Document:

Exhibit

Exhibit 10.2
SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERIKS (*****).

AMENDMENT to THE INVENTORY INTERMEDIATION AGREEMENT 
THIS AMENDMENT to THE INVENTORY INTERMEDIATION AGREEMENT AGREEMENT (this “Amendment”), dated as of May 4, 2017, is made by and between (i) J. Aron & Company LLC, a New York limited liability company (“Aron”) located at 200 West Street, New York, New York 10282-2198, and (ii) PBF Holding Company LLC (“PBFH”), jointly and severally with its wholly-owned subsidiary, Delaware City Refining Company LLC (“DCRC” and collectively with PBFH, “DCR”), both Delaware limited liability companies that have a place of business located at One Sylvan Way, 2nd Floor, Parsippany, NJ 07054-3887  (each of Aron and DCR are referred to individually as a “Party” or collectively as the “Parties”).
RECITALS
Aron and DCR are parties to that certain Amended and Restated Inventory Intermediation Agreement dated as of May 29, 2015 (the “Agreement”) relating to the purchase by Aron from DCR (and thereafter the sale by Aron to DCR) of the refined products specified on Schedules A and B to the Agreement upon the terms and conditions set forth therein; and
Aron and DCR wish to amend the Agreement as hereinafter provided;
Accordingly, the Parties hereby agree as follows:
Article I.     Definitions; Interpretation
Section 1.01    Terms Defined in the Agreement.  
(a)Defined Terms.  All capitalized terms used in this Amendment (including in the recitals hereto) and not otherwise defined herein shall have the meanings assigned to them in the Agreement.
(b)Interpretation.  The rules of construction set forth in Sections 1.2, 1.3, 1.4 and 1.5 of the Agreement shall apply to this Amendment as if incorporated herein in full.
Article II.     Amendments to the Agreement
Section 2.01    Amendment.  Upon the effectiveness of this Amendment as provided in Section 3.04 hereof:
(c)Sections 2.1, 2.2, 2.3 and 2.4 are hereby amended and restated in their entirety to read as follows:
		
	2.1
	Initial Term.  Subject to Section 2.8 below, this Agreement shall be effective as of the Restatement Effective Date  The Parties acknowledge and agree that (i) the Original Agreement became effective on June 26, 2013, (ii) the Commencement Date occurred, (iii) the Inventory Volumes at the end of the Initial Term as defined in the Original Agreement will carry over 

to the effective time of this Agreement, (iv) all conditions precedent and all other provisions related to the inception of the Original Agreement even if repeated in this Agreement have previously been satisfied or waived, and (v) the Actual Setup Fee has been paid.  This Agreement constitutes a continuation of the term of the Original Agreement under the amended and restated terms hereof, which term shall continue from the Restatement Effective Date until July 1, 2019 at 11:59:59 p.m. EPT (the “Initial Term”); provided, however, that this Agreement is subject to earlier termination as provided in Sections 2.3, 2.4 and 2.5.
		
	2.2
	Renewal Term.  As of the expiration of the Initial Term, DCR and Aron may, by mutual agreement and no less than 180 days prior to the expiration of the Initial Term, renew this Agreement for one additional one-year term until July 1, 2020 at 11:59:59 p.m. EPT (or such longer term as may be agreed to by DCR and Aron) (the “Renewal Term”).

		
	2.3
	Specified Early Termination Rights.  In addition to the termination rights in Section 2.4 and 2.5, DCR may, at its option and in its sole discretion, by providing no less than 60 days’ prior written notice to Aron, to be effective at 11:59:59 p.m. EPT on January 1, 2018 or, if later, at 11:59:59 p.m. EPT on the first day of the month immediately following the month during which such 60-day notice period expires (unless such 60-day notice period expires on the first day of a month, in which event such termination will be effective on such day) (but no later than July 1, 2018), terminate this Agreement, in which case this Agreement shall terminate in its entirety and the Specified Early Termination Fee will be due and payable by DCR to the extent applicable as set forth in Section 3.8.7 as part of the Step-out Payment Amount; provided that if the Related Agreement remains outstanding at the time such notice is given, such termination notice shall not be effective unless, (i) PRCLLC (with PBFH) has concurrently elected to exercise its right to terminate the Related Agreement pursuant to Section 2.3 thereof (in which case, the Specified Early Termination Fee as provided for thereunder would become due) or (ii) Aron has agreed to the continuation of the Related Agreement following such early termination of this Agreement (in which case, no “Specified Early Termination Fee” will be due under this Agreement or pursuant to Section 2.3 of the Related Agreement at such time).

