Document:

Exhibit 10.7

 Exhibit 10.7 
 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 ASTERISKS (*****) OR WITH THE WORD “[REDACTED]”. 
 CRUDE OIL ACQUISITION AGREEMENT 
 between 

MORGAN STANLEY CAPITAL GROUP INC. 
 and 
 TOLEDO REFINING COMPANY LLC 

Dated as of May 31, 2011 

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	 Definitions and Construction
	  	 	1	  
			
	 2.
	 	 Effective Date and Term
	  	 	12	  
			
	 3.
	 	 Commencement Date; Conditions Precedent and Pre-Commencement Date Activities
	  	 	12	  
			
	 4.
	 	 Daily Sales of Crude Oil
	  	 	16	  
			
	 5.
	 	 Delivery Nominations and Reporting
	  	 	17	  
			
	 6.
	 	 Certain Representations
	  	 	20	  
			
	 7.
	 	 Warranties
	  	 	20	  
			
	 8.
	 	 Pricing of Delivered Volumes
	  	 	21	  
			
	 9.
	 	 Payment and Netting
	  	 	23	  
			
	 10.
	 	 Additional MSCG Services
	  	 	24	  
			
	 11.
	 	 Disposition of Crude Oil Upon Termination or Expiration
	  	 	24	  
			
	 12.
	 	 Financial Information, Security and Requests for Further Assurances
	  	 	25	  
			
	 13.
	 	 Refinery Turnaround, Maintenance and Closure
	  	 	29	  
			
	 14.
	 	 Taxes
	  	 	29	  
			
	 15.
	 	 Insurance
	  	 	30	  
			
	 16.
	 	 Force Majeure
	  	 	31	  
			
	 17.
	 	 Representations, Warranties and Covenants
	  	 	31	  
			
	 18.
	 	 Termination Events, Default and Early Termination
	  	 	34	  
			
	 19.
	 	 Indemnification and Claims
	  	 	41	  
			
	 20.
	 	 Limitation on Damages
	  	 	42	  
			
	 21.
	 	 Information and Inspection Rights
	  	 	43	  
			
	 22.
	 	 Governance Committee
	  	 	43	  
			
	 23.
	 	 Governing Law and Disputes
	  	 	44	  
			
	 24.
	 	 Assignment
	  	 	45	  

  
 i 

 Table of Contents 

 

							
	 	  	 	  	Page	 
			
	 25.
	  	 Notices
	  	 	45	  
			
	 26.
	  	 Nature of the Transaction and Relationship of the Parties
	  	 	46	  
			
	 27.
	  	 Confidentiality
	  	 	46	  
			
	 28.
	  	 Miscellaneous
	  	 	47	  

 Schedules 
 Schedule 1 – Pipelines 
 Schedule 2 – Transfer Points and Pricing Dates 

Schedule 3 – Form of Nomination and Forecast Report 
 Schedule 4 – Form of Weekly Nomination 
 Schedule 5 – Crude Oil Pricing Formulas

 Schedule 6 – Form of WTI Differential Report 
 Schedule 7 – Estimated Transit Time and TVM Cost Calculation Methodology 
 Schedule 8 –
Logistics Costs 
 Schedule 9 – Enbridge North Dakota Line Terms 
 Schedule 10 – Hedge Adjustment Amount 

  
 ii 

 CRUDE OIL ACQUISITION AGREEMENT 

This Crude Oil Acquisition Agreement is made as of May 31, 2011 (the “Effective Date”) between Morgan Stanley
Capital Group Inc., a Delaware corporation whose principal place of business is located at 2000 Westchester Avenue, Floor 01, Purchase, New York 10577-2530 (“MSCG”) and Toledo Refining Company LLC, a Delaware limited liability
company who has a place of business located at One Sylvan Way, 2nd Floor, Parsippany, NJ 07054-3887 (“TRC”) (each of MSCG and TRC referred to individually as a “Party” or collectively as the “Parties”). 

WHEREAS, pursuant to the terms of that certain Crude Oil Inventory Sale Agreement dated as of the date hereof between TRC and MSCG (the
“Inventory Sale Agreement”), as of 12:00:01 a.m. EPT as of the Commencement Date TRC will purchase from MSCG, and MSCG will sell and transfer to TRC, all of MSCG’s title to and interest in all inventories of Crude Oil that are
owned by MSCG and (i) located at TRC’s refinery in Toledo, Ohio (the “Refinery”), (ii) in transit and located within various common carrier pipelines, and (iii) within tanks and related piping at third-party
storage and terminaling facilities, in each case as further described herein (the volumes of such Crude Oil purchased pursuant to the Inventory Sale Agreement, the “Initial Inventory”); 

WHEREAS, TRC and MSCG each desire that, commencing on the Commencement Date, MSCG sell to TRC, and TRC purchase from MSCG, Crude Oil at
Marysville, Michigan, Patoka, Illinois, Longview, Texas, Cushing, Oklahoma and St. James, Louisiana and certain other locations agreed upon between the Parties (the “Delivery Locations”) for shipment to the Refinery or to such other
locations as TRC elects. 
 NOW, THEREFORE, in consideration of the premises and the respective promises, conditions, terms and
agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, MSCG and TRC hereby agree as follows: 

 

	1.	DEFINITIONS AND CONSTRUCTION 

 

	1.1	Definitions. For purposes of this Agreement, including the foregoing recitals, the following terms shall have the meanings indicated below.

 “Acceptable Letter of Credit Issuer” means a major U.S. commercial bank or a U.S. branch of a
foreign bank which, at all times: (a) (i) satisfies all regulatory capital requirements applicable to it (including any individual regulatory capital requirements); (ii) is “well capitalized” within the meaning of
Section 38 of the Federal Deposit Insurance Act, as amended, or any successor statute, and any applicable regulations thereunder; (iii) has a senior unsecured credit rating of at least “A” (or its then current equivalent) by
Standard & Poor’s Ratings Service (or any successor rating agency thereto) and at least “A2” (or its then current equivalent) by Moody’s Investors Service, Inc. (or any successor rating agency thereto); and
(iv) meets the applicable criteria of the demanding Party for letter of credit issuers as in effect at such time, including credit, legal and risk management criteria; or (b) is otherwise acceptable to the demanding Party in its sole
discretion. 
 “Additional Termination Event” means any of the events or circumstances specified as such in
Section 18.3. 
 “Adjustment Amount” has the meaning specified in Section 8.2.4. 

“Affected Party” has the meaning specified in Section 18.3. 

  
 1 

 “Affiliate” means, in relation to either Party, any entity controlled,
directly or indirectly, by such Party, any entity that controls, directly or indirectly, such Party, or any entity directly or indirectly under common control with such Party. For this purpose, “control” of any entity or Party means
ownership of a majority of the issued shares, or voting power or control in fact, of the entity or Party. For purposes of this Agreement, the term “Affiliate” does not include Morgan Stanley Derivative Products Inc. 

“Agreement” or “this Agreement” means this Crude Oil Acquisition Agreement and all Schedules hereto,
which are incorporated herein, as may be amended, modified or supplemented from time to time in accordance with the terms hereof. 
 “Ancillary Costs” means all actual direct and indirect costs and expenses associated with or arising from the acquisition, storage, receipt, delivery, handling, loading, discharge, and
movement of Crude Oil to the Delivery Locations, and all Taxes and charges imposed by any Governmental Authority. For the avoidance of doubt, Ancillary Costs shall include all Logistics Impairment costs, expenses and losses. 

“Applicable Law” means (i) any law, statute, regulation, code, ordinance, license, decision, order, writ,
injunction, directive, judgment, policy, decree and any judicial or administrative interpretations thereof, (ii) any agreement, concession or arrangement with any Governmental Authority or (iii) any license, permit or compliance
requirement, including under any Environmental Law, in each case as may be applicable to either Party or either Party’s performance under this Agreement. 
 “Bankrupt” means, with respect to a Party, its Guarantor, any of its direct or indirect parent companies or any entity issuing a letter of credit on its behalf hereunder, as the case may
be, that such Party (or its Guarantor, any of its direct or indirect parent companies or an entity providing a letter of credit on its behalf hereunder): (i) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(ii) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (iii) makes a general assignment, arrangement or composition with or for the benefit of its
creditors; (iv) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation; (v) has a resolution passed for its winding-up, official management or liquidation, other than pursuant to a consolidation, amalgamation or merger; (vi) seeks or becomes subject to the
appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for all or substantially all of its assets; (vii) has a secured party take possession of all or substantially all of
its assets, or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all of its assets; (viii) files an answer or other pleading admitting or failing to contest
the allegations of a petition filed against it in any proceeding of the foregoing nature; (ix) causes or is subject to any event with respect to it which, under Applicable Law, has an analogous effect to any of the events specified in clauses
(i) to (viii) (inclusive); or (x) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et. seq. 
 “Barrel” means 42 U.S. Gallons measured at a temperature of 60 degrees Fahrenheit and an absolute pressure of 29.921 inches of mercury. 

  
 2 

 “Base Interest Rate” means the lesser of ***** and the maximum rate of
interest permitted by Applicable Law. 
 “Breakage Costs” means, without duplication, all out-of-pocket losses,
damages and expenses reasonably and necessarily incurred by the Performing Party as a result of termination and liquidation of this Agreement, any Supply Contract (excluding any supply contracts assigned from TRC to MSCG in February 2011) and any
Specified Agreement, in each case including reasonable attorneys’ fees, court costs, collection costs, interest charges and other disbursements, and any costs incurred in a reasonable commercial manner in obtaining, maintaining, replacing or
liquidating commercially reasonable hedges or trading positions relating to (i) the volumes of Crude Oil for which MSCG has incurred forward purchase or sale obligations or forward price risks in contemplation of fulfilling its objectives under
this Agreement, (ii) or (iii) any Specified Agreement that is being terminated and liquidated. 
 “Business
Day” means a day on which banks are open for general commercial business in New York, New York. 
 “Change of
Control” means, as to TRC, the occurrence of, or the taking of any corporate action to facilitate, any of the following: 
  

	 	(i)	the consolidation of TRC or its Guarantor with another person, the merger of TRC or its Guarantor into another person, the merger of another person into TRC or its
Guarantor, or any similar event pursuant to a transaction in which 50% or more of the voting shares of TRC are changed into or exchanged for cash, securities or other property (other than any such transaction where the holders of the voting shares
of TRC or its Guarantor immediately prior to such transaction own, directly or indirectly, not less than a majority of the voting shares of the surviving or resulting person or persons immediately after such transaction); or

  

	 	(ii)	the consummation of any transaction or series of related transactions (including any merger or consolidation) the result of which is that any person other than TRC or
its Guarantor becomes the beneficial owner directly or indirectly, of more than 30% of the voting shares of TRC or its Guarantor; 

 provided, however, that an initial public offering shall not constitute a Change of Control. 
 For purposes of this definition, any transfer of an equity interest in a person that was formed for the purpose of acquiring voting shares of a person shall be deemed to be a transfer of such portion of
such voting shares as corresponds to the portion of the equity of such person that has been so transferred. 
 “Change of
Law” means, on or after the Effective Date of this Agreement, any Applicable Law is adopted or changed or any court, tribunal or regulatory authority with competent jurisdiction changes its interpretation of any Applicable Law. 

“Commencement Date” means June 1, 2011 or, if the conditions set forth in Sections 3.2, 3.3 and 3.4 have not been
satisfied or waived in accordance with the terms of the applicable provisions on or before June 1, 2011, a mutually agreed date following the June 1, 2011 on which all such conditions have been satisfied or waived, which date shall be a
Business Day that the Parties shall specify in a written “Commencement Date Certificate”. 

  
 3 

 “Consumption Month” has the meaning specified in Section 8.2.1.

 “Counterparty” means any person from whom MSCG purchases Crude Oil for delivery to the Refinery and sale to
TRC, including any person that sells Crude Oil under a Supply Contract. 
 Credit Agreement” means (i) any
present or future material agreement or undertaking by TRC or its parent for financing Refinery operations, (ii) any present or future material extension of credit, credit facility, guaranty, loan or indenture to or for TRC or its parent,
(iii) any material obligation of TRC or its parent (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money, or any guaranty of TRC’s or any of its parent’s obligations,
with any bank, financial or lending institution, bond or note issuer, indenture trustee, guarantor, underwriter, Affiliate or any other person, including the Promissory Note dated on or about March 1, 2011 in the amount of $200,000,000 issued
by TRC to Sunoco, the Security Agreement related thereto between TRC and Sunoco, the Mortgage, Security Agreement, Assignment of Leases and Rents, Financing Statement and Fixture Filing by TRC to Sunoco, dated on or about March 1, 2011 and the
Revolving Credit Agreement. 
 “Credit Event Upon Merger” means a Party or its Guarantor consolidates or
amalgamates with, merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer, (i) the resulting, surviving or transferee entity fails to
assume all the obligations of such Party under this Agreement or any Specified Agreement, either by operation of law or by an agreement satisfactory to the other Party or otherwise, or (ii) in the reasonable opinion of the other Party, the
creditworthiness of the successor, surviving or transferee entity, is materially weaker than the predecessor entity immediately prior to the consolidation, amalgamation, merger or transfer. 

“Crude Oil” means crude oil, feedstock (excluding vacuum gas oils, also referred to as VGOs) and lube extracted feedstock
(also referred to as LEF). 
 “Daily Purchase Payment Amount” has the meaning specified in Section 8.1.

 “Daily Report of Refinery Volumes” has the meaning specified in Section 5.8. 

“DCRC” means Delaware City Refining Company LLC. 
 “DCRC Offtake Agreement” means the offtake agreement between MSCG and DCRC dated as of April 7, 2011 relating to MSCG’s purchase from DCRC of refined petroleum products produced
in DCRC’s Delaware City, Delaware refinery. 
 “Default” means any of the events or circumstances specified
as such in Section 18.2. 
 “Default Interest Rate” means the lesser of (i) the Prime Rate as
published under “Money Rates” in the Wall Street Journal in effect at the close of the Business Day on which the payment was due plus *****%, and (ii) the maximum rate of interest permitted by Applicable Law. 

“Defaulting Party” has the meaning specified in Section 18.4. 

“Delivered Volumes” has the meaning specified in Section 8.1. 

“Delivery Date” means any day on which Crude Oil is delivered by MSCG to TRC at a Delivery Location and purchased by TRC
at the Transfer Point. 

  
 4 

 “Delivery Locations” has the meaning specified in the recitals hereto, and
each individually, a “Delivery Location”. 
 “Delivery Month” has the meaning specified in
Section 5.3. 
 “Designated Executive” means the Chief Executive Officer, Chief Financial Officer,
President, Secretary (or other senior officer of a Party that is acceptable to the other Party) that is authorized to execute and deliver on such Party’s behalf the certificates required by Section 3. 

“Early Termination Date” has the meaning specified in Section 18.4.4. 

“Early Termination Fee” means the amount payable by one Party to the other Party in connection with the early termination
of this Agreement in the amount specified in Section 18.5. 
 “Effective Date” means, assuming the due
execution of this Agreement by each Party’s authorized representative, the date first written above, upon which this Agreement shall become binding upon and enforceable against the Parties. 

“Enbridge North Dakota Line” means the gathering and transportation pipeline for Crude Oil from established receiving
points in the areas of Montana and North Dakota to established destination points in Minnesota, Montana and North Dakota for the movement beyond to interstate destinations, that is owned and operated by Enbridge Energy Partners, L.P. 

“Environmental Law” means any existing or past law, policy, judicial or administrative interpretation thereof or any
legally binding requirement that governs or purports to govern the protection of persons, natural resources or the environment (including the protection of ambient air, surface water, groundwater, land surface or subsurface strata, endangered
species or wetlands), occupational health and safety and the manufacture, processing, distribution, use, generation, handling, treatment, storage, disposal, transportation, release or management of solid waste, industrial waste or hazardous
substances or materials. 
 “EPT” means Eastern Prevailing Time. 

“Event of Default” means any of the events or circumstances specified as such in Section 18.2. 

“Financial Officer” of any person shall mean the chief financial officer, principal accounting officer, treasurer or
controller of such person. 
 “Force Majeure Event” means any cause or event reasonably beyond the control of a
Party, including fires, earthquakes, lightning, floods, explosions, storms, adverse weather, landslides and other acts of natural calamity or acts of God; navigational accidents or maritime peril; vessel damage or loss; strikes, grievances, actions
by or among workers or lock-outs, whether or not such labor difficulty could be settled by acceding to any demands of any such labor group of individuals; accidents at, closing of, or restrictions upon the use of mooring facilities, docks, ports,
pipelines, harbors, railroads or other navigational or transportation mechanisms; disruption or breakdown of or explosions or accidents to wells, storage plants, refineries, terminals, machinery or other facilities; acts of war, hostilities (whether
declared or undeclared), civil commotion, embargoes, blockades, terrorism, sabotage or acts of the public enemy; any act or omission of any Governmental Authority; good faith compliance with any order, request or directive of any Governmental
Authority; curtailment, interference, failure or cessation of supplies reasonably beyond the control of a Party; or any other cause reasonably beyond the 

  
 5 

 
control of a Party, whether similar or dissimilar to those above and whether foreseeable or unforeseeable, which, by the exercise of due diligence, such Party could not have been able to avoid or
overcome. 
 For purposes of this Agreement, the failure of any Counterparty to perform its obligations to deliver Crude Oil to
MSCG pursuant to any Supply Contract, whether as a result of a Force Majeure Event (as defined herein), breach of contract by such Counterparty or any other reason beyond the reasonable control of MSCG or that cannot be mitigated by MSCG through
reasonable commercial efforts, shall constitute a Force Majeure Event as to MSCG with respect to MSCG’s obligation to sell such Crude Oil to TRC. 
 For purposes of this Agreement, the term “Force Majeure” expressly excludes: 
  

	 	(i)	a failure of performance of any person other than the Parties (except to the extent that such failure otherwise would constitute a Force Majeure Event but for this
exclusion); 

  

	 	(ii)	the loss of a Party’s market or any market conditions for any products produced at the Refinery or any market conditions that are unfavorable for either Party;

  

	 	(iii)	any failure by a Party to apply for, obtain or maintain any permit, license, approval or right of way necessary under Applicable Law for the performance of any
obligation under this Agreement; and 

  

	 	(iv)	a Party’s inability to economically perform its obligations under any transaction undertaken pursuant to this Agreement. 

“GAAP” shall mean generally accepted accounting principles in the United States applied on a consistent basis.

 “Governmental Authority” means any federal, state or local governmental body, agency, instrumentality,
authority or entity established or controlled by a government or subdivision thereof, including any legislative, administrative or judicial body or any person purporting to act therefor, port authority and any stock or commodity exchange or similar
self-regulatory body or supervisory authority having appropriate jurisdiction. 
 “Guarantor” means, with
respect to MSCG, Morgan Stanley, and with respect to TRC, PBF. 
 “Guaranty” means (i) the guaranty by
MSCG’s Guarantor of MSCG’s prompt and complete payment of obligations under this Agreement, and (ii) the guaranty by TRC’s Guarantor of TRC’s prompt and complete payment of obligations under this Agreement. 

“Independent Inspector” means a licensed person acceptable to both Parties that performs sampling, quality analysis and
quantity determinations of the Crude Oil purchased by a Party under this Agreement. 
 “Initial Inventory” has
the meaning specified in the recitals hereto. 
 “Initial Nomination” has the meaning specified in
Section 5.3. 
 “Initial Term” has the meaning specified in Section 2.1. 

  
 6 

 “Inventory Sale Agreement” has the meaning specified in the recitals
hereto. 
 “Letter of Credit Default” means the occurrence of any of the following events as to any outstanding
letter of credit: (i) the Acceptable Letter of Credit Issuer no longer meets one or both of the criteria of an “Acceptable Letter of Credit Issuer” as defined in this Agreement; (ii) the Acceptable Letter of Credit Issuer fails
to comply with or perform its obligations under such letter of credit; (iii) the Acceptable Letter of Credit Issuer disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such letter of credit;
(iv) the letter of credit expires or terminates, or fails or ceases to be in full force and effect at any time during any period when the demanding Party requires that the other Party maintain the letter of credit; (v) the Party providing
the letter of credit as Security fails to cause a renewal or replacement letter of credit to be delivered to the demanding Party at least 15 Business Days (or by such other date required by the demanding Party) prior to the expiration of such letter
of credit; or (vi) the Acceptable Letter of Credit Issuer becomes or is Bankrupt. 
 “Liabilities” means
any and all claims, demands, suits, losses, expenses (including reasonable attorneys’ fees), damages, charges, fines, penalties, deficiencies, assessments, interest, fines, costs and expenses of any kind (including reasonable attorneys’
fees and other fees, court costs and other disbursements), causes of action and liabilities of every type and character, including personal injury or death to any person or loss or damage to any personal or real property, and any Liabilities
directly or indirectly arising out of or related to any suit, proceeding, judgment, settlement or judicial or administrative order and any Liabilities with respect to Environmental Laws. 

“LIBOR” means, as of the date of any determination, the London Interbank Offered Rate for one-month U.S. dollar deposits
appearing on Page 3750 of the Telerate screen (or any successor page) at approximately 11:00 a.m. (London time). If such rate does not appear on Page 3750 of the Telerate screen (or otherwise on such screen), LIBOR shall be determined by reference
to such other comparable publicly available service for displaying eurodollar rates as MSCG may select or, in the absence of such availability, by reference to the rate at which MSCG is offered one-month U.S. dollar deposits at or about 11:00 a.m.
(London time) in any interbank eurodollar market where its eurodollar and foreign currency and exchange operations are then being conducted. LIBOR shall be established on the first day on which a determination of the interest rate is to be made
under this Agreement and shall be adjusted daily based on the one-month LIBOR quotes made available through the foregoing sources. 
 “Lien” means any lien, security interest, pledge, mortgage, claim, charge or other encumbrance of any nature whatsoever that secures any obligation of any person or any other agreement or
arrangement having a similar effect. 
 “Logistics Impairment” has the meaning specified in Section 5.5.

 “Material Adverse Change” means, (i) as to TRC or its Guarantor, any condition, circumstance, event,
change or effect or combination thereof that individually or in the aggregate has or reasonably could be expected to have or result in (A) a material adverse change in, or a material adverse effect upon, TRC’s or its Guarantor’s
operations, business, properties, condition (financial or otherwise) or prospects taken as a whole, for which MSCG has reasonable grounds for insecurity under this Agreement; (B) a material impairment of the ability of TRC to perform any of its
obligations under any of the Transaction Documents or any Specified Agreement or of its Guarantor to perform any of its obligations under the Guaranty, or (C) a material adverse effect upon the legality, validity, binding effect or
enforceability against TRC of any of the 

  
 7 

 
Transaction Documents or any Specified Agreement or against its Guarantor of the Guaranty, or any rights or remedies against such Party under any of the Transaction Documents, Specified Agreement
or the Guaranty, as the case may be, and (ii) as to MSCG, *****. 
 “Monthly Amendment” has the meaning
specified in Section 5.3. 
 “MSCG In-Transit Volumes” means, from time to time, any Crude Oil that MSCG
purchased from third parties and is in-transit to a Delivery Location, wherever located, including while within a Pipeline, in storage tanks and including any line fill, tank bottoms and working inventories. 

“MSCG Acquisition Report” has the meaning specified in Section 5.6. 

“Net Daily Payment Amount” has the meaning specified in Section 9.1. 

“Nominated Volume” has the meaning specified in Section 5.3. 

“Nomination and Forecast Report” (or “NFR”) has the meaning specified in Section 5.3. 

“Non-Performing Party” means either the Affected Party or the Defaulting Party. 

“NYMEX” means the New York Mercantile Exchange. 
 “NYMEX Trading Day” means each day on which NYMEX is scheduled to be open for trading and on which it is actually open for trading during the hours it is so scheduled to be open; provided
that where used as the basis of a forward-looking determination, “NYMEX Trading Day” shall mean each day on which NYMEX is scheduled to be open for trading. 
 “Payment Amount Invoice” has the meaning specified in Section 9.1. 
 “Payment Date” means, with respect to each Delivered Volume, the Business Day following the applicable Pricing Date. 

“PBF” means PBF Holding Company LLC, a limited liability company organized under the laws of the state of Delaware.

 “Performing Party” has the meaning specified in Section 18.4. 

“Pipelines” means, collectively, each of the pipelines listed in Schedule 1 as such schedule may be amended from time to
time upon the agreement of the Parties, and “Pipeline” means any one of these. 
 “Potential Event of
Default” means any Event of Default, which with notice or the passage of time, would constitute an Event of Default. 

“PRC” means Paulsboro Refining Company LLC, a subsidiary of PBF, and a limited liability company organized under the laws
of the state of Delaware. 
 “Price” means the price per barrel of Crude Oil determined in accordance with
Schedule 5. 

  
 8 

 “Pricing Date” means, with respect to the volume of Crude Oil delivered on
a Delivery Date at a Delivery Location, the day specified in Schedule 2 as such schedule may be amended from time to time upon the agreement of the Parties. 
 “Quarterly Forward Price Report” has the meaning specified in Section 5.2. 
 “Refinery” has the meaning specified in the recitals hereto. 

“Refinery Volumes” has the meaning specified in Section 5.8. 

“Renewal Term” has the meaning specified in Section 2.2. 

“Representatives” means a Party’s or any of its Affiliates’ directors, officers, employees, auditors,
consultants, banks, financial advisors and legal advisors. 
 “Revolving Credit Agreement” means that certain
Revolving Credit Agreement dated on or about December 17, 2010, among PBF, DCRC and PRC as borrowers, and the guarantors and lenders party thereto, which the parties thereto and TRC intend to amend and restate to, among other things, increase
the maximum aggregate principal amount to $500,000,000 and add TRC as a borrower. 
 “Run-off Period” has the
meaning specified in Section 11.1. 
 “Security” has the meaning specified in Section 12.6.3.

 “Specified Agreement” means any agreement between the Parties to purchase, sell or exchange commodities,
including any spot or forward contract, future, option, swap, swap option, cap, floor or collar or other derivative transaction on or with respect to a commodity or any combination of these transactions. 

“Specified Indebtedness” means any obligation (whether present or future, contingent or otherwise, as principal or surety
or otherwise) of TRC or any Affiliate of TRC in respect of borrowed money. 
 “Sunoco” means Sunoco, Inc.
(R&M). 
 “Supply Contract” means a contract between MSCG and a Counterparty for the purchase of Crude Oil
by MSCG for the purpose of meeting MSCG’s delivery obligations to TRC under this Agreement, including any Crude Oil purchase contract assigned from TRC to MSCG. 
 “Taxes” means any and all U.S., Canadian and foreign federal, provincial, state and local taxes, import and export customs duties, imposts, duty fees and charges of every description,
including all excise, goods and services, severance, production, carbon, environmental, oil spill (including for avoidance of doubt the U.S. federal oil spill tax), gross receipts, commercial activity, and sales and use taxes, however designated,
paid or incurred with respect to the purchase, storage, exchange, use, transportation, resale, importation, importation, exportation or handling of the Crude Oil or measured by the price of the Crude Oil or the proceeds of sale under this Agreement,
including for any Tax, any interest, penalties or additions to tax attributable to any such Tax or for the failure to file any tax return or report; provided, however, that the term “Taxes” does not include: (i) any tax imposed on or
measured by net profits or net income unless such tax is imposed specifically on the sale of Crude Oil; (ii) any tax measured by capital value or 

  
 9 

 
net worth, whether denominated as franchise taxes, doing business taxes, capital stock taxes or the like; and (iii) business license or franchise taxes or registration fees. 

“Term” means the Initial Term and any Renewal Term or Renewal Terms. 

“Term Loan Agreement” means the Term Loan Credit Agreement dated on or about December 17, 2010 among PBF, DCRC and
PRC as borrowers, and the guarantors and lenders party thereto. 
 “Termination Agreement” means termination
agreement between the Parties dated as of the date hereof pursuant to which the Parties will terminate (i) the Crude Oil Supply Agreement dated as of February 25, 2011 between the Parties and (ii) the Terminaling and Storage Services
Agreement between the Parties dated as of February 25, 2011. 
 “Termination Amount” has the meaning
specified in Section 18.8. 
 “Termination Date” has the meaning specified in Section 11.1.

 “Termination Event” means an Event of Default or an Additional Termination Event. 

“Transaction Documents” means this Agreement, the Termination Agreement, the Inventory Sale Agreement, the Supply
Contracts, any assignment contracts relating to the Pipelines between the Parties, each Guaranty, the Intercreditor Agreement and any confirmations or other writings or communications that document the sales of Crude Oil from MSCG to TRC.

 “Transfer Points” means the locations specified in Schedule 2 hereto. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York. 

“Unpaid Amounts” means any amounts owed by one Party to another Party under this Agreement that have not been paid as of
the date of determination. 
 “Weekly Nomination” has the meaning specified in Section 5.4. 

“Working Capital Rate” has the meaning specified in Section 8.2.4.2. 

“WTI” means light sweet U.S. domestic crude oil (West Texas Intermediate) deliverable in satisfaction of futures contract
delivery obligations under the rules of NYMEX. 
 “WTI Differential Report” has the meaning specified in
Section 8.2.1. 
 “WTI Hedge Volume” has the meaning specified in Section 8.2.1. 

 

	1.2	Interpretation. Unless the context otherwise requires or except where specifically stated otherwise, in this Agreement: 

 

	 	1.2.1	words using the singular or plural number also include the plural or singular number, respectively; 

 

	 	1.2.2	references to any Party shall be construed as a reference to such Party’s successors in interest and permitted assigns; 

  
 10 

	 	1.2.3	references to a provision of Applicable Law or Applicable Laws generally are references to that provision or Applicable Laws generally, as may be amended, extended or
re-enacted from time to time; 

  

	 	1.2.4	references to “days,” “months” and “years” mean calendar days, months and years, respectively, and a
“day” consists of the 24-hour period commencing at 12:00:00 a.m. EPT and ending on 11:59:59 EPT on that day; 

  

	 	1.2.5	references to “dollars” or “$”mean U.S. dollars; 

 

	 	1.2.6	references to “Sections” and “Schedules” in this Agreement, or to a provision contained therein, shall be construed as references to
the Sections and Schedules of this Agreement, as may be amended, modified or supplemented from time to time in accordance with the terms hereof. References to any other agreement, or other document or to a provision contained in any of these, shall
be construed, at the particular time, as a reference to it as it may then have been amended, supplemented, modified, suspended, assigned or novated in accordance with its terms; 

 

	 	1.2.7	references to “assets” include present and future properties, revenues and rights of every description; 

 

	 	1.2.8	references herein to “consent” mean, unless otherwise specified, the prior written consent of the Party at issue, which shall not be unreasonably
withheld, delayed or conditioned; 

  

	 	1.2.9	the terms “hereof,” “herein,” “hereby,” “hereto” and similar words refer to this entire Agreement
and not any particular Section, subsection, Schedule or subdivision of this Agreement; 

  

	 	1.2.10	the words “include” or “including” shall be deemed to be followed by “without limitation” or “but not limited
to” whether or not they are followed by such phrases or words of like import; 

  

	 	1.2.11	references to a “judgment” include any order, injunction, determination, award or other judicial or arbitral measure in any jurisdiction;

  

	 	1.2.12	references to “obligations” shall be construed to mean a Party’s prompt and complete performance of its covenants and obligations required
pursuant to this Agreement; and 

  

	 	1.2.13	references to any “person” include any natural person, corporation, partnership, limited liability company, joint venture, trust or unincorporated
organization, estate, association, partnership, statutory body, joint stock company or any other private entity or organization, Governmental Authority, court or any other legal entity, whether acting in an individual, fiduciary or other capacity.

  

	1.3	If there is any ambiguity, inconsistency, discrepancy or conflict between this Agreement and any other Transaction Document, this Agreement shall prevail.

  

	1.4	Unless otherwise specified, in computing any period of time under this Agreement the day of the act, event or default from which such period begins to run shall be day
“zero” and not included. If the last day of the period so computed is not a Business Day then, unless this Agreement provides otherwise, the period shall run until the end of the next Business Day. 

  
 11 

	1.5	The provisions of this Agreement shall be construed in accordance with the natural meanings of its terms, and the contra proferentum rule shall not apply to the
construction or interpretation of this Agreement. 

  

	2.	EFFECTIVE DATE AND TERM 

 

	2.1	Initial Term. This Agreement shall commence on the Effective Date and shall continue in effect through the earlier of (i) second anniversary of the
“Commercial Operations Date” under the DCRC Offtake Agreement and (ii) June 30, 2013 (in either case, the “Initial Term”). 

 

	2.2	Renewal Term. From and after expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each such renewal period, a
“Renewal Term”). Absent an Event of Default or Additional Termination Event that results in an Early Termination Date, this Agreement shall terminate one year following written notice delivered no sooner than one year prior to
expiration of the Initial Term or at any time thereafter by one Party to the other Party; provided, however, that the Parties shall perform their obligations relating to termination pursuant to Section 11. 

 

	3.	COMMENCEMENT DATE; CONDITIONS PRECEDENT AND
PRE-COMMENCEMENT DATE ACTIVITIES 

  

	3.1	Commencement Date. MSCG’s obligation to sell Crude Oil to TRC, and TRC’s obligation to purchase Crude Oil from MSCG, shall commence on the Commencement
Date. The occurrence of the Commencement Date is conditional on fulfillment of the conditions precedent set forth in Sections 3.2, 3.3 and 3.4. Notwithstanding the foregoing or the provisions of Section 3.7, the rights and obligations of the
Parties arising under this Section 3 and Sections 1 (Definitions and Construction), 16 (Force Majeure), 17 (Representations, Warranties and Covenants), 18 (Termination Events, Default and Early Termination), 19
(Indemnification and Claims), 20 (Limitation on Damages), 23 (Governing Law and Disputes), 24 (Assignment), 25 (Notices), 27 (Confidentiality) and 28 (Miscellaneous) are binding on the Parties from
and after the Effective Date. 

