in the recitals. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 3(a). 

  
 -4- 

 “Public Offering” means any sale or distribution by the Company and/or
holders of Registrable Securities to the public of Class A Shares that is made pursuant to a registration statement filed with the SEC under the Securities Act; provided that a Public Offering shall not include an offering made in
connection with a business acquisition or combination pursuant to a registration statement on Form S-4 or any similar form, or an employee benefit plan pursuant to a registration statement on Form S-8 or any similar form. 
 “Registrable Securities” means Parthenon Investor Registrable
Securities, Hsieh Investor Registrable Securities and Other Investor Registrable Securities. As to any particular Registrable Securities, such securities shall cease to be Parthenon Investor Registrable Securities, Hsieh Investor Registrable
Securities or Other Investor Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144 following the consummation of the loanDepot IPO, or (c) repurchased by
the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities, and the Registrable Securities shall be deemed to be in existence, whenever such Person has the right to
acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, including upon exchange of Holdco Units and Class B Shares or Class C Shares, as
applicable, for Class A Shares pursuant to the terms of the Holdings LLC Agreement, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person
shall be entitled to exercise the rights of a holder of Registrable Securities hereunder; provided a holder of Registrable Securities may only request that Registrable Securities in the form of Class A Shares be registered pursuant to
this Agreement. Notwithstanding the foregoing, following the consummation of the loanDepot IPO, any Registrable Securities owned by any Person (other than a Parthenon Investor, a Hsieh Investor or any of their respective Affiliates or Family Group,
as applicable) that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 (as confirmed by an opinion of the Company’s counsel) shall not be deemed to be Registrable Securities. 

“Registration Expenses” has the meaning set forth in Section 6(a). 

“Required Shelf Registration Statement” has the meaning set forth in Section 2(d)(i). 

“Rule 144”, “Rule 158”, “Rule 405”, “Rule 415”, “Rule
430B” and “Rule 462” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same shall be amended from time to time, or any successor rule then in force. 

“Sale of the Company” means the occurrence of any of the following events: 

(i) any Person or any group of Persons acting together which would constitute a “group” for purposes of
Section 13(d) of the Securities and Exchange Act of 1934, or any successor provisions thereto, excluding (i) a group of Persons which includes the Hsieh Investors and the Parthenon Investors and/or one or more Affiliates thereof and
(ii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock in the Company, is or becomes the beneficial owner, directly or indirectly, of securities of the
Company representing more than 50% of the combined voting power of the Company’s then outstanding voting securities; 

  
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 (ii) there is consummated a merger or consolidation of the Company with any
other Company or other entity, and, immediately after the consummation of such merger or consolidation, the voting securities of the Company immediately prior to such merger or consolidation do not continue to represent or are not converted into
more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

(iii) the adopting of a plan of complete liquidation or dissolution of the Company by the stockholders of the Company or an
agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Company of all or substantially all of the Company’s assets, other than such sale or other disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company
immediately prior to such sale. 
 Notwithstanding the foregoing, except with respect to clause (ii) and clause (iii) above, a “Sale of the
Company” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Company immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the
assets of the Company immediately following such transaction or series of transactions. In addition, for the avoidance of doubt, a rollover or exchange of securities of the Company held by a Person is not taken into account for purposes of
determining whether a “Sale of the Company” has occurred. 
 “Sale Transaction” has the meaning set forth in
Section 4(a)(i). 
 “SEC” means the U.S. Securities and Exchange Commission or any successor
agency. 
 “Securities” has the meaning set forth in Section 4(a)(i). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force,
together with all rules and regulations promulgated thereunder. 
 “Shelf Offering” has the meaning set forth in
Section 2(d)(iii). 
 “Shelf Offering Notice” has the meaning set forth in
Section 2(d)(iii). 
 “Shelf Registration” has the meaning set forth in
Section 2(a). 
 “Shelf Registrable Securities” has the meaning set forth in
Section 2(d)(iii). 
 “Shelf Registration Statement” has the meaning set forth in
Section 2(d)(ii). 

  
 -6- 

 “Short-Form Registrations” has the meaning set forth in
Section 2(a). 
 “Stockholders Agreement” has the meaning set forth in the recitals. 

“Subsidiary” means, with respect to the Company, any corporation, limited liability company, partnership, association or
other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a
majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For
purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or shall be or control the managing director or general partner of such limited liability company, partnership, association or other business entity. 

“Suspension Event” has the meaning set forth in Section 2(f)(iii). 

“Suspension Notice” has the meaning set forth in Section 2(f)(iii). 

“Suspension Period” has the meaning set forth in Section 2(f)(ii). 

“Synthetic Secondary Offering” has the meaning set forth in Section 3(a). 

“Violation” has the meaning set forth in Section 7(a). 

“WKSI” means a “well-known seasoned issuer” as defined under Rule 405. 

Section 2. Demand Registrations. 

(a) Requests for Registration. Subject to the terms and conditions of this Agreement, each of the Demand Parties may request the
Company to file with the SEC a registration statement under the Securities Act registering the offer and sale of all or any portion of their Registrable Securities on Form S-1 or any similar long-form
registration statement (“Long-Form Registrations”) or on Form S-3 or any similar short-form registration statement (“Short-Form Registrations”) if available, in each
case, to permit secondary sales of such Registrable Securities. All registrations requested pursuant to this Section 2(a) are referred to herein as “Demand Registrations.” The Demand Party making a Demand
Registration may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the Company is a WKSI at the time any request for a Demand Registration is submitted to the
Company, that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”). Each request for a Demand Registration shall specify
the approximate number of Registrable Securities the holder(s) making such request requested to be registered and the intended method of distribution. Within ten days after receipt of any such request, the Company shall give written notice of the

  
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Demand Registration to all other holders of Registrable Securities and, subject to the terms of Section 2(e), shall include in such Demand Registration (and in all
related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten days after the receipt of
the Company’s notice; provided that, with the consent of the holders of at least a majority of the Parthenon Investor Registrable Securities or Hsieh Investor Registrable Securities requesting such registration, the Company may provide
notice of the Demand Registration to all other holders of Registrable Securities within three business days following the non-confidential filing of the registration statement with respect to the Demand
Registration so long as such registration statement is not an Automatic Shelf Registration Statement. Each holder of Registrable Securities agrees that such holder shall treat as confidential the receipt of any notice of Demand Registration and
shall not disclose or use the information contained in such notice of Demand Registration without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally, other
than as a result of disclosure by such holder in breach of the terms of this Agreement. 
 (b) Long-Form Registrations. Each of the
Demand Parties shall be entitled to three (3) Long-Form Registrations; provided that if the Company is not qualified to use any applicable short-form registration statement on or anytime following the first day of the calendar month
immediately following the first anniversary of the loanDepot IPO, any requests for a Long-Form Registration made during such time shall not count as one of the permitted Long-Form Registrations unless and until such time the Company becomes so
qualified. A Long-Form Registration shall not count as one of the permitted Long-Form Registrations until it has become effective (unless such Long-Form Registration has not become effective due solely to the fault of the holders requesting such
registration). The Company shall pay all Registration Expenses in connection with any registration initiated as a Long-Form Registration whether or not it has become effective and whether or not such registration has counted as one of the permitted
Long-Form Registrations. All sales of Registrable Securities under Long-Form Registrations shall be conducted as underwritten Public Offerings unless otherwise approved by the Demand Party requesting such registration. 