		
	2.4
	General Early Termination Right.  In addition to the termination rights in Section 2.3 and 2.5, DCR may, at its option and in its sole discretion, by providing no less than 60 days’ prior written notice to Aron, to be effective at 11:59:59 p.m. EPT on July 1, 2018 or, if later, at 11:59:59 p.m. EPT on the first day of the  month immediately following the month during which such 60-day notice period expires (unless such 60-day notice period expires on the first day of a month, in which event such termination will be effective on such day), terminate this Agreement, in which case this Agreement shall terminate in its entirety and the Early Termination Fee will be due and payable by DCR to the extent applicable as set forth in Section 3.8.8 as part of the Step-out Payment Amount; provided that if the Related Agreement remains outstanding at the time such notice is given, such termination notice shall not be effective unless (i) PRCLLC (with PBFH) has concurrently elected to exercise its right to terminate the Related Agreement pursuant to Section 2.4 thereof (in which case, the Early Termination Fee as provided for thereunder would become due to the extent applicable) or (ii) Aron has agreed to the continuation of the Related Agreement following such early termination of this Agreement (in which case, no “Early Termination Fee” will be due under this Agreement or pursuant to Section 2.4 of the Related Agreement at such time).

(d)Sections 3.8.7 and 3.8.8 are hereby amended and restated in their entirety to read as follows:

		
	3.8.7
	DCR agrees to pay Aron, only if this Agreement is terminated in its entirety pursuant to Section 2.3 on or prior to July 1, 2018 at 11:59:59 p.m. EPT (to the extent applicable under Section 2.3), an amount equal to the product of: (a) the amount calculated as the sum of, for each Product Group, the product of (i) the Actual Step-out Inventory Product Benchmark and (ii) the Maximum Inventory and (b) the Specified Early Termination Margin (the “Specified Early Termination Fee”).

		
	3.8.8
	DCR agrees to pay Aron, only if this Agreement is terminated in its entirety pursuant to Section 2.4 on or prior to July 1, 2019 at 11:59:59 p.m. EPT, but after July 1, 2018 at 11:59:59 p.m. EPT (to the extent applicable under Section 2.4), an amount equal to the product of: (a) the amount calculated as the sum of, for each Product Group, the product of (i) the Actual Step-out Inventory Product Benchmark and (ii) the Maximum Inventory, (b) the Early Termination Margin and (c) a fraction, the numerator of which is the number of days between the date of such early termination and July 1, 2019 and the denominator of which is 365 (the “Early Termination Fee”).

(e)Section 9.9 is hereby amended by inserting a new subsection 9.9.3 at the end thereof reading as follows:
		
	9.9.3
	DCR agrees that it will promptly notify Aron in writing of any Included Location that (i) DCR removes from service, for any reason and if removal from service is anticipated to be more than 30 days or (ii) subject to the last sentence of this section, has had no bulk movements of Products during any period of 60 consecutive days or has otherwise been designated or categorized as no longer being active or in use for at least 60 consecutive days and has de minimis inventory and further agrees, in either such case, if requested by Aron in writing within 5 Business Days after receipt of such notice, that the parties shall, pursuant to Section 28.2.3, promptly remove the relevant Tank or other storage location from Schedule B so that it shall cease to constitute an Included Location for purposes hereof.  If Aron requests that any such Tank or other storage location cease to be an Included Location, such change in status shall become effective in accordance with the procedures specified in Section 28.2.3.  If any Tank or other storage location has ceased to be an Included Location pursuant to this Section 9.9.3 and thereafter such Tank or other storage location is returned to service or reactivated and Aron determines, in its reasonable good faith judgment, that such Tank or other storage location is compliant with Aron’s Policies and Procedures, then Aron shall promptly cooperate with DCR to reestablish such tank as an Included Location pursuant to the procedures specified in Section 28.2.3.  If notice is required for an Included Location under clause (ii) above, but DCR intends to continue to use and maintain such Included Location in accordance with Acceptable Industry Practices, DCR may state its intent in such in notice, in which case Aron shall consult with DCR regarding the status and intended use of such Included Location before deciding whether to request the removal of such Included Location pursuant to this section.

(f)Section 15.1.2 is hereby amended and restated in its entirety to read as follows:
15.1.2    commercial general liability coverage which includes bodily injury, broad form property damage and contractual liability, cross suit liability, products and completed operations liability, and sudden and accidental pollution liability coverage in a minimum amount of $10,000,000 per occurrence and $10,000,000 in the aggregate;

(g)Section 15.1.5 is hereby amended and restated in its entirety to read as follows:
		
	15.1.5
	umbrella/excess liability coverage providing coverage on a follow­ form basis with respect the coverage required under Sections 15.1.2, 15.1.3(ii) and 15.1.4 in a minimum amount of $425,000,000 per occurrence and in the aggregate; and

(h)Section 18.5.1 is hereby amended and restated in its entirety to read as follows:
		