  

	3.2	Mutual Conditions Precedent. The Parties’ respective obligations to purchase or sell Crude Oil are conditional upon satisfaction of the following conditions
on or before the Commencement Date (unless the Parties both agree to waive such conditions in writing, if capable of being waived): 

  

	 	3.2.1	No action or proceeding shall have been instituted nor shall any action by a Governmental Authority be threatened, nor shall any order, judgment or decree have been
issued or proposed to be issued by any Governmental Authority to set aside, restrain, enjoin or prevent the transactions and performance of the obligations contemplated by either Party under this Agreement. 

 

	 	3.2.2	Neither the Refinery nor one or more of the Pipelines shall have been affected adversely or threatened to be affected adversely by any loss or damage that would have a
materially adverse effect on MSCG’s ability to store or transport Crude Oil to the Transfer Point at the Delivery Locations. 

  

	 	3.2.3	Each of the Transaction Documents, in form and substance reasonably acceptable to the Parties, shall have been duly executed by the Parties and be in full force and
effect. 

  
 12 

	 	3.2.4	All governmental, regulatory, lender, related party and other authorizations, approvals, consents, notices and filings that are required to have been obtained or
submitted with respect to the transaction contemplated under the Transaction Documents, and entering into and performing under the Transaction Documents, have been obtained or submitted and are in full force and effect, and all conditions of any
such authorizations, approvals, consents, notices and filings have been complied with, in all material respects. 

  

	3.3	Conditions Precedent to MSCG’s Obligations. The obligations of MSCG to sell Crude Oil contemplated under this Agreement shall be subject to TRC’s
satisfaction of the following conditions precedent on or prior to the Commencement Date (unless otherwise specified), as determined by MSCG in its reasonable discretion (unless waived in writing by MSCG in its sole discretion):

  

	 	3.3.1	All of the representations and warranties of TRC set forth in this Agreement or in any certificate, document, instrument or writing delivered to MSCG by or on behalf of
TRC under this Agreement shall be true and correct on and as of the Commencement Date with the same force and effect as though they had been made on the Commencement Date. 

 

	 	3.3.2	Since the Effective Date, no Material Adverse Change shall have occurred as to TRC or its Guarantor. 

 

	 	3.3.3	TRC shall have delivered to MSCG the following in a form reasonably acceptable to MSCG: 

 

	 	3.3.3.1	a certificate or certificates duly executed by a Designated Executive of TRC and dated as of any day from and including the Effective Date to and including the
Commencement Date, certifying: 

  

	 	(i)	the fulfillment of each of the conditions to be satisfied on TRC’s part as set forth in this Section 3.3; 

 

	 	(ii)	the truth and accuracy of the representations and warranties of TRC that are set forth in this Agreement as of the date the certificate is executed in all material
respects; and 

  

	 	(iii)	to the effect that no action or proceeding has been instituted nor, to such Designated Executive’s best knowledge, has any action by a Governmental Authority been
threatened, nor has any order, judgment or decree been issued or, to such Designated Executive’s best knowledge, proposed to be issued by any Governmental Authority as of the date the certificate is executed to set aside, restrain, enjoin or
prevent the performance of the transactions or obligations contemplated by the Transaction Documents. 

  

	 	3.3.3.2	an executed Guaranty substantially in a form satisfactory to MSCG in its sole discretion; and 

 

	 	3.3.3.3	 secretary’s certificate in form and substance satisfactory to MSCG containing representations covering such matters as MSCG shall require,
including that (i) TRC has duly authorized the execution, delivery and performance of this 

  
 13 

	 	
Agreement, (ii) this Agreement constitutes the legally valid and binding obligations of TRC, enforceable against TRC in accordance with its terms (subject to applicable bankruptcy,
reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity
or at law), (iii) TRC’s execution, delivery and performance of this Agreement does not and will not conflict with or cause a breach of or default under any presently existing Credit Agreement, and (iv) that, to the best of its
knowledge, its Guaranty constitutes the legally valid and binding obligations of its Guarantor, enforceable against its Guarantor in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws
affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law). 

 

	 	3.3.4	On the Commencement Date, TRC shall have executed, delivered, filed and recorded any financing statement, specific assignment or other document and taken any other
action that MSCG deems to be necessary or desirable, in its reasonable discretion, to create, preserve, perfect or validate the security interests and Liens granted by TRC to MSCG pursuant to Sections 12.3 and 12.4. 

 

	3.4	Conditions Precedent to TRC’s Performance. The obligations of TRC to purchase Crude Oil contemplated under this Agreement shall be subject to MSCG’s
satisfaction of the following conditions precedent on or prior to the Commencement Date, as determined by TRC in its reasonable discretion (unless waived in writing by TRC in its sole discretion): 

 

	 	3.4.1	All of the representations and warranties of MSCG set forth in this Agreement or in any certificate, document, instrument or writing delivered to TRC by or on behalf of
MSCG under this Agreement shall be true and correct on and as of the Commencement Date with the same force and effect as though they had been made on the Commencement Date. 

 

	 	3.4.2	Since the Effective Date, no Material Adverse Change shall have occurred as to MSCG or its Guarantor. 

 

	 	3.4.3	MSCG shall have delivered to TRC the following in a form reasonably acceptable to TRC: 

 

	 	3.4.3.1	a certificate or certificates duly executed by a Designated Executive of MSCG and dated as of any day from and including the Effective Date to and including the
Commencement Date, certifying: 

  

	 	(i)	the fulfillment of each of the conditions to be satisfied on MSCG’s part as set forth in this Section 3.4; 

 

	 	(ii)	the truth and accuracy of the representations and warranties of MSCG that are set forth in this Agreement as of the date such certificate is executed in all material
respects; and 

  

	 	(iii)	 to the effect that no action or proceeding has been instituted nor, to such Designated Executive’s best knowledge, has any action by a

  
 14 

	 	
Governmental Authority been threatened, nor has any order, judgment or decree been issued or, to such Designated Executive’s best knowledge, proposed to be issued by any Governmental
Authority as of the date such certificate is executed to set aside, restrain, enjoin or prevent the performance of the transactions or obligations contemplated by the Transaction Documents; and 

 

	 	3.4.3.2	an executed Guaranty substantially in a form satisfactory to TRC in its sole discretion. 

 

	3.5	Commercially Reasonable Efforts. From and after the Effective Date, to the extent within such Party’s control, TRC shall use all commercially reasonable
efforts to ensure the timely fulfillment of each of the conditions referred to in Sections 3.2 and 3.3 and MSCG shall use all commercially reasonable efforts to ensure the timely fulfillment of each of the conditions referred to in Sections 3.2 and
3.4. 

  

	3.6	Termination for Non-Fulfillment of Conditions Precedent. 

  

	 	3.6.1	Without prejudice to Section 3.5, and effective upon receipt of written notice by the other Party, (i) either Party may terminate this Agreement at any time
prior to the Commencement Date if the Commencement Date has not occurred by July 31, 2011 due to the failure of any condition in Section 3.2 to be satisfied or waived; (ii) MSCG may terminate this Agreement at any time prior to the
Commencement Date if the Commencement Date has not occurred by July 31, 2011 due to TRC’s failure to satisfy all of the conditions precedent in Section 3.3; and (iii) TRC may terminate this Agreement at any time prior to the
Commencement Date if the Commencement Date has not occurred by July 31, 2011 due to MSCG’s failure to satisfy all of the conditions precedent in Section 3.4. 

 

	 	3.6.2	Without prejudice to Section 3.5, this Agreement automatically shall terminate upon the earliest to occur of (i) termination of the Inventory Sale Agreement
and (ii) termination at the election of either Party pursuant to Section 3.6.1. 

  

	 	3.6.3	In the event of termination pursuant to this Section 3.6, neither Party shall have any further obligation under this Agreement to the other Party except that the
Parties shall remain liable to each other for any damages incurred as a result of a breach by such Party of its representations, warranties or obligations hereunder occurring prior to such termination. 

 

	3.7	Pre-Commencement Date Activities. Prior to the Commencement Date, the Parties may plan for commercial operations on and after the Commencement Date by
undertaking the following activities: 

  

	 	3.7.1	MSCG shall provide TRC with an initial Quarterly Forward Price Report and an initial MSCG Acquisition Report and shall provide TRC with other information needed to
commence sales hereunder as reasonably requested by TRC. 

  

	 	3.7.2	TRC shall provide to MSCG an initial NFR and an initial Weekly Nomination and shall provide MSCG with other information needed to commence purchases and sales hereunder
as reasonably requested by MSCG. 

  
 15 

	4.	DAILY SALES OF CRUDE OIL

  

	4.1	Purchase by TRC of Inventory. On the Commencement Date, pursuant to the Inventory Sale Agreement, MSCG shall sell to TRC, and TRC shall purchase from MSCG, the
Initial Inventory. 

  

	4.2	MSCG Crude Oil Sales. From and after the Commencement Date, MSCG agrees to sell and deliver to TRC, and TRC agrees to purchase and take delivery of, the Crude
Oil requirements of TRC upon the terms and conditions set forth herein. MSCG shall sell the Crude Oil to TRC at the Delivery Locations in ratable deemed volumes as TRC may request pursuant to the nomination procedures set forth in Section 5,
subject to the provisions of Section 4.2.1. 

  

	 	4.2.1	Conditions to Sale Obligations. MSCG’s Crude Oil sale obligations are subject to: (i) the volume of Crude Oil requirements estimated by TRC, as set
forth in the relevant NFR, as may be modified by any subsequent NFR or Weekly Nomination from time to time with allowance for variation as described in Section 5.5; (ii) available pipeline capacity on the relevant Pipelines used to
transport the Crude Oil to the Delivery Locations, provided that MSCG shall make commercially reasonable efforts to secure capacity as necessary to meet its delivery obligations hereunder; (iii) a Force Majeure Event (including delivery of the
Crude Oil by a Counterparty); (iv) TRC providing MSCG with any Security required hereunder; (v) the absence of a default under one or more Supply Contracts that collectively have a material adverse effect on MSCG’s ability to procure
Crude Oil for delivery and sale to TRC; and (vi) TRC’s performance of its obligations hereunder and under the other Transaction Documents. 

  

	4.3	Pipeline Buy/Sell Transactions. If any of the Pipelines on which MSCG ships Crude Oil to the Delivery Locations refuses to recognize MSCG’s title to the
Crude Oil, the Parties shall enter into a buy/sell agreement under which MSCG will sell all volumes of Crude Oil that it desires to ship on such Pipeline to TRC as they pass the inlet flange of the Pipeline or its gathering system and MSCG will
purchase from TRC such volumes of Crude Oil as they pass the exit flange of such Pipeline or its gathering system. The Parties will mutually agree upon the price for such sales, provided that the price for each sale from MSCG to TRC will equal the
price for the corresponding sale from TRC to MSCG. Unless MSCG pays the transportation costs to the relevant Pipeline, the costs of shipping the relevant volumes on the Pipeline will be deducted from the price paid by MSCG for MSCG’s purchase
from TRC. Any amounts payable in connection with a Pipeline buy/sell agreement will be included on the next Payment Amount Invoice delivered after MSCG’s determination of such amount. The Parties have entered into a Pipeline buy/sell agreement
on the Enbridge North Dakota Line at the prices and terms set forth in Schedule 9 hereto. 

  

	4.4	Exclusive Seller. TRC agrees that it shall procure all of the Refinery’s Crude Oil requirements, as well as the other Crude Oil Requirements of TRC, by
purchasing Crude Oil from MSCG and MSCG shall be its exclusive seller of Crude Oil to be processed in the Refinery and delivered to third parties during the Term of this Agreement. TRC agrees not to purchase Crude Oil from any person other than MSCG
unless otherwise agreed in writing by MSCG or unless an Event of Default as described in Section 18.2.4 has occurred with respect to MSCG, and in any case, non-exclusivity shall only apply to affected Crude Oil volumes.

  

	4.5	***** Hedging Obligations. ***** The profits and losses on such hedging activities shall be determined in accordance with Schedule 10 and shall be payable by one
Party to the other Party pursuant to Section 8.3. 

  

	4.6	Title and Custody. 

  
 16 

	 	4.6.1	Transfer of Title. Title to Crude Oil purchased by TRC pursuant to the terms of this Agreement shall pass from MSCG to TRC as the Crude Oil passes the relevant
Transfer Point. 

  

	 	4.6.2	Ownership. MSCG shall own and have title to all of the Crude Oil in transit to the Transfer Points until title to such Crude Oil passes from MSCG to TRC as
described in Section 4.6.1, or until MSCG otherwise disposes of such Crude Oil. TRC shall own and have title to all of the Crude Oil purchased from MSCG and in transit from the Transfer Points and all Crude Oil at the Refinery, unless and until
TRC sells such Crude Oil to a third party. 

  

	4.7	Importation into the United States and Foreign Trade Zone. 

  

	 	4.7.1	As of the date hereof or hereafter, upon approval of TRC’s request to the U.S. Customs and Border Protection, the Toledo-Lucas County Port Authority and any other
Governmental Authority for (i) the change in operator of FTZ Subzone 8H from Sunoco to TRC upon closing of the Refinery acquisition transaction to which they were parties or as soon thereafter as such request can be granted and (ii) the
transfer of the hydrocarbon inventory that is designated as zone status merchandise under the inventory transfer agreement between Sunoco and TRC related to such Refinery acquisition transaction, TRC intends to continue to operate the Refinery as a
subzone, FTZ Subzone 8H (the “Subzone”), under a valid grant of authority from the Foreign Trade Zones Board, U.S. Customs and Border Protection Service (“Customs”) and the Toledo-Lucas County Port Authority.

  

	 	4.7.2	For purposes of being able to sell jet fuel in privileged and non-privileged foreign status to Refinery customers, TRC is required to and from time to time will admit
foreign-origin Crude Oil into Subzone. Accordingly, TRC may request that MSCG transport the Crude Oil in bond pursuant to Customs’ procedures from the point of importation at the U.S. port of entry into the United States to the Delivery
Location so as to preserve the foreign status of the Crude Oil. 

  

	 	4.7.2.1	In such event, and provided that TRC or its designed representative provides MSCG with sufficient notice in writing, prior to the time of importation, that foreign
status is to be maintained as to a particular batch or shipment of Crude Oil, MSCG agrees to be responsible for and file all necessary Customs in-bond documentation (CBP Form 7512) and secure in-bond movement under MSCG’s carrier bond. MSCG
agrees to provide TRC with copies of the Forms 7512 filed with Customs promptly after the date of importation so that TRC is able to prepare all necessary Customs documentation (including CBP Form 214) to admit the Crude Oil into the Subzone.

  

	 	4.7.2.2	TRC shall prepare, maintain and file all necessary documentation in connection with operation of the Subzone and admission of foreign-status Crude Oil. TRC shall
maintain all records, inventories and accounts of operations within the Subzone in accordance with Applicable Law and the requirements of Customs and any other Governmental Authority. TRC agrees to provide MSCG with copies of the Forms 214 filed
with Customs promptly after the date of admission into the Subzone. 

  

	 	4.7.2.3	TRC shall indemnify and hold MSCG harmless from and against all Customs duties, penalties, fines and other expenses or damages that MSCG may incur resulting from
TRC’s failure to comply with Applicable Laws regarding entry of Crude Oil into the Subzone, including the failure to file accurate and timely Forms 214 that will extinguish MSCG’s liability for Customs duties under its in-bond shipments.]

  

	5.	DELIVERY NOMINATIONS AND REPORTING 

 

	5.1	Coordination, Planning and Information Flow Procedures. The Parties intend that MSCG shall utilize its global crude oil and feedstock trading and marketing
capabilities to identify and present to TRC opportunities for the purchase from MSCG of U.S. domestic, Canadian and foreign Crude Oil. The Parties shall develop procedures for the exchange of information between TRC and MSCG throughout the Term to
facilitate sales to TRC and optimization of the Refinery operations. Such procedures will include meetings (whether in person or by telephone or video conference) on an as required basis and a monthly meeting in person between TRC personnel and MSCG
to, amongst other things, review the then current maintenance activities, present information relating to Crude Oil slates available for delivery to the Delivery Locations, refinery run plans and related commercial matters including hedging, sale
and resale opportunities. Based on the planning and coordination activities described in this Section 5.1 and TRC’s nominations delivered in accordance with this Section 5, MSCG will use commercially reasonable efforts to locate and
select Crude Oil meeting TRC’s requirements, determine price estimates for such Crude Oil and negotiate, purchase and transport such Crude Oil to the Delivery Locations for sale to TRC. TRC will use commercially reasonable efforts to cooperate
with MSCG in the foregoing activities and to take delivery of the Crude Oil’s selected in accordance with the schedules agreed upon by the Parties. 

  

	5.2	 Quarterly Forward Price Report. On or prior to the last Business Day of each week, MSCG shall provide TRC with a report of MSCG’s estimated
forward prices for each relevant grade of Crude Oil for the following five calendar months and any other period requested (the “Quarterly 

  
 17 

	 	
Forward Price Report”). The information in the Quarterly Forward Price Report is being provided for the Parties’ informational and planning purposes only, MSCG is not acting as a
financial advisor or fiduciary or in any similar capacity and MSCG is not giving TRC any assurance or guarantee as to the forward prices contained in the Quarterly Forward Price Report. 

 

	5.3	 Nomination and Forecast Report. Prior to the 20th of every month, the Parties shall consult regarding the Crude Oil available to MSCG for delivery to the Delivery
Locations and the amount of Crude Oil sales at the Delivery Locations required to meet the Refinery’s Crude Oil processing requirements and TRC’s sales to third parties for the following five calendar months, and TRC shall provide MSCG
with a report (the “Nomination and Forecast Report”, or “NFR”), substantially in the form attached hereto in Schedule 3, that indicates TRC’s entire Crude Oil requirements for sale by MSCG and purchase by TRC
for the following five months (each such month, a “Delivery Month”). The NFR shall include any periods of scheduled Refinery maintenance and turnaround. 

With respect to the fourth and fifth month following the month in which each NFR is delivered, the NFR shall be non-binding and indicative
in nature and prepared solely for the Parties’ planning purposes. 
 With respect to the third month following the month in
which each NFR is delivered, the NFR shall specify the volumes of each grade of Crude Oil for delivery and purchase by TRC on each day (for each day in such month, the “Nominated Volume”) at each Delivery Location during such third
following month and shall constitute the initial formal nomination (the “Initial Nomination”) for volumes to be delivered in such third following month. The Initial Nomination shall be binding, but shall be subject to amendment or
adjustment as described in Section 5.5. 
 With respect to the first and second month following the month in which each NFR
is delivered, the NFR shall update the previously delivered NFR containing the Initial Nomination for the first following month and shall update the previously delivered NFR containing the Initial Nomination for the second following month, and in
each case shall constitute an amendment (a “Monthly Amendment”) to the respective Initial Nomination as further described in Section 5.5. 

By way of example, the NFR delivery prior to the 20th of February would (i) indicate estimated volumes of each grade of Crude Oil for delivery in June and July,
(ii) specify Nominated Volumes (by grade) for delivery each day in May (and shall constitute the Initial Nomination for May) and (iii) request adjustments to the Initial Nomination (which was delivered in January for April and in December
for March) for March and April. 
 TRC shall notify MSCG promptly upon becoming aware of any new circumstances that could require
material changes to Nominated Volumes and MSCG shall notify TRC promptly upon becoming aware of circumstances that could materially impact its ability to deliver Crude Oil during the period covered by the NFR. The Parties agree that the NFR shall be
prepared in coordination between the Parties. 
  

	5.4	 Weekly Nomination. No later than 10:00 a.m. EPT on each Business Day, TRC shall provide to MSCG a report (the “Weekly
Nomination”), substantially in the form attached hereto in Schedule 4, specifying the best estimate of TRC’s Crude Oil requirements and specifying the Nominated Volumes of Crude Oil for delivery at each Delivery Location on each of the
following seven calendar days. The Parties agree that the Weekly Nomination shall be prepared in coordination between the Parties. The Parties acknowledge that TRC bears sole responsibility for

  
 18 

	 	
the preparation, accuracy and correctness of the Weekly Nomination and notification of any changes to any Weekly Nomination that it would like to request. 

 

	5.5	Agreement to Purchase Nominated Volumes. In the absence of notification from MSCG to TRC within one Business Day of MSCG’s receipt of any Initial
Nomination, and subject to the Parties mutual agreement to certain FOB Grade Differentials as described in Section 8.2.2, the Parties shall be deemed to have agreed to the sale by MSCG to TRC of the Nominated Volumes specified in such Initial
Nomination. 

 Each Monthly Amendment and each Weekly Nomination shall constitute an amendment to the Initial
Nomination(s) covering the same Delivery Dates. Unless MSCG notifies TRC within one Business Day of its objection to any new information contained in any Monthly Amendment or Weekly Nomination, the Parties shall be deemed to have agreed to the sale
by MSCG to TRC of the Nominated Volumes specified therein, subject to pricing adjustments as set forth in Section 8.2.4.1. MSCG agrees to cooperate in the adjustment of previously agreed upon Nominated Volumes at the request of TRC to the
extent the flexibility for a corresponding adjustment is allowed under the terms of any relevant Supply Contract(s) or may be maintained in inventory or another commercially reasonable disposition and/or acquisition can be agreed upon. 

Notwithstanding the above, the Parties acknowledge operational variability and agree that reasonable variations from the specified
Nominated Volumes resulting from ordinary course operational factors shall not constitute a breach of this Agreement; provided that TRC agrees to make a good faith effort to take delivery of Crude Oil in the volumes set forth in each NFR and Weekly
Nomination in accordance with the schedules set forth therein and MSCG agrees to exercise commercially reasonable efforts to accommodate such variations. 
 TRC agrees that MSCG shall have the right to substitute alternative grades of Crude Oil as long as such substitution would not have a negative economic impact on TRC, provided that MSCG shall notify TRC
in advance of any such contemplated substitution and subject to TRC’s reasonable consent to such substitutions. 
 TRC shall
indemnify MSCG for any costs, expenses or other losses that MSCG incurs as a result of any amendment to an Initial Nomination requested by TRC or any other adjustment to the Nominated Volumes (other than a substitution or other change to the
Nominated Volumes requested by MSCG); provided that MSCG shall use commercially reasonable efforts to mitigate such costs, expenses or losses. 
 If, due to no fault of MSCG, MSCG is unable to, or it becomes impractical to, ship Crude Oil through a Pipeline or is unable to, or it becomes impractical to, deliver Crude Oil to any Delivery Location
because of a breakdown in or significant impairment of any logistical asset utilized in the storage and transportation of Crude Oil to such Delivery Location (each, a “Logistics Impairment”), MSCG’s delivery obligations shall
be excused to the extent effected by such Logistics Impairment and TRC shall indemnify MSCG for any losses, costs or expenses incurred as a result of such Logistics Impairment, including for any market losses (e.g. the difference between the price
at which MSCG sells any Crude Oil that it is impractical to deliver to a Delivery Location as a result of the Logistics Impairment and the Price of such Crude Oil hereunder). MSCG shall use commercially reasonable efforts to mitigate costs, losses
and expenses resulting from a Logistics Impairment. 
  

	5.6	 MSCG Acquisition Report. On each Business Day, MSCG shall provide TRC with a report specifying the volumes, grades, Delivery Month and pricing
information for all Nominated 

  
 19 

	 	
Volumes for which the Parties have confirmed sales by mutually agreeing upon the price or the pricing formula, as applicable (the “MSCG Acquisition Report”).

  

	5.7	Other Reports. Each Party shall provide the other Party with all daily tank gauging reports covering the Refinery tanks, any reports it receives from Pipelines
or any of the pipelines that TRC utilizes to ship Crude Oil from the Delivery Locations to the Refinery or other locations, and, if reasonably requested by the other Party, any other information related to the transactions covered by this Agreement.

  

	5.8	Daily Report of Refinery Volumes. On or prior to 11:00 a.m. EPT on each Business Day, TRC shall deliver to MSCG (for receipt on or prior to 11:00 a.m. EPT) a
report setting forth (i) the actual volumes of Crude Oil (the “Refinery Volumes”) delivered into and withdrawn out of each Refinery tank on the immediately prior days and total inventory levels in each Refinery tank, in each
case based on the best available information, including daily tank gauging reports and other relevant Refinery measurements and (ii) all sales of Crude Oil to third parties (such report, the “Daily Report of Refinery Volumes”).
The Refinery Volumes shall be subject to subsequent adjustment as may be necessary to reflect any additional or more accurate measurement information. 

  

	6.	CERTAIN REPRESENTATIONS 

 

	6.1	The Parties intend that: 

  

	 	6.1.1	each purchase and sale of Crude Oil between them, whether or not further documented, shall constitute a “forward contract” under section 101(25) and a
“swap agreement” under section 101(53B) of the Bankruptcy Code, protected by, inter alia, section 556 and section 560 of the Bankruptcy Code, and that it will be treated as such under and in all proceedings related to any
bankruptcy, insolvency or similar law (regardless of the jurisdiction of application or competence of such law) or any regulation, ruling, order, directive or pronouncement made pursuant thereto; and 

 

	 	6.1.2	this Agreement and each transaction between the Parties hereunder constitutes a “master netting agreement” under section 101(38A) of the Bankruptcy
Code; and that the rights in Section 18 hereto include the rights referred to in section 561(a) of the Bankruptcy Code. 

  

	6.2	For purposes of Section 6.1, the Parties intend and agree that, in respect of a particular week during the Term, they shall be deemed to have entered into a
forward contract, swap agreement and eligible financial contract for the sale of Crude Oil by MSCG to TRC upon MSCG’s receipt of the Weekly Nomination for such calendar week. 

 

	6.3	Single Agreement. This Agreement and all transactions hereunder form a single integrated agreement between the Parties. During the Term of this Agreement, all
transactions between MSCG and TRC as reflected in each NFR and Weekly Nomination are entered into in reliance on the fact that all such transactions and reports, together with this Agreement, form a single agreement. 

 

	7.	WARRANTIES 

  

	7.1	Warranties of Title. 

  
 20 

	 	7.1.1	MSCG warrants that on the Commencement Date, it shall transfer, or cause to transfer, to TRC good and marketable title to the Initial Inventory free and clear of any
Liens, and that it has full right and authority to transfer such title and effect delivery of such Crude Oil to TRC. 

  

	 	7.1.2	MSCG represents and warrants to TRC, that, as of the date of delivery of Crude Oil sold hereunder, it has good and marketable title to the Crude Oil sold and delivered
pursuant to this Agreement, free and clear of any Liens, and that it has full right and authority to transfer such title and effect delivery of such Crude Oil. 

 

	7.2	Disclaimer of Warranties. EXCEPT FOR THE WARRANTY OF TITLE, THE PARTY SELLING CRUDE OIL HEREUNDER MAKES NO WARRANTY, CONDITION OR OTHER REPRESENTATION,
WRITTEN OR ORAL, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS OR SUITABILITY OF THE CRUDE OIL FOR ANY PARTICULAR PURPOSE OR OTHERWISE. 

  

	8.	PRICING OF DELIVERED VOLUMES 

 

	8.1	Pricing for Delivered Volumes. With respect to the volume of each grade of Crude Oil delivered by MSCG to TRC at the Delivery Locations and purchased by TRC on
each Delivery Date hereunder (for each such day, the “Delivered Volume”), TRC shall, on the relevant Payment Date, pay to MSCG the product of (i) the Delivered Volume and (ii) the Price for such grade determined in
accordance with Schedule 5 (the sum of such amount over all grades purchased on such Delivery Date, the “Daily Purchase Payment Amount”). The Daily Purchase Payment Amount shall be included on the Payment Amount Invoice delivered by
MSCG on the relevant Payment Date for such Delivery Date. 

  

	8.2	Pricing Differentials. 

  

	 	8.2.1	 WTI Differential Report. On the ***** day of the month two months prior to each month in which TRC intends to process Crude Oil that it previously purchased
from MSCG hereunder or sell such Crude Oil to third parties (each such month, a “Consumption Month”) (or the next Business Day if such ***** day is not a Business Day), MSCG shall prepare and deliver to TRC a report substantially in
the form of Schedule 6 (the “WTI Differential Report”) listing the pro forma volume of ***** contracts by contract month (the “WTI Hedge Volume”) that would need to be purchased and sold to ***** (as described in
Schedule 5 under component D of the Price formula) of ***** pricing from the ***** to the ***** for the Nominated Volumes that TRC will purchase in a Delivery Month and later process or sell in such Consumption Month. MSCG shall prepare and deliver
to TRC an updated WTI Differential Report following any agreed upon adjustment to a Nominated Volume. 

  

	 	8.2.2	 Setting WTI Differentials. The WTI Differential component of the Price (component D of the Price formula in Schedule 5) applicable to the
Nominated Volumes related to a particular Consumption Month will be established ratably (by WTI Hedge Volume) based on the applicable ***** effective on each ***** from (and including) the ***** day of the second month preceding the Consmption Month
(or the next Business Day if applicable) to the ***** prior to the day on which the ***** contract expires during the month preceding the Consumption Month (the “Pricing Period”) ***** (applied only to the prices for *****
purchases) (such pricing mechanism, the “Ratable Method”). In lieu of the foregoing method for the determination of the WTI Differential, TRC may notify 

  
 21 

 
MSCG on or prior to the date of MSCG’s delivery of the WTI Differential Report that it would like MSCG to establish fixed values for the WTI Differentials by mutual agreement. In such case,
TRC shall notify MSCG on each ***** during the Pricing Period of the volume it wishes to establish WTI Differential values for on such day (such notification a “Fixed Value Request”), provided that if MSCG does not receive a Fixed
Value Request on any *****, MSCG will not seek to establish WTI Differential values on such day. MSCG shall make commercially reasonable efforts to fulfill each Fixed Value Request based on the then-current forward ***** for the applicable WTI Hedge
Volume. The WTI Differential may be established in volumes of 100,000 Barrels up to the full volumes listed in the Initial Nomination (as amended from time to time) relating to the Nominated Volumes that would be processed or sold for the
Consumption Month. Upon establishing a WTI Differential for a particular volume to be processed or sold in a Consumption Month pursuant to a Fixed Value Request, MSCG shall send a confirmation to TRC confirming the value of such WTI Differential,
and TRC shall execute such confirmation and deliver a copy of the executed confirmation back to MSCG. If, using commercially reasonable efforts, MSCG is unable to fulfill any Fixed Value Request with respect to a volume as of any ***** during the
Pricing Period, then no WTI Differential will be set as to such volume on such day. 
 MSCG shall price any portion of the *****
and otherwise in accordance with the Ratable Method; provided that if greater than *****% of the total WTI Hedge Volume remains unpriced as of the end of the ***** prior to the ***** contract expiration, then MSCG will establish a WTI Differential
as of the sixth ***** prior to the ***** contract expiration with respect to any excess over *****% of the total WTI Hedge Volume that remains unpriced. 
  

	 	8.2.3	Setting FOB Grade Differentials. The FOB Grade Differentials shall be determined using the methodology set forth in Schedule 5 (as component B of the Price
formula in Schedule 5). As described in Schedule 5, the FOB Grade Differential will be established either by a formula utilizing published prices or by mutual agreement based on then-current spot market conditions. If the Parties are unable to agree
upon an FOB Grade Differential for any volumes, then MSCG shall be deemed not to have entered into a commitment to sell, and TRC shall be deemed not to have entered into a commitment to purchase, such volumes. In this event, the Parties shall
cooperate in identifying alternative grades and volumes for sale, as outlined in Section 5.1. 

  

	 	8.2.4	Differential Adjustments. 

  

	 	8.2.4.1	 Adjustments of Nominated Volumes. Following any adjustment to a Nominated Volume, MSCG shall determine, in consultation with TRC and in a
commercially reasonable manner, the difference between the WTI Differentials, FOB Grade Differentials and the Delivery Costs (components B, C and D of the Price formula in Schedule 5) that would have applied to the previously Nominated Volumes
relative to the WTI Differentials, FOB Grade Differentials and Delivery Costs that would apply to the Nominated Volumes after any adjustments (including differences applicable to canceled or “unwound” Nominated Volumes) (the
“Adjustment Amount”). MSCG shall make a payment to TRC of any positive Adjustment Amount and TRC shall make a 

  
 22 

	 	
payment to MSCG of any negative Adjustment Amount. The Adjustment Amount shall be included on the next following Payment Amount Invoice. 

 

	 	8.2.4.2	Delivery Costs. The capital costs included in the calculation of Delivery Costs (component C of the Price formula in Schedule 5) will be calculated based on a
working capital rate (the “Working Capital Rate”) of *****, which, as of each day, would be applied to the current market value of the MSCG In-Transit Volumes on such day and the total amount of MSCG accounts receivable owing from
TRC and associated with MSCG sales under this Agreement as of such day. Upon the occurrence of an MS CDS Event (as defined below), either Party may request on a reasonable basis an adjustment to the Working Capital Rate and the Parties shall
negotiate in good faith to determine the adjustment to the Working Capital Rate that shall apply, provided that any such request by MSCG for an increase in the Working Capital Rate after an MS CDS Event shall be effective subject to TRC’s right
of termination pursuant to Section 18.1.3. For purposes of the foregoing sentence, a “MS CDS Event” shall be deemed to have occurred following any calendar quarter in which the average of the daily settlement prices (spreads)
for Morgan Stanley’s 5 year credit default swap on the trading platform operated by Markit Group Limited changes by more than *****% from the previous calendar quarterly average. The price (spread) for such credit default swap as of the date
hereof is *****. 

  

	8.3	Hedge Adjustment Amount. After the expiry of each front month NYMEX crude oil contract MSCG shall determine the Hedge Adjustment Amount for such calendar month
in accordance with Schedule 10 to account for hedging losses and gains resulting from any mismatch between the day on which Delivered Volumes are priced hereunder and the day on which TRC either delivers Delivered Volumes into the Refinery
processing units or delivers Delivered Volumes to third parties in a third party transaction. The Hedge Adjustment Amount shall be included in the next following Payment Amount Invoice after determination. From time to time the Parties may agree to
adjust the hedge to account for volumetric losses. 