(c) Short-Form Registrations. In addition to the Long-Form Registrations provided pursuant to Section 2(b),
each of the Demand Parties shall be entitled to an unlimited number of Short-Form Registrations. The Company shall pay all Registration Expenses in connection with any registration initiated as a Short-Form Registration whether or not it has become
effective. Demand Registrations shall be Short-Form Registrations whenever the Company is eligible to use any applicable short-form registration statement and if the managing underwriters (if any) agree to the use of a Short-Form Registration. The
Company shall use its reasonable best efforts to make Short-Form Registrations available for the offer and sale of Registrable Securities as soon as possible and to remain qualified so that Short-Form Registrations continue to be available for such
offer and sale. 

  
 -8- 

 (d) Shelf Registrations. 

(i) On the first day of the calendar month immediately following the first anniversary of the loanDepot IPO, or as promptly as
practicable after, the Company shall (A) if the Company is then-eligible to use any applicable short-form registration statement, file with the SEC one or more Short-Form Registrations, including an Automatic Shelf Registration Statement if
permissible, or (B) if the Company is not eligible to use any applicable short-form registration statement at such time, use its commercially reasonable efforts to file with the SEC one or more Long-Form Registrations, in each case, covering
the offer and sale of all Registrable Securities, which includes, for the avoidance of doubt, the offer and exchange of all Class A Shares deliverable by the Company from time to time to holders of Registrable Securities in exchange for such
holders’ Holdco Units and Class B Shares or Class C Shares, as applicable, pursuant to the Holdings LLC Agreement (a registration statement for such offer and exchange by the Company, the “Required Shelf Registration
Statement”). The Company shall pay all Registration Expenses in connection with the Required Shelf Registration Statement whether or not it has become effective. 

(ii) As promptly as practicable after the Company receives written notice of a request for a Shelf Registration, the Company
shall file with the SEC a registration statement under the Securities Act for the Shelf Registration (a “Demand Shelf Registration Statement”). Any Demand Shelf Registration Statement and the Required Shelf Registration Statement
are referred to herein each as a “Shelf Registration Statement.” The Company shall use its reasonable best efforts to cause any Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable
after filing, and once effective, the Company shall cause such Shelf Registration Statement (A) in the case of a Demand Shelf Registration Statement, to remain continuously effective for such time period as is specified in such request;
provided that for a Demand Shelf Registration Statement other than an Automatic Shelf Registration Statement (which will be subject to Section 5(a)(xxiii) instead) such requested time period shall not be longer than
the period ending on the earliest of (x) the third anniversary of the effective date of such Shelf Registration Statement, (y) the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement, and (z) the date as of which there are no longer any Registrable Securities covered by such Shelf Registration Statement in existence and (B) in the case of the Required Shelf Registration
Statement (which shall not be subject to Section 5(a)(xxiii) even if in the form of an Automatic Shelf Registration Statement), to remain continuously effective (including by filing a new Shelf Registration Statement, if
necessary) until the earlier of (x) the date on which all Registrable Securities covered by the Required Shelf Registration Statement have been sold pursuant to the Required Shelf Registration Statement and (y) the date as of which there
are no longer in existence any Registrable Securities covered by the Required Shelf Registration Statement; provided that nothing set forth herein shall require the Company to file a new Shelf Registration Statement or to keep effective the
Required Shelf Registration Statement at any time during which the Company is ineligible to use a Short-Form Registration; provided further that at such time, pursuant to Section 2(c), the Company shall use
its reasonable best efforts to become and remain qualified to use Short-Form Registrations. 
 (iii) In the event that a
Shelf Registration Statement is effective and for so long as it remains in effect, each of the Demand Parties shall have the right at any time or from time to time to elect to sell (whether through an underwritten Public Offering or any other method
of distribution) their Registrable Securities pursuant to such Shelf 

  
 -9- 

 
Registration Statement in an aggregate amount up to the number of Registrable Securities covered thereunder (“Shelf Registrable Securities”), and the Company shall pay all
Registration Expenses in connection therewith. Such Demand Party shall make such election by delivering to the Company a written request (a “Shelf Offering Request”) with respect to such offering specifying the number of Shelf
Registrable Securities that the holders desire to sell pursuant to such offering (the “Shelf Offering”). As promptly as practicable, but no later than two business days after receipt of a Shelf Offering Request, the Company shall
give written notice (the “Shelf Offering Notice”) of such Shelf Offering Request to all other holders of Shelf Registrable Securities. The Company, subject to Section 2(e) and
Section 8 hereof, shall include in such Shelf Offering (x) the Shelf Registrable Securities specified in the Shelf Offering Request and (y) the Shelf Registrable Securities of any other holder of Shelf Registrable
Securities that shall have made a written request to the Company for inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such holder) within seven days after
the receipt of the Shelf Offering Notice. The Company shall, as expeditiously as possible (and in any event within 20 days after the receipt of a Shelf Offering Request), but subject to Section 2(f) hereof, use its
reasonable best efforts to facilitate such Shelf Offering. Each holder agrees that such holder shall treat as confidential the Shelf Offering Notice and shall not disclose or use the information contained in such Shelf Offering Notice without the
prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the holder in breach of the terms of this Agreement. 

(iv) If a Demand Party wishes to engage in an underwritten block trade off of a Shelf Registration Statement (either through
filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement), then notwithstanding the time periods set forth in Section 2(d)(iii), such Demand Party shall
notify the Company of the block trade Shelf Offering not less than two business days prior to the day such offering is to commence. The Company shall promptly notify other holders of Parthenon Investor Registrable Securities or Hsieh Investor
Registrable Securities, as the case may be, of such block trade Shelf Offering and such other holders of Parthenon Investor Registrable Securities or Hsieh Investor Registrable Securities, as the case may be, must elect whether or not to participate
by the next business day (i.e. one business day prior to the day such offering is to commence) (unless a longer period is agreed to by the Demand Party wishing to engage in the underwritten block trade) and the Company shall as expeditiously
as possible use its best efforts to facilitate such offering (which may close as early as three business days after the date it commences); provided that the Demand Party shall use commercially reasonable efforts to work with the Company and
the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the underwritten block trade; provided further that no holder of
Registrable Securities other than holders of Parthenon Investor Registrable Securities or Hsieh Investor Registrable Securities shall be permitted to participate in an underwritten block trade Shelf Offering without the consent of a Demand Party.