	18.5.1
	Notwithstanding any other provision of this Agreement, if the Performing Party terminates this Agreement pursuant to Section 18.3.3, the Performing Party shall have the right, immediately and for 60 days thereafter, to terminate any other contract or agreement that may then be outstanding among the Parties that relates specifically to this Agreement, including any Transaction Document and, subject to Section 18.5.2, to liquidate and terminate any or all rights and obligations under this Agreement; provided that, in the event Aron is the Performing Party, this Agreement shall not be deemed to have terminated in full until Aron shall have disposed of all of the Aron Inventory (but in any event within 60 days thereafter); and provided further that such 60 day period shall be extended to the extent that the Performing Party is subject to or required to comply with the order of any court of competent jurisdiction that limits its ability to exercise such rights or remedies or if the exercise of such rights or remedies is impracticable due to circumstances beyond the Performing Party’s reasonable control (which, with the exercise of due diligence, such Party cannot avoid or overcome).  The “Settlement Amount” shall mean the amount, expressed in U.S. Dollars, of all actual, reasonable losses and costs that are incurred by the Performing Party (expressed as a positive number) or gains that are realized by the Performing Party (expressed as a negative number) as a result of the liquidation and termination of all rights and obligations under this Agreement, each determined in a commercially reasonable manner.  The determination of the Settlement Amount shall include (without duplication): (w) for any Specified Period designated by DCR or otherwise established pursuant to the provisions of Schedule F prior to the Early Termination Date that ends after such Early Termination Date, the net present values as of the Early Termination Date of the Inventory Intermediation Roll Fees that would have become due as of the end of such Specified Period absent the early termination (where the discount rate to be used in the net present value calculation shall be equal to LIBOR plus the Applicable Margin), (x) all Specified Unwind Costs (as determined with respect to all Corresponding Futures and aggregated into a net amount), (y) the actual, reasonable losses and costs (or gains) incurred or realized by the Performing Party to the extent it elects to dispose of any Product inventories maintained for purposes of this Agreement and (z) if such termination occurs prior to July 1, 2019 and Aron is the Performing Party, the net present value of any Specified Early Termination Fee or Early Termination Fee that would have been payable to Aron pursuant to Section 3.8.7 or 3.8.8, respectively, as a result of an early termination under Section 2.3 or 2.4 of this Agreement (and the discount rate to be used in the net present value calculation shall be equal to LIBOR plus the Applicable Margin), except that if such termination occurs prior to January 1, 2018 the Specified Early Termination Fee shall be calculated in the same manner as under Section 3.8.7 except that the Default Early Termination Margin shall be used in place of the Specified Early Termination Margin.  If the Settlement Amount is a positive number it shall be due to the Performing Party and if it is a negative number, the absolute value thereof shall be due to the Defaulting Party.

(i)Section 28.2 is hereby amended and restated in its entirety to read as follows:
		
	28.2
	Entire Agreement; Amendments.

		
	28.2.1
	This Agreement constitutes the entire agreement of the Parties regarding the matters contemplated herein or related thereto and no representations or warranties shall be implied or provisions added hereto in the absence of a written agreement to such effect between the Parties after the Effective Date; provided, however, that nothing in this Agreement shall limit, impair or contravene the Parties’ or their Affiliates’ rights as set forth in any Specified Transaction (whether entered into prior to, on or after the Effective Date) regarding the collection and determination of margin and collateral, the exporting or importing of events of default, termination events or the netting and setting off of amounts due.

		
	28.2.2
	Subject to Section 28.2.3, this Agreement may not be altered, amended, modified or otherwise changed in any respect except by a writing duly executed by an authorized representative of each Party and no representations or warranties shall be implied or terms added in the absence of a writing signed by both Parties.  No promise, representation or inducement has been made by either Party that is not embodied in this Agreement, and neither Party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.

28.2.3. The parties may from time to time remove a Product from, add a Product to or modify a Product on Schedule A (each, a “Product Change”) or remove a Tank from Schedule B or add a removed Tank back to Schedule B (each, a “Tank Status Change”) in accordance with the following procedures:
(a) Each Product Change or Tank Status Change shall be evidenced by an exchange of emails between the parties which shall specifically reference (i) in the case of a Product Change, the Product being removed, added or modified, the effective date of such Product Change and, if such Product Change is known to be temporary, the date or expected date as of which such Product Change is to end and (ii) in the case of a Tank Status Change, the Tank, indicate the nature of the Tank Status Change (i.e., whether it is being removed from or added to Schedule B), the effective date of such Tank Status Change and, if such Tank Status Change is known to be temporary, the date or expected date as of which such Tank Status Change is expected to end (it being acknowledged that such expected date is merely for informational purposes).  Either party may initiate this email exchange, but such email exchange shall only be effective to bind the parties once the second party has responded via email in a manner sufficient to confirm its agreement to the Product Change or Tank Status Change reflected in the initial email.  Any matter other than a Product Change or Tank Status Change that is addressed or discussed in any such email communications shall not be binding on the parties.
(b) An exchange of emails complying with the terms of this Section 28.2.3 shall (notwithstanding anything to the contrary herein) constitute an amendment of Schedule A or B as applicable with respect to the relevant Product or Tank.
(c) Whenever, as a result of any Tank Status Change effected in accordance with the foregoing procedures, a Tank is (i) included on Schedule B, it shall constitute an Included Location for purposes of the Agreement or (ii) excluded from such Schedule B, it shall cease to constitute an Included Location for purposes of the Agreement, in each case as of the relevant effective date.