  

	9.	PAYMENT AND NETTING 

 

	9.1	On each Payment Date, MSCG shall net the following amounts: 

  

	 	(i)	the Daily Purchase Payment Amount payable by TRC to MSCG on such day; 

  

	 	(ii)	the Hedge Adjustment Amount, if applicable; 

  

	 	(iii)	any adjustments to amounts paid by one Party to the other Party hereunder based upon additional information obtained after invoicing, including adjustments to the
prices or volumes used to determine any previously invoiced Daily Purchase Payment Amount, and including any Adjustment Amount as described in Section 8.2.4; 

 

	 	(iv)	any Ancillary Costs incurred prior to such day and not previously paid to MSCG or any adjustment to Ancillary Costs previously determined and invoiced;

  

	 	(v)	any outstanding interest that accrues pursuant to Section 9.4; and 

  

	 	(vi)	any other amounts due and payable as of such day under this Agreement or any other Transaction Document. 

(the aggregate net amount payable, the “Net Daily Payment Amount”). 

MSCG shall notify TRC of the Net Daily Payment Amount and the Party to whom such Net Daily Payment Amount is owed shall prepare and
deliver to the other Party an 

  
 23 

 
invoice in respect such amount by 11:00 a.m. EPT on such Payment Date (the “Payment Amount Invoice” for such day). The Party owing the Net Payment Amount shall pay such amount to
the other Party on or prior to 3:00 p.m. EPT on such day, subject to Section 9.3. 
  

	9.2	Payments. All payments to be made under this Agreement shall be made by wire transfer of same day funds in U.S. Dollars to such bank account at such bank as the
payee shall designate in writing to the payor from time to time. All payments shall be deemed received on the Business Day on which same day funds therefor are received by the payee. Payments received after any applicable time set forth in this
Agreement on any Business Day or on a day that is not a Business Day shall be deemed to have been received on the following Business Day. Except as otherwise expressly provided in this Agreement, all payments by TRC or MSCG shall be made in full
without discount, offset, withholding, counterclaim or deduction whatsoever for any claims which one Party may now have or hereafter acquire against the other Party, whether pursuant to the terms of this Agreement or otherwise except as expressly
provided herein. The Parties recognize and acknowledge that the exchange of certain information in a timely manner and subsequent payments based on the information are interrelated, and a reasonable delay in one aspect of the process will not
relieve the obligation of a Party to reasonably comply with any response to the information or payment. If payment would be due hereunder on a day that is not a Business Day, such payment shall be deemed instead to be due on the next Business Day
after such day. 

  

	9.3	Disputed Invoices. If an invoiced Party, in good faith, disputes the accuracy of the amount invoiced, the invoiced Party shall pay such amount as it in good
faith believes to be correct and provide written notice stating the reasons why the remaining disputed amount is incorrect, along with supporting documentation. In the event the Parties are unable to resolve such dispute, either Party may pursue any
remedy available at law or in equity to enforce its rights hereunder. In the event that it is determined or agreed that the Party that is disputing an invoice must or will pay the disputed amount, then such Party shall pay interest from and
including the original payment due date until, but excluding, the date the disputed amount is received by the owed Party, at the Base Interest Rate. 

  

	9.4	Interest on Late Payments. Interest shall accrue on late payments under this Agreement at the Default Interest Rate from and including the date that payment is
due until but excluding the date that payment is actually received by the Party to whom it is payable. 

  

	10.	ADDITIONAL MSCG SERVICES 

 

	10.1	Additional MSCG Risk Management Services. Throughout the Term, MSCG shall provide risk management services to TRC as requested by TRC, including (i) updates
on relevant commodities markets and price quotes for swaps and options, and (ii) providing swap or option products on the terms agreed upon between the Parties, such terms to include volumes, prices, tenors and settlement dates.

  

	11.	DISPOSITION OF CRUDE OIL UPON TERMINATION OR
EXPIRATION 

  

	11.1	 Final Disposition. On the date of expiration or termination of this Agreement (the “Termination Date”), whether this Agreement
terminates at the end of its Term or on an Early Termination Date, subject to MSCG’s rights under Section 18.6, MSCG shall cease deliveries of Crude Oil to the Delivery Locations after all volumes in-transit as of such day have arrived,
but may, in its sole discretion, continue to sell volumes of Crude Oil in-transit to the Delivery Locations as of the 

  
 24 

	 	
Termination Date to TRC in accordance with the terms hereof, such sales to occur over the period of time necessary for MSCG to sell all such Crude Oil owned by MSCG as of the Termination Date to
TRC (the “Run-off Period”). 

  

	11.2	 Termination Payment Amount. On or prior to the later of (i) 30th day following the Termination Date and (ii) the tenth Business Day following the end of the Run-off Period, if
applicable, (in either case, the “Final Settlement Date”), MSCG shall calculate a final accounting and true up of all amounts owed by TRC to MSCG or by MSCG to TRC under this Agreement and all other Transaction Documents, (such
amount, the “Termination Payment Amount”). The Termination Payment Amount shall include payment of the price in respect of all Delivered Volumes that have not yet been paid, and for purposes of such calculation, the Payment Date for
any such Delivered Volumes that would occur after the Final Settlement Date, shall be accelerated and deemed to occur on the Final Settlement Date. MSCG shall notify TRC of the Termination Payment Amount and the Party to whom such amount is payable
shall prepare an invoice (the “Final Invoice”) and deliver it to the other Party by the fifth Business Day following MSCG’s calculation and notification of such amount. The Party owing the Termination Payment Amount shall make
payment to the other Party of the Termination Payment Amount on or prior to the fifth Business Day following receipt of the Final Invoice. 

  

	11.3	Pipeline Shipping History. After termination of this Agreement and after the completion of any Run-off Period, MSCG shall assign to TRC all shipper history
generated during the Term that is attributable to sales of Crude Oil under this Agreement, subject to any required consents by the Pipelines. 

  

	12.	FINANCIAL INFORMATION, SECURITY AND REQUESTS FOR FURTHER
ASSURANCES 

  

	12.1	Provision of Financial Information. 

  

	 	12.1.1	 Each Party shall provide the other Party, to the extent not publicly available, (i) within 120 days following the end of each of its fiscal years
(or such earlier date on which it is required to file a Form 10-K under the Securities Exchange Act of 1934, as amended (“Exchange Act”)), beginning with the fiscal year ending December 31, 2010, a copy of its or, if
applicable, its Guarantor’s audited consolidated financial statements for such fiscal year certified by independent certified public accountants; (ii) within 45 days after the end of its first three fiscal quarters of each fiscal year (or
such earlier date on which it is required to file a Form 10-Q under the Exchange Act), a copy of its or, if applicable, its Guarantor’s quarterly unaudited consolidated financial statements for such fiscal quarter; and (iii) with respect
to TRC, within 30 days after the end of each of the first two months of each fiscal quarter, beginning with January, 2010, the consolidated balance sheet of TRC as of the end of each such month and the related consolidated statements of income and
cash flows of TRC for such month and for the then elapsed portion of the fiscal year, accompanied by a certificate of a Financial Officer stating that such financial statements fairly present, in all material respects, the consolidated results of
operations and cash flows of TRC as of the date and for the periods specified in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. In all cases the financial statements delivered
pursuant to this Section 12.1.1 shall be for the most recent accounting period and prepared in accordance with generally accepted accounting principles in the United States, consistently applied, or, at the election of TRC, in accordance with
the accounting principles provided by the International Financial Reporting Standards enacted by the International Accounting 

  
 25 

	 	
Standards Board. In the case of TRC, upon delivery to MSCG, the applicable report delivered by TRC to the Administrative Agent pursuant to the terms of the Revolving Credit Agreement shall
satisfy its related requirement under this Section 12.1.1. 

  

	 	12.1.2	Within 90 days after the beginning of each fiscal year, TRC shall provide to MSCG a budget for TRC in form reasonably satisfactory to MSCG, but to include balance
sheets, statements of income and sources and uses of cash, for (i) each month of such fiscal year prepared in detail and (ii) each fiscal year thereafter, through and including the fiscal year in which the Termination Date is scheduled to
occur at such time pursuant to the terms of Section 2, prepared in summary form, in each case, with appropriate presentation and discussion of the principal assumptions upon which such budgets are based, accompanied by the statement of a
Financial Officer of TRC to the effect that the budget of TRC is a reasonable estimate for the periods covered thereby and, promptly when available, any significant revisions of such budget. In the case of TRC, upon delivery to MSCG, the applicable
budget delivered by TRC to the Administrative Agent pursuant to the terms of the Revolving Credit Agreement shall satisfy its related requirement under this Section 12.1.2. 

 

	 	12.1.3	Upon reasonable notice, a Party also shall provide to the other Party any other information sufficient to enable it to ascertain such other Party’s or such other
Party’s Guarantor’s current financial condition and for such Party to assure itself of the other Party’s ability to perform its obligations under this Agreement or the other Party’s Guarantor’s ability to perform its
obligations under its Guaranty. 

  

	12.2	Guaranty. As security for the prompt payment and performance in full when due of MSCG’s obligations under this Agreement, MSCG shall cause its Guarantor to
deliver to TRC prior to the Commencement Date a Guaranty in form and substance reasonably acceptable to TRC. As security for the prompt payment and performance in full when due of TRC’s obligations under this Agreement, TRC shall cause its
Guarantor to deliver to MSCG prior to the Commencement Date a Guaranty in form and substance reasonably acceptable to MSCG. 

  

	12.3	Security Interest in Crude Oil. 

  

	 	12.3.1	As security for all obligations of TRC to MSCG under the Transaction Documents, TRC hereby pledges to MSCG, as a secured party, and grants to MSCG a first priority
continuing security interest in, Lien on and right of set-off against all of TRC’s right, title and interest in the Crude Oil, wheresoever located and all proceeds thereof (the “Collateral”). TRC shall take such actions, at
TRC’s expense, as MSCG may from time to time reasonably request to further evidence or perfect such security interest, Lien and right of set-off. 

  

	 	12.3.2	TRC represents and warrants to MSCG that it has good title to the Collateral, free and clear of all Liens other than the security interest and Lien granted to MSCG
hereunder and that the Collateral shall at all times remain free and clear of all Liens other than the security interest and Lien granted to MSCG hereunder. This representation and warranty shall be a continuing representation and warranty for so
long as MSCG’s security interest in and Lien on the Collateral remain in effect. In connection with any sale by TRC of Collateral to a third party, the Parties agree to use commercially reasonable efforts to ensure that all payments in respect
of the purchase of the Collateral by a third party are paid directly to MSCG, consistent with the then applicable terms of the Intercreditor Agreement. 

  
 26 

	 	12.3.3	TRC hereby irrevocably authorizes MSCG at any time and from time to time to file in any relevant jurisdiction any financing statements and amendments thereto that
contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral. 

 

	 	12.3.4	TRC shall keep and maintain at its own cost and expense complete records of the movements of the Collateral from the Delivery Locations to the Refinery and from the
Refinery tanks to the processing units or from the Delivery Locations to the point of sale to a third party, in a manner consistent with prudent business practice, including all pipeline reports and notifications (including pipeline nominations and
revisions to nominations, daily pipeline schedule of oil flow, apportionment notices and disruption notices, notices and reports for physical batch swaps) and terminal reports, and all other documentation relating thereto. TRC shall, at TRC’s
sole cost and expense, upon MSCG’s demand made at any time after the occurrence and during the continuance of any Event of Default by TRC or an Additional Termination Event, deliver all tangible evidence of the location, volume and quality of
the Collateral (by Tank or other location), including all reports from terminals or pipelines and books and records relating thereto to MSCG or to its representatives (copies of which evidence and books and records may be retained by TRC) to the
extent not already provided to MSCG pursuant to TRC’s reporting obligations under Section 5. Upon the occurrence and during the continuance of any Event of Default by TRC or an Additional Termination Event, MSCG may transfer a full and
complete copy of TRC’s books, records, reports, memoranda and all other writings relating to the Collateral to and for the use by any person that has acquired or is contemplating acquisition of an interest in the Collateral or MSCG’s
security interest therein without the consent of TRC. 

  

	 	12.3.5	Upon the occurrence and during the continuance of any Event of Default by TRC or an Additional Termination Event, MSCG shall have all of the default rights and remedies
of a secured party under the UCC. TRC acknowledges and agrees that, to the extent notice of sale or other disposition of the Collateral or any part thereof shall be required by law, ten days’ prior notice to TRC of the time and place of any
public sale or of the time after which any private sale or other intended disposition is to take place shall be commercially reasonable notification of such matters. 

 

	 	12.3.6	Catastrophic Loss of Collateral. In connection with any catastrophic loss of Collateral (any loss other than a normal handling loss), at the election of MSCG in
its sole discretion, either (i) the Payment Date in respect of the purchase by TRC from MSCG of the volume of Crude Oil that constituted such Collateral shall be accelerated to the date of such loss or (ii) TRC shall immediately replace
the Collateral subject to the loss with additional Collateral or other Security having an equal or greater value. In the case of (i), the pricing of the Crude Oil shall be based on the then current price for such volume determined in accordance with
Schedule 5. 

  

	12.4	Notification of Certain Events. Each Party shall notify the other Party in writing within two Business Days of learning of any of the following events:

  

	 	12.4.1	any Event of Default or Additional Termination Event, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with
respect thereto; 

  
 27 

	 	12.4.2	in the case of TRC, its binding agreement to sell, lease, sublease, transfer or otherwise dispose of, or grant any person (including an Affiliate) an option to acquire,
in one transaction or a series of related transactions, all or a material portion of the Refinery assets; 

  

	 	12.4.3	it or its Guarantor consolidates or amalgamates with, merges with or into, or transfers all or substantially all of its assets to, another entity (including an
Affiliate); 

  

	 	12.4.4	in the case of TRC, any labor disturbances at the Refinery that could adversely impact the scheduled sales under a NFR; 

 

	 	12.4.5	any event that could reasonably be expected to have a Material Adverse Change on it or its Guarantor, which may include the filing or commencement of, or any threat or
notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority, against TRC or any Affiliate thereof, that could reasonably be expected to result
in a Material Adverse Change; 

  

	 	12.4.6	a final judicial or administrative judgment against it or its Guarantor that individually or in the aggregate is in excess of $10,000,000; 

 

	 	12.4.7	in the case of TRC, any default under any Credit Agreement, or any event which, with the giving of notice or lapse of time or both, would become an event of default
under any Credit Agreement, including any notice of acceleration, demand, termination, suspension or foreclosure issued by any secured party or person acting in a similar capacity. 

 

	 	12.4.8	In the case of TRC, TRC’s entrance into a binding agreement that would result in a Change of Control with respect to TRC, such notice to be provided no later than
five Business Days following execution of such agreement. This Section 12.5.8 shall not apply to any future public offering of stock of TRC or any of its Affiliates. 

 

	12.5	Security and Further Assurances. 

  

	 	12.5.1	Bilateral Further Assurances. Each Party may, in its reasonable discretion and upon notice to the other Party, require that such other Party provide it with
satisfactory security for or adequate assurance of (“Performance Assurance”) its or, if applicable, its Guarantor’s performance within a specified time period as appropriate, when (i) such demanding Party determines that a
Material Adverse Change has occurred as with respect to the other Party, or, if applicable, its Guarantor; and (ii) such other Party fails to comply with any material provision of this Section 12 or breaches any covenant set forth in
Section 17.4 in any material respect. 

  

	 	12.5.2	Variation Margin. MSCG may, in its reasonable discretion and upon notice to TRC, require that TRC provide it with satisfactory security (“Variation
Margin”) in an amount equal to MSCG’s estimate of its Exposure on any day on or prior to the third Business Day following such date of determination, subject to a minimum exposure to be mutually agreed between the Parties from time to
time. 

  

	 	12.5.2.1	MSCG shall calculate its “Exposure” by netting the following amounts: 

 

	 	(i)	the aggregate *****; 

  

	 	(ii)	the ***** on any relevant day; 

  

	 	(iii)	the difference between *****; and 

  

	 	(iv)	the *****. 

  

	 	12.5.3	 Base Margin. MSCG may, in its reasonable discretion and upon notice to TRC, require that TRC provide it with security for or adequate assurance
of TRC’s and its Guarantor’s performance of their obligations under the Transaction Documents (“Base Margin”, and 

  
 28 

	 	
together with Performance Assurance and Variation Margin, “Security”) in an amount to be mutually agreed upon, which is intended to mitigate MSCG’s potential exposure and
incurred costs upon the occurrence of an Event of Default, Additional Termination Event in respect of TRC and any resulting early termination of this Agreement (in excess of any amount covered by any Variation Margin posted by TRC).

  

	 	12.5.4	Form and Delivery of Security. A Party shall provide Security to the other Party on or prior to the second Business Day following demand therefor in the form of
Collateral, cash or a letter of credit, or in any other document or mechanism acceptable to the demanding Party. The Security provided by a Party shall be for a duration and in an amount sufficient to cover a value up to the other Party’s
estimated financial exposure under this Agreement, including reasonable contingencies for the designated time period. If Security is provided in the form of a letter of credit, such letter of credit shall be issued by an Acceptable Letter of Credit
Issuer and shall be in a form reasonably acceptable to the demanding Party in its sole discretion. All bank charges relating to any letter of credit and any fees, commissions, costs and expenses incurred with respect to furnishing security are for
the account of the Party providing the Security. *****. 

  

	 	12.5.5	Each Party agrees, at any time and from time to time upon the request of the other Party, to execute, deliver and acknowledge, or cause to execute, deliver and
acknowledge, such further documents and instruments and do such other acts and things as such Party may reasonably request in order to fully effect the purposes of this Agreement. 

 

	13.	REFINERY TURNAROUND, MAINTENANCE AND CLOSURE

  

	13.1	Scheduled Maintenance. TRC shall provide to MSCG on the Commencement Date and on an annual basis thereafter, at least 30 days prior to the beginning of each year
during the Term, its anticipated timing of scheduled maintenance or turnaround that may affect its Crude Oil requirements during the upcoming year, and shall update such schedule promptly following any change to the maintenance schedule.

  

	13.2	Unscheduled Maintenance. TRC immediately shall notify MSCG orally (followed by prompt written notice) of any previously unscheduled downtime, maintenance or
turnaround and its expected duration. 

  

	14.	TAXES 

  

	14.1	TRC shall pay MSCG the amount of all Taxes paid or incurred by MSCG directly or indirectly with respect to the Crude Oil sold hereunder. MSCG shall provide TRC with
supporting documentation. To the extent not included in the purchase price, MSCG shall itemize separately any Taxes on the daily invoice. TRC hereby agrees to reimburse MSCG for any such Tax which MSCG may incur with respect to such Crude Oil,
whether determined during the duration of this Agreement or on audit after termination; provided, however, that TRC’s obligation to reimburse MSCG for Taxes shall survive termination of this Agreement for a period which equals the statute of
limitations applicable to the specific Tax in question. TRC shall pay MSCG for any Taxes arising from audit within two Business Days of receipt of MSCG’s invoice. MSCG shall notify TRC promptly upon being notified or the commencement of any
audit that may result in payments by TRC under this Section 14.1. 

  
 29 

	14.2	In the event that MSCG receives any refund of, or realizes the benefit of any credit with respect to Taxes that TRC previously had paid to MSCG, MSCG shall pay the
amount of such refund or credit to TRC, together with any interest thereon paid to MSCG by the Governmental Authority, but otherwise without interest thereon. If it is later determined that MSCG was not entitled to such refund, credit or interest,
then the portion thereof which is repaid, recaptured or disallowed will be treated as a Tax for which TRC shall reimburse and indemnify MSCG pursuant to this Section 14. 

 

	14.3	Upon the reasonable request of TRC, TRC shall, at its sole expense, have the right to cause MSCG to contest the validity, applicability or amount of any Tax for which
MSCG is liable; provided, however, that MSCG shall not be required to take or consent to TRC taking any such action if, in MSCG’s sole discretion, such action could have a material adverse affect on MSCG. MSCG shall be entitled to select
counsel of its choice. MSCG shall not settle or compromise any claim or contest without TRC’s prior written consent, which shall not be unreasonably withheld; provided, however, that MSCG shall be entitled in its sole discretion to settle or
compromise any claims or contest of Tax liability if such settlement or compromise is made in connection with a closing agreement governing tax periods that cover both Tax liability hereunder and tax liabilities of MSCG that are not related to this
Agreement. 

  

	15.	INSURANCE 

  

	15.1	Insurance Required to be provided by MSCG. MSCG shall insure the Crude Oil under its cargo and casualty insurance policy. 

 

	15.2	Insurance Required to be provided by TRC. TRC shall procure, or provided through an affiliate, and maintain in full force and effect throughout the Term
insurance coverage of the following types and amounts and with insurance companies rated not less than A- by A.M. Best, or otherwise reasonably acceptable to MSCG, in respect of TRC’s receipt, handling and storage of Crude Oil under this
Agreement: 

  

	 	15.2.1	Workers Compensation coverage in compliance with the Applicable Law; 

  

	 	15.2.2	automobile liability coverage in a minimum amount of $1,000,000; and 

  

	 	15.2.3	comprehensive or commercial general liability coverage and umbrella excess liability coverage, which includes bodily injury, broad form property damage and contractual
liability coverages, in a minimum amount of $75,000,000, which includes losses for Crude Oil while in TRC’s care, custody and control, and “sudden and accidental pollution” liability coverages (excluding events that result in
acidic deposition). 

  

	15.3	Additional Insurance Requirements. 

  

	 	15.3.1	Each Party shall cause its insurance carriers to furnish insurance certificates to the other Party, in a form reasonably satisfactory to the other Party, evidencing the
existence of the coverages required pursuant to Sections 15.1 and 15.2. Each Party shall provide renewal certificates within 30 days of expiration of the previous policy under which coverage is maintained. 

 

	 	15.3.2	 Each Party shall include an endorsement in the foregoing policies indicating that the underwriters agree to waive all rights of subrogation to the
extent of such Party’s 

  
 30 

	 	
obligations. Further, each Party shall name the other Party as an additional insured under the foregoing policies to the extent of the indemnities required under this Agreement.

  

	 	15.3.3	The mere purchase and existence of insurance coverage shall not reduce or release either Party from any Liabilities incurred or assumed under this Agreement.

  

	 	15.3.4	In the event of a Crude Oil loss for which a Party must indemnify the other Party under this Agreement, the indemnifying Party’s insurance shall be the primary and
exclusive coverage for such loss, notwithstanding the existence of other valid and collectible insurance. 

  

	16.	FORCE MAJEURE 

  

	16.1	Neither Party shall be liable to the other Party if it is rendered unable by a Force Majeure Event to perform in whole or in part any obligation or condition of this
Agreement for so long as the Force Majeure Event exists and to the extent that performance is hindered by the Force Majeure Event; provided, however, that the Party unable to perform shall use any commercially reasonable efforts to
avoid or remove the Force Majeure Event. During the period that performance by the affected Party of a part or whole of its obligations has been suspended by reason of a Force Majeure Event, the other Party likewise may suspend the performance of
all or a part of its obligations to the extent that such suspension is commercially reasonable, other than any payment or indemnification obligations that arose prior to the Force Majeure Event. 

 

	16.2	The affected Party rendered unable to perform shall give written notice to the other Party within 24 hours after receiving notice of the occurrence of a Force Majeure
Event, including, to the extent feasible, the details and the expected duration of the Force Majeure Event and the volume of Crude Oil affected. Such Party also shall promptly notify the other when the Force Majeure Event has terminated.

  

	17.	REPRESENTATIONS, WARRANTIES AND COVENANTS 

 

	17.1	Mutual Representations and Warranties. Each Party represents and warrants to the other Party as of the Effective Date, and shall be deemed to represent and
warrant as of the Commencement Date and as of the date of any purchase of Crude Oil hereunder, that: 

  

	 	17.1.1	it is (A) an “eligible commercial entity” and an “eligible contract participant” as defined in Sections 1a(11) and 1a(12) of the
U.S. Commodity Exchange Act, as amended, and (B) a “forward contract merchant” under section 101(26) and a “master netting agreement participant” under section 101(38B), for purposes of the Bankruptcy Code;

  

	 	17.1.2	it is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing,
has the power to execute and deliver this Agreement and any other related documentation that it is required by this Agreement to deliver and to perform its obligations under this Agreement, and has taken all necessary action to authorize such
execution, delivery and performance; 

  

	 	17.1.3	 such execution, delivery and performance do not violate or conflict with any Applicable Law in any material respect, any provision of its
constitutional documents, order or 

  
 31 

	 	
judgment of any court or Governmental Authority or, in any material respect, any of its assets or any contractual restriction binding on or affecting it or any of its assets;

  

	 	17.1.4	all governmental and other authorizations, approvals, consents, notices and filings that are required to have been obtained or submitted by it with respect to this
Agreement (including any internal authorizations, approvals and consents required by such Party under its organizational documents) have been obtained or submitted and are in full force and effect, and all conditions of this Agreement have been
obtained or submitted and are in full force and effect, and all conditions of any such authorizations, approvals, consents, notices and filings have been complied with, in all material respects; 

 

	 	17.1.5	its obligations under this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a
proceeding in equity or at law); 

  

	 	17.1.6	it is in good standing under the laws of each jurisdiction in which it is required to perform under this Agreement, and all governmental and other authorizations,
approvals, consents, notices, licenses and filings that are required to have been obtained or submitted by it in order to perform under this Agreement under the Applicable Laws of each relevant jurisdiction have been obtained or submitted and are in
full force and effect; 

  

	 	17.1.7	no Termination Event or Potential Event of Default has occurred and is continuing, and no such event or circumstance would occur as a result of its entering into or
performing its obligations under this Agreement; 

  

	 	17.1.8	there is not pending, nor to its knowledge threatened against it, any action, suit or proceeding at law or in equity or before any court, tribunal, Governmental
Authority, official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or its ability to perform its obligations under this Agreement; 

 

	 	17.1.9	it is not relying upon any representations of any other Party other than those expressly set forth in this Agreement; 

 

	 	17.1.10	it has entered into the Transaction Documents and will enter into any transaction thereunder as principal (and not as advisor, agent, broker or in any other capacity,
fiduciary or otherwise) and with a full understanding of the material terms and risks of the same, and has made its own independent decision to enter into the Transaction Documents and any transaction and as to whether the Transaction Documents and
any transaction are appropriate or suitable for it based upon its own judgment and upon advice from such advisers as it has deemed necessary and not in reliance upon any view expressed by any other Party; 

 

	 	17.1.11	it is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice) the Transaction Documents and any transaction,
understands and accepts the terms, conditions and risks of the Transaction Documents and any transaction, and is capable of assuming, and assumes, the risks of the Transaction Documents and any transactions contemplated thereunder; and it is capable
of assuming those risks; 

  
 32 

	 	17.1.12	the other Party (i) is acting solely in the capacity of an arm’s-length contractual counterparty with respect to this Agreement, (ii) is not acting as a
financial advisor or fiduciary or in any similar capacity with respect to this Agreement and (iii) has not given to it any assurance or guarantee as to the expected performance or result of this Agreement; 

 

	 	17.1.13	it is not bound by any agreement that would preclude or hinder its execution, delivery, or performance of any of the Transaction Documents; 

 

	 	17.1.14	neither it nor any of its Affiliates has been contacted by or negotiated with any finder, broker or other intermediary in connection with the sale of Crude Oil
hereunder who is entitled to any compensation with respect thereto; and 

  

	 	17.1.15	none of its directors, officers, employees or agents or those of its Affiliates has received or will receive any commission, fee, rebate, gift or entertainment of
significant value in connection with any of the Transaction Documents. 

  

	17.2	Mutual Covenants. 

  

	 	17.2.1	Compliance with Applicable Laws. Each Party undertakes and covenants to the other Party that it shall comply in all material respects with all Applicable Laws,
including all Environmental Laws, to which it may be subject in connection with the performance of any obligation or exercise of any rights under any of the Transaction Documents or in connection with any transaction contemplated by or undertaken
pursuant to this Agreement. 

  

	 	17.2.2	Books and Records. All records or documents provided by any Party to the other Party shall, to the best knowledge of such Party, accurately and completely
reflect the facts or estimates about the activities and transactions to which they relate. Each Party shall promptly notify the other Party if at any time such Party has reason to believe that any records or documents previously provided to the
other Party no longer are accurate or complete. 

  

	 	17.2.3	Indemnity. In addition to any other remedies under this Agreement, a Party that fails to comply with the requirements of Section 17.2.1 or 17.2.2 shall
indemnify the other Party from and against any and all losses of whatever nature arising out of or connected with such non-compliance. 

  

	17.3	Additional TRC Representations and Warranties. TRC represents and warrants to MSCG as of the Effective Date, and shall be deemed to represent and warrant as of
the Commencement Date and as of the date of any purchase of Crude Oil hereunder, that: 

  

	 	17.3.1	In the case of any action, inaction, consent, approval or other conduct that falls within the definition of “Bankrupt” with respect to TRC, TRC intends
that MSCG’s rights and entitlements to the following shall not be stayed, avoided or otherwise limited by the Bankruptcy Code, and TRC shall not oppose the exercise of MSCG’s rights and entitlements to accelerate, close-out, liquidate,
collect, net and set off rights and obligations under any of the Transaction Documents, including the rights set forth in Section 18. 

  
 33 

	 	17.3.2	It acknowledges that MSCG from time to time during the Term will own all Crude Oil that MSCG purchased from third parties and is in-transit to the Transfer Points,
wherever located, including while within a Pipeline, until transfer of title to TRC or a third party, and further, will own all receivables and proceeds generated from the foregoing and has the right to sell, encumber and pledge such Crude Oil.

  

	17.4	Additional TRC Covenants. 

  

	 	17.4.1	TRC agrees that it shall have no interest in or the right to dispose of, and shall not permit the creation of, or suffer to exist, any Lien with respect to, any portion
of the MSCG In-Transit Volumes. 

  

	 	17.4.2	TRC agrees that, during the Term hereof, it shall not enter into any Crude Oil arrangement for the purchase of Crude Oil to be shipped by TRC to the Refinery or third
parties or otherwise relating to the Refinery or TRC’s other operations other than this Agreement. 

  

	 	17.4.3	TRC agrees, from time to time on MSCG’s request, to execute, deliver and acknowledge, or to cause any party to any Credit Agreement to execute, deliver and
acknowledge, such further documents and instruments and to take such other actions as MSCG may reasonably request in order to more fully effect the purposes of the transactions contemplated by and the provisions of this Agreement.

  

	 	17.4.4	TRC agrees that, during the Term hereof, any binding agreement entered into by it that would result in a Change of Control with respect to TRC will provide for a period
no shorter than 60 days from the date of execution of such binding agreement to the date upon which the Change of Control becomes effective. 

  

	 	17.4.5	If the Parties mutually agree that it would be commercially reasonable for MSCG to sell any portion of the MSCG In-Transit Volumes to a third party or otherwise dispose
of any such MSCG In-Transit as a result of cessation of operations at the Refinery (as a result of a Force Majeure Event or otherwise), or for any other reason, TRC agrees that it will reimburse MSCG for all costs, losses and expenses incurred by
MSCG in connection therewith, and MSCG agrees that it will pay through to TRC any gains in connection therewith. Each Party shall act in a commercially reasonable manner in such determination. For the avoidance of doubt, such losses, costs and
expenses (or gains) would include MSCG’s market losses (or gains) related to the difference in the price at which MSCG is able to sell or otherwise dispose of Crude Oil and the Price that would have applied to such Crude Oil if sold to TRC
under this Agreement, and would include losses (or gains) incurred in connection with any related hedge transactions. MSCG shall use commercially reasonable efforts to mitigate costs, losses or expenses resulting from a cessation of Refinery
operations. 

  

	18.	TERMINATION EVENTS, DEFAULT AND EARLY TERMINATION

  

	18.1	Non-fault Based Early Termination Events. 

  

	 	18.1.1	Change of Law. 

  
 34 

 Each Party shall make reasonable efforts to monitor proposed Changes of Law which may
reasonably be expected to have an impact on such Party’s performance of its obligations under the Transaction Documents or its ability to hedge in a commercially reasonable manner trading positions related to (i) purchases and sales under
this Agreement or in contemplation of fulfilling the objectives of this Agreement (“Hedging Activities”) and shall promptly notify the other Party upon becoming aware of any such proposed Change of Law. Such notice shall identify
the proposed Change of Law and set out, in reasonable detail, the effects the notifying Party anticipates such Change of Law would have upon the Transaction Documents (or such Party’s performance thereunder) or its Hedging Activities if
enacted. The Parties shall in good faith meet to discuss what, if any, measures can be taken by either Party (or both) to minimize and/or mitigate the effect of any such proposed Change of Law. 

If a Change of Law results or would result in a Party (the “Adversely Affected Party”) incurring incremental damages,
losses, costs, expenses, fees, fines, payments, Taxes, liabilities, penalties or other sanctions of a monetary nature (“Losses”) in excess of $3,000,000 per annum solely as a result of such Party’s performance of its
obligations under the Transaction Documents or as a result of its Hedging Activities, the Adversely Affected Party shall be entitled to request that the Parties meet for purposes of addressing such Change of Law by providing written notice (a
“Change of Law Notice”) to the other Party (the “Non-Affected Party”), provided always that the Adversely Affected Party shall use all reasonable efforts to minimize the effects of such Change of Law and/or to
mitigate the incremental Losses incurred by such Adversely Affected Party as a result of such Change of Law. 
 Within seven
days of receipt of a Change of Law Notice, the Parties shall meet in good faith with a view to identifying any steps the (“Consequential Steps”) that would alleviate the effects of the relevant Change of Law on the Adversely
Affected Party, which may include an agreement between the Parties to share the relevant incremental Losses incurred by the Adversely Affected Party or the amendment of any Transaction Document. In identifying the Consequential Steps, the Parties
shall, as far as is reasonably practicable, do so in a manner that preserves the balance of the commercial agreement (including economic benefits, risk allocation, costs and liabilities) existing between the Parties under this Agreement as of the
Effective Date. 
 In the event the Parties cannot reach agreement on the Consequential Steps and on the implementation of the
same within 30 days of receipt by the Non-Affected Party of the Change of Law Notice, the Adversely Affected Party may terminate this Agreement, effective as of the earlier of (i) the effective date of the Change of Law and (ii) six months
following receipt by the Non-Affected Party of the Change of Law Notice, in accordance with Section 11, and terminate all other Transaction Documents and all other agreements that may then be outstanding between the Parties that relate
specifically to this Agreement, each in accordance with its terms. 
  