  
 -10- 

 (v) The Company shall, at the request of the Demand Party electing to sell
Shelf Registrable Securities, file any prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by such Demand Party to effect such
Shelf Offering. 
 (e) Priority on Demand Registrations and Shelf Offerings. The Company shall not include in any Demand Registration
or Shelf Offering any securities that are not Registrable Securities without the prior written consent of the Demand Party initially requesting such registration. If a Demand Registration or a Shelf Offering is an underwritten offering and the
managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities and
other securities, if any, that can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then such offering will include only the number of Registrable
Securities and, if permitted hereunder, other securities that the underwriters advise can be sold in such offering without any such adverse effect. The priority of securities that the Company shall include in such offering shall be as follows: 

(i) first, the number of Parthenon Investor Registrable Securities and Hsieh Investor Registrable Securities requested to be
included in such Demand Registration or Shelf Offering, pro rata among the respective holders thereof based on the number of Registrable Securities owned by each such holder relative to the total number of Registrable Securities owned by all such
holders of Parthenon Investor Registrable Securities and Hsieh Investor Registrable Securities requesting to include Registrable Securities in such Demand Registration or Shelf Offering as of the date the Company provided written notice of the
Demand Registration or Shelf Offering Notice to the holders of Registrable Securities (subject, for the avoidance of doubt, to each such holder of Parthenon Investor Registrable Securities or Hsieh Investor Registrable Securities including in such
Demand Registration or Shelf Offering no more than the number of Registrable Securities requested by such holder to be included in such Demand Registration or Shelf Offering), without distinguishing between holders based on who initially requested
such Demand Registration or Shelf Offering or otherwise; 
 (ii) second, the number of Other Investor Registrable Securities
requested to be included in such Demand Registration or Shelf Offering, pro rata among the respective holders thereof based on the number of Other Investor Registrable Securities owned by each such holder relative to the total number of Other
Investor Registrable Securities owned by all such holders of Other Investor Registrable Securities requesting to include Other Investor Registrable Securities in such Demand Registration or Shelf Offering as of the date the Company provided written
notice of the Demand Registration or Shelf Offering Notice to the holders of Registrable Securities (subject to each such holder of Other Investor Registrable Securities including in such Demand Registration or Shelf Offering no more than the number
of Other Investor Registrable Securities requested by such holder to be included in such Demand Registration or Shelf Offering); and 

  
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 (iii) third, (if permitted by the Demand Party initially requesting such
registration) any securities that are not Registrable Securities requested to be included in such Demand Registration or Shelf Offering, in such manner as the Demand Party initially requesting such registration may determine. 

Any Persons other than holders of Registrable Securities who participate in Demand Registrations which are not at the Company’s expense
must pay their share of the Registration Expenses as provided in Section 6. 
 (f) Restrictions on Demand
Registration and Shelf Offerings. Any demand for the filing of a registration statement or for a registered offering (including a Shelf Offering) hereunder will be subject to the constraints of any applicable
lock-up arrangements, and any such demand must be deferred until such lock-up arrangements no longer apply. The Company shall not be obligated to effect any Demand
Registration within 90 days after the effective date of a previous Demand Registration or a previous registration in which (A) Registrable Securities were included pursuant to Section 3 or as part of a Shelf Offering
pursuant to Section 2 and (B) there was no reduction in the number of Registrable Securities requested to be included. 

(ii) The Company may postpone, for up to 90 days from the date of the request (the “Suspension Period”), the
filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing
written notice to the holders of Registrable Securities if the Company’s board of directors determines in its reasonable good faith judgment that the offer or sale of Registrable Securities or the disclosure required in connection therewith
would reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger,
consolidation, tender offer, recapitalization, reorganization or other transaction involving the Company; provided that in such event, (A) the holders of Registrable Securities initially requesting such Demand Registration or
Shelf Offering shall be entitled to withdraw such request, and if such request is withdrawn, such Demand Registration shall not count as one of the Demand Registrations such holder is entitled to hereunder and (B) the Company
shall pay all Registration Expenses in connection with such Demand Registration or Shelf Offering. The Company may delay or suspend the effectiveness of a Demand Registration or a Shelf Offering pursuant to this
Section 2(f)(ii) only once in any twelve-month period; provided further that, for the avoidance of doubt, the Company may in any event delay or suspend the effectiveness of a Demand Registration or a Shelf
Offering in the case of an event described under Section 5(a)(vi)(C) to enable it to comply with its obligations set forth in Section 5(a)(vi)(C). The Company may extend the Suspension Period for
an additional consecutive 60 days with the consent of and at the sole discretion of such Demand Party initially requesting such Demand Registration or Shelf Offering. 

(iii) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in
Section 2(f)(ii) above or pursuant to Section 5(a)(vi)(C) (a “Suspension Event”), the Company shall give a notice to the holders of Registrable Securities registered pursuant to
such Shelf Registration Statement (a 

  
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“Suspension Notice”) to suspend sales of the Registrable Securities. Such Suspension Notice shall state generally the basis for the notice and provide that such suspension shall
continue only for so long as the Suspension Event is continuing. A holder of Registrable Securities shall not effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement at any time after it has received a Suspension
Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). Each holder of Registrable Securities agrees that it shall treat as confidential the receipt of the Suspension Notice and shall not disclose or use the
information contained in such Suspension Notice without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by such
holder of Registrable Securities in breach of the terms of this Agreement. A holder of Registrable Securities may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement following further written notice
to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the holders and to the holders’ counsel, if any, promptly following the conclusion of any
Suspension Event. 
 (iv) Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice
with respect to any Shelf Registration Statement pursuant to this Section 2(f), the Company agrees that it shall (A) extend the period of time during which such Shelf Registration Statement shall be maintained
effective pursuant to this Agreement by the number of days during the period from the date of receipt by the holders of the Suspension Notice to and including the date of receipt by the holders of the End of Suspension Notice and (B) provide
copies of the supplemented or amended Shelf Registration Statement or prospectus contained therein necessary to resume sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that
Class A Shares covered by such Shelf Registration Statement are no longer Registrable Securities. 
 (g) Selection of
Underwriters. The Demand Party initially requesting a filing of a registration statement for a registered offering hereunder shall have the right to select the investment banker(s) and manager(s) to administer the related underwritten offering,
subject to the Company’s approval which shall not be unreasonably withheld, conditioned or delayed; provided that if any such underwritten offering is a Shelf Offering, the Demand Party initially requesting such Shelf Offering shall have
the right to select the investment banker(s) and manager(s) to administer such Shelf Offering, subject to the Company’s approval, which shall not be unreasonably withheld, delayed or conditioned. 

(h) Other Registration Rights. Except as provided in this Agreement, the Company shall not grant to any Persons the right to request the
Company or any Subsidiary to register any Capital Stock of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the holders of a majority of the
Parthenon Investor Registrable Securities and the holders of a majority of the Hsieh Investor Registrable Securities. 

  
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 (i) Revocation of Demand Registration or Shelf Offering Notice. At any time prior to
the effective date of the Registration Statement relating to a Demand Registration or the “pricing” of any Shelf Offering, the Demand Party that requested such Demand Registration or Shelf Offering may revoke such request for a Demand
Registration or Shelf Offering on behalf of all holders of Registrable Securities participating in such Demand Registration or Shelf Offering without liability to such holders of Registrable Securities, in each case, by providing written notice to
the Company. If a request for a Demand Registration is revoked by the Demand Party that requested such registration prior to the time it has become effective for reasons other than those relating to disclosure of information concerning the Company
or any of its Subsidiaries that is materially adverse to the Company or the trading price of the Class A Shares, such Demand Registration shall count as one of the permitted Long-Form Registrations hereunder unless the Demand Party that
requested such registration reimburses the Company for all of the Registration Expenses incurred by the Company prior to such withdrawal. 

Section 3. Piggyback Registrations. 