(j)Schedules A, B, C, F, I, K and O attached to the Agreement are hereby amended and restated in the form of Schedules A, B, C, F, I, K and O attached hereto.
Article III.     Miscellaneous
Section 3.01    Agreement Otherwise Not Affected; Other Transaction Documents.  
(a)Except for the amendments pursuant hereto, the Agreement remains unchanged.  As amended pursuant hereto, the Agreement remains in full force and effect and is hereby ratified and confirmed in all respects.  The execution and delivery of, or acceptance of, this Amendment and any other documents and instruments in connection herewith by a Party shall not be deemed to create a course of dealing or otherwise create any express or implied duty by it to provide any other or further amendments, consents or waivers in the future.
(b)DCR confirms that the other Transaction Documents continue to be in full force and effect, subject in the case of the Fee Letter to its amendment and restatement as contemplated by Section 3.04(b) below.
Section 3.02    No Reliance.  Each Party hereby acknowledges and confirms that it is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.
Section 3.03    Costs and Expenses.  Each Party shall be responsible for any costs and expenses incurred by such Party in connection with the negotiation, preparation, execution and delivery of this Amendment and any other documents to be delivered in connection herewith.
Section 3.04    Effectiveness; Binding Effect.  
(a)In connection with the execution, and as a condition to the effectiveness, of this Amendment, Aron and PBFH are entering into an amended and restated Fee Letter dated as of the date hereof, which shall constitute the “Fee Letter” under the Agreement.
(b)This Amendment shall be binding upon, inure to the benefit of and be enforceable by DCR, Aron and their respective successors and assigns as of the date on which it has been executed by each of the Parties hereto.
Section 3.05    Governing Law; Disputes; Jurisdiction. Section 22 of the Agreement (Governing Law & Disputes) shall apply to this Amendment as if incorporated herein in full.
Section 3.06    Counterparts.  This Amendment may be executed by the Parties in separate counterparts and all such counterparts shall together constitute one and the same instrument.  In the event that any signature is delivered by facsimile or electronic transmission, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf the signature is executed) the same with the same force and effect as if such facsimile or electronic signature page were an original thereof.
Section 3.07    Entire Agreement; Amendments.  The Agreement, as amended by and together with this Amendment, constitutes the entire agreement of the Parties regarding the matters contemplated herein and therein or related hereto and thereto and no representations or warranties shall be implied or provisions added hereto or thereto in the absence of a written agreement to such effect between the Parties.  The Agreement, as amended by and together with this Amendment, may not be altered, amended, modified or otherwise changed in any respect except by a writing duly executed by an authorized representative of each Party and no representations or warranties shall be implied or terms added in the absence of a writing signed by both Parties.  No promise, representation or inducement has been made by either Party that is not embodied 

in the Agreement, as amended by and together with this Amendment, and neither Party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.
 [Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Parties hereto have duly executed this Amendment to the Agreement as of the date first above written.
J. ARON & COMPANY LLC

By:     /s/ Simon Collier        
Name:     Simon Collier            
Title:    Attorney-in-fact        

DELAWARE CITY REFINING COMPANY LLC

By:     /s/ Thomas O’Connor            
Name:     Thomas O’Connor            
Title:    Senior Vice President, Commercial    

PBF HOLDING COMPANY LLC

By:     /s/ Thomas O’Connor            
Name:     Thomas O’Connor            
Title:    Senior Vice President, Commercial    

	
		
	SCHEDULE A

	Products List

	PBF Corporate Standard
	Product Group

	CGO
	Distillate

	Diesel-Strtrun
	Distillate

	Distillate Blendstk
	Distillate

	HCO
	Distillate

	JET A
	Distillate

	Jet A FTZ
	Distillate

	Kerosene
	Distillate

	Kerosene ULS
	Distillate

	Kerosene-Stiirun Receipts 
	Distillate

	Kerosene-Strtrun 
	Distillate

	LCO 
	Distillate

	LCO Receipts 
	Distillate

	LGO 
	Distillate

	LGO Receipts 
	Distillate

	No 2 HO 
	Distillate

	No 2 HO 2000 UD 
	Distillate

	No 2 LSD 500 
	Distillate

	No 2 LSHO 500 
	Distillate

	No 2 ULSD 
	Distillate

	No 2 ULSD 15 
	Distillate

	No 2 ULSD 15 Exp 
	Distillate

	No 2 ULSHO 15 
	Distillate

	Untreated Dist Blendstk 
	Distillate

	 RBOB Reg 
	Gasoline

	ALKYLATE
	Gasoline

	Alkylate Receipts
	Gasoline

	CBOB Prm
	Gasoline

	CBOB Prm 12.9#
	Gasoline

	CBOB Prm 13.5#
	Gasoline

	CBOB Prm 14.5#
	Gasoline

	CBOB Prm 15.0#
	Gasoline

	CBOB Prm 7.8#
	Gasoline

	CBOB Prm 9.0#
	Gasoline

	CBOB Reg
	Gasoline

	CBOB Reg 10.0#
	Gasoline

	CBOB Reg 12.9#
	Gasoline

	CBOB Reg 13.5#
	Gasoline

	CBOB Reg 14.5#
	Gasoline

	CBOB Reg 15.0#
	Gasoline

	CBOB Reg 7.8#
	Gasoline

	CBOB Reg 9.0#
	Gasoline

	Cnv Prm 93 9.0#
	Gasoline

	Cnv Reg
	Gasoline

	Gasoline Blendstk
	Gasoline

	Gasoline Blendstk Receipts
	Gasoline

	Gasoline-Cat
	Gasoline

	
		