	 	18.1.2	Change of Control. Upon the occurrence of a Change of Control with respect to TRC, MSCG may, in its sole discretion, accelerate this Agreement and designate a
Termination Date, which shall be no earlier than the effective date of such Change of Control event, on which to terminate this Agreement in accordance with Section 11, and terminate all other Transaction Documents and all other agreements that
may then be outstanding between the Parties that relate specifically to this Agreement, each in accordance with its terms. 

  
 35 

	 	18.1.3	Increase in Working Capital Rate. 

 In the event the Parties cannot reach agreement on an adjustment to the Working Capital Rate upon a request by MSCG to increase the Working Capital Rate pursuant to Section 8.2.4.2 (“Increase
Request”) within 10 days of such Increase Request, if such adjustment would be reasonably likely to result in TRC incurring increased costs in connection with this Agreement in excess of $***** per annum, TRC may terminate this Agreement
upon written notice to MSCG specifying a Termination Date no earlier than six months following TRC’s receipt of the Increase Request. In connection with such termination, the Parties shall terminate all other Transaction Documents and all other
agreements that may then be outstanding between the Parties that relate specifically to this Agreement, each in accordance with its terms. 
 For the period from and excluding the date of the Increase Request through the Termination Date, the Working Capital Rate shall be increased by MSCG to a rate that would not be reasonably likely to result
in TRC incurring increased costs in connection with this Agreement in excess of $***** per annum. 
  

	18.2	Events of Default. Notwithstanding any other provision of this Agreement, the occurrence of any of the following events or circumstances shall constitute a
“Default” or an “Event of Default”: 

  

	 	18.2.1	A Party or its Guarantor fails to make payment when due under this Agreement within two Business Days following receipt of a demand for payment by the other Party.

  

	 	18.2.2	A Party fails to (i) provide financial information as required by Section 12.1, (ii) provide the other Party with Security as required by
Section 12.6, or such Security expires, terminates or no longer is in full force and effect, in each case within two Business Days following receipt of a demand therefor. 

 

	 	18.2.3	A Party breaches any representation, warranty made or repeated or deemed to have been made or repeated by the Party in any material respect when made or repeated or
deemed to have been made or repeated under this Agreement, or any warranty or representation proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated under this Agreement;
provided, however, that if such breach is curable, such breach is not cured to the reasonable satisfaction of the other Party (in its sole discretion) within ten Business Days from the date that such Party receives notice that
corrective action is needed. 

  

	 	18.2.4	Other than a default more specifically described in this Section 18.2, a Party fails to perform any obligation or breaches a covenant required under this
Agreement, which, if capable of cure, is not cured to the reasonable satisfaction of the other Party (in its sole discretion) within five Business Days from the date that such Party receives written notice that corrective action is needed, provided
that no grace period will apply to any failure by TRC to notify MSCG of a Change of Control in accordance with Section 12.5.8. 

  

	 	18.2.5	 There shall have occurred a default, event of default or other similar condition or event (however described) in respect of a Party or its Guarantor
under any Specified Agreement, which is not cured within the applicable time period, if any. Upon the occurrence of such event, the defaulting party (or in the case of a default by a Guarantor, the Party whose Guarantor defaulted) under the
Specified Agreement shall be deemed to 

  
 36 

	 	
be the Defaulting Party hereunder and the other Party shall be deemed to be the Performing Party. 

  

	 	18.2.6	A Party, a Party’s Guarantor or any of a Party’s direct or indirect parent companies becomes or is Bankrupt. 

 

	 	18.2.7	A Party’s Guarantor (i) fails to satisfy, perform or comply with any material obligation in accordance with its Guaranty if such failure continues after any
applicable grace or notice period, (ii) breaches any representation, covenant or warranty or any representation proves to have been incorrect or misleading in any material respect under its Guaranty, which is not cured to MSCG’s reasonable
satisfaction, in its sole discretion, within any applicable grace or notice period, or (iii) repudiates, disclaims, disaffirms or rejects, in whole or part, any obligation under its Guaranty, or challenges the validity of its Guaranty.

  

	 	18.2.8	Receipt of notice by the other Party of a consolidation, amalgamation, merger or transfer that would constitute a Credit Event Upon Merger or the occurrence of a Credit
Event Upon Merger with respect to a Party or its Guarantor. 

  

	 	18.2.9	There shall have occurred either (i) a default, event of default or other similar condition or event (however described) in respect of TRC or any of its Affiliates
under one or more agreements or instruments relating to Specified Indebtedness in an aggregate amount of not less than $10,000,000 that has resulted in such Specified Indebtedness becoming immediately due and payable under such agreements and
instruments before it would have otherwise been due and payable, including any notice of acceleration, demand, termination, suspension or foreclosure issued by any secured party or person acting in a similar capacity or (ii) a default by TRC or
any of its Affiliates (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than $10,000,000 under such agreements or instruments (after giving effect to any applicable notice
requirement or grace period). 

  

	 	18.2.10	Any claim is asserted or Lien (other than a Lien granted by MSCG) is placed on any portion of the Crude Oil owned by TRC or any portion of the MSCG In-Transit Volumes
due to an act or omission of TRC or any of its creditors or such Lien or claim is imminent. Upon the occurrence of such event, TRC shall be deemed to be a Defaulting Party hereunder and MSCG shall be deemed to be the Performing Party.

  

	 	18.2.11	Due to an act or omission of TRC or any of its creditors, MSCG’s first priority Lien in any portion of the Crude Oil owned by TRC or any portion of the MSCG
In-Transit Volumes shall cease to exist or shall lose its priority, or any action is taken to impair or negatively impact MSCG’s first priority Lien in any portion of the Crude Oil owned by TRC or any portion of the MSCG In-Transit Volumes,
including the assertion by any creditor that MSCG would not be entitled to an exclusive, first priority Lien in any of such Crude Oil, and, if it is reasonably likely that such event is capable of cure within three Business Days, such event shall
not have been cured by the third Business Day following TRC’s receipt of notice that corrective action is needed. Upon the occurrence of such event, TRC shall be deemed to be a Defaulting Party hereunder and MSCG shall be deemed to be the
Performing Party. 

  

	 	18.2.12	There shall have occurred a default, event of default or other similar condition or event (however described) in respect of a Party under any Transaction Document.

  
 37 

	 	18.2.13	There shall have occurred a default under the Intercreditor Agreement in respect of any party thereto that is prejudicial to a Party’s rights hereunder, provided
that where such default under the Intercreditor Agreement occurs with respect to a party other than the Parties hereto, PBF shall be deemed to be the Defaulting Party hereunder and MSCG shall be deemed to be the Performing Party.

  

	 	18.2.14	The occurrence of a Letter of Credit Default in relation to any letter of credit provided by a Party hereunder. 

 

	 	18.2.15	There shall have occurred a default, event of default or other similar condition or event (howsoever described) in respect of a Party or a Party’s Affiliate under
the Products Offtake Agreement between PRC and MSCG dated as of December 14, 2010, the DCRC Offtake Agreement or any future refinery supply or offtake agreement between a TRC Affiliate and MSCG and such agreement is accelerated or there occurs
a default (howsoever described) with respect to a Party or a Party’s Affiliate thereunder substantially similar to one of the defaults described in Sections 18.2.1 (if such default is in an amount in excess of $1,000,000), 18.2.2 (sub-clause
(ii) only), 18.2.6, 18.2.7, 18.2.8 or 18.2.9; provided, however, that any default under this Section 18.2.15 will only give rise to termination of this Agreement if the refinery offtake or supply agreement is also simultaneously terminated
in accordance with its terms. 

  

	18.3	Additional Termination Events. Notwithstanding any other provision of this Agreement, the occurrence of any of the events or circumstances specified in Sections
18.3.1 through and including 18.3.4 shall constitute an “Additional Termination Event” and, in each instance, TRC shall be deemed to be the “Affected Party” and MSCG shall be deemed to be the Performing Party (as
defined in Section 18.4) for purposes of determining the rights and remedies available to the Performing Party under Sections 18.4 and 18.6. 

  

	 	18.3.1	The sale, lease, sublease, transfer, conveyance or other disposition, in one transaction or a series of related transactions, of all or a material portion of the
Refinery assets other than to an Affiliate. 

  

	 	18.3.2	Either (i) operations at the Refinery shall have ceased (other than as a result of a Force Majeure Event) for a period of at least 60 consecutive days.

  

	 	18.3.3	There occurs an inability to inject Crude Oil into any Pipeline (in each case, other than as a result of a Force Majeure Event), in any material respect for a period of
at least 60 consecutive days and alternative arrangements cannot be mutually agreed to by the Parties. 

  

	 	18.3.4	A Force Majeure Event affecting the Refinery or a Pipeline has occurred and is continuing for a period of at least 60 consecutive days. 

 

	18.4	Remedies Generally. Notwithstanding any other provision of this Agreement, any Guaranty or any Specified Agreement, upon the occurrence and continuance of an
Event of Default with respect to a Party or such Party’s Guarantor (such Party referred to as the “Defaulting Party”), or upon the occurrence and continuance of an Additional Termination Event with respect to the Affected
Party, the other Party (in each case, the “Performing Party”) may in its sole discretion, in addition to all other remedies available to it and without incurring any Liabilities (for any costs arising from delay or otherwise) to the
Affected Party or the Defaulting Party, as the case may be, do any or all of the following: 

  
 38 

	 	18.4.1	suspend its performance under this Agreement, including any Crude Oil sale, purchase, receipt, delivery or payment obligations, upon written notice to the Defaulting
Party or Affected Party; 

  

	 	18.4.2	accelerate the Payment Date with respect to all Delivered Volumes that have not yet been paid for to such day; 

 

	 	18.4.3	declare all or any portion of the Defaulting Party’s or Affected Party’s, as applicable, obligations under this Agreement to be forthwith due and payable, all
without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Defaulting Party or Affected Party, as applicable; 

 

	 	18.4.4	upon written notice to the Defaulting Party or the Affected Party, specify a date (the “Early Termination Date”) on which to terminate this Agreement
in accordance with Section 11, subject to MSCG’s rights under Section 18.6 if MSCG is the Performing Party; 

  

	 	18.4.5	terminate all other Transaction Documents and all other agreements that may then be outstanding between the Parties that relate specifically to this Agreement;

  

	 	18.4.6	close out any Specified Agreements pursuant to Section 18.7; 

  

	 	18.4.7	determine the Termination Amount due the Performing Party upon early termination as provided in Section 18.8; and 

 

	 	18.4.8	exercise any rights and remedies provided or available to the Performing Party under this Agreement or at law or equity. 

 

	18.5	Early Termination Fee. 

  

	 	18.5.1	In the event that this Agreement is terminated by MSCG pursuant to its rights under Section 18.1.2, TRC shall pay to MSCG an Early Termination Fee in an amount
equal to (i) if such termination occurs before the first anniversary of the Commencement Date, $*****, or (ii) if such termination occurs after the first anniversary of the Commencement Date, $*****. 

 

	 	18.5.2	In the event that this Agreement is terminated by a Performing Party pursuant to its rights under Section 18.4.4 as a result of an Event of Default, the Defaulting
Party shall pay to the Performing Party an Early Termination Fee in an amount equal to (i) if the Event of Default occurs before the first anniversary of the Commencement Date, $***** or (ii) if the Event of Default occurs after the first
anniversary of the Commencement Date, $*****. 

  

	 	18.5.3	In the event that this Agreement is terminated by a Performing Party pursuant to its rights under Section 18.4.4 as a result of an Additional Termination Event,
the Affected Party shall pay to the Performing Party an Early Termination Fee in an amount equal to $*****. 

  

	 	18.5.4	 The Parties agree that the Early Termination Fee payable from one Party to the other Party pursuant to Section 18.5.1 represents a genuine
pre-estimate of the loss that MSCG will suffer as a result of the termination of this Agreement in the circumstances described 

  
 39 

	 	
in Section 18.5.1 and is payable in lieu of MSCG’s rights to claim damages resulting from such termination. 

 

	 	18.5.5	The Parties agree that the Early Termination Fee payable from the Defaulting Party or the Affected Party, as applicable, to the Performing Party pursuant to
Section 18.5.2 or 18.5.3 represents a genuine pre-estimate of the minimum loss that the Performing Party will suffer as a result of the termination of this Agreement in the circumstances described in Section 18.5.2 or 18.5.3, and that the
payment of the Early Termination Fee shall be in addition to the payment of any other amounts the Performing Party shall be entitled to in connection with termination pursuant to this Section 18. 

 

	18.6	Additional Remedies Available to MSCG if TRC Is the Defaulting Party or Affected Party. If a Termination Event has occurred and is continuing and TRC is the
Non-Performing Party, MSCG may, in its sole discretion: (i) demand that TRC purchase from MSCG all of the MSCG In-Transit Volumes, (ii) arrange for the alternate disposition of any of the MSCG In-Transit Volumes; and (iii) terminate
the assignment of any Supply Contracts or Pipeline agreements from TRC to MSCG resulting in their reversion to TRC where applicable. 

  

	18.7	Export of Defaults to and Liquidation of Specified Agreements. The occurrence of an Early Termination Date shall constitute a material breach and an event of
default, howsoever described, under all Specified Agreements, and the Performing Party may, by giving a notice to the Non-Performing Party, designate an early termination date (which shall be no earlier than the Early Termination Date) for all
Specified Agreements and, upon such designation, terminate, liquidate, accelerate and otherwise close out all Specified Agreements that lawfully may be closed out and terminated or, to the extent that in the reasonable opinion of the Performing
Party certain of such Specified Agreements may not be liquidated and terminated under Applicable Law on such date, as soon thereafter as is reasonably practicable. In such event, the Performing Party shall calculate the payments due upon early
termination of such Specified Agreements in accordance with the terms set forth in such Specified Agreements, which shall be aggregated or netted to a single liquidated amount (the “Specified Agreement Close-Out Amount”) and paid
pursuant to the terms of such agreements, or if no payment date is specified, on the payment date specified in Section 18.9. In determining the Specified Agreement Close-Out Amount, the Performing Party may foreclose upon and apply any
collateral provided by or on behalf of the Non-Performing Party under this Agreement or any Specified Agreement. 

  

	18.8	Determination of the Termination Amount in the Event of Early Termination. The amount payable in respect of early termination shall comprise (without
duplication) all of the following amounts, which shall be aggregated or netted to a single liquidated amount (the “Termination Amount”) owing from one Party to the other Party: 

 

	 	18.8.1	if MSCG requires TRC to purchase the MSCG In-Transit Volumes pursuant to Section 18.6, the applicable Price of the MSCG In-Transit Volumes determined in accordance
with Schedule 5 as of the date of termination; 

  

	 	18.8.2	the Specified Agreement Close-Out Amount as determined pursuant to Section 18.7; 

 

	 	18.8.3	the amount of any performance assurance, credit support or collateral provided by or on behalf of TRC under this Agreement or any Specified Agreement held by MSCG at
the Early Termination Date, which shall be applied as a credit to TRC; 

  
 40 

	 	18.8.4	Breakage Costs, including, for avoidance of doubt, the losses and costs (or gains) incurred (or realized) by the Performing Party, if MSCG, in terminating,
transferring, or otherwise modifying any outstanding contracts with Customers (except supply contracts assigned by TRC to MSCG in February 2011); 

  

	 	18.8.5	all Unpaid Amounts, including any purchase price for Crude Oil that has not yet been paid as described under Section 18.4.2; 

 

	 	18.8.6	any other amounts or adjustments that are owed one Party by the other Party under this Agreement or any other Transaction Document; and 

 

	 	18.8.7	the applicable Early Termination Fee, if any, as provided in Section 18.5. 

 

	18.9	Payment of Termination Amount. The Performing Party shall notify the Non-Performing Party of the Termination Amount due from or due such Party. If the
Non-Performing Party owes the Termination Amount to the Performing Party, the Non-Performing Party shall pay the Termination Amount on the second Business Day after it receives the statement. If the Performing Party owes the Termination Amount to
the Non-Performing Party, the Performing Party shall pay the Termination Amount once it has reasonably determined all amounts owed by the Non-Performing Party to it under all Specified Agreements and pursuant to its rights of close-out and setoff
under Section 18.10. 

  

	18.10	Setoff Rights of Performing Party. If the Performing Party elects to designate an Early Termination Date under Section 18.4.4, the Performing Party shall be
entitled, at its option and in its discretion (and without prior notice to the Non-Performing Party), to setoff against the Termination Amount (whether such Termination Amount is payable to the Performing Party or to the Non-Performing Party) any
other amounts payable under any agreements between the Non-Performing Party and the Performing Party (whether or not matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that
the Termination Amount is so set off, the Termination Amount and other amounts will be discharged promptly and in all respects. The Performing Party will give notice to the other Party of any set-off effected under this Section 18.10.

  

	18.11	Non-Exclusive Remedies. The Performing Party’s rights under this Section 18 are in addition to, and not in limitation or exclusion of, any other rights
of setoff, recoupment, combination of accounts, Lien or other right which it may have, whether by agreement, operation of law or otherwise. No delay or failure on the part of a Performing Party to exercise any right or remedy shall constitute an
abandonment of such right or remedy and the Performing Party shall be entitled to exercise such right or remedy at any time after a Termination Event has occurred and is continuing. 

 

	18.12	Indemnification. The Non-Performing Party shall reimburse the Performing Party for its costs and expenses, including reasonable attorneys’ fees, incurred in
connection with the enforcement of, suing for or collecting any amounts payable by the Non-Performing Party. The Non-Performing Party shall indemnify and hold harmless the Performing Party for any damages, losses and expenses incurred by the
Performing Party as a result of any Termination Event. 

  

	19.	  INDEMNIFICATION AND CLAIMS 

 

	19.1	 To the fullest extent permitted by Applicable Law and except as specified otherwise elsewhere in this Agreement, TRC shall defend, indemnify and hold
harmless MSCG, its Affiliates, and their 

  
 41 

	 	
Representatives, agents and contractors for and against any Liabilities which is caused by TRC or its Representatives, agents or contractors, in performing its obligations under this Agreement,
except to the extent that such injury, disease, death, or damage to or loss of property was caused by the negligence or willful misconduct on the part of MSCG, its Representatives, agents or contractors. 

 

	19.2	TRC agrees to indemnify MSCG for *****, except to the extent that such liability could have been mitigated by MSCG’s use of commercially reasonable efforts.

  

	19.3	To the fullest extent permitted by Applicable Law and except as specified otherwise elsewhere in this Agreement, MSCG shall defend, indemnify and hold harmless TRC, its
Affiliates, and their Representatives, agents and contractors for and against any Liabilities caused by MSCG or its Representatives, agents or contractors in performing its obligations under this Agreement, except to the extent that such injury,
disease, death, or damage to or loss of property was caused by the negligence or willful misconduct on the part of TRC, its Representatives, agents or contractors. 

 

	19.4	In addition to the indemnification obligations set forth in Sections 19.1 though 19.3 and elsewhere in this Agreement, each Party (referred to as the
“Indemnifying Party”) shall indemnify and hold the other Party (the “Indemnified Party”), its Affiliates, and their Representatives, agents and contractors, harmless from and against any and all Liabilities directly
or indirectly arising from (i) the Indemnifying Party’s breach of any of its obligations under or covenants made in this Agreement; (ii) the Indemnifying Party’s negligence or willful misconduct; (iii) the Indemnifying
Party’s failure to comply with Applicable Law with respect to the sale, transportation, storage, handling or disposal of Crude Oil or violation of any Environmental Law caused by the Indemnifying Party or its Representatives, agents or
contractors, unless such violation liability results from the Indemnified Party’s negligence or willful misconduct; or (iv) if any of the Indemnifying Party’s representations, covenants or warranties made herein proves to be
materially incorrect or misleading when made. 

  

	19.5	The Parties’ obligations to defend, indemnify, and hold each other harmless under the terms of this Agreement shall not vest any rights in any third party (whether
a Governmental Authority or private entity), nor shall they be considered an admission of liability or responsibility for any purposes other than those enumerated in this Agreement. 

 

	19.6	Each Party agrees to notify the other Party as soon as practicable after receiving notice of any suit brought against it within the indemnities of this Agreement, shall
furnish to the other the complete details within its knowledge and shall render all reasonable assistance requested by the other in the defense. Each Party shall have the right but not the duty to participate, at its own expense, with counsel of its
own selection, in the defense and settlement thereof without relieving the other of any obligations hereunder. Notwithstanding the foregoing, an Indemnifying Party shall not be entitled to assume responsibility for and control of any judicial or
administrative proceeding if such proceeding involves a Termination Event by the Indemnifying Party under this Agreement which shall have occurred and be continuing. 

 

	20.	LIMITATION ON DAMAGES 

 

	20.1	 Except for the Parties’ indemnification obligations set forth in this Agreement, or unless otherwise expressly provided in this Agreement, the
Parties’ liability for damages is limited to direct, actual damages only and neither Party shall be liable for specific performance, lost profits or other business interruption damages, or special, consequential, incidental, punitive, exemplary
or indirect damages, in tort, contract or otherwise, of any kind, arising out of or in any way 

  
 42 

	 	
connected with the performance, the suspension of performance, the failure to perform, or the termination of this Agreement. Each Party acknowledges the duty to mitigate damages hereunder.

  

	21.	INFORMATION AND INSPECTION RIGHTS 

 

	21.1	Audit Rights. Upon request by either Party, the other Party shall provide the requesting Party with copies of all relevant documents and records in its
possession that reasonably relate to the calculation of any formula, invoice, statement or the amount of any payment under this Agreement, except for any documents or pricing information concerning any of MSCG’s proprietary activities that are
in the custody or control of MSCG or any other person (whether or not related to this Agreement) or MSCG’s hedging activity or trading positions with any person that may have been utilized in connection with any Supply Contracts.

  

	21.2	Right to Physical Inspection. From time to time during the Term, MSCG shall have the right, at its own cost and expense, to have an Independent Inspector conduct
surveys and inspections of any of the Tanks or facilities at the Refinery that are used to handle, store or transfer the Crude Oil from the Tanks to the Refinery process units, and to observe any Crude Oil transfer, handling, metering or related
activities; provided that such surveys and inspections shall be made during normal working hours and upon reasonable notice and shall not disrupt the Refinery’s normal operations. Such surveys and inspections shall be in compliance with
the Refinery’s prevailing rules and procedures, and the Party undertaking such survey or inspection shall be responsible for its own personnel and representatives. If any dispute between the Parties has not been resolved as of the Early
Termination Date or Termination Date, as applicable, MSCG’s inspection rights under this Section 21.2 shall continue for a period that is the later of (i) the date on which all amounts due by one Party to the other Party as a result
of termination or expiration of this Agreement are paid as provided in Section 18 and (ii) removal of or transfer of title to the Crude Oil owned by MSCG or its consignees or assignees from the Refinery. 

 

	22.	GOVERNANCE COMMITTEE 

 

	22.1	Approved Representatives. The Parties shall each appoint by written notice to the other Party two senior individuals representing them (the “Approved
Representatives”) to be members of a governance committee (the “Governance Committee”) to administer, resolve and determine matters relating to the operation and administration of the Transaction Documents and to keep the
Parties appraised of all material aspects of and developments relating to the Transaction Documents. Each Approved Representative must be currently employed by the appointing Party at all times. Either Party may replace one or both of the
individuals serving as its Approved Representatives in its discretion from time to time upon written notice to the other Party. 

  

	22.2	Meetings of the Governance Committee. The quorum for decision making at a meeting of the Governance Committee shall be not less than one Approved Representative
appointed by each Party. Meetings of the Governance Committee shall be held quarterly or as required to resolve any matter or dispute or if so requested by either of the Parties. 

 

	22.3	 Decisions of the Governance Committee. If agreement is reached in writing, the Governance Committee shall have such written agreement reflected
in a mutually acceptable amendment to this Agreement; provided that revisions to the schedules to this Agreement may be made upon the mutual agreement of the Authorized Representatives in writing (including by an exchange of e-mails or electronic
messages) without a formal amendment. The Parties agree that the 

  
 43 

	 	
Governance Committee shall have due regard to the Parties’ goals and objectives that were the basis of entering into this Agreement when making any relevant decisions or making any agreement
in respect of any matter referred to it under the Transaction Documents. 

  

	22.4	Third Party Referee. Without prejudice to any provision of this Agreement that sets out a specific time frame for consideration of a matter by the Governance
Committee or for the Parties to have specific rights following the Governance Committee failing to agree on matters referred to it, in the event the Governance Committee cannot reach agreement within 30 Business Days on any matter before it, after
consulting in good faith and using all reasonable efforts to reach agreement, such matter or dispute shall be referred to an independent third party for resolution. Such independent third party shall have an expertise in the subject matter and shall
be mutually agreed upon by the Parties. Such firm’s determination shall be in the form of a written opinion, as is appropriate under the circumstances, to be delivered within 30 days of submission of the dispute to the firm or as soon
thereafter as the firm can reasonably render its decision, and shall confirm that it was rendered in accordance with this Section 22, including that it was arrived at with due regard to the contract objectives. The fees and expenses of such
firm for its services in resolving such dispute shall be borne equally by the Parties. With respect to any matters before the Governance Committee, the Parties agree that no Party shall take action under Section 23 until the procedures of this
Section 22 have been completed provided, however, that any applicable statute of limitations shall be tolled during such period and either Party may seek immediate injunctive relief if so required. 

 

	23.	GOVERNING LAW AND DISPUTES 

 

	23.1	Governing Law. This Agreement and all matters arising in connection therewith, including validity and enforcement, shall be governed by, interpreted and
construed in accordance with the laws of the State of New York, without giving effect to its conflicts of laws principles that would result in the application of a different law. Each Party hereby submits itself to the exclusive jurisdiction of any
federal court of competent jurisdiction situated in the Borough of Manhattan, State of New York or, if any federal court declines to exercise or does not have jurisdiction, in any New York state court in the Borough of Manhattan, State of New York
and to service of process by certified mail, delivered to the Party at its last designated address. 

  

	23.2	EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION TO THE JURISDICTION
OF ANY SUCH COURT OR TO THE VENUE THEREIN OR ANY CLAIM
OF INCONVENIENT FORUM OF SUCH COURT. EACH PARTY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN RESPECT OF ANY PROCEEDINGS RELATING TO THIS
AGREEMENT. EACH PARTY IRREVOCABLY AGREES TO DESIGNATE ANY PROCEEDING RELATING TO
THIS AGREEMENT BROUGHT IN THE COURTS OF THE STATE OF NEW YORK
AS “COMMERCIAL” ON THE REQUEST FOR JUDICIAL INTERVENTION SEEKING ASSIGNMENT
TO THE COMMERCIAL DIVISION OF THE SUPREME COURT OF THE STATE OF
NEW YORK. 

  

	23.3	Availability of Remedies. The Parties acknowledge and agree that damages may not be an adequate remedy for a breach of the provisions of this Agreement. For this
reason, among others, the Parties could be irreparably harmed if this Agreement is not deemed to be specifically enforceable or any other legal or equitable remedy or relief is deemed not to be available, and the Parties hereby agree that, but
without prejudice to Section 18, this Agreement shall be specifically enforceable and that all other legal and equitable remedies and relief shall be available. 

  
 44 

	24.	ASSIGNMENT 

  

	24.1	This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. 

 

	24.2	A Party may not assign or otherwise transfer any of its rights or obligations or subcontract or delegate in whole or in part the performance of any of its obligations
under this Agreement to any person without the prior written consent of the other Party, except as set forth in Section 24.3; provided that if a Party requests assignment or transfer of this Agreement to an Affiliate, consent shall not be
unreasonably withheld. If written consent is given for any assignment, the assignor shall remain jointly and severally liable with the assignee for the full performance of the assignor’s obligations under this Agreement, unless the Parties
otherwise agree in writing. 

  

	24.3	Either Party may assign its receivables under this Agreement to a third party without the consent of the other Party. 

 

	24.4	Any prohibited assignment in violation of this Section 24 shall be null and void ab initio and the non-assigning Party shall have the right, without
prejudice to any other rights or remedies it may have hereunder or otherwise, to terminate this Agreement effective immediately upon notice to the Party attempting such assignment. 

 

	25.	NOTICES 

  

	25.1	Notices in Writing. Any notice, demand or document that a Party is required or may desire to give hereunder, except to the extent specifically provided otherwise
herein, must be (i) in writing and (ii) given by personal delivery, overnight courier, facsimile, or U.S. mail registered or certified mail, return receipt requested, with the postage prepaid and properly addressed or communicated to such
Party at its address or facsimile number set forth in Section 25.2, or at such other address as either Party may have furnished to the other by notice given in accordance with this Section 25.1. Other than notices relating to a Potential
Event of Default, a Termination Event, termination of this Agreement, indemnification, assignment and disputes, notice may also be given by electronic mail at such e-mail address as is typically used for such type of matter in the conduct of the
recipient’s business. Any notice delivered or made by personal delivery, overnight courier, facsimile, or U.S. mail shall be deemed to be given on the date of actual delivery as shown by the receipt for personal delivery or overnight courier
delivery, the addresser’s machine confirmation for facsimile delivery, or the registry or certification receipt for registered or certified mail. 

  

	25.2	Addresses. 

 If to
TRC: 
 Toledo Refining Company LLC 
 1 Sylvan Way, 2nd floor 
 Parsippany, NJ 07054-3887 

Attention: Executive Vice President, Commercial 
 With a copy to: 
 Toledo Refining Company LLC 

1 Sylvan Way, 2nd floor 

  
 45 

 Parsippany, NJ 07054-3887 

Attention: General Counsel 
 If to MSCG: 
 Morgan Stanley Capital Group Inc. 

2000 Westchester Avenue, Floor 01 
 Purchase, New York 10577-2530 
 Attention: Randall O’Connor 

Phone: 914-225-1466 
 Facsimile: 914-225-9298 
 E-mail: randall.o’connor@morganstanley.com

 With a copy to: 
 Morgan Stanley Capital Group Inc. 
 2000 Westchester Avenue, Floor 01 

Purchase, New York 10577-2530 
 Attention: Kenneth Carlino 
 Phone: 914-225-1417 

Facsimile: 914-225-9299 
 E-mail: kenneth.carlino@morganstanley.com 
  

	26.	NATURE OF THE TRANSACTION AND RELATIONSHIP OF
THE PARTIES 

  

	26.1	Neither this Agreement nor any other Transaction Document or transaction under any of them, nor the performance by the Parties of their respective obligations under
this Agreement, any other Transaction Document or any transaction, shall constitute or create a joint venture, partnership or legal entity of any kind between the Parties. It is understood that each Party has complete charge of its employees and
agents in the performance of its duties hereunder, and nothing herein shall be construed to make a Party, or any employee or agent of such Party, an agent or employee of another Party. No Party shall have any authority (unless expressly conferred in
writing under this Agreement or otherwise and not revoked) to bind another Party as its agent or otherwise. 

  

	27.	CONFIDENTIALITY 

 

	27.1	 This Agreement and all documents related to the foregoing and any information pertaining thereto made available by a Party or its Representatives to
the other Party or its Representatives, are confidential (collectively, “Confidential Information”). Each Party shall at a minimum use the same efforts and standard of care with respect to Confidential Information provided by the
other Party that it uses to preserve its own confidential information, and in no event less than reasonable efforts. Confidential Information shall not be discussed with or disclosed to any third party by any Party except for such information
(i) as may become generally available to the public through no breach of this Section 27.1 or any other agreement between the Parties, (ii) as may be required or appropriate in response to any summons, subpoena or otherwise in
connection with any litigation or to comply with any Applicable Law or accounting disclosure rule or standard or request by any supervisory or regulatory authority, (iii) as may be obtained from a non-confidential source that disclosed such
information in a manner that did not violate its obligations to the other Party or its credit support provider in making such disclosure, or (iv) as may be furnished to the disclosing Party’s Affiliates or to its Representatives, all of
whom are 

  
 46 

	 	
required to keep the information that is disclosed in confidence. This provision shall remain in effect for two years following the termination of this Agreement. 

 

	27.2	In the case of disclosure covered by clause (ii) of Section 27.1, and if the disclosing Party’s counsel advises that it is permissible to do so, the
disclosing Party shall notify the other Party in writing of any proceeding of which it is aware which may result in disclosure, and use reasonable efforts to prevent or limit such disclosure. The Parties may exercise all remedies available at law or
in equity to enforce or seek relief in connection with the confidentiality obligations contained in this Agreement. 

  

	28.	MISCELLANEOUS 

  

	28.1	Survival. Termination or expiration of this Agreement shall not affect any rights or obligations that may have accrued prior to termination, including any in
respect of antecedent breaches and, for the avoidance of doubt but subject to the terms of this Agreement, any rights or obligations under this Agreement or any of the other Transaction Documents in respect of transactions entered into up to and
including the date of termination or expiration of this Agreement, except as expressly provided herein. The obligations of each Party that expressly survive termination, are required to take effect on or give effect to termination or the
consequences of termination or which by their very nature must survive termination, shall continue in full force and effect notwithstanding termination of this Agreement. 

 

	28.2	Entire Agreement; Amendments. 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 Agreement (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. This Agreement may not be altered, amended, modified or otherwise changed in any respect except in 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. 

  

	28.3	Severability. If at any time any court of competent jurisdiction declares any provision of this Agreement is or becomes illegal, invalid or unenforceable in any
respect under any Applicable Law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the Applicable Law of any other jurisdiction
will, in any way, be affected or impaired. The Parties will negotiate in good faith with a view to reform this Agreement in order to give effect to the original intention of the Parties and produce as nearly as is practicable in all the
circumstances the appropriate balance of the commercial interests of the Parties. The failure to agree upon such provisions for any reason or no reason shall not be considered a breach of this Agreement. 

 

	28.4	 Waiver and Cumulative Remedies. No failure to exercise, nor any delay in exercising, any right, power or remedy under this Agreement or provided
by Applicable Law shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this

  
 47 

	 	
Agreement are cumulative and not exclusive of any rights or remedies (provided by Applicable Law or otherwise). Any waiver of any breach of this Agreement shall not be deemed to be a waiver of
any subsequent breach. 

  

	28.5	Time Is of the Essence. Time shall be of the essence for this Agreement with respect to all aspects of each Party’s performance of its obligations under
this Agreement. 