(a) Right to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (which, for the
avoidance of doubt, includes the registration of Class A Shares under the Securities Act for an underwritten public primary offering by the Company for the ultimate benefit of holders of Registrable Securities (i.e., where the Company
primarily uses the proceeds from the sale of Class A Shares issued by the Company in an underwritten Public Offering to purchase Registrable Securities from holders of Registrable Securities (a “Synthetic Secondary Offering”)),
other than (i) pursuant to a Demand Registration or a Shelf Registration (including any related Shelf Offering), in which case the ability of a holder of Registrable Securities to participate in such Demand Registration or Shelf Offering shall
be governed by Section 2, (ii) in connection with the issuance by the Company of Class A Shares in the loanDepot IPO (including, without limitation, pursuant to the terms of any over-allotment or “green shoe”
option granted to the managing underwriters), (iii) in connection with registrations on Forms S-4 or S-8 promulgated by the SEC (or any successor or similar forms), (iv)
in connection with a registration the primary purpose of which is to register debt securities (i.e., in connection with a so-called “equity kicker”), (v) a registration on any form that does
not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities, or (vi) pursuant to the Required Shelf Registration Statement, and the registration form
to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice to all holders of Registrable Securities of its intention to effect such Piggyback
Registration and, subject to the terms of Section 3(c) and Section 3(d), shall include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in
any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 20 days after delivery of the Company’s notice; provided that a Demand Party may provide by
written notice to the Company that no holder of Other Investor Registrable Securities or any securities that are not Registrable Securities will have the right to include such securities in such Piggyback Registration (in which case the Company need
not give such notice to such holders or include any such securities in such Piggyback Registration). 
 (b) Piggyback Expenses. The
Registration Expenses of the holders of Registrable Securities in connection with all Piggyback Registrations shall be paid by the Company, whether or not any such registration became effective or offerings conducted pursuant thereto have closed.

  

  
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 (c) Priority on Primary Registrations. If a Piggyback Registration is for an
underwritten primary offering by the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such
offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then such offering will include only the number of securities that the underwriters advise can be sold in such
offering without any such adverse effect. The priority of securities that the Company shall include in such offering shall be as follows: 

(i) first, the securities the Company proposes to sell; 

(ii) second, the number of Parthenon Investor Registrable Securities and Hsieh Investor Registrable Securities requested to be
included in such offering, pro rata among the respective holders thereof based on the number of Registrable Securities owned by each such holder relative to the total number of Registrable Securities owned by all such holders of Parthenon Investor
Registrable Securities and Hsieh Investor Registrable Securities requesting to include Registrable Securities in such offering as of the date the Company provided written notice of the Piggyback Registration to the holders of Registrable Securities
(subject to each such holder of Parthenon Investor Registrable Securities and Hsieh Investor Registrable Securities including in such offering no more than the number of Registrable Securities requested by such holder to be included in such
offering); 
 (iii) third, the number of Other Investor Registrable Securities requested to be included in such offering, pro
rata among the respective holders thereof based on the number of Other Investor Registrable Securities owned by each such holder relative to the total number of Other Investor Registrable Securities owned by all such holders of Other Investor
Registrable Securities requesting to include Other Investor Registrable Securities in such offering as of the date the Company provided written notice of the Piggyback Registration to the holders of Registrable Securities (subject to each such
holder of Other Investor Registrable Securities including in such offering no more than the number of Other Investor Registrable Securities requested by such holder to be included in such offering); and 

(iv) fourth, (if permitted by the Company) other securities requested to be included in such offering, in such manner as the
Company may determine. 
 (d) Priority on Secondary Registrations. If a Piggyback Registration is for an underwritten secondary
offering by or on behalf of holders of the Company’s securities other than Registrable Securities (including a Synthetic Secondary Offering, with any such Synthetic Secondary Offering being deemed an underwritten offering of Registrable
Securities solely for purposes of this Agreement) (it being understood that Demand Registrations and Shelf Registrations (including any related Shelf Offerings) by or on behalf of holders of Registrable Securities are addressed in
Section 2 rather than in this Section 3(d)), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration
exceeds the number that can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of 

  
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the offering, then such offering will include only the number of securities that the underwriters advise can be sold in such offering without any such adverse effect. The priority of securities
that the Company shall include in such offering shall be as follows: 
 (i) first, the securities requested to be included in
such offering by the holders initially requesting such registration, pro rata among the respective holders thereof based on the number of securities owned by each such holder relative to the total number of securities owned by all such holders
requesting to include securities in such offering as of the date the Company provided written notice of the Piggyback Registration to the holders of the securities (subject to each such holder of securities including in such offering no more than
the number of securities requested by such holder to be included in such offering); 
 (ii) second, the number of Parthenon
Investor Registrable Securities and Hsieh Investor Registrable Securities requested to be included in such offering, pro rata among the respective holders thereof based on the number of Registrable Securities owned by each such holder relative to
the total number of Registrable Securities owned by all such holders of Parthenon Investor Registrable Securities and Hsieh Investor Registrable Securities requesting to include Registrable Securities in such offering as of the date the Company
provided written notice of the Piggyback Registration to the holders of Registrable Securities (subject to each such holder of Parthenon Investor Registrable Securities and Hsieh Investor Registrable Securities including in such offering no more
than the number of Registrable Securities requested by such holder to be included in such offering); 
 (iii) third, the
number of Other Investor Registrable Securities requested to be included in such offering, pro rata among the respective holders thereof based on the number of Other Investor Registrable Securities owned by each such holder relative to the total
number of Other Investor Registrable Securities owned by all such holders of Other Investor Registrable Securities requesting to include Other Investor Registrable Securities in such offering as of the date the Company provided written notice of the
Piggyback Registration to the holders of Registrable Securities (subject to each such holder of Other Investor Registrable Securities including in such offering no more than the number of Other Investor Registrable Securities requested by such
holder to be included in such offering); and 
 (iv) fourth, (if permitted by the Company) any other securities requested to
be included in such offering, in such manner as the Company may determine. 
 (e) Selection of Underwriters. If any Piggyback
Registration is in connection with an underwritten offering, the selection of investment banker(s) and manager(s) for the offering must be approved by the holders of a majority of the Registrable Securities, if any, included in such Piggyback
Registration (inclusive of, in the case of a Synthetic Secondary Offering, the ultimate holders for whose benefit such Synthetic Secondary Offering is conducted). Such approval shall not be unreasonably withheld, conditioned or delayed. 