	Gasoline-Hvy Cat
	Gasoline

	Gasoline-Lt Cat
	Gasoline

	Gasoline-Lt Strtrun
	Gasoline

	Gasoline-Poly
	Gasoline

	Naphtha 
	Gasoline

	Naphtha Shipments 
	Gasoline

	Naphtha-Hvy Cat 
	Gasoline

	Naphtha-Hvy Coker 
	Gasoline

	PBOB Prem 
	Gasoline

	PBOB Prm 
	Gasoline

	PBOB Prm 11.5# 
	Gasoline

	PBOB Prm 13.5# 
	Gasoline

	PBOB Prm 15.0# 
	Gasoline

	PBOB Prm V2 
	Gasoline

	PBOB Prm VI 
	Gasoline

	Raffinate 
	Gasoline

	 RBOB Reg
	Gasoline

	RBOB Reg 
	Gasoline

	RBOB Reg 11.5# 
	Gasoline

	RBOB Reg 13.5# 
	Gasoline

	RBOB Reg 15.0# 
	Gasoline

	RBOB Reg Vl 
	Gasoline

	RBOB RegV2 
	Gasoline

	REFORMATE 
	Gasoline

	Reformate Receipts 
	Gasoline

	Reformate-Hvv 
	Gasoline

	Reformate-Lt 
	Gasoline

	Reformate-Lt Receipts
	Gasoline

	Reg Gasoline for Exp
	Gasoline

	Untreated Gasoline Blendstk
	Gasoline

	
		
	SCHEDULE B

	Tank List

	Effective May 2017

	Tank List
	Typical Contents

	44
	Naphtha

	45
	LCO

	47
	Heavy Cat Naphtha

	48
	Straight Run Diesel

	50
	Light Cycle Oil

	51
	Untreated Straight Run Kerosene

	73
	Heavy Coker Naphtha

	135
	Heavy Cycle Oil

	136
	PBOB Unl Prem 13.5# RVP

	137
	PBOB Unl Prem 15.0# RVP

	139
	No 2 ULS (15 ppm) Diesel

	145
	Heavy Cycle Oil

	146
	PBOB Unl Prem VOC1

	147
	PBOB Unl Prem 15.0# RVP

	149
	No 2 ULS (15 ppm) Diesel

	150
	No 2 ULSD 15

	161
	CBOB Unl Reg 15.0# RVP

	162
	RBOB Unl Reg 15.0# RVP

	163
	RBOB Unl Reg 15.0# RVP

	165
	Gasoline-Hvy Cat

	166
	Heavy Reformate

	167
	Raffinate

	182
	CBOB Unl Reg 15.0# RVP

	183
	RBOB Unl Reg 15.0# RVP

	185
	Heavy Cat Gasoline

	187
	Naphtha

	201
	Light Straight Run Gasoline

	202
	Light Reformate

	203
	Naphtha

	204
	Heavy Reformate

	205
	Heavy Reformate

	223
	Naphtha

	224
	Alkylate

	241
	Naphtha

	242
	Naphtha

	243
	Distillate Blendstock

	244
	Distillate Blendstock

	245
	Distillate Blendstock

	246
	Distillate Blendstock

	248
	Light Cycle Oil

	261
	Naphtha

	263
	Distillate Blendstock

	264
	Distillate Blendstock

	
		
	265
	Distillate Blendstock

	266
	Distillate Blendstock

	283
	No 2 ULS (15 ppm) Diesel

	284
	No 2 ULS (15 ppm) Diesel

	286
	LGO

SCHEDULE C
Product Benchmarks

*****

*****

*****

SCHEDULE F
Roll Procedures

*****

*****

*****

*****

*****

*****

*****

*****

*****

SCHEDULE I
*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

*****

SCHEDULE K 

Notices
	
			
	If to the Company, to:
	 
	 

	 
	 
	 

	PBF Holding Company LLC
	 
	 

	1 Sylvan Way, Second Floor
	 
	 

	Parsippany, New Jersey 07054
	 
	 

	(973) 455-7500
	 
	 

	 
	 
	 

	General Notices
	 
	 

	 
	 
	 

	Thomas L. O’Connor
	 
	Trecia M. Canty

	Senior Vice President
	 
	Senior Vice President, General Counsel

	(973) 455-7545
	 
	(973) 455-7500

	Thomas.O’Connor@pbfenergy.com
	 
	Trecia.Canty@pbfenergy.com

	 
	 
	 

	John Luke
	 
	 

	Treasurer
	 
	 

	(973) 455-7518
	 
	 

	John.Luke@pbfenergy.com
	 
	 

	 
	 
	 

	 
	 
	 

	Supply and Trading
	 
	 

	 
	 
	 