  

	28.6	No Third-Party Beneficiaries. There are no third party beneficiaries to this Agreement and the provisions of this Agreement shall not impart any legal or
equitable right, remedy or claim enforceable by any person, firm or organization other than the Parties and their successors in interest and permitted assigns. 

 

	28.7	Announcements. At no time during the Term of this Agreement, and for a period of two years following its expiration or termination, shall any Party issue any
press announcement or public statement regarding this Agreement without the prior written consent of the other Party, which shall not be unreasonably withheld, delayed or conditioned, except as may be required by Applicable Law or to the extent
public disclosure is required under the circumstances described in any relevant confidentiality agreement entered into between the Parties. The issuing Party will: 

 

	 	28.7.1	use all reasonable efforts to notify the other Party of the content of such announcement at least three Business Days prior to such issue (unless otherwise required by
Applicable Law or to the extent public disclosure is required under the circumstances described in any relevant confidentiality agreement entered into by the Parties); and 

 

	 	28.7.2	take the other Party’s comments on the proposed announcement into account as is reasonable in the circumstances, provided such comments are received within two
Business Days of the notification. 

  

	28.8	Counterparts. This Agreement 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 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 signature page were an original thereof. 

 [Remainder of Page Intentionally Left
Blank] 

  
 48 

 IN WITNESS WHEREOF, each Party hereto has caused this Agreement to be executed by its duly authorized
representative. 
  

	
	Executed by
	
	MORGAN STANLEY CAPITAL GROUP INC.
	
	 /s/ Nancy A. King

	 Name: Nancy A. King

	 Title: Vice President

	 Date: 5/26/11

  

	
	Executed by
	
	TOLEDO REFINING COMPANY LLC
	
	 /s/ Jeffrey Dill

	 Name: Jeffrey Dill

	 Title: Secretary

	 Date: 5/31/11

  
 49 

 SCHEDULE 1 – PIPELINES 
 Canada Pipelines: 
  

	(1)	Peace Pipeline Limited 

	(2)	Pembina Pipeline – Northern Pipeline (formerly Federated), Drayton Valley Pipeline, Alberta Oil Sands Pipeline 

	(3)	Rainbow Pipeline Limited 

	(4)	Enbridge Pipeline – Mainline 

	(5)	Husky Mainline 

	(6)	Suncor Mainline 

	(7)	Keystone Pipeline 

 United States Pipelines:

  

	(8)	Belle Fourche Pipeline 

	(9)	Enbridge Pipeline (North Dakota) LLC 

	(10)	Enbridge Energy, Limited Partnership (Lakehead) 

	(11)	Enbridge Merchant Pipeline (Cushing) 

	(12)	Enterprise Product Partners LP (Midland) 

	(13)	Mesa Pipeline 

	(14)	Plains All American Pipeline (Basin and Cushing) 

	(15)	Sunoco Logistics Partners L.P. (Millenium, Nederland Terminal, Tulsa/Cushing) 

	(16)	West Texas Gulf Pipeline 

	(17)	BKPL – Sun Pipeline – Buckeye 

	(18)	EQO1 – Shell So. LA System 

	(19)	SGUF – Sun Pipeline Gulf Coast 

	(20)	SPCT – Sun Pipeline Central Texas 

	(21)	SPOK – Sun Pipeline Oklahoma 

	(22)	SWAY – Seaway Pipeline 

	(23)	WMO1 – Sun Pipeline Barnsdall 

	(24)	CHAP – Chi Cap 

	(25)	BUFF – Koch Gathering System 

	(26)	CHDS – Deep Sea Terminal 

	(27)	PENZ – Penzoil 

 SCHEDULE 2 – TRANSFER POINTS AND PRICING DATES 

 

					
	 Delivery Location
	  	 Transfer Point
	  	 Pricing Date*

	Marysville, Michigan	  	 Pipeline: As the Crude Oil passes the downstream flange of the meter measuring receipt of Crude Oil upon intake.

 
 Tank: As the Crude Oil passes the inlet flange of TRC’s storage tank to
which the Crude Oil is being delivered.
  
	  	*****
	Patoka, Illinois	  	 As the Crude Oil passes the downstream flange of the Marathon Eastern Trunk pipeline meter measuring receipt of Crude Oil upon
intake.
  
	  	*****
	Cushing, Oklahoma	  	 As the Crude Oil passes the downstream flange of the Ozark pipeline meter measuring receipt of Crude Oil upon intake.

 
	  	*****
	Longview, Texas	  	 As the Crude Oil passes the downstream flange of the pipeline meter measuring receipt of Crude Oil upon intake.

 
	  	*****
	St. James, Louisiana	  	 As the Crude Oil passes the downstream flange of the pipeline meter measuring receipt of Crude Oil upon intake.

 
	  	*****
	 Mid-Valley Pipeline at

Clarkson, Kentucky
	  	 As the Crude Oil passes the downstream flange of the pipeline meter measuring receipt of Crude Oil upon intake.

 
	  	*****
	Mid-Valley Pipeline at Haynesville, Louisiana	  	 As the Crude Oil passes the downstream flange of the pipeline meter measuring receipt of Crude Oil upon intake.

 
	  	*****
	Detroit, Michigan	  	As the Crude Oil passes the in-take flange of the relevant tank at the Buckeye Woodhaven terminal.	  	*****

  

	*	If the Pricing Date falls on a day that is not a Business Day, then the Pricing Date shall be the next following Business Day. 

 SCHEDULE 3– FORM OF NOMINATION AND FORECAST REPORT 

 

			
	Form of Nomination and Forecast Report
	
	All Dates and Volume Data are Included for Illustrative Purposes Only
		
	Date of Nomination:	  	June 19, 2011
	Delivery Month 1:	  	July 2011
	Delivery Month 2:	  	August 2011
	Delivery Month 3:	  	September 2011
	Delivery Month 4:	  	October 2011
	Delivery Month 5:	  	November 2011
	Form Author:	  	TRC
	Report Frequency:	  	Prior to the 20th of every month
	Scheduled Maintenance:	  	[Insert dates/comments if any]

  

											
	 Consumption Month
	  	 1
	  	 2
	  	 3
	  	 4
	  	 5

	 Crude Oil Grade
	  	 Volume (MBPD)

	Domestic Sweet	  		  		  		  		  	
	Syncrude	  		  		  		  		  	
	Alberta Common Synthetic (ACS)	  		  		  		  		  	
	Michigan Sweet	  		  		  		  		  	
	North Dakota Sweet	  		  		  		  		  	
	Canadian Sweet	  		  		  		  		  	
	North Louisiana Sweet	  		  	*****	  		  		  	
	LLS	  		  		  		  		  	
						
	Kentucky Sweet	  		  		  		  		  	
	West Texas Sour	  		  		  		  		  	
	LEF Composite	  		  		  		  		  	
						
	West Texas Intermediate	  		  		  		  		  	
	Gulf Coast B	  		  		  		  		  	
		  		  	  
	  		  		  	
	 Total
	  		  	*****	  		  		  	
		
	 Crude Oil Logistics
	  	 Volume (MBPD)

	West Texas Gulf Pipeline	  		  		  		  		  	
	Mid Valley Pipeline	  		  		  		  		  	
	Marysville Pipeline	  		  	*****	  		  		  	
	Ozark Pipeline	  		  		  		  		  	
	Marathon Pipeline	  		  		  		  		  	

 SCHEDULE 4 – FORM OF WEEKLY NOMINATION 

Form of Weekly Nomination 
 All
Dates and Volume Data are Included for Illustrative Purposes Only 
  

			
	Date of Nomination:	  	February 17, 2011
	Form Author:	  	TRC
	Report Frequency:	  	On Each Business Day
	Scheduled Maintenance:	  	[Insert dates/comments if any]

  

															
	Volume in Barrels
	 	  	Tank #	  	Total Crude 
Oil
Requirement
	 Date
	  	405	  	408	  	409	  	410	 	412	  	413	  
								
	 18-Feb-11
	  		  		  		  		 		  		  	
	 19-Feb-11
	  		  		  		  		 		  		  	
	 20-Feb-11
	  		  		  		  		 		  		  	
	 21-Feb-11
	  		  		  		  	*****	 		  		  	
	 22-Feb-11
	  		  		  		  		 		  		  	
	 23-Feb-11
	  		  		  		  		 		  		  	
	 24-Feb-11
	  		  		  		  		 		  		  	
		  	  
	  	  
	  	  
	  	  
	 	  
	  	  
	  	
								
	 Total
	  		  		  		  		 		  		  	
		  	  
	  	  
	  	  
	  	  
	 	  
	  	  
	  	  

 SCHEDULE 5 – CRUDE OIL PRICING FORMULAS 

The prices for MSCG’s sales of Nominated Volumes to TRC would be calculated as follows: 
 Price (in USD per barrel, for delivery to TRC at the Transfer Point) = A + B + C + D, where; 
  

					
	A	 	=	  	[REDACTED]
			
	B	 	=	  	[REDACTED]
			
	C	 	=	  	[REDACTED]

					
			
	D	 	=	  	[REDACTED]

 General Provisions 
 The Volumes listed above will be adjusted according to the crude oil selection and nomination provisions in Section 5 of the Agreement. 

 SCHEDULE 6 – FORM OF WTI DIFFERENTIAL REPORT 

 

			
	WTI Differential Report	  	Illustrative Expample

  

																	
	Assumptions	 		  		  		  		  		  		  	
	 Refinery Run Month
	 		  	Apr-11	  		  		  		  	
	 Injection Month
	 		  	Mar-11	  		  		  		  	
	 Spread Month
	 		  	Feb-11	  		  		  		  	
								
	 Refinery Run Rate
	 		  	[redacted]	  	MBD	  		  		  		  	
	 Days in Run Month
	 		  	[redacted]	  	Days	  		  		  		  	
	 Total Volume for Apr-11
	 		  	[redacted]	  	MB	  		  		  		  	
	 Total Number of Spreads to Place in Spread Month
	  	[redacted]	  	MB	  		  		  		  	
								
	 Nymex WTI Profile

 
	 		  		  		  		  		  		  	
	 Injection Month
Pricing Days
	 	
Prompt Month
Nymex WTI Contract
	 	 	  	 	  	 	  	Run Month
Pricing Days	  	
Prompt Month
Nymex WTI Contract
	  	 	  	 
	1-Mar	 	Apr CL	 	Apr CL Prompt	  	[redacted]	  		  	1-Apr	  	May CL	  	May CL Prompt	  	[redacted]
	2-Mar	 	Apr CL	 	May CL “Prompt”	  	[redacted]	  		  	4-Apr	  	May CL	  	Jun CL “Prompt”	  	[redacted]
	3-Mar	 	Apr CL	 	Total Days	  	[redacted]	  		  	5-Apr	  	May CL	  	Total Days	  	[redacted]
	4-Mar	 	Apr CL	 		  		  		  	6-Apr	  	May CL	  		  	
	7-Mar	 	Apr CL	 	Apr CL %	  	[redacted]	  		  	7-Apr	  	May CL	  	May CL %	  	[redacted]
	8-Mar	 	Apr CL	 	May CL %	  	[redacted]	  		  	8-Apr	  	May CL	  	Jun CL %	  	[redacted]
	9-Mar	 	Apr CL	 		  		  		  	11-Apr	  	May CL	  		  	
	10-Mar	 	Apr CL	 		  		  		  	12-Apr	  	May CL	  		  	
	11-Mar	 	Apr CL	 		  		  		  	13-Apr	  	May CL	  		  	
	14-Mar	 	Apr CL	 		  		  		  	14-Apr	  	May CL	  		  	
	15-Mar	 	Apr CL	 		  		  		  	15-Apr	  	May CL	  		  	
	16-Mar	 	Apr CL	 		  		  		  	18-Apr	  	May CL	  		  	
	17-Mar	 	Apr CL	 		  		  		  	19-Apr	  	May CL	  		  	
	18-Mar	 	Apr CL	 		  		  		  	20-Apr	  	June CL	  		  	
	21-Mar	 	Apr CL	 		  		  		  	21-Apr	  	June CL	  		  	
	22-Mar	 	Apr CL	 		  		  		  	25-Apr	  	June CL	  		  	
	23-Mar	 	May CL	 		  		  		  	26-Apr	  	June CL	  		  	
	24-Mar	 	May CL	 		  		  		  	27-Apr	  	June CL	  		  	
	25-Mar	 	May CL	 		  		  		  	28-Apr	  	June CL	  		  	
	28-Mar	 	May CL	 		  		  		  	29-Apr	  	June CL	  		  	
	29-Mar	 	May CL	 		  		  		  		  		  		  	
	30-Mar	 	May CL	 		  		  		  		  		  		  	
	31-Mar	 	May CL	 		  		  		  		  		  		  	
	  
 WTI Price and Spread Profile
	  		  		  		  		  		  	

  

																					
	Nymex WTI Pricing as of COB	  	January 20, 2011	 
						
	 Contract
	  	Feb-11	 	  	Mar-11	 	  	Apr-11	 	  	May-11	 	  	Jun-11	 
	 Price ($/bbl)
	  	 	[redacted]	  	  	 	[redacted]	  	  	 	[redacted]	  	  	 	[redacted]	  	  	 	[redacted]	  
	 Long Position (MB)
	  	 	—  	  	  	 	—  	  	  	 	[redacted]	  	  	 	[redacted]	  	  	 	—  	  
	 Short Position (MB)
	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	[redacted]	  	  	 	[redacted]	  
	  
 Market Structure Differential Calculation

 
	  				  				  				  				  			
	 Buy Apr/May
	  	 	[redacted]	  	  	 	MB @ spread of	  	  	 	[redacted]	  	  	$	/bbl	  	  			
	 Buy Apr/Jun
	  	 	[redacted]	  	  	 	MB @ spread of	  	  	 	[redacted]	  	  	$	/bbl	  	  			
	 Buy May/Jun
	  	 	[redacted]	  	  	 	MB @ spread of	  	  	 	[redacted]	  	  	$	/bbl	  	  			
		  	  
	  
	 	  				  				  				  			
	 Total / Wtd. Avg.
	  	 	[redacted]	  	  	 	MB @ spread of	  	  	 	[redacted]	  	  	$	/bbl	  	  			
						
	 Total Market Structure Differential
	  				  				  				  	 	[redacted]	  	  			

 SCHEDULE 7 – ESTIMATED TRANSIT TIME AND TVM COST CALCULATION METHODOLOGY

 Crude Oil Transit Time and TVM Cost Calculation 
  

																					
	Illustrative TVM
Cost Calculation	  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 
	(Number of
Days)	  	 	 	 	 	  	 	 	 	 	  	 	  	 	  	 	  	 
	 Injection Point
	  	Total Transit Time
to Delivery Point	 	 	Transit Time
Post Delivery Point	  	Average
Tank Time	 	 	Payment
Term	  	Total
Receivable Days	  	Total
TVM Days	  	Interest
Rate	  	TVM Charge
	 Enbridge P/L
	  				 		  				 		  		  		  		  	
	 Edmonton
	  				 		  				 		  		  		  		  	
	 Hardisty
	  				 		  				 		  		  		  		  	
	 Regina
	  				 		  				 		  		  		  		  	
	 Cromer
	  				 		  				 		  		  		  		  	
	 Clearbrook
	  				 		  				 		  		  		  		  	
	 Lewiston
	  				 		  	 	[numbers redacted	] 	 		  		  		  		  	
	 Marysville
	  				 		  				 		  		  		  		  	
	 Alexander
	  				 		  				 		  		  		  		  	
	 Stanley
	  				 		  				 		  		  		  		  	
	 Trenton
	  				 		  				 		  		  		  		  	
									
	 Mid-Valley P/L
	  				 		  				 		  		  		  		  	
	 Midland
	  				 		  				 		  		  		  		  	
	 Colorado City
	  				 		  				 		  		  		  		  	
	 Abilene
	  				 		  				 		  		  		  		  	
	 Longview
	  				 		  	 	[numbers redacted	] 	 		  		  		  		  	
	 Clarkson
	  				 		  				 		  		  		  		  	
	 Haynesville
	  				 		  				 		  		  		  		  	
									
	 Marathon P/L
	  				 		  				 		  		  		  		  	
	 Cushing
	  				 		  				 		  		  		  		  	
	 Patoka
	  				 		  	 	[numbers redacted	] 	 		  		  		  		  	
									
	 Grade
	  	 	OSA	  	 		  				 		  		  		  		  	
	 Volume (Bbls)
	  	 	[redacted	] 	 		  				 		  		  		  		  	
	 Base Price before TVM ($/Bbl)
	  	 	[redacted	] 	 		  				 		  		  		  		  	
	 Capital Usage ($)
	  	 	[redacted	] 	 		  				 		  		  		  		  	
	 Injection Point
	  	 	Edmonton	  	 		  				 		  		  		  		  	
	 TVM Charge
	  	 	[redacted	] 	 		  				 		  		  		  		  	
	 TVM Cost ($)
($/Bbl)
	  	 	[redacted	] 	 		  				 		  		  		  		  	

 SCHEDULE 8 – LOGISTICS COSTS 

The below tariffs are intended to be reflective of actual published tariffs. 
 All tariffs are expressed in US Cents/bbls. 
  

			
	 Tariff Schedule
	  	 
	 	  	 Cents/Bbl

	 Mesa / West Texas Gulf
	  	
	 Midland to Midland Pumpover
	  	[REDACTED]
		
	 Midland to Colorado City
	  	[REDACTED]
		
	 Colorado City to Longview
	  	[REDACTED]
		
	 Millenium
	  	
		
	 Nederland to Longview
	  	[REDACTED]
		
	 Sunoco Pipeline L.P.
	  	
		
	 Tulsa to Cushing
	  	[REDACTED]

 Tariff from Origins along Enbridge System to Marysville by Grade 

 

																					
	 	  	 Cents/Bbl
	 
	 Grade
	  	 Edmonton
	  	 Hardisty
	  	Regina	 	 	Cromer	 	 	Clearbrook	 	 	Lewiston	 
	 CNS
	  	[REDACTED]	  		  				 				 				 			
	 HSB
	  		  	[REDACTED]	  				 				 				 			
	 MST
	  		  		  				 	 	[REDACTED	] 	 				 			
	 MSW
	  	[REDACTED]	  		  				 				 				 			
	 NSA
	  		  		  	 	[REDACTED	] 	 				 				 			
	 OSA
	  	[REDACTED]	  		  				 				 				 			
	 PAS
	  	[REDACTED]	  		  				 				 				 			
	 OPTI/PSC
	  	[REDACTED]	  		  				 				 				 			
	 SSX
	  	[REDACTED]	  		  				 				 				 			
	 Syncrude
	  	[REDACTED]	  		  				 				 				 			
	 UHC
	  		  		  				 				 	 	[REDACTED	] 	 			
	 UHL
	  		  		  				 				 				 	 	[REDACTED	] 

 SCHEDULE 9 – ENBRIDGE NORTH DAKOTA LINE TERMS 

 

			
	Term:	  	Effective for the month of [REDACTED] and continuing as per the terms and conditions of the Crude Oil Supply Agreement between MSCG and TRC.
		
	Quantity:	  	Equal to [REDACTED] TRC’s owned or controlled allocated space on Enbridge’s Pipeline’s North Dakota’s system from Alexander, Trenton, Stanley and/or any other
location(s) on the Enbridge system to Clearbrook, MN. This volume is currently estimated to be approximately [REDACTED] per day.
		
	Quality:	  	[REDACTED]
	
	MSCG’s Sale to TRC
		
	Price:	  	[REDACTED]
		
		  	For pricing purposes, the oil delivered during any given Calendar month shall be deemed to have been delivered in equal daily quantities during such month.
		
	Delivery:	  	Delivery shall be made and title and risk of loss shall pass from MSCG to TRC as the crude oil is transferred within a location upstream of the facilities of Enbridge Pipeline
North Dakota system at Alexander and/or Stanley and/or Trenton, ND.
	
	MSCG’s Purchase from TRC
		
	Price:	  	[REDACTED]
		
		  	For pricing purposes, the oil delivered during any given Calendar month shall be deemed to have been delivered in equal daily quantities during such month.
		
	Delivery:	  	Delivery shall be made and title and risk of loss shall pass from TRC to MSCG as the crude oil is transferred within the facilities of Enbridge Pipeline North Dakota system at
Clearbrook, MN.
		
	Payment:	  	Shall be made on the 20th of the month following the month of delivery upon presentation of a faxed invoice and appropriate pipeline documentation verifying volumes. Payment will
be made via wire transfer.

 SCHEDULE 10 – HEDGE ADJUSTMENT AMOUNT 

Calculation of June 2011 Hedge Adjustment Amount (for July CL) 

 

																					
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	MSCG’s Hedging for TRC Account
	 Date
	 	 	 	TAS
WTI
($/bbl)	 	 Ratable
 Sale

(Bbls)
	 	 	Actual
Consumption
(Bbls)	 	Daily
Imbalance
(Bbls)	 	Cumulative
Inventory
Build/(Draw)

(Bbls)	 	Hedging to Offset
Daily 
Imbalance
(Bbls)	 	Contract
Roll
(Bbls)	 	Cumulative
Hedging
Position
(Bbls)
	5/20/2011	 	(End of Prior Period)	 		 				 		 		 		 		 		 	
	5/21/2011	 		 		 				 		 		 		 		 		 	
	5/22/2011	 		 		 				 		 		 		 		 		 	
	5/23/2011	 	(Beginning of Period)	 		 				 		 		 		 		 		 	
	5/24/2011	 		 		 				 		 		 		 		 		 	
	5/25/2011	 		 		 				 		 		 		 		 		 	
	5/26/2011	 		 		 				 		 		 		 		 		 	
	5/27/2011	 		 		 				 		 		 		 		 		 	
	5/28/2011	 		 		 				 		 		 		 		 		 	
	5/29/2011	 		 		 				 		 		 		 		 		 	
	5/30/2011	 		 		 				 		 		 		 		 		 	
	5/31/2011	 		 		 				 		 		 		 		 		 	
	6/1/2011	 		 		 				 		 		 		 		 		 	
	6/2/2011	 		 		 				 		 		 	*****	 		 		 	
	6/3/2011	 		 		 				 		 		 		 		 		 	
	6/4/2011	 		 		 				 		 		 		 		 		 	
	6/5/2011	 		 		 				 		 		 		 		 		 	
	6/6/2011	 		 		 				 		 		 		 		 		 	
	6/7/2011	 		 		 				 		 		 		 		 		 	
	6/8/2011	 		 		 				 		 		 		 		 		 	
	6/9/2011	 		 		 				 		 		 		 		 		 	
	6/10/2011	 		 		 				 		 		 		 		 		 	
	6/11/2011	 		 		 				 		 		 		 		 		 	
	6/12/2011	 		 		 				 		 		 		 		 		 	
	6/13/2011	 		 		 				 		 		 		 		 		 	
	6/14/2011	 		 		 				 		 		 		 		 		 	
	6/15/2011	 		 		 				 		 		 		 		 		 	
	6/16/2011	 		 		 				 		 		 		 		 		 	
	6/17/2011	 		 		 				 		 		 		 		 		 	
	6/18/2011	 		 		 				 		 		 		 		 		 	
	6/19/2011	 		 		 				 		 		 		 		 		 	
	6/20/2011	 		 		 				 		 		 		 		 		 	
	6/21/2011	 	(End of Period)	 		 				 		 		 		 		 		 	
		 		 		 				 		 		 		 	  
	 		 	
	 Total
	 		 		 				 		 		 		 	*****	 		 	
								
	Hedge Adjustment Amount Calculation	 				 		 		 		 		 		 	
	Sum of Purchase/Sale of July CL	 				 		 		 		 		 		 	
	Roll July to August CL	 	 	*****	  	 		 		 		 		 		 	
	 Total Hedge Adjustment AmountExhibit 10.8

 Exhibit 10.8 
 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 THE WORD “[REDACTED]”. 
 CRUDE
OIL/FEEDSTOCK SUPPLY/DELIVERY 
 AND SERVICES AGREEMENT 

between 

STATOIL MARKETING & TRADING (US) INC. 
 and 
 DELAWARE CITY REFINING COMPANY LLC 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1.        CONTRACT PARTIES
	  	 	1	  
		
	 2.        DEFINITIONS AND CONSTRUCTION
	  	 	2	  
		
	 3.        TERM OF OIL AND FEEDSTOCK SUPPLY AND SERVICES
	  	 	16	  
		
	 4.        QUALITY
	  	 	16	  
		
	 5.        ACQUISITION OF OIL AND FEEDSTOCK
	  	 	18	  
		
	 6.        NOMINATIONS
	  	 	25	  
		
	 7.        TITLE; CONTROL; RISK OF LOSS
	  	 	26	  
		
	 8.        STORAGE FACILITIES
	  	 	27	  
		
	 9.        PRICE AND PRICING
	  	 	28	  
		
	 10.      PAYMENT AND THE EPQ PROCESS
	  	 	35	  
		
	 11.      RECONCILIATION OF MONTH END VOLUMES AND ADJUSTMENT
	  	 	36	  
		
	 12.      PETTY CASH BANKS
	  	 	38	  
		
	 13.      VESSEL, BERTH AND SUPPLY PORT
	  	 	39	  
		
	 14.      SHIPPING AND LIGHTERING
	  	 	43	  
		
	 15.      DETERMINATION OF QUANTITY AND QUALITY
	  	 	45	  
		
	 16.      LAYTIME AND DEMURRAGE
	  	 	47	  
		
	 17.      UNSCHEDULED DISRUPTION TO NORMAL REFINERY OPERATIONS
	  	 	49	  
		
	 18.      FORCE MAJEURE
	  	 	49	  
		
	 19.      CREDIT CONDITIONS
	  	 	51	  
		
	 20.      TAXES, DUTIES AND CHARGES
	  	 	53	  
		
	 21.      INSURANCE
	  	 	54	  
		
	 22.      REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	55	  
		
	 23.      AUDITING AND INSPECTION RIGHTS
	  	 	60	  
		
	 24.      DEFAULT, SUSPENSION AND TERMINATION
	  	 	60	  
		
	 25.      OBLIGATIONS AT TERMINATION
	  	 	63	  
		
	 26.      INDEMNIFICATION AND CLAIMS
	  	 	65	  
		
	 27.      DAMAGES
	  	 	68	  
		
	 28.      ASSIGNMENT
	  	 	68	  
		
	 29.      NOTICES AND ADDRESSES
	  	 	69	  
		
	 30.      WARRANTIES; DISCLAIMER
	  	 	70	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 31.      APPLICABLE LAW, LITIGATION AND ARBITRATION
	  	 	70	  
		
	 32.      HSE, DRUG AND ALCOHOL POLICY
	  	 	72	  
		
	 33.      MATERIAL SAFETY DATA SHEETS
	  	 	73	  
		
	 34.      VOICE RECORDING
	  	 	73	  
		
	 35.      DISPOSAL
	  	 	73	  
		
	 36.      CONFIDENTIALITY
	  	 	74	  
		
	 37.      SOVEREIGN IMMUNITY
	  	 	75	  
		
	 38.      ANTI-CORRUPTION AND FACILITATION PAYMENTS
	  	 	75	  
		
	 39.      CONFLICT OF INTEREST
	  	 	76	  
		
	 40.      MISCELLANEOUS
	  	 	76	  

  
 -ii-

 APPENDICES 

 

					
			
	 APPENDIX 1
	  	–	  	FORM OF ESTIMATED PERIOD QUANTITY (EPQ) STATEMENT
			
	 APPENDIX 2
	  	–	  	INTERCREDITOR AGREEMENT
			
	 APPENDIX 3
	  	–	  	PAYMENT DIRECTION AGREEMENT
			
	 APPENDIX 4
	  	–	  	REFINERY DESCRIPTION
			
	 APPENDIX 5
	  	–	  	STORAGE FACILITIES USE PROVISIONS
			
	 APPENDIX 6
	  	–	  	GENERAL PRINCIPLES OF SERVICE
			
	 APPENDIX 7
	  	–	  	LIST OF APPROVED FUNGIBLE GRADES
			
	 APPENDIX 8
	  	–	  	REQUIREMENTS SCHEDULE
			
	 APPENDIX 9
	  	–	  	GRADE PECKING ORDER
			
	 APPENDIX 10
	  	–	  	CARGO CONFIRMATION NOTICE
			
	 APPENDIX 11
	  	–	  	COMMENCEMENT INVENTORY ACQUISITION
			
	 APPENDIX 12
	  	–	  	TERMINATION OF DELIVERIES NOTICE
			
	 APPENDIX 13
	  	–	  	(INTENTIONALLY OMITTED)
			
	 APPENDIX 14
	  	–	  	CARGO BANKS AND HEDGE MONTHS SPREADSHEET
			
	 APPENDIX 15
	  	–	  	CARGO TABLE SPREADSHEET
			
	 APPENDIX 16
	  	–	  	(INTENTIONALLY OMITTED)
			
	 APPENDIX 17
	  	–	  	FORM OF BUYER’S INVENTORY STATEMENT
			
	 APPENDIX 18
	  	–	  	FORM OF PETTY CASH SPREADSHEET
			
	 APPENDIX 19
	  	–	  	REFINERY MARINE TERMS
			
	 APPENDIX 20
	  	–	  	STANDBY LETTER OF CREDIT
			
	 APPENDIX 21
	  	–	  	HSE AND ETHICS POLICY
			
	 APPENDIX 22
	  	–	  	PBF ENERGY COMPANY LLC GUARANTY
			
	 APPENDIX 23
	  	–	  	PBF HOLDING COMPANY GUARANTY

  
 -iii-

	1.	CONTRACT PARTIES 

 THIS CRUDE OIL/FEEDSTOCK SUPPLY, DELIVERY AND SERVICES AGREEMENT is made and entered into this 7th day of April 2011 (“Effective Date”) between: 

Buyer: 

Delaware City Refining Company LLC 
 1 Sylvan Way, 2nd Floor 
 Parsippany, NJ 07054-3887 

Seller: 

Statoil Marketing & Trading (US) Inc. 
 1055 Washington Boulevard – 7th Floor 
 Stamford, CT 06901 

WHEREAS, Buyer, a wholly-owned subsidiary of PBF Holding Company LLC, owns the Refinery (as herinafter defined) which is currently shut
down and undergoing maintenance with a view to commencing restart of operations on or about April 2011; and 
 WHEREAS, Buyer
and Seller each desire to enter into an agreement, pursuant to which Seller shall (a) purchase from third parties, Affiliates of Buyer or Affiliates of Seller and then subsequently sell to Buyer crude oil and feedstock, (b) provide certain
commodity-related services to Buyer, and (c) extend a line of credit, each for use by Buyer in connection with the procurement of Oil and Feedstock for the Refinery; 
 WHEREAS, Buyer and Seller wish to cooperate with one another to seek out and make use of opportunities associated with optimizing the Refinery’s use of various grades and types of crude oil and
feedstock; 
 WHEREAS, Buyer’s Affiliate PRC (as hereinafter defined) entered into a Crude Oil/Feedstock Supply, Delivery
and Services Agreement on December 16, 2010 related to the supply of Oil and Feedstock to the Paulsboro Refinery (as hereinafter defined); and 
 WHEREAS, concurrently with the execution of this Agreement, Seller, Buyer and PRC are entering into a Bridging Agreement, which Bridging Agreement controls the interaction of certain terms of this
Agreement and the Paulsboro CSA (as hereinafter defined), including terms dealing with the delivery of Oil and Feedstock to the Refinery and the Paulsboro Refinery, and the joint line of credit provided by Seller that is being shared by Buyer and
PRC. 
 NOW, THEREFORE, in consideration of the premises and the respective promises, conditions and agreements contained
herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: 

	2.	DEFINITIONS AND CONSTRUCTION 

 (a) Definitions. For purposes of this Agreement, the following terms shall have the meanings indicated below and shall include the plural and singular forms of the terms: 

“Acquisition Discussion” means the technical dialogue between Buyer and Seller covering all relevant issues pertinent to
the decisions needed to allow Seller to acquire the optimal Cargo to cover its appropriate Requirement. 
 “Actual
Refinery Slate” has the meaning given such term in Clause 9(a)(ii). 
 “Additional Acceptable
Security” has the meaning given such term in Clause 19(b)(v). 
 “Adjustment” has the meaning given
such term in Clause 11(a). 
 “Affiliate” means, with respect to a given Person, any other Person
(i) that directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under common control with, such first mentioned Person, (ii) that beneficially owns or holds more than 50% of the interest of such first
mentioned Person, or (iii) for which more than 50% of the interest therein is beneficially owned or held by such first mentioned Person. For the purposes of this definition, “control” when used with respect to any specified Person
means the right or power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Agreed Delivery Route” has the meaning
given such term in Clause 5(c)(iv). 
 “Agreement” or “this Agreement” means this Crude
Oil/Feedstock Supply/Delivery and Services Agreement, including the Appendices hereto, as it may be amended, modified, supplemented, extended, renewed or restated from time to time in accordance with the terms hereof. 

“API” means American Petroleum Institute. 
 “ASTM” means American Society for Testing and Materials. 

“Bankrupt” means, with respect to a Person if such Person (i) dissolves, other than pursuant to a consolidation,
amalgamation or merger, (ii) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due, (iii) makes a general assignment or arrangement for the benefit of its
creditors, (iv) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any similar Law affecting creditor’s rights, or a petition is presented against it for its winding-up or
liquidation, (v) institutes a proceeding seeking a judgment of insolvency or bankruptcy of such Person or any other relief under any bankruptcy or insolvency Law or for reorganization relief under the winding-up or liquidation for such Person,
(vi) has a resolution passed for its winding-up or liquidation, other than pursuant to a consolidation, amalgamation or merger, (vii) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for all or substantially all of its 

  
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assets, (viii) has a secured party take possession of all or substantially all of its assets, or has a distress, execution, attachment, sequestration or other legal process levied, enforced
or sued on or against all or substantially all of its assets, (ix) files an answer or other pleading admitting or failing to contest the allegations of a petition filed against it in any proceeding of the foregoing nature, (x) has a
proceeding against it seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any Law, if 120 days after the commencement of such proceeding it has not been dismissed, or if within 90 days
after the appointment, without its consent or acquiescence, of a trustee, receiver, or liquidator of it or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such
stay, the appointment is not vacated, or (xi) takes any other action to authorize any of the actions set forth above. 