  
 -16- 

 (f) Right to Terminate Registration. The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 3 whether or not any holder of Registrable Securities has elected to include Registrable Securities in such registration. The Registration Expenses of such
withdrawn registration shall be borne by the Company in accordance with Section 6. 
 Section 4.
Holdback Agreements. 
 (a) Holders of Registrable Securities. If requested by the managing underwriter(s) of an underwritten
Public Offering, each holder of Registrable Securities shall enter into lock-up agreements with such managing underwriter(s) that provides for the following unless such managing underwriter(s) otherwise agree
in writing: 
 (i) in connection with all underwritten Public Offerings after the loanDepot IPO, such holder shall not
(A) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any Capital Stock of the Company (including Capital Stock of the Company that may be deemed to be owned
beneficially by such holder in accordance with the rules and regulations of the SEC), or any securities convertible into or exchangeable or exercisable for any such Capital Stock of the Company (collectively, “Securities”), (B)
enter into a transaction which would have the same effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any
Securities, whether such transaction is to be settled by delivery of such Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”), commencing on the date requested by the managing underwriters
(which shall be no earlier than ten days prior to the anticipated “pricing” date for such underwritten offering) and continuing to a date that is no later than 90 days following the date of the final prospectus for such Public
Offering (a “Follow-On Holdback Period”), except as otherwise agreed to by the managing underwriters and except for sales made as part of such underwritten Public Offering and such other
exceptions for dispositions and other transfers as may be agreed upon by the holder and the managing underwriters in connection with such Public Offering; and 

(ii) in the event that (A) the Company issues an earnings release or discloses other material information or a material
event relating to the Company and its Subsidiaries occurs during the last 17 days of any Follow-On Holdback Period or (B) prior to the expiration of any Follow-On
Holdback Period, the Company announces that it will release earnings results during the 16-day period beginning upon the expiration of such period, then to the extent necessary for a managing or co-managing underwriter of a registered offering hereunder to comply with NASD Rule 2711(f)(4) of the FINRA Manual, the Follow-On Holdback Period shall be extended until 18
days after the earnings release or disclosure of other material information or the occurrence of the material event, as the case may be (a “Holdback Extension”). 

  
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 The Company may impose stop-transfer instructions with respect to the Class A Shares (or other
securities) subject to the restrictions set forth in this Section 4(a) until the end of such period, including any Holdback Extension. Notwithstanding the foregoing, with respect to Registrable Securities that are not
Parthenon Investor Registrable Securities, no holder of Registrable Securities that is not an officer or director of the Company shall be subject to the Follow-On Holdback Period in connection with an
underwritten block trade Shelf Offering unless such holder of Registrable Securities was provided notice one day prior to such underwritten block trade Shelf Offering and provided the opportunity to participate therein; provided that if such
holder of Registrable Securities was provided the opportunity to participate therein, such holder shall be subject to the Follow-On Holdback Period regardless of whether such holder elects to participate in
such underwritten block trade Shelf Offering, unless the managing underwriters of such underwritten block trade Shelf Offering otherwise agree in writing. 

(b) The Company, Directors and Executive Officers. The Company (i) shall not file any registration statement for a Public Offering
or cause any such registration statement to become effective, or effect any public sale or distribution of its equity securities, or any securities, options or rights convertible into or exchangeable or exercisable for such securities (for purposes
of this Section 4(b), the words “Class A Shares” shall be replaced with the words “Capital Stock of the Company” in the definition of “Public Offering”) during any Follow-On Holdback Period, as extended during any Holdback Extension, and (ii) shall use its reasonable best efforts to cause (A) each holder of at least 1% (on a fully-diluted, as converted and as-exchanged to Class A Shares basis) of its Class A Shares, or any securities convertible into or exchangeable or exercisable for Class A Shares, purchased from the Company at any time after the date
of this Agreement (other than in a Public Offering) and (B) each of its directors and executive officers to agree not to effect any Sale Transaction during any Follow-On Holdback Period (as extended by
any Holdback Extension), except as part of such Public Offering and such other exceptions for dispositions and other transfers as may be agreed upon by the holder, directors, executive officers, and the managing underwriters, as applicable, in
connection with such Public Offering, unless the managing underwriters of such Public Offering otherwise agree in writing. 
 Section
5. Registration Procedures. 
 (a) Whenever the holders of Registrable Securities have requested that any Registrable Securities
be registered pursuant to this Agreement or have initiated a Shelf Offering, the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of
disposition thereof, and pursuant thereto the Company shall as expeditiously as possible (unless waived by the holders of a majority of the Registrable Securities participating in such registration): 

(i) in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and file
with the SEC a registration statement on the applicable form, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement
to become effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel selected by the holders of a majority of the Registrable Securities
covered by such registration statement copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such counsel); 

  
 -18- 

 (ii) notify each holder of Registrable Securities of (A) the issuance
by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of
the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder; 

(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of
distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public
Offering, such longer period as in the opinion of counsel for the underwriters for such Public Offering that a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply
with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such
registration statement; 
 (iv) furnish to each seller of Registrable Securities thereunder such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus and supplement thereto), each Free Writing Prospectus and such other documents as such
seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

(v) use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky
laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things that may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph or
(B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

(vi) notify each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time
when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or qualification has become
effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration statement or prospectus or
for additional information, and (C) promptly at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of 

  
 -19- 

 
any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and, subject to Section 2(f), at the request of any such seller, the Company shall use its reasonable best efforts to prepare a
supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading; 
 (vii) use reasonable
best efforts to cause all such Registrable Securities that have been sold pursuant to a registration statement effected under this Agreement and not already listed to be listed on each securities exchange on which similar securities issued by the
Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities
with FINRA; 
 (viii) use reasonable best efforts to provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement; 
 (ix) enter into and perform such customary
agreements (including underwriting agreements in customary form) and take all such other actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate
the disposition of such Registrable Securities (including, without limitation, effecting a stock split, combination of shares, recapitalization or reorganization); 

(x) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition
pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company as shall be
necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such
seller, underwriter, attorney, accountant or agent in connection with such registration statement and disposition of such Registrable Securities pursuant thereto; 

(xi) take all reasonable actions to ensure that any Free Writing Prospectus utilized in connection with any offer and sale of
Registrable Securities pursuant to any Demand Registration (including any Shelf Registration) or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent
required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

  
 -20- 

 (xii) otherwise use its reasonable best efforts to comply with all
applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first
full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act; 

(xiii) permit any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an
underwriter or a controlling person of the Company, in each case, within the meaning of the Securities Act in connection with any offer and sale thereof, to participate in the preparation of such registration or comparable statement and to allow
such holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable judgment of such holder and its counsel should be included; 

(xiv) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance
of any order suspending or preventing the use of any related prospectus or suspending the registration or qualification of any Class A Shares included in such registration statement for sale in any jurisdiction, use reasonable best efforts
promptly to obtain the withdrawal of such order; 
 (xv) use its reasonable best efforts to cause such Registrable
Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities;

 (xvi) cooperate with the holders of Registrable Securities covered by the registration statement and the managing
underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends), if applicable, representing securities to be sold under the registration statement, or the removal of any
restrictive legends associated with any account at which such securities are held and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such holders may request; 

(xvii) cooperate with each holder of Registrable Securities covered by the registration statement and each underwriter or agent
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii) use its reasonable best efforts to make available the executive officers of the Company to participate with the holders
of Registrable Securities and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the holders in connection with the methods of distribution for the Registrable Securities; 

(xix) use its reasonable best efforts to obtain one or more cold comfort letters from the Company’s independent public
accountants in customary form and covering such matters of the type customarily covered by cold comfort letters as any underwriters or agents, if any, or the holders of a majority of the Registrable Securities being sold reasonably request; 

  
 -21- 

 (xx) use its reasonable best efforts to provide a legal opinion of the
Company’s outside counsel, dated the effective date of such registration statement and, if such registration includes an underwritten Public Offering, dated the date of the closing under the underwriting agreement, in each case, in customary
form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion shall be addressed to the underwriters and the holders of such Registrable Securities; 

(xxi) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its best efforts
to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective; 

(xxii) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf
Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; and 

(xxiii) if an Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the
third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that
it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration
statement effective (including by filing a new Shelf Registration Statement, if necessary) until the earlier of (A) the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement and (B) the date as of which there are no longer any Registrable Securities covered by such Shelf Registration Statement in existence. 