	Richard Miller
	 
	Joe Costello

	Director - Risk Management
	 
	Manager - Futures

	(973) 455-7542
	 
	(973) 455-7552

	Richard.Miller@pbfenergy.com
	 
	Joe.Costello@pbfenergy.com

	 
	 
	 

	 
	 
	 

	Inventory Accounting
	 
	 

	 
	 
	 

	Michael Spagnolo
	 
	 

	Director - Commercial Accounting
	 
	 

	(973) 254-4517
	 
	 

	Michael.Spagnolo@pbfenergy.com
	 
	 

	 
	 
	 

	 
	 
	 

	Billing
	 
	 

	 
	 
	 

	David Quackenbush
	 
	Karen Wisniewski

	Director - Billing & Inventory
	 
	Supervisor Billing

	(973) 455-8952
	 
	(973) 254-4488

	
			
	David.Quackenbush@pbfenergy.com
	 
	Karen.Wisniewski@pbfenergy.com

	 
	 
	 

	 
	 
	 

	Payments
	 
	 

	 
	 
	 

	Danielle Washington
	 
	Carol Morrison

	Treasury Analyst
	 
	Treasury Analyst

	(973) 455-7558
	 
	(973) 455-7536

	Danielle.Washington@pbfenergy.com
	 
	Carol.Morrison@pbfenergy.com

	 
	 
	 

	 
	 
	 

	If to Aron, to: 
	 
	 

	 
	 
	 

	Trading and Sales:
	 
	 

	 
	 
	 

	Simon Collier
	 
	Chrissy Benson

	200 West Street
	 
	200 West Street

	New York N.Y. 10282
	 
	New York N.Y. 10282

	(212) 357 4304
	 
	(212) 902 0776

	Simon.Collier@gs.com
	 
	Christine.Benson@gs.com

	 
	 
	 

	Jennifer Rowland
	 
	Sara Lachapelle

	200 West Street
	 
	200 West Street

	New York N.Y. 10282
	 
	New York N.Y. 10282

	(212) 357 4239
	 
	(212) 357 4304

	Jennifer.Rowland@gs.com
	 
	Sara.Lachapelle@gs.com

	 
	 
	 

	Adam Hammer
	 
	Harsh Rajamani

	200 West Street
	 
	200 West Street

	New York N.Y. 10282
	 
	New York N.Y. 10282

	(212) 357 4304
	 
	(212) 357 2674

	Adam.Hammer@gs.com
	 
	Harsh.Rajamani@gs.com

	 
	 
	 

	Jeff Fernandez
	 
	 

	200 West Street
	 
	 

	New York N.Y. 10282
	 
	 

	(212) 343 1535
	 
	 

	Jeffrey.Fernandez@gs.com
	 
	 

	 
	 
	 

	 
	 
	 

	Scheduling/Logistics:
	 
	 

	 
	 
	 

	Reid Fontenot
	 
	Rajiv Powani

	200 West Street
	 
	200 West Street

	New York N.Y. 10282
	 
	New York N.Y. 10282

	Direct: (212) 902 4037
	 
	Direct: (212) 343 3802

	
			
	Hotline: (212) 902 7349
	 
	Hotline: (212) 902 7349

	Fax: (212) 493 9847
	 
	Fax: (212) 493 9847

	ficc-jaron-oilops@ny.emailgs.com
	 
	ficc-jaron-oilops@ny.emailgs.com

	 
	 
	 

	Kristen O'Neill
	 
	 

	200 West Street
	 
	 

	New York N.Y. 10282
	 
	 

	Direct: (212) 357 3642
	 
	 

	Hotline: (212) 902 7349
	 
	 

	Fax: (212) 493 9847
	 
	 

	ficc-jaron-oilops@ny.emailgs.com
	 
	 

	 
	 
	 

	 
	 
	 

	Confirmations:
	 
	 

	 
	 
	 

	Primary:
	 
	Alternate:

	Chris Chapman
	 
	Jessica Lai

	200 West Street
	 
	200 West Street

	New York N.Y. 10282
	 
	New York N.Y. 10282

	Tel: (917) 343 6193
	 
	Tel: (212) 357 0392

	Fax: (212) 493 9846
	 
	Fax: (212) 493 9846

	gs-commodny-phys@ny.email.gs.com
	 
	gs-commodny-phys@ny.email.gs.com

	 
	 
	 

	 
	 
	 

	Payments/Invoicing/Statements:
	 
	 

	 
	 
	 

	Primary:
	 
	Alternate:

	Joo Hyung Chae
	 
	Eric Hudson

	200 West Street
	 
	200 West Street

	New York N.Y. 10282
	 
	New York N.Y. 10282

	Tel: (212) 902 5916
	 
	Tel: (917) 343 8327

	Fax: (646) 835 8748
	 
	ficc-struct-sett@ny.email.gs.com

	ficc-struct-sett@ny.email.gs.com
	 
	 

	 
	 
	 

	 
	 
	 

	Structured Deal Integration:
	 
	 

	 
	 
	 

	Lindsay McInally
	 
	 

	200 West Street
	 
	 

	New York N.Y. 10282
	 
	 