“Bankruptcy Code” means Chapter 11 of Title 11, US Code, as amended. 

“Barrel” or “Bbl” means a volume of 42 Gallons corrected for temperature to 60° F, and
atmospheric pressure unless stated otherwise. 
 “Base Rate” means the lesser of (i) LIBOR plus
[REDACTED]% and (ii) the maximum rate of interest permitted by Law. 
 “Berth” means the mooring, dock,
anchorage, wharf, submarine line, single point or single buoy or single berth mooring facility, offshore location, offshore facility, alongside barges, lighters or any other mooring facility. 

“Blended Price” has the meaning given such term in Clause 9(b). 

“Bridging Agreement” means that certain Bridging Agreement dated as of the Effective Date, by and among Seller, Buyer,
PRC and PBF Holding Company. 
 “Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday on
which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in New York, New York. 
 “Buyer” has the meaning given such term in Clause 1. 

“Buyer’s Credit Agreement” means collectively: Term Loan and Credit Agreement and Revolving Credit
Agreement, each dated December 17, 2010 and each by and between PBF Holding Company, Buyer, PRC and the other Guarantors Party thereto, and UBS Securities LLC, Deutsche Bank Trust Company Americas, Morgan Stanley Funding, Inc. and UBS AG,
Stamford Branch; and Senior Secured Note Agreement by and between PRC, Paulsboro Natural Gas Pipeline Company LLC, PBF Energy Company LLC and PBF Holding Company, and Valero Energy Corporation; and the Loan and Security Agreement between Buyer and
The Delaware Economic Development Authority dated as of June 1, 2010; including any amendment, renewal, modification or replacement of any of the foregoing.  
 “Buyer’s Guarantor” means PBF Energy Company LLC. 

“Buyer’s Requirements Schedule” has the meaning given such term in Clause 6. 

  
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 “Buyer’s Tentative Requirements Schedule” has the meaning given such
term in Clause 5(a)(i). 
 “Calculated Payment Obligation” has the meaning given such term in Clause 11(b).

 “Capital Leases” means, with respect to any Person, any lease of any property by such Person which would, in
accordance with GAAP, be required to be classified and accounted for as a capital lease on the balance sheet of such Person. 

“Cargo” means a specifically identified volume of Oil or Feedstock ascertained within the nomination process provided
for herein, Supplied to, or to be Supplied to Buyer, whether located in the Storage Facilities, in any Statoil Storage Facility, on a Vessel, in a third party facility, in a pipeline or at any other location or facility. 

“Cargo Bank” has the meaning given such term in Clause 9(a)(iii). 

“Cargo Bank Differential” has the meaning given such term in Clause 9(b)(ii). 

“Cargo Bank Hedge-Month” has the meaning given such term in Clause 9(a)(iii)(4). 

“Cargo Bank Withdrawal” has the meaning given such term in Clause 9(a)(ii). 

“Cargo Basis Differential” means the differential amount agreed to by the Parties relative to the Cargo Bank
Hedge-Month. 
 “Cargo Confirmation Notice” has the meaning given such term in Clause 5(f)(iii). 

“Cargo Final Price” means the estimated per Barrel Price for Oil or Feedstock delivered by Seller hereunder, calculated
as the price per Barrel for the Cargo agreed on by Seller and Buyer [REDACTED]. 
 “Change in Law” has the
meaning given such term in Clause 31(g). 
 “Closing Inventory” has the meaning given such term in Clause
11(a)(i). 
 “Code” has the meaning given such term in Clause 20(b). 

“Commercial Services” has the meaning given such term in Clause 3(a)(ii). 

“Commodity Exchange Act” means 7 U.S.C. § 1, et seq. 

“Completion of Supply” means, in respect of a Cargo, the final disconnection of the transfer hose(s)/arms(s) of the
Vessel carrying such Cargo following Supply. 
 “Confidential Information” means all information (whether
written, oral, visual, electronic or delivered by any other means) furnished either before or after the date hereof, either directly or indirectly, in connection with the performance of this Agreement by one Party (the “Disclosing
Party”) or any of its directors, officers, employees, Affiliates, representatives (including without limitation a Disclosing Party’s real estate agents/brokers, financial advisors,

  
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attorneys and accountants), agents, or Affiliated, subsidiary or parent companies (the “Disclosing Party Representatives”) to the other Party (the
“Receiving Party”) or any of its directors, officers, employees, Affiliates, representatives (including without limitation its real estate agents/brokers, financial advisors, attorneys, accountants and consultants), agents,
or Affiliated, subsidiary or parent corporations (individually and collectively, the “Receiving Party Recipients”) and all analyses, compilations, forecasts, studies or other documents prepared by Receiving Party Recipients
which contain any such information. Each of (i) the fact that such information has been delivered to the Receiving Party or Receiving Party Recipients, (ii) this Agreement, and (iii) the other agreements entered into in connection
with this Agreement, are “Confidential Information”. Notwithstanding the foregoing, “Confidential Information” shall not include any information which: (a) at the time of disclosure is in the public domain; (b) after
disclosure to the Receiving Party Recipients enters the public domain, except as a result of any Receiving Party Recipient’s breach of this Agreement or any other agreement of confidentiality, it being understood and agreed, that information
that is public or has, to the Receiving Party’s knowledge, become public through an unauthorized disclosure by a third party under a confidentiality obligation with respect to such information shall not be deemed to be public information or
otherwise generally available to the public; or (c) is independently obtained by Receiving Party Recipients free from any obligation of confidentiality. 
 “Consolidated Average EBITDA” means the consolidated EBITDA of the PBF Entities. 
 “Credit Default” has the meaning given such term in Clause 24(c). 

“Credit Usage” has the meaning given such term in Clause 19(b)(ii). 

“Crude Slops” means partially refined Oil and Feedstock that is delivered to the Storage Facilities by Buyer and shall
be treated for all purposes under this Agreement as “Oil” following such delivery by Buyer to the Storage Facilities. 

[REDACTED] 

“Daily Default Pricing Volume” has the meaning given such term in Clause 9(c)(i)(1). 

“Day 1” has the meaning given such term in Clause 10(c)(i). 

“Day 2” has the meaning given such term in Clause 10(c)(ii). 

“Deemed Volume” means the provisional estimate of the volume of Oil which the Buyer intends to take Delivery
of during month M. This is to be provided before the end of month M-1 by Buyer, and is the volume upon which Seller shall base the hedging schedule.” 
 “Default” has the meaning given such term in Clause 24(a). 

“Default Interest Rate” means the lesser of (i) LIBOR plus [REDACTED]% and (ii) the maximum rate of interest
permitted by Law. 
 “Defaulting Party” has the meaning given such term in Clause 24(a). 

  
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 “Delivered” or “Delivery” or
“Deliver” means when the Oil or Feedstock passes the title transfer point from Seller to Buyer. 

“Delivered Volume” has the meaning given such term in Clause 11(a)(i). 

“Delivery Month” means the month in which Oil or Feedstock was actually Delivered to Buyer at the Refinery. 

“Direct Payment Excess” has the meaning given such term in Clause 10(e). 

“Disclosing Party” has the meaning given such term in the definition of “Confidential Information”.

 “Disclosing Party Representatives” has the meaning given such term in the definition of “Confidential
Information”. 
 “Dispute” has the meaning given such term in Clause 31(b). 

“Dollars” or “USD” or “US Dollars” or “$” means
dollars of the US. 
 “EBITDA” means, with respect to any Person, and for any period of its determination, the
consolidated net income of such Person for such period, plus the consolidated interest expense and income and franchise taxes of such Person for such period, plus the consolidated depreciation and amortization of such Person for such period, less
extraordinary gains and interest income, as determined in accordance with GAAP. 
 “Effective Date” has the
meaning given such term in Clause 1. 
 “Environmental Law” means any Law that governs or purports to govern
the protection of Persons, natural resources or the environment (including the protection of ambient air, surface water, groundwater, land surface or subsurface strata, endangered species or wetlands), occupational health and safety and the
manufacture, processing, distribution, use, generation, handling, treatment, storage, disposal, transportation, release or management of solid waste, industrial waste or hazardous substances or materials, as may be amended or modified from time to
time. 
 “EPQ” means estimated period quantity. 

“EPQ Form” means an EPQ form prepared per the format set forth in Appendix 1. 

“EST” means the applicable, local Eastern Time in New York, New York. 

“Estimated Credit Usage” has the meaning given such term in Clause 19(b)(iii). 

“Event of Default” has the meaning given such term in Clause 24(a). 

“Execution Method” has the meaning given such term in Clause 5(f)(i). 

“Excess Indigenous Feedstock” has the meaning given such term in Clause 5(i)(iii). 

  
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 “Feedstock” means VGO and VTB intended to be run through the Refinery for
further processing into finished products, and which may from time to time be sold to third parties or Affiliates of Buyer by Seller at Buyer’s direction in accordance with Clause 9(e) as if such transactions involved Oil. 

“Feedstock Tank” means the storage tank(s) listed on Appendix 4 that will be used for storing Indigenous Feedstock as
such list may be modified from time-to-time in accordance with the terms of Clause 5(d) of Appendix 5. 
 “Feedstock
Virtual Tank Heel” has the meaning given such term in Clause 5(i)(i). 
 “FIFO” means the first-in
first-out accounting principle for the valuation of inventories and the calculation of TVM Payments. 
 “Final Quality
Differential” has the meaning given such term in Clause 9(b)(ii)(1). 
 “Force Majeure” has the
meaning given such term in Clause 18(a). 
 “GAAP” means generally acceptable accounting principles in the
US, applied on a consistent basis. 
 “Gallon” means a US standard gallon of 231 cubic inches at 60° F at
atmospheric pressure. 
 “Governmental Authority” means any federal, state, regional, local, or municipal
governmental body, agency, instrumentality, authority or entity established or controlled by a governmental or subdivision thereof, including any legislative, administrative or judicial body, or any Person purporting to act therefor. 

“GPO” or “Grade Pecking Order” has the meaning given such term in Clause 5(a)(v). 

“Grade” has the meaning given such term in Clause 4(b). 

“Guarantors” means each Person required to guaranty the obligations of Buyer or any of its Affiliates under this
Agreement, including Buyer’s Guarantor and PBF Holding Company. 
 “Hazardous Substances” means any
pollutant, contaminant, petroleum or petroleum product, dangerous or toxic substance, hazardous or extremely hazardous chemical, or otherwise hazardous material or waste regulated under Environmental Laws, including crude oil and feedstock.

 “Hedge-Month” has the meaning given such term in Clause 9(b)(ii)(2). 

“Hedge-Month Pool” has the meaning given such term in Clause 9(b)(iii). 

“HSE” means health, safety and environmental. 
 “ICC” has the meaning given such term in Clause 40(g). 

  
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 “Indemnified Party” has the meaning given such term in Clause 26(a)(iii).

 “Indemnifying Party” has the meaning given such term in Clause 26(a)(iii). 

“Independent Inspector” means a company that is approved by US Customs and Border Protection and that is mutually
acceptable to the Parties for reporting the measurement of quality and quantity of Oil and Feedstock. 
 “Indigenous
Feedstock” means Feedstock produced in the Refinery. 
 “Initial TLA” has the meaning given such term
in Clause 14(e). 
 “Intercreditor Agreement(s)” means the Intercreditor Agreement(s) substantially in the form
attached hereto as Appendix 2. 
 “Inventory” or “Inventories” means the Oil and
Feedstock inventories that Seller owns and intends to sell to Buyer under this Agreement, wherever located, including at the Refinery, in any Statoil Storage Facility, carried upon Vessels and/or injected into or received from pipelines or other
transport. 
 “Inventory Assessment” has the meaning given such term in Clause 11(a)(i). 

“ISGOTT” means International Safety Guide for Oil Tankers and Terminals, as published by the International Chamber of
Shipping, the Oil Companies International Marine Forum and the International Association of Ports and Harbors. 
 “ISPS
Code” has the meaning given such term in Clause 13(a)(iii). 
 “Knowledge” means, with respect to
a Party, the actual knowledge of the officers and directors of such Party, after making reasonable inquiry with respect to the particular matter in question, and “Know” has the correlative meaning. 

“Law” means (i) any law, statute, regulation, code, ordinance, license, decision, order, writ, injunction,
decision, directive, judgment, policy, decree of any Governmental Authority and any judicial or administrative interpretations thereof, (ii) any agreement, concession or arrangement with any Governmental Authority and (iii) any license,
permit or compliance requirement, in each case as amended or modified from time to time. 
 “Liabilities” means
any losses, claims, charges, damages, deficiencies, assessments, interests, penalties, costs and expenses of any kind (including reasonable attorneys’ fees and other fees, court costs and other disbursements), including any liabilities directly
or indirectly arising out of or related to any suit, action, cause of action, proceeding, judgment, settlement or judicial or administrative order and any liabilities with respect to Environmental Law. 

“LIBOR” means the rate of interest (expressed as a percentage per annum) for deposits in USD for a three-month period as
provided by the British Bankers Association interest settlement rates (or the successor thereto) as of 11:00 a.m. (London time) on the date of 

  
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determination, or, if such rate is not available, a reasonably comparable and available published rate as reasonably agreed by the Parties. 

“Liens” means any lien (including judgment liens and liens arising by operation of law), mortgage, pledge, assignment,
security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing) and any option, call, trust or other preferential arrangement having the practical effect of any of the foregoing. 

“Lightering” means the operation wherein Oil or Feedstock is transferred from one Vessel to another at an approved and
recognized offshore location so as to allow the first Vessel (the “Mother Vessel”) to reach a draft which allows it to safely proceed to and berth at the Supply Port. 

“Loading Terminal” means the port of loading of the Vessel for the applicable Oil or Feedstock being Supplied.

 “Long-Term Debt” means, with respect to any Person or group of Persons on a consolidated basis, without
duplication, in each case excluding the current liabilities of such Person, (i) indebtedness of such Person for borrowed money, (ii) obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments,
(iii) obligations of such Person to pay the deferred purchase price of property or services (other than trade debt and normal operating liabilities incurred in the ordinary course of business), (iv) obligations of such Person as lessee
under Capital Leases, (v) obligations of such Person under or relating to letters of credit, guaranties, purchase agreements, or other creditor assurances assuring a creditor against loss in respect of indebtedness or obligations of others of
the kinds referred to in clauses (i) through (iv) of this definition, and (vi) nonrecourse indebtedness or obligations of others of the kinds referred to in clauses (i) through (v) of this definition secured by any Lien on
or in respect of any property of such Person. For the purposes of determining the amount of any Long-Term Debt, the amount of any Long-Term Debt described in clause (v) of the definition of Long-Term Debt shall be valued at the maximum amount
of the contingent liability thereunder and the amount of any Long-Term Debt described in clause (vi) that is not covered by clause (v) shall be valued at the lesser of the amount of the Long-Term Debt secured or the book value of the
property securing such Long-Term Debt. 
 “LP” means a linear program computer model which simulates refinery
operations and is used to perform economic analysis that includes crude selection and optimization. 
 “LPG”
means liquefied petroleum gas. 
 “LVEF” has the meaning given such term in Clause 15(d). 

“Market Feedstock Price” has the meaning given such term in Clause 5(i)(iii). 

“Material Adverse Change” means, with respect to a Party, an event, change, development, effect, condition, or
circumstance, which individually or in the aggregate with other events, changes, developments, effects, or circumstances, has resulted in or could be reasonably expected to result in a material adverse change in the business, operations, assets,
properties, financial condition or prospects of such Party. 

  
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 “Month” means a calendar month. Where a specified Month is defined as
Month “M”, Month M-1 shall mean the Month prior to Month M and Month M+1 shall mean the Month subsequent to Month M. 
 “MonthEnd” has the meaning given such term in Clause 11(a). 

“Monthly Quality and Basis Differential” has the meaning given such term in Clause 9(b)(i). 

“Mother Vessel” has the meaning given such term in the definition of “Lightering”. 

“MSCG” means Morgan Stanley Capital Group, Inc. 

“MSCG Sales Agreement” means that certain Products Offtake Agreement applicable to the Refinery to be effective as of
April 7, 2011, and entered into between Buyer and MSCG, together with all amendments, modifications and successor or replacement agreements entered into from time to time with respect thereto. 

“MSDS” has the meaning given such term in Clause 33(a). 

“MTSA” has the meaning given such term in Clause 13(a)(iii). 

“New Grade Initial Period” has the meaning given such term in Clause 4(b). 

“New Grades” has the meaning given such term in Clause 4(b). 

“Non-Defaulting Party” has the meaning given such term in Clause 24(a). 

“Non-Fungible Grades” has the meaning given such term in Clause 4(b). 

“NOR” means Notice of Readiness. 
 “Normal Refinery Operations” means periods of time when the Refinery is operated in a routine manner with all operating units on-line. Normal Refinery Operations exclude maintenance
turnarounds and shutdown periods. 
 “NSV” means net standard volume of Oil or Feedstock. 

“NYMEX” means the New York Mercantile Exchange. 

“Off-Taker” or “Off-Takers” means the company or companies that purchase the Refined Products
produced at the Refinery. 
 “Oil” means crude oil or straight run fuel oil, but does not include Feedstock.

 “Opening Inventory” has the meaning given such term in Clause 11(a)(i). 

“Optimization Account” has the meaning given such term in Clause 5(g)(ii). 

  
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 “OSG” has the meaning given such term in Clause 14(e). 

“OSP” means the Official Selling Price as defined by the third party supplier of certain Oil or Feedstock for the
relevant time period and destination, as applicable. 
 “Part Cargo” means a Cargo Delivered on a Vessel such
that the volume of the Cargo does not substantially fill the Vessel. 
 “Party” means each of Buyer and Seller,
and “Parties” means collectively, both Buyer and Seller. 
 “Paulsboro CSA” means that
certain Crude Oil/Feedstock Supply/Delivery and Services Agreement between Seller and PRC, dated December 16, 2010 as amended by that certain First Amendment to Crude Oil/Feedstock Supply/Delivery and Services Agreement, together with all other
amendments, modifications and successor or replacement agreements entered into from time to time with respect thereto. 

“Paulsboro Refinery” means the petroleum processing and refining facilities located in Paulsboro, New Jersey 08066,
including all storage tanks, docks, platforms, pipelines, and any other associated equipment or facilities. 
 “PBF
Entities” has the meaning given such term in Clause 19(b)(ii)(1). 
 “PBF Holding Company” means
PBF Holding Company LLC, a Delaware limited liability company. 
 “PBF Line of Credit” means a $50,000,000 line
of credit, initially established under the Paulsboro CSA, from Seller to Buyer and PRC, subject to the conditions in Clause 24(c) and the terms of the Bridging Agreement. 
 “PDA” means a Payment Direction Agreement substantially in the form attached hereto as Appendix 3. 
 “Person” means an individual, corporation, partnership, limited liability company, joint venture, trust or unincorporated organization, joint stock company or any other private entity or
organization, including a Governmental Authority. 
 “Petty Cash Bank” has the meaning given such term in
Clause 12(d). 
 “PRC” means Paulsboro Refining Company LLC, a Delaware limited liability company, which is an
Affiliate of Buyer and owns the Paulsboro Refinery. 
 “Pre-Adjustment Payments” has the meaning given such
term in Clause 11(b). 
 “Predicted Refinery Slate” has the meaning given such term in Clause 9(a)(i).

 [REDACTED] 

  
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 “Pricing Day” means a day on which Buyer instructs to price Oil or
Feedstock to be Delivered hereunder in accordance with Clause 9(c)(i)(1). 
 “Production Week” means, each
period from Friday at 12:00 midnight until the following Friday at 12:00 midnight during the term of this Agreement; provided, however, the first Production Week shall commence on the Effective Date and shall continue until 12:00 midnight on
the first Friday following the Effective Date. 
 “Property Taxes” means any and all tangible personal property
taxes, ad valorem property taxes or the like imposed on the value of the Oil and Feedstock held for sale by Seller to Buyer under this Agreement. 
 “Proposed Storage Site” has the meaning given such term in Clause 8(b). 
 “Provisional Invoice” has the meaning given such term in Clause 10(c)(iii). 
 “Provisional Price” has the meaning given such term in Clause 10(c)(iii) and shall be based on the estimated price of Oil and Feedstock that make up the EPQ. 

“PSI” means pounds per square inch. 
 “Qualified Institution” shall mean a major U.S. commercial bank or foreign bank with a U.S. branch office having an asset base of at least $[REDACTED] billion, with such bank having a
Credit Rating of at least [REDACTED] by S&P or [REDACTED] by Moody’s Investor Services, Inc., or otherwise acceptable to the Party receiving such collateral, as such party shall determine in its sole discretion. 

“Receiving Party” has the meaning given such term in the definition of “Confidential Information”. 

“Receiving Party Recipients” has the meaning given such term in the definition of “Confidential Information”.

 “Refined Products” means finished gasoline, heating oil, diesel, jet fuel, kerosene and Specialty Grades.

 “Refined Products Percentage” has the meaning given such term in Clause 19(d)(ii). 

“Refinery” means the petroleum processing and refining facilities located in Delaware City, Delaware 19706, including
all storage tanks (including the Storage Facilities), docks, platforms, pipelines, and any other associated equipment or facilities, as further described in Appendix 4. 
 “Refinery Subsidiaries” means subsidiaries of PBF Holding Company, including Buyer and PRC, that own or operate a refinery that is being supplied Oil and/or Feedstock by Seller, including
the Refinery. 
 “Replacement Grade Pecking Order” or “RGPO” has the meaning given such term
in Clause 5(a)(x). 

  
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 “Requirement” has the meaning given such term in Clause 4(a). 

“ROB” has the meaning given such term in Clause 15(d). 

“Seller” has the meaning given such term in Clause 1. 

“Shareholders Equity” means shareholders’ equity determined in accordance with GAAP. 

“Shipping Services” has the meaning given such term in Clause 3(a)(ii). 

“SMA” has the meaning given such term in Clause 31(e). 

“Specialty Grades” has the meaning given such term in the Payment Direction Agreement by and among Morgan Stanley
Capital Group Inc., Seller and Buyer dated as of April 7, 2011. 
 “Standby Letter of Credit” means any
commercial or standby letter of credit issued for the account of Seller pursuant to the terms of this Agreement. 

“Start Up” means the first date that feed is introduced to a process unit to initiate refining operations at the
Refinery. 
 “Statoil Storage Facility” means any facility in which Seller or its Affiliates owns, leases or
otherwise has storage rights, including any facility where such rights are given by a PBF Entity. 
 “Storage
Facilities” means the storage tanks described on Appendix 4, as such list may be modified from time-to-time in accordance with the terms of Clause 5(d) of Appendix 5, and which storage tanks Seller has exclusive rights all as provided for
herein and in Storage Facilities Use Provisions attached hereto as Appendix 5. Appendix 4 shall reflect any storage tanks to be used to store Feedstock. 
 “Supplied” or “Supply” or “Supplies” means or refers to when the Oil or Feedstock passes the flange connection between a Vessel’s
permanent discharge manifold and the receiving pipeline or hose at the Supply Port. 
 “Supplied Volume” has
the meaning given such term in Clause 11(a)(ii). 
 “Supply Point Method” has the meaning given such term in
Clause 5(f)(ii). 
 “Supply Port” means the customary dockage, anchorage or place where a Vessel may safely lie
in connection with Supply of a Cargo to the Refinery. 
 “Tank Heels” means the greater of: (i) the volume
of Oil or Feedstock below the lowest suction in a tank, unless the tank is equipped with a regular side entry pipe in which case “Tank Heels” means the volume below the middle of the lowest suction in such tank, or (ii) the volume of
Oil or Feedstock required to safely float a roof in a floating roof tank. 

  
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 “Taxes” means any and all (i) US federal, state and local taxes,
duties, fees and charges of every description, including all fuel, excise, environmental, spill, gross earnings, gross receipts and sales and use taxes, however designated (except for taxes on income), paid or incurred with respect to the purchase,
storage, exchange, use, transportation, resale, importation or handling of the Oil or Feedstock held for sale by Seller or Buyer under this Agreement and (ii) Property Taxes. 

“Termination Date” has the meaning given such term in Clause 25(a)(i). 

“Termination of Deliveries Notice” has the meaning given such term in Clause 7(f). 

“TH Conclusion Date” has the meaning given such term in Clause 5(j)(iii)(1). 

“TH Ending Price” has the meaning given such term in Clause 5(j)(i)(2). 

“TH Exposure” has the meaning given such term in Clause 5(j)(iii)(2). 

“TH Market Value” has the meaning given such term in Clause 5(j)(ii)(2). 

“TH Per Barrel Storage Charge” has the meaning set forth in Clause 5(j)(iii)(1). 

“TH Starting Volume” has the meaning given such term in Clause 5(j)(i)(1). 

“TH Storage Fee” has the meaning given such term in Clause 5(j)(iii)(1). 

“Third Party Claim” has the meaning given such term in Clause 26(b). 

“Time Chartered Vessel” means a Vessel chartered for a fixed period of time instead of for a certain number of voyages
or trips. 
 “TLA” has the meaning given such term in Clause 14(f). 

“Transparent Contractual Terms” means the contractual terms derived using either the Execution Method or the Supply
Point Method. 
 “Trigger Event” has the meaning given such term in Clause 19(d)(ii). 

“TVM” means the time value of money. 
 “TVM Payment” has the meaning given such term in Clause 19(g)(i). 

“TVM Payment Date” means, with respect to a given Production Week, the first Thursday following the end of such
Production Week, provided, that if such TVM Payment Date is not a Business Day, the TVM Payment Date shall mean the next following Business Day. 
 “TVM Statement Delivery Date” has the meaning given such term in Clause 19(g)(ii). 
 “Type” has the meaning given such term in Clause 4(b). 

  
 -14-

 “UCC” means the Uniform Commercial Code in effect in the relevant state
jurisdiction. 
 “Vessel” means a tankship, barge or other water-borne conveyance, as applicable, used for the
Supply of a Cargo, whether owned or chartered or otherwise obtained by Seller to transport Oil or Feedstock for the benefit of Buyer. 
 “VTB” means vacuum tower bottoms or other similar residual materials. 
 “Win3” has the meaning given such term in Clause 6(e). 

“Win5” has the meaning given such term in Clause 6(d). 

“Win8” has the meaning given such term in Clause 6(a). 

“Worldscale” means the applicable standard freight rate stated in the most recent edition of the New Worldwide Tanker
Nominal Freight Scale jointly published by Worldscale Association (London) Limited and Worldscale Association (NYC) Inc., or if Worldscale Association (London) Limited and Worldscale Association (NYC) Inc. shall no longer publish the New Worldwide
Tanker Nominal Freight Scale, the equivalent replacement scale used in the shipping industry, expressed in USD per metric ton for the route specified. 
 “WTI” means West Texas Intermediate Oil, with specifications in accordance with the NYMEX futures contract. 
 “Year” means a period of 12 consecutive Months. 
 (b)
Construction. 
 (i) All headings herein are intended solely for convenience of reference and shall not
affect the meaning or interpretation of the provisions of this Agreement. 
 (ii) Unless expressly provided
otherwise, the word “including” as used herein does not limit the preceding words or terms. 
 (iii)
Unless expressly provided otherwise, all references to days, weeks, months, quarters and years mean calendar days, weeks, months, quarters and years, respectively. For purposes of this Agreement, a calendar day shall begin at 12:00 midnight and end
at 11:59 p.m. 
 (iv) Unless expressly provided otherwise, references herein to “consent” mean the
prior written consent of the Party at issue, which shall not be unreasonably withheld, delayed or conditioned. 

(v) Unless expressly provided otherwise, all references to time in this Agreement are EST. 

  
 -15-

	3.	TERM OF OIL AND FEEDSTOCK SUPPLY AND SERVICES 

 (a) Beginning on the Effective Date, and continuing through the term of this Agreement, and subject to the provisions of this Agreement: 

(i) Seller will have the exclusive right to, and will, provide Oil and Feedstock for Delivery to the Refinery and Buyer
will purchase such Oil and Feedstock in accordance with the terms set forth herein. 
 (ii) Seller shall provide
Buyer with certain operational services (the “Commercial Services”) and certain shipping-related services (the “Shipping Services”) with respect to all purchases and sales of Oil and Feedstock reasonably necessary
to enable Buyer to perform the manufacturing and operational processes at the Refinery as detailed in Appendix 6. 
 (b) This
Agreement shall be binding on the Parties from the Effective Date and shall continue for an initial term ending on December 31, 2012. Seller may extend the term of this Agreement for a period of up to 3 additional years (through
December 31, 2015) by delivering notice to Buyer by no later than June 30, 2012, stating the additional term. 
  

	4.	QUALITY 

 (a) Oil and
Feedstock Requirements. The Parties will agree upon the Oil and Feedstock supply requirements of the Refinery in accordance with the process described in Clause 5. Such Oil and Feedstock supply requirements are referred to herein as the
Requirements. Each “Requirement” shall be an identified volume of a specified Type and a corresponding Supply time period (e.g. 500,000 Barrels of Type A Oil to be Supplied in the window of 1-10 March 2011). 

(b) Oil and Feedstock Types. Oil and Feedstock Supplied and Delivered under this Agreement will be grouped in the following
general categories, referred to herein as “Types”. 
 (i) Type A: sour crude oil
with a sulfur content equal to or greater than zero point eight percent by weight (0.8% weight), as per ASTM. 

(ii) Type B: sweet crude oil with a sulfur content less than zero point eight percent by weight (0.8% weight),
as per ASTM. Type B Oil Requirements typically will be covered by crude oil Grades sourced from the East Coast Canadian Grand Banks as a base case, with light and medium sweet crudes as optimization alternatives, including, but not limited to,
sourcing from the North Sea and Angola. 
 (iii) Type C: heavy crude oil, sweet or sour, with an API
Gravity of < 24. Type C Oil Requirements typically will be covered by crude oil grades sourced from South America, such as Peregrino. 
 (iv) Type D: straight run fuel oil and Feedstocks, for example VGO or VTB. 

  
 -16-

 Within each Type of Oil/Feedstock described herein there are multiple “Grades”. For example
the Oil Grades Kirkuk, Urals and Vasconia could each be Type A Oil. Some Grades may meet the specifications of more than one Type. To avoid any misunderstanding the Parties shall clearly communicate which Requirement or Type a proposed Grade or
Cargo is to cover. A summary of fungible Grades approved by both Seller and Buyer for sale hereunder is attached as Appendix 7. 
 Within each
Type of Oil/Feedstock there (a) will from time-to-time be new Grades that become available in the market (“New Grades”) and (b) Grades which are not regularly or routinely available for convenient purchasing (the
“Non-Fungible Grades”), each of which require additional effort by Seller to secure Cargoes to be purchased at the mandate of Buyer. All Grades that are not listed in Appendix 7 shall be considered either New Grades, Non-Fungible
Grades or both. If Seller identifies a New Grade which is not currently listed in Appendix 7, and Buyer approves such New Grade for Supply and Delivery to the Refinery (which Buyer may approve or not approve in each case in its sole discretion),
then for an initial period of between 3 months and 12 months (to be mutually agreed upon by the Parties based on the anticipated supply) (the “New Grade Initial Period”) after Seller receives such approval any Cargoes of such New
Grade will be Supplied and Delivered via the Supply Point Method unless otherwise mutually agreed by the Parties. After the New Grade Initial Period, provided such New Grade is a fungible grade, such New Grade shall be added to the list in Appendix
7, and Buyer may thereafter mandate that Seller acquire Cargoes of such Grade under either the Supply Point Method or the Execution Method. All Non-Fungible Grades will only be Supplied and Delivered under the Supply Point Method, unless otherwise
mutually agreed by the Parties. 
 (c) Term Supply / Spot Supply. 

(i) Term Supply. The Parties expect that over time approximately [REDACTED]% of Oil and Feedstock Supplied to Buyer
at the Refinery will be sourced from term agreements entered into by Seller. Buyer will use its reasonable efforts in support of Seller’s efforts to enter into such term agreements with counterparties. To the extent Seller is unable to enter
into term agreements with specified counterparties or for specified Types or Grades, the Parties will work together to determine an appropriate arrangement for supply of the affected Type and Grade. 

[REDACTED] 
 (ii) Spot Supply. The Parties agree that the balance of the Oil and Feedstock supplied to the Refinery will be sourced from the spot market for Oil and Feedstock. 

(d) Quality Optimization Principle. The Parties agree that a fundamental part of this Agreement is, within the Cargo acquisition
process, for (i) the flexibility of Buyer to receive different Grades within a certain Type, as generally listed in the appropriate GPO / RGPO, without disrupting Normal Refinery Operations allowing a commercial benefit of that flexibility to Buyer,
and (ii) the flexibility for Seller to be able to have a range of options among such Grades to cover the Requirements of the Refinery allowing a commercial benefit to Seller. Specifically this shall mean that Seller shall be able to acquire
different Grades at generally available market prices in order to cover a particular Requirement provided such price is reasonably acceptable to Buyer as listed in the appropriate GPO / RGPO. The Parties also agree that a fundamental objective of
this Agreement is, that after a Requirement has been covered by a Cargo, in the event that either: 
 (i)
Buyer’s refining economics for said Requirement change substantially, or 
 (ii) the market conditions for
trading that Cargo with third parties change substantially and such change cause an economic benefit to be derivable from optimizing said Cargo into an alternative Cargo, 
 then the Parties shall make commercially reasonable efforts to change that Cargo into an economically beneficial alternative. If successful, the Parties shall agree on commercial terms such that, under
the RGPO process, the economic benefit of the optimization is shared in an appropriately equitable manner consistent with Clause 5. 
 If a
substantial portion of the spot Cargoes being Supplied of a certain Type of Oil/Feedstock are being Supplied and Delivered pursuant to the Execution Method and ultimately Supplied and Delivered Grades are the same Grades as were originally selected
from the GPO without RGPO optimizations, then Seller is not realizing some of the optimization opportunities that are an important element of this Agreement, and therefore the Parties shall have good faith discussions regarding the potential for (x)
Seller to provide future Cargoes of that Type under the Supply regarding the potential for (y) Seller providing future Cargoes of that Type under a term supply agreement. 