(b) Any officer of the Company who is a holder of Registrable Securities agrees that if and for so long as he or she is employed by the Company
or any Subsidiary thereof, he or she shall participate fully in the sale process of any Registrable Securities pursuant to this Agreement in a manner customary for persons in like positions and consistent with his or her other duties with the
Company, including the preparation of the registration statement and the preparation and presentation of any road shows. 
 (c) If the
Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the holders of Registrable Securities, and the holders of Parthenon Investor Registrable Securities or the holders of Hsieh
Investor Registrable Securities do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that, at the request of the holders of a majority of the Parthenon Investor Registrable Securities
or the holders of a majority of the Hsieh Investor Registrable Securities, the Company shall include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the holders of Parthenon
Investor Registrable Securities or the holders of Hsieh Investor Registrable Securities, as applicable, may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective
amendment. 

  
 -22- 

 (d) The Company may require each seller of Registrable Securities as to which any
registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing. 

(e) If a Parthenon Investor, a Hsieh Investor or any of their respective Affiliates seek to effectuate an
in-kind distribution of all or part of their respective Registrable Securities to their respective direct or indirect equityholders, the Company shall, subject to any applicable
lock-ups, work with the foregoing persons to facilitate such in-kind distribution in the manner reasonably requested. 

Section 6. Registration Expenses. 

(a) The Company’s Obligation. All expenses incident to the Company’s performance of or compliance with this Agreement
(including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and
disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Company) (all such expenses being herein called
“Registration Expenses”), shall be borne as provided in this Agreement, except that the Company shall, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar
securities issued by the Company are then listed. Each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder shall bear and pay all underwriting discounts and commissions applicable to the
securities sold for such Person’s account. 
 (b) Counsel Fees and Disbursements. In connection with each Demand Registration,
each Piggyback Registration and each Shelf Offering that is an underwritten offering, the Company shall reimburse the holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one counsel retained
by the holders of a majority of the Parthenon Investor Registrable Securities and one counsel retained by the holders of a majority of the Hsieh Investor Registrable Securities, in each case, in connection with any underwritten Demand Registration,
Piggyback Registration or Shelf Offering. 
 (c) Security Holders. To the extent Registration Expenses are not required to be paid by
the Company, each holder of securities included in any registration hereunder shall pay those Registration Expenses allocable to the registration of such holder’s securities so included, and any Registration Expenses not so allocable shall be
borne by all sellers of securities included in such registration in proportion to the aggregate selling price of the securities to be so registered. 

  
 -23- 

 Section 7. Indemnification and Contribution. 

(a) By the Company. The Company shall indemnify and hold harmless, to the extent permitted by law, each holder of Registrable
Securities, such holder’s members, managers, officers, directors, employees, agents and representatives, and each Person who controls such holder (within the meaning of the Securities Act) (the “Indemnified Parties”) against
all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) caused by, resulting from, arising out of, based
upon or related to any of the following statements, omissions or violations (each a “Violation”) by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement,
prospectus, preliminary prospectus or Free Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 7, collectively called an
“application”) executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the
securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the
Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration,
qualification or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such losses. Notwithstanding the foregoing,
the Company shall not be liable in any such case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue statement or alleged untrue statement, or omission or alleged omission, made in any registration
statement, any prospectus, preliminary prospectus or Free Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the
Company by or on behalf of such holder of Registrable Securities expressly for use therein or by such holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto (if the same was
required by applicable law to be so delivered) after the Company has furnished such holder with a sufficient number of copies of the same prior to any written confirmation of the sale of Registrable Securities. In connection with an underwritten
Public Offering, the Company shall indemnify the underwriters for such Public Offering, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with
respect to the indemnification of the Indemnified Parties. 
 (b) By Each Security Holder. In connection with any offering or
distribution of Registrable Securities pursuant to a registration statement in which a holder of Registrable Securities is participating, each such holder shall furnish to the Company in writing such information and affidavits as the Company
reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify the Company, its officers, directors, employees and each Person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus (including a preliminary
prospectus) or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such holder; provided that the obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net
amount of proceeds received by such holder from the sale of Registrable Securities pursuant to such registration statement. 

  
 -24- 

 (c) Claim Procedure. Any Person entitled to indemnification hereunder shall
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall impair any Person’s right to indemnification hereunder only
to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities
included in the registration if such holders are indemnified parties, at the expense of the indemnifying party. 
 (d) Contribution.
If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect
to any loss, claim, damage, liability or action referred to herein, then the indemnifying party shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion
as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action
as well as any other relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net
proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this Section 7(d) were to be
determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or
expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

  
 -25- 

 (e) Release. No indemnifying party shall, except with the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation. 
 (f) Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in
addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party
or any officer, director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and the termination or expiration of this Agreement. 

Section 8. Underwritten Offerings. No Person may participate in any underwritten offering pursuant to a registration statement
filed hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to select and approve the underwriters for such
offering (including, without limitation, pursuant to any over-allotment or “green shoe” option requested by the underwriters; provided that no holder of Registrable Securities shall be required to sell more than the number of
Registrable Securities such holder has requested to include) and (ii) completes and executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents required under the terms of such
underwriting arrangements; provided that no holder of Registrable Securities included in any such underwritten offering shall be required to make any representations or warranties to the Company or the underwriters (other than representations
and warranties regarding such holder and such holder’s intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriters with respect thereto that are materially more burdensome than those
provided in Section 7. Each holder of Registrable Securities shall execute and deliver such other agreements as may be reasonably requested by the Company and the lead managing underwriter(s) that are consistent with such
holder’s obligations under Section 4, Section 5 and this Section 8 or that are necessary to give further effect thereto. To the extent that any such agreement is
entered into pursuant to, and consistent with, Section 4 and this Section 8, the respective rights and obligations created under such agreement shall supersede the respective rights and obligations
of the holders, the Company and the underwriters created pursuant to this Section 8. 
 Section 9.
Additional Parties; Joinder. Subject to the prior written consent of the holders of a majority of the Parthenon Investor Registrable Securities and the holders of a majority of the Hsieh Investor Registrable Securities, the Company may permit
any Person who acquires Class A Shares or rights to acquire Class A Shares from the Company (including, without limitation, Class A Shares that are issuable by means of an exchange of Holdco Units and Class B Shares or
Class C Shares, as applicable, by such Person pursuant to the terms of the Holdings LLC Agreement, or Class D Shares) after the date hereof to become a party to this Agreement and to succeed to all of the rights and obligations of a
“holder of Registrable Securities” under this Agreement by obtaining an executed joinder to this Agreement from such Person in the form of Exhibit A attached hereto (a “Joinder”). Upon the
execution and delivery of a Joinder by such 

  
 -26- 

 
Person, the Class A Shares or rights to acquire Class A Shares acquired by such Person (the “Acquired Class A Shares”) shall be Parthenon Investor Registrable Securities, Hsieh
Investor Registrable Securities or Other Investor Registrable Securities, as the case may be hereunder, such Person shall be a “holder of Registrable Securities” under this Agreement with respect to the Acquired Class A Shares, and
the Company shall add such Person’s name and address to the appropriate schedule hereto and circulate such information to the parties to this Agreement. 