	Tel: (212) 902 0506
	 
	 

	Lindsay.McInally@gs.com
	 
	 

	 
	 
	 

	 
	 
	 

	General Notices:
	 
	 

	 
	 
	 

	
			
	John Thomas
	 
	 

	200 West Street
	 
	 

	New York N.Y. 10282
	 
	 

	Tel: (212) 902 1806
	 
	 

	Fax: (212) 855 0667
	 
	 

	John.Thomas@gs.com
	 
	 

SCHEDULE O
Reference Contract Conversion Procedures
*****

*****

*****

*****

*****Exhibit

PBF ENERGY INC.
2017 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT FOR NON-EMPLOYEE DIRECTORS

THIS AGREEMENT (the “Agreement”), is made effective as of the date set forth on the signature page hereto (the “Date of Grant”), between PBF Energy Inc. (the “Company”) and the individual named on the signature page hereto (the “Grantee”).
R E C I T A L S:
WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and
WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its stockholders to grant the Restricted Shares (as defined below) provided for herein to the Grantee pursuant to the Plan and the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:
1.Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below.  Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.
(a)Company Group:  The Company and its subsidiaries and Affiliates.
(b)Plan:  The PBF Energy Inc. 2017 Equity Incentive Plan, as it may be amended or supplemented from time to time.
(c)Restricted Share:  A Share with respect to which the terms, conditions and restrictions are set forth in Section 3 of this Agreement.
2.Grant of the Restricted Shares.  The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth herein and in the Plan, the number of Shares set forth on the signature page hereto, subject to adjustment as set forth in the Plan.
3.Vesting; Transfer Restrictions; Terms and Conditions.
(a)General.  The Restricted Shares shall be fully vested as of the date of grant but except as otherwise provided in Section 6, shall not be assigned, sold, transferred or otherwise be subject to alienation by the Grantee until such time as the restrictions lapse in accordance with the schedule on the signature page hereto.
(b)Termination of Service.  If the Grantee’s service with the Company Group terminates for any reason prior to the lapse of the transfer restrictions in accordance with Section 3(a), all restrictions on any Restricted Shares shall immediately lapse and the Shares underlying such Restricted Shares shall be free of any of the transfer restrictions set forth in Section 3(a).  

(c)Ownership of Shares.  Subject to the restrictions set forth in the Plan and this Agreement, the Grantee shall possess from Date of Grant all incidents of ownership of the Restricted Shares granted hereunder, including, without limitation, (i) the right to vote such Restricted Shares, and (ii) the right to receive dividends (on a current basis) with respect to such Restricted Shares (but only to the extent declared and paid to holders of Shares by the Company in its sole discretion), provided, however, that any such dividends shall be treated, to the extent required by applicable law, as additional compensation for tax purposes if paid on Restricted Shares.  
4.No Right to Continued Service.  Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to be retained in the service of, or in any consulting relationship to, any member of the Company Group.  Further, any member of the Company Group may at any time dismiss the Grantee or discontinue any service or consulting relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein.  Any determinations as to whether the Grantee continues to be provide services shall be at the discretion of the Committee.
5.Certificate; Book Entry Form; Legend.  
(a)The Company shall issue the Restricted Shares either (i) in certificate form or (ii) in book entry form, registered in the name of the Grantee, with legends or notations, as applicable referring to the terms, conditions and restrictions applicable to the Award.  To the extent applicable, all certificates (or book entries) representing the Shares shall be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates (or notations made next to the book entries) to make appropriate reference to such restrictions.  The Grantee further agrees that any certificate issued for Restricted Shares prior to the lapse of any outstanding restrictions relating thereto shall be inscribed with the following legend: 
This certificate and the shares of stock represented hereby are subject to the terms and conditions, including restrictions against transfer, contained in the PBF Energy Inc. 2017 Equity Incentive Plan, as amended from time to time, and an agreement entered into between the registered owner and the Company, copies of which are on file at the principal offices of the Company.  
(b)Upon the lapse of the transfer restrictions relating to any Restricted Shares, the Company shall, as applicable, either remove the notations on any such Shares issued in book-entry form or deliver to the Grantee or the Grantee’s personal representative a stock certificate representing a number of Shares, free of the restrictive legend described in Section 5(a) above, equal to the number of Shares with respect to which such restrictions have lapsed. If certificates representing such Shares shall have theretofore been delivered to the Grantee, such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer prior to the issuance by the Company of such unlegended Shares. 
6.Transferability.  The Restricted Shares (or any portion thereof) shall not be transferable or assignable by the Grantee other than by will or by the laws of descent and distribution until the applicable transfer restrictions have lapsed; provided, that, subject to the approval by the Committee, in its discretion, the Restricted Shares may be transferred for no consideration to, or for the benefit of, an “immediate family member” (to be defined by the Committee) or to a bona fide trust for the exclusive benefit of such immediate family member, or a partnership or limited liability company in which immediate family members are the only partners or members.  Any sale, exchange, transfer, assignment, pledge, hypothecation, fractionalization, hedge or other disposition in violation of this Section 6 shall be void, and shall not be 