  
 -17-

	5.	ACQUISITION OF OIL AND FEEDSTOCK 

 (a) Acquisition Process Steps. The process for selecting and then acquiring a Cargo of Oil or Feedstock to supply the Refinery shall comprise the following steps: 

(i) Buyer and Seller shall mutually agree on the “Buyer’s Tentative Requirements Schedule” for any
Month of Delivery of Oil and Feedstock to the Refinery, which shall consist of a list of Requirements with each Requirement being a volume of a Type to be delivered during a specified period in such Month, in a format following that in
Appendix 8. 
 (ii) The Parties shall discuss the different Grade options for each Requirement. 

(iii) The Parties shall agree on the volume, term, price and other key elements for term contract commitments, and Buyer
shall give a written mandate to Seller to enter into such term contract(s), and Seller shall enter into such term contract(s). Thereafter, the Parties shall follow the term contract procedures set forth in Clause 5(c) below, which will result in
Seller purchasing term Cargoes to cover certain Requirements in Buyer’s Tentative Requirements Schedule. 

(iv) The Parties shall identify target Grades and a number of target Cargoes that shall be acceptable for each Requirement
that is not to be covered by term contract volumes. 
 (v) Buyer, in discussion with Seller, shall issue, and
continue to update, a grade pecking order (a “Grade Pecking Order” or “GPO”), outlining the Grades that could cover each Requirement and the corresponding differences in price at which such Grades would have equal
economics for Buyer. 
 (vi) As to each target Cargo, Seller shall provide Buyer with the appropriate contractual
terms in accordance with Clause 5(e)(ii). 
 (vii) Thereafter, Buyer shall give an oral or written mandate to
Seller in accordance with Clause 5(e)(iii). 
 (viii) Seller shall purchase the Cargo covered by such mandate or,
with respect to a Cargo acquired from Seller or Seller’s Affiliates, make appropriate internal allocations to reflect that such Cargo will cover a Requirement hereunder. 

(ix) Seller shall send formal notification to Buyer of the purchase of the Cargo, or if the Cargo is acquired from Seller
or Seller’s Affiliates portfolio, the internal allocation of such Cargo to cover a Requirement, covered by the mandate. Details of that notification shall be as described in Clause 5(f)(iii) below. 

(x) In connection with seeking potential optimizations, following the purchase of each term or spot Cargo to cover a
Requirement, Buyer, in discussion with Seller, shall issue, and continue to update a replacement grade pecking order (“Replacement Grade Pecking Order” or “RGPO”) for such covered Requirement outlining the Grades
that could replace the purchased Cargo and the corresponding differences in price at which such replacement Grades would have equal economics for Buyer, which RGPO shall use the Cargo Bank Differential of the purchased Cargo as the basis for such
price differences. 
 (b) Grade Pecking Order. The GPO and RGPO (each a list of Grades and differences in price) shall
reflect the relative refining economics of different Grades for each Requirement in Buyer’s Tentative Requirement Schedule. The determination of the GPO or RGPO as applicable shall be based on: 

(i) Seller’s advice to Buyer of the volumes available of different Grades in standard Cargo sizes and corresponding
price estimates. 
 (ii) Buyer’s output from LP runs for the Refinery based on Seller’s Grade
availability lists. 
 (iii) For each Requirement, Buyer shall prepare a GPO or RGPO that contains a base Grade
and a minimum of four alternative Grades that Seller shall be reasonably able to acquire. Each alternative Grade shall have a value that reflects the difference in price delivered at the Refinery that has to be achieved by Buyer for that Grade to be
of equal value to the base Grade for that Requirement. A Requirement shall remain relevant for the GPO or RGPO from its initial identification in Buyer’s Tentative Requirements Schedule for a Month of Supply, up and until the end of its
Acquisition Discussion and this time may include time after a Cargo has been purchased to cover the Requirement in order to allow for possible optimizations of that Requirement. The GPO and RGPO shall be generated by Buyer in the format specified in
Appendix 9. The GPO and RGPO shall be issued once per week, in accordance with the following process steps: 

(1) Seller shall communicate to Buyer no later than noon every Tuesday pertinent information containing the availability
of different Grades and estimates of market prices for those Grades. 
 (2) Buyer shall issue the GPO/RGPO in the
correct format no later than noon on the following day (Wednesday), whereupon any previous GPO/RGPO shall be superseded. 
 (c)
Term Commitment Discussion Procedure. Subject to the provisions set forth in the term Oil or Feedstock supply contracts previously entered into under this Agreement, the Parties shall agree, at the appropriate times to: 

  
 -18-

 (i) The volumes to be nominated to cover Buyer’s Tentative Requirements
Schedule. 
 (ii) The Requirements that shall be covered by such term volumes (after the third party supplier of
Oil or Feedstock under such term Oil or Feedstock supply contract confirms the final nomination of such Oil or Feedstock with the loading dates and final volume). 

(iii) The Final Quality Differential for such volume. If such Cargo will be Supplied under the Execution Method then the
FOB price will be set in principle to match the price reached by Seller with the supplier of the term volume, which if OSP-related will match the OSP of the respective Oil or Feedstock at the appropriate Loading Terminal, including any premium or
discount. If the Cargo will be Supplied under the Supply Point Method then the price will be agreed between the Parties. 
 (iv) The costs for Supplying a term Cargo under the Execution Method will be agreed between the Parties based on the Agreed Delivery Route for each specific Oil or Feedstock term contract Cargo. The
“Agreed Delivery Route” will define the salient factors attributable to that Cargo, including, but not limited to; (1) the Loading Terminal, (2) Vessel size, (3) transportation route and (4) any Lightering requirements. For example
for a Urals Cargo, the Agreed Delivery Route might be: (1) Oil Loading Terminal to be Primorsk, (2) Cargo to be loaded on an Aframax vessel, (3) Vessel to be routed by the most expeditious method (always allowing for carrier’s safety
requirements) to Bigstone Lightering Point, (4) where one or two Lightering Vessel(s) will be taken off prior to the mother Vessel Berthing at the Refinery. Each term contract Cargo under this Agreement will have a similar corresponding Agreed
Delivery Route. If the Execution Method is used, Seller shall use [REDACTED], etc. Except as otherwise set forth in this Agreement, if the Supply Point Method is used all Supply costs up to the Supply Port [REDACTED]. 

(d) Acquisition Discussion. 
 (i) Each Requirement will have an associated Acquisition Discussion that will commence upon Buyer advising Seller of Buyer’s Tentative Requirement Schedule and shall end when a Cargo or Cargoes
covering the Requirement are Supplied to Buyer. 
 (ii) Until Buyer’s Tentative Requirements Schedule has
become Buyer’s Requirements Schedule (as described in Clause 6), Buyer shall have the right to adjust the dates with the exception of any Requirements covered with Cargoes, which shall not be adjusted or modified without Seller’s
consent. 
 (iii) As long as the relevant Acquisition Discussion has not concluded, the GPO / RGPO shall contain
the alternatives as described in this Clause 5 for each Requirement. 
 (e) Acquisition Process and Target Cargo.

 (i) Prior to the conclusion of the Acquisition Discussion, the Parties shall agree on a target Cargo for that
Requirement within sufficient time to allow Seller to purchase such target Cargo in accordance with Clause 5(a)(viii). Buyer acknowledges that different Grades of Oil and Feedstock typically trade at different periods of time ahead of when such
Cargo is to be delivered and that Seller may not be able to acquire a target Cargo if Buyer and Seller are unable to agree on a target Cargo in a timely manner. Seller shall keep Buyer apprised of such time periods. 

(ii) Seller shall advise Buyer of all pertinent commercial details necessary with respect to each target Cargo, so that
the Transparent Contractual Terms can be fully understood. If Seller is to provide the target Cargo from its or its Affiliates’ portfolio, then Seller shall notify Buyer of such fact. 

(iii) Buyer shall give an oral (by way of a recorded means including recording of a telephone conversation with or without
the consent of the other Party in 

  
 -19-

 
accordance with Clause 34) or written mandate to Seller to fulfill the Requirement with such Cargo, such mandate shall include all of the information appropriate to fix the commercial terms for
such Cargo, including the Grade of Oil or Feedstock, volume to be Supplied, Supply window and price. Such mandate, whether oral or written, shall be fully binding on Buyer, and Buyer thereafter shall be required to accept Delivery of such Cargo
(unless Seller fails to acquire such Cargo) in accordance with this Agreement. 
 (iv) If Seller cannot acquire a
target Cargo under the agreed contractual terms in accordance with Clauses 5(a), the Parties shall continue the Acquisition Discussion until either (1) it concludes with revised terms for the same target Cargo, (2) it concludes with terms
for an alternative Cargo of the same Grade or (3) it concludes with terms for an alternative Cargo of an alternative Grade in the relevant GPO. This process shall continue until the Requirement is successfully covered. 

(v) At any time during the Acquisition Discussion, Seller can propose that a Requirement be covered by an alternative
Grade in the GPO / RGPO. Buyer shall accept such proposal as long as the alternate Grade Cargo will maintain equal or improved refining economics for that Requirement based on the GPO / RGPO. Furthermore, Seller may propose an alternate Grade not
included in the GPO / RGPO, however, use of such alternate Grade requires Buyer’s consent. 
 (vi) The
Parties shall make reasonable efforts to cover a Requirement with a suitable Cargo. Until the Requirement is covered by a Cargo, Seller shall continue to advise Buyer of potential target Cargoes to fulfill such Requirement. If Seller is unable to
procure a Cargo to meet a Requirement, Buyer shall have the option to amend the Requirement so that Seller can continue to use its reasonable efforts to procure a Cargo to cover such Requirement. If Seller cannot procure a Cargo to cover a
Requirement (either an original Requirement or an amended Requirement) Seller shall have no liability for such failure. 
 (f)
Transparent Contractual Terms. For any potential Cargo to be acquired by Seller, a set of Transparent Contractual Terms shall be agreed to, thereby providing a clear mandate to Seller to purchase such Cargo. These Transparent Contractual
Terms shall be established under one of the following two methods, in Buyer’s option: 
 (i) The
“Execution Method”. Under the Execution Method, the Transparent Contractual Terms shall include all of the terms necessary for Seller to negotiate and acquire a Cargo directly from a third party. The additional costs incurred to have
such Cargo Supplied to the Refinery including, without limitation, freight, pricing elements, outturn loss, negotiated pricing basis and period shall be agreed upon at the appropriate time by the Parties and added as incurred in order to establish
Buyer’s final price for such Cargo. If Buyer and Seller are unable to agree in a timely manner on such additional costs, then Seller can contract for such additional items and the related costs in a commercially reasonable manner and such costs
shall be added to Buyer’s final price for such Cargo. At any time any of the additional costs may be fixed between Buyer and Seller by mutual agreement, with such fixed cost being used to establish Buyer’s final price for such Cargo. When
an additional cost is so fixed, any difference between the cost actually incurred and the agreed fixed cost will be for the Seller’s account. 
 (ii) The “Supply Point Method”. Under the Supply Point Method, the Transparent Contractual Terms shall include all the terms necessary for the Parties to agree on a price for the Cargo
supplied to an agreed-upon supply point. The Supply Point Method terms shall include: 
 (1) the terms on which
the Cargo will be purchased from a third party, and 
 (2) Seller’s offer for all other costs from the third
party’s delivery point up to the agreed-upon supply point, including the cost of any difference between the agreed pricing basis and pricing period and that negotiated with the third party. 

Under the Supply Point Method, any additional costs, including, but not limited to, Lightering barges in the Delaware River, outturn losses and storage
costs, between the pre-defined supply point and such Cargo’s Supply to the Refinery shall be determined in the same manner as for Cargoes delivered under the Execution Method. The Supply Point Method shall be used whenever Buyer agrees to
purchase a Cargo from Seller’s or its Affiliates’ portfolio. 
 (iii) Cargo Confirmation.
Whether a Cargo is purchased under the Execution Method or the Supply Point Method above, Seller shall promptly complete and communicate to Buyer a notice in the format set forth in Appendix 10 (a “Cargo Confirmation Notice”)
after a Cargo has been purchased. At any point where a transaction relevant to that Cargo is agreed to between the Parties thereafter, the Cargo Confirmation Notice and / or relevant Cargo Table (Appendix 15) shall be updated accordingly. For
example, if a freight cost is negotiated and established at a time after the Cargo was purchased under the Execution Method, that freight cost shall be added to the Cargo Table. If there is a material change to the original deal, such as a change in
delivery method, then the Cargo Confirmation Notice shall be updated. This process shall continue until the entire price of the Cargo is built up and fully agreed and finalized. 

  
 -20-

 (iv) Establishment of the Final Quality Differential for a Cargo. The
Final Quality Differential shall be identified in the Cargo Confirmation Notice. This Final Quality Differential is to be used in the pricing process as described in Clause 9. This Final Quality Differential shall be set by agreement between
the Parties. Any further cost items or adjustments that are applied to the Cargo Confirmation Notice shall thereafter follow the “Petty Cash” process in Clause 12. The general principle in the Parties agreeing to the point at which
the Final Quality Differential is established and fixed shall be that further anticipated costs and adjustments are small in nature and would have a low expected probability of having a significant impact on the value of the Final Quality
Differential. 
 (g) RGPO Optimization and the Other Optimization Account. 

(i) Replacement Pecking Order Cargo Optimizations. To the extent any Replacement Pecking Order Cargo replaces a
Cargo originally purchased for Supply to the Refinery in Month M, which is subsequently disposed of by Seller due to an alternative Cargo or alternative Cargoes (which shall be of equivalent volume to the original purchased Cargo and may consist of
different Grades of Oil or Feedstock) being acquired by agreement between the Parties, Buyer will pay for the replacement Cargo or Cargoes the price specified by Buyer in the RGPO and Seller will retain all profit and loss associated with: (1)
disposing of the Cargo originally purchased for Supply to the Refinery and (2) the price differences between the RGPO terms and the terms executed between Seller and the third party supplier of such replacement Cargo or Cargoes. To the extent Seller
identifies a potential replacement Cargo or Cargoes that is not on the RGPO for the current Cargo, then such RGPO can be modified to add such replacement Cargo or Cargoes upon the Parties’ mutual agreement. 

(ii) Other Optimizations. The “Optimization Account” has been established in order to capture any
profit or loss from an optimization that is proposed by Seller and agreed to by Buyer, other than optimizations in connection with the replacement of Cargoes originally purchased for Supply to the Refinery by use of the RGPO as described in Clause
5(g)(i) above. This Optimization Account shall contain separate accounts for all Cargoes concerned and show in detail any commercial activity and its result, including, but not limited to, profit or loss from the purchase and resale of a Cargo,
profit or loss from fixing and subsequent re-letting of any shipping, or other expenses arising from the optimization of a Cargo. Furthermore, any working capital considerations shall be included in the Optimization Account. Should the Parties agree
that any other economic benefit to be shared between the Parties can most easily be reflected in the Optimization Account, then such economic activity shall also be recorded accordingly. For sake of clarity, all transactions that use the
Optimization Account method for accounting for the economic result of an optimization implicitly require that all pricing and costs associated with the original transaction that was optimized be treated as though there were no optimization and be
generally unaffected by any optimization process, so that all the benefits and costs of such optimization are aggregated in the Optimization Account for sharing between the Parties. 

  
 -21-

 (h) Commencement Inventory. On the Effective Date, Seller shall acquire the Oil and
Feedstock held in inventory at the Refinery in accordance with the procedures set forth in Appendix 11 unless already owned by Seller. 
 (i) Feedstock and Crude Slops Obligations. 
 (i) Feedstock
at the Refinery can be subdivided into two types, VGO and VTB, but Feedstock shall not include Crude Slops. For each type of Feedstock, Buyer and Seller shall agree on a volume for a Feedstock Virtual Tank Heel, in addition to the actual Tank Heel
applicable to such type of Feedstock. The volume of such “Feedstock Virtual Tank Heel” will be set [REDACTED] 
 (ii) All Feedstock volumes that are in excess of the sum of: [REDACTED] 
 (iii) The Parties anticipate that the Refinery will generally over each month-long period consume a net amount of each type of Feedstock, but that in some shorter time periods the Refinery may produce
more of one or more types of Feedstock than it consumes. The Parties hereby agree that the monthly reconciliation performed under Clause 11 will determine the total net purchases by Buyer for such period, and payments will be made based on the net
consumption of such type of Feedstock. However, to the extent the monthly reconciliation performed under Clause 11 indicates that the Refinery produced more of one or more types of Feedstock than it consumed, then the Parties shall mutually agree
upon a price for such type of Feedstock based on [REDACTED] All Feedstock shall be [REDACTED] 
 (iv) As part of
the Refinery’s processes Crude Slops will be delivered to the Storage Facilities with the intent that such Crude Slops will be further processed by the Refinery in the same manner as Oil. Such Crude Slops will be treated for all purposes of
this Agreement as [REDACTED] 

  
 -22-

 (v) For purposes of clarification the Parties agree that all Feedstock and
Crude Slops delivered to Seller will be owned by Seller who shall retain title thereto unless and until such Feedstock and Crude Slops are subsequently purchased by Buyer from Seller at the title transfer point, as described in Clause 7. 

(j) Tank Heel Obligations. 
 (i) Tank Heel Starting and Closing Volume Purchases. 
 (1)
Seller will purchase all of the usable Oil and usable Feedstock that as of the Effective Date are Tank Heels. Such usable Oil and usable Feedstock together with all Tank Heels Supplied to the Storage Facilities in the 1 month period following the
Effective Date shall collectively be referred to as the “TH Starting Volume”. The purchase of the TH Starting Volume will be made in accordance with the provisions in Appendix 11. All other obligations to purchase Oil or Feedstock
referred to in this Agreement shall not include the Tank Heels which shall be governed by this Clause 5(j). 

(2) Buyer shall purchase from Seller on the Termination Date a volume of Tank Heels equal to the TH Starting Volume and
will pay Seller a price equal to the TH Ending Price. The “TH Ending Price” shall be equal to [REDACTED] 
 (ii) Interim Tank Heel Transactions. If Seller reasonably believes the volume of Tank Heels may have changed (for example a tank in the Storage Facilities is removed from service or because more
water and sediment has displaced the usable Oil or Feedstock that constitute the Tank Heel), then Seller can obtain a measurement or assessment of the affected Tank Heel(s): 

(1) If such assessment shows there is more volume of Tank Heels than the TH Starting Volume then Seller shall [REDACTED]

 (2) If such assessment shows there is less volume of Tank Heels than the TH Starting Volume then Buyer shall
[REDACTED] 

  
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 All Tank Heels at any time in the Storage Tanks shall be owned by Seller unless and until
they are sold to Buyer in accordance with this Clause 5 or Clause 24. 
 The “TH Market Value” means the current
market price of such Tank Heel. 
 (iii) Tank Heel Payments, Fees and Credit Provisions. 

(1) All Tank Heels are subject to the normal service fees and TVM charges that are more fully described in Clause 19. In
accordance with Clause 5(j)(i)(1) and Appendix 11, the Parties shall mutually agree upon the monthly charge per Barrel (the “TH Per Barrel Storage Charge”) to be used in calculating the TH Storage Fee through December 31, 2011 (as
such date may be extended pursuant to this Clause 5(j)(iii)(1) the “TH Conclusion Date”). Seller will [REDACTED] 
 (2) Seller shall periodically determine the amount of exposure, if any, it has to Buyer based on Buyer’s Tank Heels purchase obligations (the “TH Exposure”) and Seller [REDACTED]
“TH Exposure” shall be equal to [REDACTED] 

  
 -24-

 (3) For purposes of clarification, the Parties agree that all payments
calculations with respect to Tank Heels payment obligations due at or in connection with the TH Conclusion Date or the Termination Date, shall be determined [REDACTED] 

(iv) Feedstock Virtual Tank Heel. As described in Clause 5(i)(i), all Feedstock Virtual Tank Heel shall be treated
as Tank Heels for purposes of this Clause 5(j), including with respect to the calculations of the TH Starting Volume, TH Storage Fee and TH Exposure (and the resulting effect on Credit Usage under Clause 19). 

(v) Line Fill. For the purposes of this Clause 5(j) only, all Line Fill (as defined in Appendix 11) shall be
treated as “Tank Heels,” and Buyer shall at the TH Conclusion Date purchase the same amount of Line Fill from Seller as Seller purchased from Buyer at the Effective Date. 

(k) Payment Offset. In a few situations Seller may have a payment obligation to Buyer under this Agreement such as in connection
with Seller purchasing Feedstock or Oil from Buyer. In all such situations if Buyer owes Seller other amounts under this Agreement which have not been paid, then Seller may offset the amounts Buyer owes to Seller under this Agreement against the
Seller’s payment obligations to Buyer. If Seller exercises such offset right, Seller shall promptly notify Buyer of such offset and the corresponding reduction in Buyer’s payment obligations to Seller. 

 

	6.	NOMINATIONS 

 The
following schedule outlines the process for Buyer and Seller to agree on nominations for Supply of Oil and Feedstock into the Refinery for any Month M. For sake of clarity, Buyer’s Tentative Requirements Schedule/Buyer’s Requirements
Schedule for Month M are the plans for Supply of Cargoes in Month M, whereas the Predicted Refinery Slate/Actual Refinery Slate for Month M (both as defined in Clause 9) are the plans for the number of Barrels of any Grade to be
Delivered in that Month. These two plans will be separate and different from one another. The nominations for each Party shall progress in the following chronological order: 
 (a) Buyer shall nominate to Seller no later than the [REDACTED] Buyer’s Tentative Requirements Schedule. Each nomination shall be of [REDACTED] which is the [REDACTED] that Buyer envisages acceptable
fulfillment of the Requirement to meet Buyer’s planned Refinery run schedule. Each nomination shall define the Type for that Requirement. No later than the [REDACTED], Seller shall nominate to Buyer the provisional [REDACTED] for all
Requirements in M. Buyer’s Tentative Requirements Schedule for Month M will at this point become “Buyer’s Requirements Schedule”. Changes of either dates or Types within this Buyer’s Requirements Schedule shall
only be by agreement between the Parties. 

  
 -25-

 (b) At any time when a Requirement is either first covered by a specific Cargo or optimized
from one Cargo to another Cargo, Buyer’s Requirements Schedule will be updated by replacing a Requirement (or optimized out Cargo) with the appropriate Cargo purchased. 
 (c) Buyer shall nominate to Seller no later than the [REDACTED] (i) the Deemed Volume for Month M, and (ii) the Predicted Refinery Slate for M. 

(d) For any Requirement nominated for Supply in M, then promptly after Seller has covered such Requirement with a Cargo Seller shall
nominate to Buyer a [REDACTED]. 
 (e) For any Cargo nominated for Supply in M, Seller shall narrow the [REDACTED] to the
beginning of such [REDACTED]. 
 (f) Promptly following the end of Month M, Buyer shall communicate the Actual Refinery
Slate for M based on the Delivered Oil and Feedstock in M. (See Clause 9). 
  

	7.	TITLE; CONTROL; RISK OF LOSS 

 (a) Until title is transferred in accordance with subclause (c) below, Seller shall continuously have and retain title at all times to all Oil and Feedstock Seller acquires for purposes of satisfying
its Delivery obligations under this Agreement (including, without limitation, title to Oil or Feedstock that is on the water, in transport, or in the Storage Facilities). Buyer shall not take any action that adversely affects or encumbers in any way
Seller’s title to or rights in such Oil and Feedstock. 
 (b) To further clarify Seller’s continuous title and
ownership of Oil and Feedstock, as described above, including the Oil and Feedstock in the Storage Facilities, Buyer will facilitate the execution of Intercreditor Agreement(s) with any lenders, credit buyers, secured parties, debt buyers, or any
other Person which seeks to obtain or maintain (i) a material security interest in the Refinery or in any related assets, operations or contracts or (iii) any security interest, lien or other rights in the Oil or Feedstock. Buyer hereby
authorizes Seller to make any and all filings under the UCC that are appropriate to clarify Seller’s ownership and other rights with respect to such Oil and Feedstock. Buyer agrees to immediately notify Seller pursuant to the notice provision
herein in the event that a Lien is placed upon the Refinery by any creditor of Buyer at any time during the term of this Agreement other than as described in the Intercreditor Agreement(s). 

(c) Title to the Oil, Feedstock or Crude Slops shall pass upon the following actions being completed: 

(i) From Seller to Buyer when Oil other than Feedstock is transferred through the Storage Facility outlet flange.

 (ii) From Buyer to Seller when Crude Slops are transferred through the Storage Facility inlet flange.

 (iii) From Buyer to Seller when Feedstock is transferred through the Feedstock Tank inlet flange. 

  
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 (iv) From Seller to Buyer when Feedstock is transferred through the
Feedstock Tank outlet flange. 
 (d) Delivery of Oil and Feedstock to Buyer shall be considered to be taken at the same point
where title passes. 
 (e) During Normal Refinery Operation, subject to Seller’s right to suspend deliveries (i) under
Clause 19 or (ii) pursuant to a Termination of Deliveries Notice, Buyer may take deliveries of Oil and Feedstock from the Storage Facilities solely for refining within the Refinery without prior consent of Seller. 

(f) Control of Oil and Feedstock 
 (i) Except with respect to the daily deliveries of Oil and Feedstock contemplated by Clause 7(e) or as provided in Clause 3 of Appendix 5, Buyer shall not cause or permit Seller’s Oil and Feedstock
to be withdrawn from the Storage Facilities without prior written consent of Seller. In the event that at any time Seller provides a notice to Buyer substantially in the form of Appendix 12 (a “Termination of Deliveries
Notice”), Buyer shall immediately cease taking any further deliveries of Oil and Feedstock from the Storage Facilities until Seller notifies Buyer in writing that such Termination of Deliveries Notice has been canceled. Appendix 6 allows
some flexibility for moving Oil and Feedstock in the case of an emergency. 
 (ii) Subject to the forgoing, Buyer
shall for all purposes hereunder be deemed to have custody of the (1) Oil (other than Crude Slops) at such time as the Oil passes the flange connection between a delivery Vessel’s permanent supply manifold and the receiving pipeline or
hose at the Supply Port, (2) Feedstock (other than Indigenous Feedstock) at such time as the Feedstock passes the flange connection between a delivery Vessel’s permanent supply manifold and the receiving pipeline or hose at the Supply Port
and (3) the Indigenous Feedstock and Crude Slops at all times. 
 (g) Risk of loss of the Oil (other than Crude Slops) and
Feedstock (other than Indigenous Feedstock) shall pass from Seller to Buyer when the Oil or Feedstock passes the flange connection between a delivery Vessel’s permanent supply manifold and the receiving pipeline or hose at the Supply Port, and
Buyer shall have at all times risk of loss for any Indigenous Feedstock and Crude Slops; provided, that to the extent Seller receives any insurance proceeds under the insurance policies covering the Oil or Feedstock described in Clause 21(c),
Seller shall net from any amounts Buyer shall be responsible to indemnify Seller or any other Indemnified Party hereunder with respect to Oil or Feedstock where Buyer bears the risk of loss pursuant to this Clause 7(g), the amount of insurance
proceeds actually received with respect to such Oil, Feedstock or Crude Slops. 
  

	8.	STORAGE FACILITIES 

 (a)
Seller will, as of the Effective Date and during the term of this Agreement, have (i) the sole and exclusive right to store Oil and Feedstock in the Storage Facilities pursuant to the terms and conditions of this Agreement and Appendix 5
attached hereto, (ii) the right to access the Storage Facilities to add or remove Oil and Feedstock, and (iii) the right to label the Storage 

  
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Facilities, subject to Buyer’s reasonable approval, in such a manner as to put third parties on notice of Seller’s rights in such tanks and the Oil and Feedstock stored therein. If at
anytime Seller elects to remove its Oil and/or Feedstock, Buyer shall provide access to all of the Refinery’s necessary equipment and all assistance reasonably required to complete such removal. 

(b) Additional Tanks. If Buyer or Seller determines that additional off-site storage space is needed for use in connection with
the operation of the Refinery, Buyer may locate and propose to Seller proposed storage space to be used for additional Oil and/or Feedstock storage (a “Proposed Storage Site”), together with proposed terms for acquiring such
Proposed Storage Site. If such Proposed Storage Site is acceptable to Seller, including, with respect to (i) Seller’s HSE standards, (ii) other site conditions, and (iii) commercial terms, then Seller may acquire such Proposed
Storage Site (by lease or otherwise) for Buyer’s use on such terms as are mutually acceptable to the Parties. Seller shall complete its review in a timely manner based on then-existing circumstances. Buyer shall be responsible for all costs and
expenses incurred by Seller with respect to the use of such Proposed Storage Site, including lease payments or the equivalent, and expenses and Seller’s costs incurred in negotiating the acquisition of such Proposed Storage Site for
Buyer’s use, all on a pass-through basis and with prior approval of Buyer. Any Proposed Storage Site acquired by Seller pursuant to the terms of this Clause 8(b) shall become a “Statoil Storage Facility”. It is Buyer’s sole
responsibility to provide adequate storage space for the storage of Oil and Feedstock purchased at the mandate of Buyer hereunder, and Seller shall not be responsible for providing additional storage space or for performing any inventory management
services, except as provided in this Clause 8(b) and Clause 9(e). 
 (c) Restricted Use of Tanks. If at any time during
the term of this Agreement Seller’s use of any storage tanks comprising the Storage Facilities is materially restrained or enjoined by judicial process, terminated by municipal or other Governmental Authority or by right of eminent domain,
Buyer and Seller shall cooperate to dispose of any Oil or Feedstock related to such storage tanks. To the extent Buyer is not able to timely use such Oil or Feedstock, Seller shall use commercially reasonable efforts to sell such Oil or Feedstock to
third parties, and the terms of Clause 9(e) shall apply to such resold Oil or Feedstock. 
  

	9.	PRICE AND PRICING

 (a)
Pricing Information. To be able to calculate the price per Barrel of Oil and Feedstock delivered in a Month (defined in Clause 9(b) hereof as the Blended Price), the Parties will provide and keep records of the following information:

 (i) Predicted Refinery Slate Information. At or before the last Business Day of the Month prior to the
delivery Month, Buyer shall provide Seller the “Predicted Refinery Slate”, which shall be Buyer’s estimation of the volumes and Grades of the Cargoes of Oil and Feedstock that are planned to be Delivered to the Refinery in such
Month, the total volume of Oil and Feedstock to be delivered being the Deemed Volume. Seller will update or amend as necessary the Predicted Refinery Slate in accordance with the procedures in Clause 9(b)(iv). 

(ii) Actual Refinery Slate. As soon as reasonably practicable and in any case by no later than
the 3rd Business Day of the Month following the delivery
Month, 

  
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Buyer shall provide Seller with the “Actual Refinery Slate” stating the volumes of each Cargo Delivered to the Refinery in such Month. The volumes of each Cargo Delivered to the
Refinery will be known as the “Cargo Bank Withdrawal”, and determination of which Cargo within a Grade has been Delivered will be determined following a FIFO principle based on Supply dates of Cargoes of that Grade. Because volumes
that are deemed to be Delivered cannot with precise accuracy reflect the Oil and Feedstock actually Delivered, the Parties acknowledge that actual Delivered volumes may not exactly match the final Deemed Volume, which is equal to the Priced
Volume. Any difference between the actual Delivered volumes and the Priced Volume shall be monitored through the monthly reconciliation of inventories described in Clause 11. 

(iii) Cargo Bank. Each Cargo supplied to the Refinery shall have an associated “Cargo Bank” with a
reference number that matches the Cargo Number. The Cargo Bank shall be in the form of Appendix 14 and shall contain the following information: 
 (1) The Grade of Oil or Feedstock; 
 (2) The volume of Oil or
Feedstock outturn to the Refinery (or the most accurately available alternative until the outturn becomes available, and updated accordingly) when the Cargo was Supplied; 

(3) The Cargo Bank Differential; 
 (4) The contract month of NYMEX WTI futures used as the basis for calculating the Cargo Basis Differential, the “Cargo Bank Hedge-Month”; 

(5) The monthly deemed Cargo Bank Withdrawals pertinent to that Cargo; and 

(6) The closing balance on the Cargo Bank (equal to (2)) minus the sum of all (5) above). 

(iv) Applicable Pricing Information. For purposes of calculation of the Blended Price per Barrel of Oil and Feedstock in a
Month, the Parties shall use the same elements or component information that are used for determining the Cargo Final Prices and any corrections or modifications that are required to account for difference between the estimates used in setting the
Cargo Final Prices and the exact amounts that such estimates were seeking to approximate will be addressed pursuant to Clause 12 Petty Cash Banks. 
 (b) The Price Calculation for Each Delivery Month. Following delivery of the Actual Refinery Slate by Buyer, Seller shall calculate the price per Barrel for Oil and Feedstock Delivered under this
Agreement in such Month (the “Blended Price”), which shall be equal to the sum of the Monthly Quality and Basis Differential plus the Pricing Element. To determine the Blended Price the following definitions and underlying
calculations need to be applied. 