Section 10. Current Public Information. At all times after the Company has filed a registration statement with the SEC pursuant to the
requirements of either the Securities Act or the Exchange Act, the Company shall file all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as any holder or holders of Registrable
Securities may reasonably request, all to the extent required to enable such holders to sell Registrable Securities pursuant to Rule 144 (but only to the extent Rule 144 is available to such holder of Registrable Securities with respect to any such
sale of Registrable Securities to the public) or pursuant to such registration statement. Upon request, the Company shall deliver to any holder of Restricted Securities a written statement as to whether it has complied with such requirements. 

Section 11. Subsidiary Public Offering. If, after an initial Public Offering of the Capital Stock of one of its Subsidiaries, the
Company distributes securities of such Subsidiary to its equity holders, then the rights and obligations of the Company pursuant to this Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Company shall cause such Subsidiary
to comply with such Subsidiary’s obligations under this Agreement. 
 Section 12. Transfer of Registrable Securities. 

(a) Restrictions on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer to
the Company or a Subsidiary, (ii) a transfer by any Parthenon Investor to its limited partners or members, (iii) a transfer by any Hsieh Investor or their respective Affiliates or Family Group to such Person’s Family Group,
(iv) a Public Offering, (v) a sale pursuant to Rule 144 after the completion of the loanDepot IPO or (vi) a transfer in connection with a Sale of the Company (clauses (i) through (v), collectively, the
“Exempted Transfers”), prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring holder shall cause the prospective transferee to execute and deliver to the
Company a Joinder agreeing to be bound by the terms of this Agreement. Any transferee of Registrable Securities made pursuant to any of the Exempted Transfers shall be deemed to be a holder of Registrable Securities that are entitled to the rights
under this Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Company shall not record such transfer on its books or treat any purported transferee of
such Registrable Securities as the owner thereof for any purpose. For the avoidance of doubt, no such purported transferee shall be deemed to be a holder of Registrable Securities that are entitled to any rights under this Agreement. 

  
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 (b) Legend. Any certificate evidencing any Registrable Securities and any certificate
issued in exchange for or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) or any account at which such Registrable Securities are held shall be
stamped or otherwise designated with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED AS OF FEBRUARY 16, 2021 AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S
STOCKHOLDERS, AS AMENDED. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

The Company shall imprint or otherwise designate such legend on any certificates evidencing Registrable Securities outstanding or any account at which such
Registrable Securities are held prior to the date hereof. The legend set forth above shall be removed from the certificates evidencing any securities that have ceased to be Registrable Securities or any account at which such securities are held, as
applicable. Unless such securities that have ceased to be Registrable Securities have been delegended pursuant to Section 5(a)(xvi), the Company shall cooperate with the holders of such securities to (i) facilitate the
timely preparation and delivery of certificates not bearing any restrictive legends representing such securities or the removal of any restrictive legends associated with any account at which such securities are held, as applicable, and (ii) if
applicable, enable such securities to be in such denominations and registered in such names as the holders may request. 

Section 13. General Provisions 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived
only with the prior written consent of the Company, LD Holdings, the holders of a majority of the Parthenon Investor Registrable Securities and the holders of a majority of the Hsieh Investor Registrable Securities; provided that no such
amendment, modification or waiver that would materially and adversely affect a holder or group of holders of Registrable Securities in a manner materially different than any other holder or group of holders of Registrable Securities (other than
amendments and modifications required to implement the provisions of Section 9), shall be effective against such holder or group of holders of Registrable Securities without the consent of the holders of a majority of the
Registrable Securities that are held by the group of holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such
provisions and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that
Person of his, her or its obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

  
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 (b) Remedies. The parties to this Agreement shall be entitled to enforce their rights
under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and
acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be entitled to
specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction
as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement. Except as
otherwise provided in the Holdings LLC Agreement, Stockholders Agreement and herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any
prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 

(e) Successors and Assigns. Except as otherwise provided herein and subject to Section 12(a), this Agreement
shall bind and inure to the benefit and be enforceable by the Company and its successors and assigns, LD Holdings and its successors and assigns, and the holders of Registrable Securities and their respective successors and permitted assigns
(whether so expressed or not). In addition, whether or not any express assignment has been made, the provisions of this Agreement which are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of, and
enforceable by, any subsequent holder of Registrable Securities who hold such Registrable Securities pursuant to a transfer made in accordance with this Agreement. 

(f) Notices. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; but if not, then on the next
business day, (iii) one business day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three business days after it is mailed to the recipient by first class mail, return receipt requested.
Such notices, demands and other communications shall be sent to the Company at the address specified below and to any holder of Registrable Securities or to any other party subject to this Agreement at such address as indicated on the Schedule of
Parthenon Investors, Schedule of Hsieh Investors or Schedule of Other Investors hereto, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party.
Any party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. The Company’s address is: 

  
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 loanDepot, Inc. 

26642 Towne Centre Drive 

Foothill Ranch, California 92610 

Attn: General Counsel 
 Facsimile:
(949) 470-6237 
 With a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attn: Joshua N. Korff and Michael Kim 

Facsimile: (212) 446-4900 

and 
 Sheppard, Mullin,
Richter & Hampton LLP 
 333 South Hope Street, 43rd Floor 

Los Angeles, CA 90071-1422 
 Attn:
David H. Sands 
 Facsimile: (213) 443-2743 

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

(g) Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not a business day, the time
period shall automatically be extended to the business day immediately following such Saturday, Sunday or legal holiday. 
 (h) Governing
Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of the Company and its stockholders. All other issues and questions concerning the construction, validity, interpretation and
enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether
of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

(i) MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT
(AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES TO THE FULLEST EXTENT OF APPLICABLE LAW THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE
MATTERS CONTEMPLATED HEREBY. 

  
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 (j) CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR ANY DELAWARE STATE COURT, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF
THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE
ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE,
AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(k) No Recourse. Notwithstanding anything to the contrary in this Agreement, the Company, LD Holdings and each holder of Registrable
Securities agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or limited partner
or member of any holder of Registrable Securities or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it
being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any holder of Registrable Securities or any current or
future member of any holder of Registrable Securities or any current or future director, officer, employee, partner or member of any holder of Registrable Securities or of any Affiliate or assignee thereof, as such for any obligation of any holder
of Registrable Securities under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

(l) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

(m) No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party. 
 (n) Counterparts. This
Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

  
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 (o) Electronic Delivery. This Agreement, the agreements referred to herein, and each
other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile, PDF or
similar reproduction of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof
and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was
transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(p) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each holder of Registrable
Securities shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

 (q) No Inconsistent Agreements. The Company and LD Holdings shall not hereafter enter into any agreement with respect to their
securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. 
 (r)
Adjustments Affecting Registrable Securities. The Company shall not take any action, or permit any change to occur, with respect to its securities which would materially and adversely affect the ability of the holders of Registrable
Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement or which would materially and adversely affect the marketability of such Registrable Securities in any such registration (including, without
limitation, effecting a stock split or a combination of shares). 