recognized by the Company.  All of the terms and conditions of the Plan and this Agreement shall be binding upon any permitted successors and assigns or Permitted Transferees.
7.Taxes; Withholding.  The Grantee may be required to pay to the Company Group and the Company Group shall have the right and is authorized to withhold any applicable withholding or other taxes in respect of the Award or any payment or transfer under or with respect to the Restricted Shares and to take such other action as may be necessary in the opinion of the Committee to satisfy all of the Company’s obligations for the payment of such withholding or other taxes.  The Grantee acknowledges that he or she is solely responsible for the direct payment of any taxes owed by Grantee in connection with the Award for which the Company is not statutorily required to withhold, and with respect to which the Company has not entered into an agreement with Grantee to withhold such taxes voluntarily.
8.Notices.  Any notice under this Agreement shall be addressed to the Company in care of its Secretary, and to the Grantee at the address appearing in the personnel records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other.  Any such notice shall be deemed effective upon receipt thereof by the addressee.
9.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware without regard to conflicts of laws.
10.Arbitration.  Any dispute with regard to the enforcement of this Agreement shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the Commercial Arbitration Rules of AAA with the arbitrator applying the substantive law of the State of Delaware as provided for under Section 9 hereof.  The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives.  The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction.  Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration. 
11.Amendment.  This Agreement may be amended only by a written instrument executed by the parties hereto, which specifically states that it is amending this Agreement.
12.Restricted Shares Subject to Plan; Conflict.  By entering into this Agreement the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan.  The Restricted Shares are subject to the Plan.  The terms and provisions of the Plan, as they may be amended from time to time, are hereby incorporated by reference.  In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail, except where the terms of this Agreement are more restrictive than the terms of the Plan.  
13.Severability.  In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.
14.Non-Disclosure of Confidential Information.
(a)Protection of Confidential Information. All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company Group that are not made public by the Company Group through authorized means will be considered confidential (hereafter, “Confidential Information”).  Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, 

marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing.  Except in connection with the faithful performance of the Grantee’s duties hereunder or as permitted pursuant to Section 14(c), the Grantee shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information.  The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company Group, or any of its successors.
(b)Return of Confidential Information.  Upon termination of the Grantee’s service or employment with the Company for any reason, the Grantee upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in the Grantee’s possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company Group. 
(c)No Prohibition.  Nothing in this Agreement shall prohibit the Grantee from (i) disclosing information and documents when required by law, subpoena or court order (provided the Grantee gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company’s expense, in resisting or otherwise responding to such order or process), (ii) disclosing information and documents to his attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his personal correspondence, his personal rolodex or outlook contacts and documents related to his own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of the Grantee in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources.
15.Specific Performance. The Grantee acknowledges and agrees that remedies at law available to the Company for a breach or threatened breach of any of the provisions of Section 14 would be inadequate and any member of the Company Group would suffer irreparable damages as a result of such breach or threatened breach.  In recognition of this fact, the Grantee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.
16.Conformity to Section 409A.  It is intended that the Award either be exempt from or avoid taxation under Section 409A.  Any ambiguity in this Agreement shall be interpreted to preserve exemption from, or comply with, Section 409A.  To the extent applicable, as determined in the sole discretion of the Committee with and upon advice of counsel, (a) each amount or benefit payable pursuant to this Agreement shall be deemed a separate payment for purposes of Section 409A and (b) in the event the equity interests of the Company are publicly traded on an established securities market or otherwise and the Grantee is a “specified employee” (as determined under the Company’s administrative procedure for such determinations, in accordance with Section 409A) at the time of the Grantee’s separation from service, any payments under this Agreement that are deemed to be deferred compensation subject to Section 409A shall not be paid or begin payment until the earlier of the Grantee’s death and the first day following the six (6) month anniversary of the Grantee’s date of separation from service.  The Committee shall use commercially 

reasonable efforts to implement the provisions of this Section 16 in good faith; provided that neither the Company, the Board, the Committee nor any of the Company’s employees, directors or representatives shall have any liability to Grantee with respect to this Section 16.
17.Section Headings; Construction.  The section headings contained herein are for the purpose of convenience only and are not intended to define or limit the contents of the sections.  All words used in this Agreement shall be construed to be of such gender or number, as the circumstances require.  Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.
18.Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.
	
			
	 
	PBF ENERGY INC.

	 
	 

	 
	By
	 

	 
	 
	Name: 

	 
	 
	Title: 

	 
	 

	 
	 

	 
	[NAME OF GRANTEE]

	 
	 

	 
	 

	 
	 

The Date of Grant is [           ].
The number of Restricted Shares is [            ]
The restrictions with respect to the Restricted Shares shall lapse at the following times: 
	
		
	Date Transfer Restrictions on Shares Subject to Award Lapse
	Percentage of Shares
as to Which Restrictions Lapse

	 
	 

	Upon the first anniversary of the Grant Date
	33 1/3%

	 
	 

	Upon the second anniversary of the Grant Date
	33 1/3%

	 
	 

	Upon the third anniversary of the Grant Date
	33 1/3%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}]]