*    *    *    *    * 

  
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 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

			
	 loanDepot, Inc.

		
	 By:
	 	 /s/ Anthony Hsieh

	 Name: Anthony Hsieh

	 Title:   Chief Executive Officer

	
	 LD Holdings Group LLC

		
	 By:
	 	 /s/ Anthony Hsieh

	 Name: Anthony Hsieh

	 Title:   Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	Parthenon Investors:
	
	Parthenon Investors III, L.P.
		
	By:	 	 PCap Partners III, LLC,
 its General
Partner

		
	By:	 	 PCap III, LLC,
 its Managing
Member

		
	By:	 	 PCP Managers, LLC,
 its Managing
Member

		
	By:	 	 /s/ Joseph Taveira

	Name: Joseph Taveira
	Title: Chief Financial Officer
	
	PCap Associates
		
	By:	 	 PCap Partners III, LLC,
 its General
Partner

		
	By:	 	 PCap III, LLC,
 its Managing
Member

		
	By:	 	 PCP Managers, LLC,
 its Managing
Member

		
	By:	 	 /s/ Joseph Taveira

	Name: Joseph Taveira
	Title: Chief Financial Officer
	
	Parthenon Capital Partners Fund, L.P.
		
	By:	 	 PCP Managers, LLC,
 its General
Partner

		
	By:	 	 /s/ Joseph Taveira

	Name: Joseph Taveira
	Title: Chief Financial Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	Parthenon Capital Partners Fund II, L.P.
		
	By:	 	 PCP Managers, L.P.
 its General
Partner

		
	By:	 	 PCP Managers, GP, LLC
 its General
Partner

		
	By:	 	 /s/ Joseph Taveira

	Name: Joseph Taveira
	Title: Chief Financial Officer
	
	PCP Managers, L.P.
		
	By:	 	 PCP Managers, LLC,
 its General
Partner

		
	By:	 	 /s/ Joseph Taveira

	Name: Joseph Taveira
	Title: Chief Financial Officer
	
	Parthenon Investors IV, L.P.
		
	By:	 	 PCP Partners IV, L.P.,
 its General
Partner

		
	By:	 	 PCP Managers, L.P.
 its General
Partner

		
	By:	 	 PCP Managers GP, LLC,
 its General
Partner

		
	By:	 	 /s/ Joseph Taveira

	Name: Joseph Taveira
	Title: Chief Financial Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	Hsieh Investors:
	
	Anthony Hsieh, Trustee of The JLSSAA Trust, established September 4, 2014
	
	 /s/ Anthony Hsieh

	
	JLSA, LLC
		
	By:	 	 /s/ Anthony Hsieh

	Name:	 	Anthony Hsieh
	Title:	 	Manager
	
	Trilogy Mortgage Holdings, Inc.
		
	By:	 	 /s/ Anthony Hsieh

	Name:	 	Anthony Hsieh
	Title:	 	President
	
	Trilogy Management Investors Six, LLC
		
	By:	 	 /s/ Anthony Hsieh

	Name:	 	Anthony Hsieh
	Title:	 	Manager
	
	Trilogy Management Investors Seven, LLC
		
	By:	 	 /s/ Anthony Hsieh

	Name:	 	Anthony Hsieh
	Title:	 	Manager
	
	Trilogy Management Investors Eight, LLC
		
	By:	 	 /s/ Anthony Hsieh

	Name:	 	Anthony Hsieh
	Title:	 	Manager

  
 [Signature Page to
Registration Rights Agreement] 

 SCHEDULE OF PARTHENON INVESTORS 

Parthenon Investors III, L.P. 
 PCap Associates 

Parthenon Capital Partners Fund, L.P. 
 Parthenon LoanDepot
Partners, LP 
 PCP Managers, L.P. 
 c/o Parthenon Capital
Partners 
 Four Embarcadero Center, Suite 3610 
 San Francisco,
California 94111 
 Attn: Brian Golson, Managing Partner 

Facsimile: (415) 913-3913 

For Notices under Section 13(f), with a copy to: 

Kirkland & Ellis LLP 
 2049 Century Park East 

Los Angeles, CA 90067 
 Attn: Tana Ryan 

Facsimile: (213) 680-8500 

 SCHEDULE OF HSIEH INVESTORS 

Anthony Hsieh, Trustee of The JLSSAA Trust, established September 4, 2014 

5 Oceancrest, 
 Newport Coast, CA 92657 

Attn: Anthony Hsieh 
 JLSA, LLC 

5 Oceancrest 
 Newport Coast, CA 92657 

Attn: Anthony Hsieh 
 Trilogy Mortgage Holdings, Inc. 

3355 Michelson Dr., Suite 300 
 Irvine, California 92612 

Attn: Anthony Hsieh 
 Trilogy Management Investors Six, LLC 

26642 Towne Centre Drive 
 Foothill Ranch, CA 92610 

Attn: Anthony Hsieh 
 Trilogy Management Investors Seven, LLC

 26642 Towne Centre Drive 
 Foothill Ranch, CA 92610 

Attn: Anthony Hsieh 
 Trilogy Management Investors Eight, LLC

 26642 Towne Centre Drive 
 Foothill Ranch, CA 92610 

Attn: Anthony Hsieh 

 For Notices under Section 13(f), with a copy to: 

Gibson Dunn & Crutcher LLP 
 333 South Grand Avenue 

Los Angeles, California 90071 
 Attn: Kevin S. Masuda 

Facsimile: (213) 229-7872 

  
 [Signature Page to
Registration Rights Agreement] 

 EXHIBIT A 

REGISTRATION RIGHTS AGREEMENT 

JOINDER 
 The undersigned
is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of February 16, 2021 (as the same may hereafter be amended, the “Agreement”), among loanDepot, Inc., a Delaware corporation (the
“Company”), LD Holdings Group LLC, a Delaware limited liability company, and the other parties thereto. Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Agreement. 

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply
with the provisions of the Agreement as a holder of [Parthenon Investor // Hsieh Investor // Executive // Other Investor] Registrable Securities in the same manner as if the undersigned were an original signatory to the Agreement, and the
undersigned’s [____ Class A Shares] [and] [____ Holdco Units and corresponding number of Class B Shares or Class C Shares that may be exchanged for Class A Shares pursuant to the terms of the Holdings LLC Agreement, or
Class D Shares] shall be included as [Parthenon Investor // Hsieh Investor // Other Investor] Registrable Securities under the Agreement. 

*    *    *    *    * 

  
 A-1 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder to the Registration Rights
Agreement as of the date first written above. 
  

			
	[                     ]

			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
		
	Address:	 	  

		 	  

		
	Facsimile:	 	  

  
 [Signature Page to
Joinder to Registration Rights Agreement] 

			
	
	Agreed and Accepted as of
	
	____________, ____.
	
	loanDepot, Inc.

			
		
	By:	 	  

			
	Name:
	Title:
	
	LD Holdings Group LLC

			
		
	By:	 	  

			
	Name:
	Title:

  
 [Signature Page to
Joinder to Registration Rights Agreement]

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