  
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 (i) Determination of the Monthly Quality and Basis Differential.
The “Monthly Quality and Basis Differential” for any Month of Delivery shall be determined, promptly following such Month of Delivery, as the sum of the results from multiplying (1) and (2) below for each Cargo Bank Withdrawal
in such Month: 
 (1) the Cargo Bank Withdrawals (that make up the Actual Refinery Slate for that Month) taken
from each applicable Cargo Bank, and, 
 (2) the Cargo Bank Differential of that Cargo Bank, divided by (the sum
of the Cargo Bank Withdrawals for that Month). 
 (ii) The “Cargo Bank Differential” is equal to
the sum of the Final Quality Differential plus the Cargo Basis Differential. 
 (1) Final Quality
Differential. For any Cargo Supplied, the “Final Quality Differential” shall constitute all elements agreed between the Parties applicable directly to the Supply of that Cargo (excluding any adjustments that are included in the
Petty Cash Bank) that were identified as Final Quality Differential elements in the mandate or in other communications between Seller and Buyer. This Final Quality Differential shall be measured in dollars per Barrel and shall be as detailed in the
Cargo Table applicable to that Cargo. The Cargo Table, in the form of Appendix 15, shall be maintained by Seller and contain a written record of all commercial agreements made between the Parties with respect to that Cargo, including Petty Cash Bank
adjustments. 
 (2) Cargo Basis Differential. If the pricing basis for a Cargo negotiated between Seller
and a third party supplier is based on [REDACTED] index pricing for the Cargo Bank Hedge-Month, then the Cargo Basis Differential for such Cargo shall be $[REDACTED]. If the pricing basis negotiated by Seller with the third party supplier is not
based on [REDACTED] index pricing for the Cargo Bank Hedge-Month (such as a transaction based on “Dated Brent” pricing), then the Cargo Basis Differential will be [REDACTED]. As a part of the hedge based pricing process described in this
Clause 9(b)(ii), the Parties agree that, no later than the Business Day prior to the first day of pricing being set between the parties by Buyer nominating that Buyer is being delivered such Cargo, the third party pricing basis shall be converted to
an appropriate [REDACTED] futures contract basis, with an appropriate corresponding hedging month to be used in such pricing (the “Hedge-Month”). Should Buyer fail to follow the procedure below to designate the Hedge-Month and or
set the [REDACTED] based index pricing for the Cargo Bank Hedge-Month within the allowed time 

  
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period, Seller, in its sole discretion, can hedge the Cargo in the best way Seller sees fit and using the hedging futures contracts it deems most appropriate, and the actual difference between
such hedging contracts and the third party pricing basis shall be used as the Cargo Basis Differential. For any Cargo that has been acquired to cover a Requirement, Buyer shall have the option at all times (subject to the limitations detailed later
in this Clause 9) to contact Seller and request a fair market price assessment for the difference between: 
 (A) the value of
the pricing basis that make a part of the commercial terms negotiated in the acquisition of a Cargo, and 
 (B) the value of the
[REDACTED] futures contract and associated Hedge-Month which will be used as the new pricing basis for such Cargo. 
 The chosen
Hedge-Month associated with such futures contract should be either the [REDACTED] applicable when the Cargo is due to price. The choice of which contract month will be the Hedge-Month shall be Buyer’s election. The Cargo Number and Hedge-Month
shall be advised by Buyer to Seller by telephone when Buyer requests the fair market price assessment. Promptly upon receipt of Buyer’s request (and time shall be of the essence in this respect), Seller shall seek a fair market assessment and
contact Buyer by telephone to advise Buyer of that assessment. Promptly upon receipt of market prices (and time shall be of the essence in this respect), Buyer shall accept or reject any or all of these market prices. If Buyer accepts Seller’s
assessment, Buyer shall agree with Seller by telephone: 
 (C) The Cargo Basis Differential, which shall be equal to the fair
market price assessment, and 
 (D) The Hedge-Month elected by Buyer. 

Finally, the Cargo Basis Differential and the applicable Hedge-Month shall be recorded by Seller in the Cargo Table. 

The Parties may mutually agree to an alternative to an appropriate [REDACTED] futures contract basis for hedging under this Agreement
(e.g., [REDACTED]), and in such case the Parties shall amend this Agreement as appropriate to facilitate such hedging. 
 (iii) Hedge-Month Pool. The sum of the volumes of the Cargo Bank Withdrawals (in the appropriate Delivery Month) with a particular Cargo Bank Hedge-Month will make up the volume of the
“Hedge-Month Pool” for that Month. There will be one or more Hedge-Month Pools for any Delivery Month, the total volume of which will be the volume priced for that Month. No later than the last Business Day prior to the first day of
the Delivery Month, the Parties shall agree to the following details, in the form of Appendix 14, with respect to the Hedge-Month Pools for such upcoming Delivery Month: 

(1) The [REDACTED] futures contract month for each Hedge-Month Pool; 

  
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 (2) The volume in each Hedge-Month Pool; 

(3) The total number of futures contracts held by Seller in each Hedge-Month Pool; and 

(4) Which Cargoes make up each Hedge-Month Pool. 
 Any changes during the Delivery Month to the Hedge-Month Pools shall be made in accordance with procedures in Clauses 9(c)(i)(3) and 9(c)(ii)(4). 

(iv) Restriction on Differences between Actual Refinery Slate and Predicted Refinery Slate. Any differences
between the volumes of the components making up the Actual Refinery Slate and the prevailing Predicted Refinery Slate, as advised when Buyer communicates the Actual Refinery Slate after the end of the Delivery Month, must meet the following
criteria: 
 (1) The volume of the Predicted Refinery Slate must equal that of the Actual Refinery Slate, and

 (2) The total volume of each Hedge-Month Pool for that Month must be unaffected by any differences.

 (c) Pricing Element. 
 (i) Pricing Volume. 
 (1) The total volume of Oil and
Feedstock estimated for delivery in the Predicted Refinery Slate divided by the total number of Pricing Days in that Month will form the “Daily Default Pricing Volume”. 

(2) For information purposes, on every Business Day, Buyer shall advise Seller of the volume of Oil and Feedstock that has
been Delivered to it since the previous Business Day’s delivered volume notice to the nearest 5,000 Barrels. Because volumes will be reported before full and final information on the Oil and Feedstock Delivered is available, the Parties
acknowledge that actual Delivered volumes may not exactly match the volume notices. 
 (3) At any time during the
Delivery Month, Buyer has the option to [REDACTED]. 

  
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 (ii) Pricing Based on Futures Indexes 

(1) Buyer’s Pricing Instructions to Seller. On the Business Day prior to any day of pricing, Buyer shall
advise Seller of the volume of Oil and Feedstock that Buyer is to price on that day and the Hedge-Month to be used for the pricing of that volume. Should Buyer fail to advise Seller of this information, the Parties understand that the Daily Default
Pricing Volume for the current Month of Delivery and the prevailing front Month [REDACTED] contract shall be used for pricing. 
 (2) Buyer’s Obligations for Pricing. It is Buyer’s obligation through its pricing instructions to Seller, as detailed in (1) above, to ensure that, by the NYMEX closing time on the
Business Day prior to the expiry day of any [REDACTED] futures contract (as set by [REDACTED]), that the Hedge-Month Pool for that futures contract shall have a zero balance. Any futures position outstanding after that deadline will be deemed to
have been closed at the settlement price for that futures contract on that day, and a corresponding equal volume new position will have been deemed to have been opened for the next month’s [REDACTED] futures contract at the settlement price for
that contract on that day. 
 (3) Seller’s Obligations for Accurate and Timely Notices. Pricing is
determined based on timely and accurate notices provided by Buyer to Seller and reference to appropriate indexes. Regardless of whether Seller acquires or fails to acquire the specified futures and other contracts, the pricing between Buyer and
Seller shall be valid and binding in accordance with Buyer’s timely hedge related pricing instructions. The price that is to be used on any futures transaction shall be the appropriate [REDACTED] settlement price for the Business Day of the
transaction. Any transaction shall duly be reflected in the futures account for that Hedge-Month Pool. 
 (4)
Hedging Activity Due to Refinery Operational Upsets. Buyer shall have the option to request that Seller adjust the number of futures contracts held in any Hedge-Month Pool by contacting Seller and requesting that Seller perform a futures
transaction outside the normal hedging and pricing activity as described above. This request shall be at Buyer’s discretion for reasons including, but not limited to, unplanned changes in running plan or unscheduled shutdowns caused by Refinery
upsets. Seller shall perform such transactions according to the principles above and shall not unreasonably refuse such requests. However, Seller shall only be required to act within the following limitations: 

(A) All transactions shall be at achievable market prices, either settlement prices with due notice, or if Buyer requests, transactions
concluded during the trading day whereby Buyer accepts Seller’s achieved transaction prices. 

  
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 (B) The total number of futures in any purchase transaction must equal the total number of
futures in a corresponding sales transaction, and vice versa: Buyer does not have the option to request Seller to take a net longer or net shorter futures position. 
 Should any Hedge-Month Pool be changed by Buyer requesting and Seller accepting a non-standard hedging activity, the Parties shall agree to a corresponding adjustment to the Cargo Basis Differential (and
thereby the Cargo Bank Differential) and the Hedge-Month for any Cargo or part of Cargo that is affected by such change, in order that the Hedge-Month Pools and Cargo Banks remain in balance and the other principles of this Agreement are maintained.

 (iii) Calculation of the Pricing Element. For any Delivery Month, the Pricing Element shall be equal to
[REDACTED] 
 (1) [REDACTED] 

(2) [REDACTED] 
 The pricing element shall be calculated to 4 decimal places. 
 (d) Fair market
assessment. The fair market assessment variously referenced in this Clause 9 shall be a concept subject to certain principles, which will be adhered to by Seller. Seller shall make commercially reasonable efforts to provide Buyer with a fair and
representative indication of the current market value of the components of risk that Buyer is seeking valuation for. These values can be obtained from a reliable third-party marketer approved by both Parties (for example an investment bank), from
crude oil futures exchange brokers or from Seller’s own assessment. Furthermore Buyer understands that there is execution risk and that Seller shall reasonably provide valuations as close to market prices that it deems are executable in the
marketplace. These valuations will be volume and timing dependent due to potential liquidity limitations. 
 (e) Resold Oil
and Feedstock. For operational reasons Buyer may request that Seller resell a volume of Oil or Feedstock which has not yet been Delivered, but which has been Supplied or has been purchased by Seller to fulfill a Requirement of Seller and
designated by the Parties as a volume of Oil or Feedstock to be Supplied in accordance with Clause 5. Provided the resale of such of Oil or Feedstock is not for optimization purposes (which will be transacted pursuant to the RGPO Optimization /
Other Optimization methodology described in Clause 5(g)) the following provisions shall apply: 
 (i) Buyer will
communicate to Seller a request to resell Oil or Feedstock, indicating the quality, volume, and location of Oil or Feedstock to be resold. Seller will review the request and advise Buyer if such a resale of Oil or Feedstock is possible. If in
Seller’s opinion a requested resale is not possible, then Buyer and Seller shall discus alternative options. 

  
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 (ii) If in the opinion of Seller the resale of Oil or Feedstock is possible
Seller shall use commercially reasonable efforts to achieve the best commercial terms for the resale of that Oil or Feedstock to either a third party or to Seller or an Affiliate of Seller. In such cases where Seller or an Affiliate of Seller is to
be the purchaser of the resold Oil or Feedstock then the commercial terms governing such sale will be negotiated between the Parties. 
 (iii) If a resale of Oil or Feedstock is successfully negotiated the volume of Oil or Feedstock sold will be deemed to have been Delivered to Buyer and priced to Buyer pursuant to Clause 9. The payment by
Buyer for such Cargo will follow the terms included in Clause 10 including TVM charges as applicable. Seller will make any adjustments required to the Hedge Month Pools and Cargo Banks and notify Buyer of such changes. 

(iv) Seller will advise Buyer of the price and commercial terms achieved for the resold Oil or Feedstock, and Buyer will
invoice Seller on the basis of these terms, less a US$[REDACTED] per Barrel service fee. For the avoidance of doubt (1) the payment to Buyer for Oil or Feedstock resold to a third party purchaser will be due promptly following Seller’s receipt
of payment from such third party purchaser, and Seller shall not be a guarantor or surety with respect to such third party payment obligation, and (2) the payment to Buyer for Oil or Feedstock resold to Seller will be made in accordance with the
payment terms mutually agreed between Seller and Buyer. 
  

	10.	PAYMENT AND THE EPQ PROCESS 

 (a) Subject to Clause 10(d), payment for Oil and Feedstock Delivered under this Agreement shall be made in full, without discount, deduction, withholding, set-off or counterclaim upon presentation of
Seller’s commercial invoice, on or before the payment due date pursuant to the provisions of this Clause 10. 
 (b) Payment
shall be made in US Dollars by wire transfer of immediately available funds (same day funds) into Seller’s designated bank account as per this Clause 10, after receipt of Seller’s invoice and supporting documentation, delivered in
accordance with Clause 29. 
 (c) Invoicing and payment shall be based upon the following schedule: 

(i) Seller shall initiate the EPQ Process on the second to last Business Day of each calendar week (or on a reduced
frequency as mutually agreed between the Parties, but in any case no less frequent than once every calendar month) and on the final Business Day of each Month. Seller can also, at its option, initiate the EPQ process by communicating to Buyer by
12:00 noon on any Business Day (“Day 1”) the requirement for Buyer to complete the EPQ Form; however, Seller agrees that it will only exercise such optional or non-routine EPQ process for the purposes of keeping Buyer within
Buyer’s available credit limits. 
 (ii) Following initiation of the EPQ process, Buyer shall conduct an
electronic (computer readout sufficient) inventory of the Storage Facilities using the regular volumetric monitoring system installed at the Refinery at 5:00 p.m. on Day 1. Buyer shall transmit the EPQ, in a format set forth in Appendix 1,
to Seller so as to arrive at Seller’s normal place of business, no later than 8:00 a.m. on the following day (“Day 2”). The EPQ shall include any necessary adjustment for over- or under-billed volumes from a previous
period, as described in Clause 11. The EPQ Form shall establish the approximate quantity Delivered between the previous EPQ Form and such EPQ Form. 
 (iii) Prior to 5:00 p.m. on Day 1, Buyer and Seller shall agree on a “Provisional Price” for the EPQ. In the event that the Parties do not agree to a

  
 -35-

 
Provisional Price by 5:00 p.m. on Day 1, Seller reserves the sole right to calculate the Provisional Price for the purposes of preparing a provisional invoice (“Provisional
Invoice”). 
 (iv) Seller shall process the information detailed in the EPQ Form and, taking into
account (1) any payments received from any Off-Taker pursuant to a PDA, (2) any other payments made by Buyer or on Buyer’s behalf in respect of Buyer’s obligations under this Agreement, and (3) Buyer’s current and
forecasted available capacity under the PBF Line of Credit, shall transmit a Provisional Invoice to Buyer’s normal place of business by no later than 10:00 a.m. on Day 2. 

(v) Buyer shall remit funds as per Clause 10(b) no later than 12:00 noon on Day 2; provided, that if the EPQ Form has
been prepared with respect to the last Business Day of a Month, then the payment made by Buyer shall be equal to the amount required to reduce the outstanding amount of the PBF Line of Credit to 0. If Buyer fails to remit funds by such time and such
failure is caused solely by an error or omission of an administrative or operational nature of Seller, Buyer shall remit a reasonably estimated amount of the funds due, and the Parties shall continue to proceed through the payment process in a
diligent manner to determine the correct amount of funds to be paid by Buyer on Day 2, after which Buyer shall remit to Seller additional funds for any underpayment by Buyer or Seller shall return to Buyer the amount of any overpayment by Buyer.

 (d) All payments made by Off-Takers for Seller’s account pursuant to a PDA referencing this Agreement shall be applied
to the obligations of Buyer to Seller under this Agreement. Notwithstanding the foregoing, Buyer is fully responsible for all payment obligations to Seller hereunder regardless of whether any Off-Taker fails to timely and fully make payments
directly to Buyer pursuant to the terms of a PDA, and Buyer takes all risk for non-payment, underpayment or non-timely payment by the Off-Takers. Buyer represents and warrants to Seller that all receivables for Refined Products will be included in
the PDA, and the only PDA that will be effective at the Effective Date will be the PDA between MSCG, Buyer and Seller. 
 (e) If
at the beginning of a Business Day it appears that the net amount of cash received by Seller from Off-Takers pursuant to PDAs, after application of such cash to any payment obligations of Buyer then outstanding, exceeds Estimated Credit Usage for
the following Business Day (such amount, the “Direct Payment Excess”), then Seller shall within 2 Business Days transfer to Buyer the Direct Payment Excess in US Dollars by wire transfer of immediately available funds into
Buyer’s designated bank account; provided, that Seller shall be permitted to apply the Direct Payment Excess to any Buyer Credit Usage on the date such repayment to Buyer would be due. 

 

	11.	RECONCILIATION OF MONTH END VOLUMES AND ADJUSTMENT 

 (a) At the end of each Month, M (as selected in accordance with Clause 11(a)(ii), “MonthEnd”), Buyer and Seller shall expeditiously reconcile the volumes of Oil and Feedstock

  
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priced, Supplied and Delivered during the Month, and calculate an economic adjustment (“Adjustment”) to the payments made in Month M, as follows: 

(i) Delivered Volume. An assessment of the approximate volume of Oil and Feedstock in Inventory in the Storage
Facilities based on the best available data at MonthEnd of Month M shall be transmitted by Buyer (each, an “Inventory Assessment”) to Seller in the format shown in Appendix 17. Such Inventory Assessment shall be the “Closing
Inventory” for Month M and the “Opening Inventory” for Month M+1. The “Delivered Volume” for Month M is equal to the Opening Inventory in Month M plus the Supplied Volume in Month M minus
Closing Inventory in Month M. 
 (1) The Inventory Assessment shall be prepared on a NSV basis in accordance with
then-current API/ASTM standards and guidelines, and subject to (A) Clause 5(j) regarding interim measurement or assessments of Tank Heels and related payments and adjustments and (B) Clause 5 of Appendix 5 relating to tanks being taken out
of service and a reduction for the related Tank Heels, the deduction for the T H Starting Volumes purchased by Seller pursuant to Clause 5(j) and Appendix 11 shall remain consistent for the duration of the Agreement. 

(2) The costs and expenses of the preparation of such Inventory Assessment, including any fees paid to the Independent
Inspector, if any, shall be the responsibility of Buyer. 
 (ii) MonthEnd date Selection. At a time
reasonably close to MonthEnd, Buyer and Seller shall assess the likelihood of Vessels actively transferring Oil and Feedstock in or out of the Storage Facilities at or close to MonthEnd and shall deem the part volume of any Vessel transferring Oil
or Feedstock as having occurred in M or M+1 so as to avoid having to determine the Inventory during such transfer of Oil and Feedstock. The “Supplied Volume” shall be the total NSV for all Vessels Supplying Oil and Feedstock during
the Month M between such deemed MonthEnds. 
 (b) Adjustment. The Parties shall independently calculate and then
reconcile the total amount paid by or on behalf of Buyer in M, including any amount that Seller has received from an Off-Taker pursuant to a PDA (collectively, the “Pre-Adjustment Payments”), to the amount that should have been paid
to Seller (“Calculated Payment Obligation”), for the Delivered Volume for M, acknowledging that the Calculated Payment Obligation may include quantities of Oil and Feedstock that were Delivered in Month M but were originally priced
using a Hedge-Month anticipating delivery in M-1, M or M+1 and that any Priced Volume, once established for any Month M, may form part of the reconciliation of M, M-1 or M+1. Specifically the Adjustment shall equal the sum of: 

(i) Any correction to any volume in M-1 priced provisionally 
 (ii) Any volume Delivered in M priced at M-1 price 
 (iii) Any volume Delivered in
M priced at M price 
 (iv) Any volume Delivered in M priced at M+1 price. 

  
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 Noting that the sum of the volumes used in subparts (ii), (iii), and (iv) above, shall equal the
Delivered Volume for M. 
 (c) If the Calculated Payment Obligation for M is greater than the Pre-Adjustment
Payments for M, then Buyer will pay Seller the amount of such underpayment. If the Pre-Adjustment Payments for M are greater than the Calculated Payment Obligation for Month M, then Seller will refund to Buyer the amount of such overpayment. The
amount of any such underpayment or overpayment shall be due and payable (together with interest at the Base Rate charged from the 15th day of Month M until the reconciliation payment is made) on the same date that payment is due with respect to the next
EPQ delivered by Seller in accordance with Clause 10 following completion of the above-described calculation of the Calculated Payment Obligation. 
 (d) Notwithstanding anything to the contrary in this Agreement, any amounts not paid when due under this Agreement shall bear interest from and including the date payment was originally to be made but
excluding the date payment is actually made at the Default Rate. Interest shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. Acceptance of late payments shall not constitute a waiver of rights to
interest and shall in no circumstance be considered as an agreement to provide extended credit. 
 (e) For the MonthEnds for the
months of March, June, September and December of each calendar year (and for additional MonthEnds if determined appropriate by Seller or Buyer), the assessment to determine the reconciliation pursuant to Clause 11(a) shall be performed by an
Independent Inspector in addition to Buyer and the Independent Inspector will take physical measurements of the volumes of Oil and Feedstock in the Storage Facilities. If the Independent Inspector’s physical measurements differ significantly
(in the Seller’s or Buyer’s opinion) from the Buyer provided measurement information, then the Buyer and Seller shall meet together and based on such meeting and the measurements and other related information Seller shall determine the
Calculated Payment Obligations and the corresponding adjustment for such Month. 
  

	12.	PETTY CASH BANKS 

 (a)
When each Requirement is filled by a Cargo, Buyer and Seller shall work together to agree on the following components of the Cargo Final Price for that Cargo. Not withstanding if the components remain an estimate or not, 10 days prior to the Month
of Delivery of that Cargo, Buyer and Seller agree to use the latest estimates, or the best information available to finalize all components of the Cargo Final Price including, without limitation: 

(i) Final Quality Differential at point of acquisition by Seller; 

(ii) estimated freight; 
 (iii) estimated Taxes including any charges pursuant to Clause 20; 
 (iv) estimated demurrage; 
 (v) estimated outturn loss; 

  
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 (vi) $[REDACTED] per Barrel service fee; and 

(vii) estimated Cargo insurance. 
 (b) The Parties acknowledge that this Cargo Final Price is final only in the sense that it will be used for invoicing purposes between the Parties and does not fully reflect the value of the Oil or
Feedstock upon Delivery. The difference in the actual value of the Oil or Feedstock and the value contained in the Cargo Final Price will be taken into account by the Petty Cash Bank. 

(c) The Petty Cash Bank shall contain the continuous detailed outstanding account for elements of the price of Oil and Feedstock not
contained in the Cargo Final Price, including, but not limited to: 
 (i) Freight outside of the Cargo Final
Price; 
 (ii) Taxes outside of the Cargo Final Price; 

(iii) Demurrage outside of the Cargo Final Price; 

(iv) Outturn loss outside of the Cargo Final Price; 

(v) Supplier and vendor costs. 
 (d) The construction of the “Petty Cash Bank” shall follow the format set out in Appendix 18. 

(e) On the 30th day of each month (other than February, which shall fall on February 28) (or if such day is not a Business Day,
on the next Business Day thereafter) the balance of the Petty Cash Bank shall be paid down to $0 by the owing Party. 
  

	13.	VESSEL, BERTH AND SUPPLY PORT 

 (a) Vessel. 
 (i) Oil and Feedstock relating to this
Agreement shall be Supplied on Vessels acceptable to Buyer. Buyer shall accept such nominated Vessel, and such acceptance shall not be unreasonably withheld. Buyer shall, within one Business Day after having received Seller’s nomination of a
Vessel, notify Seller of: 
 (1) All instructions regarding customary Refinery documentation required at the
Supply Port. 
 (2) The intended Berth at the Supply Port, with instructions to enable the Vessel to prepare and
submit necessary information to the customs or border authorities in a timely manner so as to enable compliance with regulatory requirements as may be applicable. 

  
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 (3) Whether the Vessel is acceptable to Buyer. If the Vessel is not
acceptable to Buyer, Buyer shall notify Seller of the specific reason or reasons for such unacceptability so that Seller may take such reasonable corrective action to correct such unacceptability, if possible. 

(ii) Seller shall instruct all Vessels to comply with Buyer’s then-current rules and regulations and to comply with
all applicable Laws in force at the Supply Port, including the U.S. Federal Water Pollution Control Act, as amended, the U.S. Federal Oil Pollution Control Act of 1990 and regulations issued pursuant thereto. Buyer shall provide Seller with an
electronic copy of its rules and regulations and any amendments thereto. Seller shall ensure that all Vessels secure and carry on board the vessel a current U.S. Coast Guard Certificate of Financial Responsibility (Water Pollution). Vessels shall
also have onboard any other Federal and/or state proof of financial responsibility certificate that may be required at the Refinery, as communicated by Buyer to Seller in a manner that reasonably allows the Vessel owner to obtain such certificate in
a timely manner. Seller shall exercise due diligence to ensure that any Vessel shall fully comply or hold waivers for non-compliance with all applicable US Customs and Border Protection regulations in effect as of the date of Berth. Seller shall
provide all required Customs information to the US Customs and Border Protection and Buyer prior to a Vessel’s arrival. 
 (iii) Seller shall arrange that each Vessel shall comply with the requirements of the International Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter XI of
SOLAS (“ISPS Code”) and the US Maritime Transportation Security Act of 2002 (“MTSA”). Each Vessel shall, when required, submit a Declaration of Security to the appropriate authorities prior to arrival at the Supply
Port. Notwithstanding any prior acceptance of any Vessel by Buyer, if at any time prior to the passing of risk such Vessel ceases to comply with the requirements of the ISPS Code and the MTSA, then: 

(1) Buyer shall have the right not to berth such nominated Vessel. 

(2) Seller shall be obliged to substitute such nominated Vessel with a Vessel complying with the requirements of the ISPS
Code and the MTSA 
 (iv) Seller may substitute a different Vessel of a similar size and characteristics provided
that Seller fulfills its obligations under this Clause 13. 
 (v) Notwithstanding any prior acceptance of any
Vessel by Buyer, Buyer has the right to reject a Vessel on reasonable grounds if it has been involved in any material incident subsequent to approval that could be construed to have a negative impact on its performance, or more recent information
regarding the Vessel becomes available to Seller at any time after such prior acceptance. 
 (vi) Seller shall
use reasonable efforts to ensure that all Vessels used by Seller shall provide for the replacement of the master, officers or crew of the Vessel 

  
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should (i) Seller have reason to complain of their performance and (ii) the owner of such Vessel, after due investigation, finds the complaint justified. 

(vii) Seller shall supply to Buyer copies of bills of lading or other shipping papers as reasonably requested by Buyer.

 (b) Berth and Supply Port. 
 (i) Buyer shall exercise due diligence to provide free of charge, a safe Berth or Berths at the Supply Port which Vessels can safely reach and leave and at which Vessels can lie and transfer cargo always
afloat and always within the limits of possible air draft(s) or other physical or material restrictions. 
 (ii)
Seller warrants to Buyer that all Seller-designated loading ports, facilities, or terminals for this Agreement are in compliance and will remain in compliance with the ISPS Code and similar Laws pertaining to the security of ports, facilities, or
terminals. Buyer warrants to Seller that all Buyer-designated unloading ports, facilities, or terminals for this Agreement are in compliance and will remain in compliance with the ISPS Code and similar Laws pertaining to the security of ports,
facilities, or terminals. 
 (iii) This Agreement is based on Buyer’s confirmation that any Vessel can
safely transit to, lie alongside and transfer cargo with a draught up to and including 36 feet mean high water with one foot under keel fresh water. In the event that the permissible draught is reduced to less than 36 feet mean high water with one
foot under keel fresh water, then any reasonable associated costs, including possible deadfreight, will be for Buyer’s account so long as Seller takes reasonable measures to mitigate its damages and follows the reasonable recommendations of
Buyer. Any reasonable costs associated with the Supply of the Oil and Feedstock into a port other than the Supply Port, or to a Berth other than at the Refinery at the Supply Port, shall, unless for a reason attributable to the Vessel or Seller, be
for the account of Buyer. 
 (iv) Any costs for normal cargo transfer not designated by Worldscale as freight, or
any additional costs that occur subsequent to this Agreement being initiated, shall be for the account of Buyer. 

(v) Any costs or expenses in respect of any Vessel including demurrage or any additional charge, fee or duty levied in
respect of such Vessel at the Supply Port and actually incurred by Seller resulting directly from the failure of the Supply Port to comply with the requirements of the ISPS Code and, if located within the US and US territories or waters, with the
MTSA, shall be for the account of Buyer, including but not limited to the time required or costs incurred by Seller in taking any action or any special or additional security measures required by the ISPS Code or MTSA; provided, however,
Buyer’s liability to Seller for any costs, losses or expenses incurred by Seller in respect of any Vessel, the charterers, or the Vessel owners (excluding consequential damages) resulting from the failure of the Supply Port to comply with the
requirements of the ISPS Code and, where located within the US and US territories 

  
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or waters, with the MTSA, shall be limited to the payment of demurrage and costs actually incurred by Seller in accordance with the provisions herein, except to the extent such failure was due to
Buyer’s willful breach of these provisions or applicable Law. 
 (vi) Except as otherwise expressly set
forth in this Agreement, Buyer will be responsible for the costs of any actions of third parties with respect to loading/lifting procedures that are outside of the direct control of Seller, including Vessels arriving at the Refinery late due to
mechanical difficulties, weather conditions, ship owner directive or otherwise, provided that Seller will use reasonable commercial efforts to minimize costs to Buyer relating to any such event or circumstance. 

(vii) Buyer shall have the right to shift the Vessel from one Berth to another within its Refinery, or to anchorage. Any
expenses incurred in such shifting or anchoring of a Vessel shall be for the account of Buyer. Any expenses incurred where the shifting of the Vessel within the Refinery is directed or mandated by any Person (including the US Coast Guard, US Customs
Service and Border Protection, the applicable port authority, or any other Governmental Authority having proper jurisdiction over either the Vessel or its crew) other than Buyer shall be for the Vessel’s Account and shall be applied pursuant to
the terms of the method of acquisition selected by the Parties in accordance with Clause 5. 
 (viii) The
cost of all pumping of Oil and Feedstock or cargo from the Vessel to the Storage Facilities shall be arranged by and be at the cost of the Vessel. All wharfage or dock fees incurred for delivery or receipt of cargo shall be borne by the Vessel,
including all duties and other charges on the Vessel, including those incurred by tugs and pilots, other port costs, such as harbor maintenance fees, and taxes on freight shall be for the Vessel’s account. Additionally, the Vessel shall pay any
marine charge incurred by Buyer, including but not limited to, booming of the Vessel during marine transfers of cargo when such booming is required by Law, and tie up and release of Vessels and oil spill fees. The allocation of such costs borne by
the Vessel shall be applied pursuant to the terms of the method of acquisition selected by the Parties in accordance with Clause 5. 
 (c) War Risk to Cargo & Vessel. Seller reserves the right to refuse at any time, without being considered in breach of this Agreement: 

(i) to direct any Vessel to undertake or to complete a voyage to the Supply Port if such Vessel is required in the
performance of such voyage: 
 (1) to transit, or to proceed to, or to remain in, waters so that the Vessel
concerned (x) would be involved in a breach of any institute warranties (if applicable) or (y) would, in Seller’s reasonable opinion, risk such Vessel’s safety; or 

(2) to transit, or to proceed to, or to remain in, waters where there is war or terrorist activity (de facto or de jure)
or threat thereof. 

  
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 (ii) prior to the commencement of loading a Cargo acquired for Buyer, to
direct any Vessel to undertake the voyage to the intended Supply Port if such Vessel is required in the performance of the terms of this Agreement to transit waters which, in Seller’s reasonable opinion, would involve abnormal delay; or

 (iii) to undertake any other activity in furtherance of a voyage to the Supply Port which in the opinion of
the Vessel’s master or owner could place the Vessel, its cargo or crew at risk. 
 However, at Buyer’s request, if Seller agrees to
direct a Vessel to undertake or to complete the voyage despite the conditions referred to in subclauses (i), (ii) or (iii) above, then Buyer shall reimburse Seller, in addition to the price payable under this Agreement, for costs incurred
by Seller in respect of any additional insurance (Cargo or Vessel) premium and any other sums that Seller may be required to pay to the Vessel’s owner including any sums in respect of any amounts deductible under such owner’s insurance and
any other costs and/or expenses incurred by Seller. 
 (d) The Parties shall additionally adhere to the Refinery Marine Terms
set forth in Appendix 19. Subject to Clause 40(d), Appendix 19 contains terms in addition to those in Clauses 13, 14, 15 and 16 related to marine activities at the Refinery’s dock. 

 

	14.	SHIPPING AND LIGHTERING 

(a) Seller will only provide Shipping Services to Buyer in relation to the Supply of Oil and Feedstock pursuant to this Agreement. All
shipping of Oil and Feedstock will be performed on Vessels which are acceptable to Seller in its reasonable discretion in consideration of Seller’s vetting policy in effect at the time. For Cargoes shipped using the Supply Point Method all
shipping considerations upstream of the Supply Port are for the account of Seller. For Cargoes shipped using the Execution Method all Shipping Services will be provided under the following provisions: 

(i) As part of the acquisition process when freight is fixed for a Cargo, at the appropriate time the Parties shall
discuss the freight market and opportunities prior to fixing a Vessel with respect to a Cargo. 
 (ii) Seller
shall at its sole discretion accept or reject charterparties for use in the Vessel fixtures. The terms of the performing Vessel charterparty will be the basis for the freight rate, and any claims, costs, charges, including demurrage, which will be
passed through to Buyer. 
 (iii) In the event that Seller wishes to use a Time Chartered Vessel or re-let a
Vessel it already has on charter then the Parties will agree on a rate for the Vessel based on the prevailing market rate using Baltic International Tanker Rate Assessment (“BITRA”) publications as a guide. Additionally, when a Time
Chartered Vessel is used for shipping a Cargo, a demurrage rate will be agreed between the Parties for the voyage. 

  
 -43-

 (iv) The Parties acknowledge that freight costs can be optimized and that
the benefits will be shared between the Parties pursuant to Clause 5(g)(ii). For example, for a Cargo shipped using the Execution Method: 
 (1) If a reasonable demurrage claim with respect to a Vessel used to ship a Cargo is successfully negotiated down by Seller to a lower dollar amount then the savings will be shared in an appropriately
equitable manner; or 
 (2) If Seller identifies a co-load opportunity, then the freight savings in comparison to
the original freight option will be assessed using the relevant BITRA Worldscale assessment for the Loading Terminal and will be shared in an appropriately equitable manner, or if there are any losses as a result of such a co-load, such losses will
be shared in an appropriately equitable manner. 
 (b) Buyer anticipates a transit and alongside draft restriction of 36 feet
mean high water with a one foot keel under clearance, fresh water at the Supply Port. In order to reach this safe draft, the Mother Vessel may have to lighter at a recognized and approved safe offshore location. Seller shall engage and maintain
contract(s) with a company or companies which engage in and are approved and recognized for Lightering operations. Lightering operations shall be conducted in compliance with all applicable Law, and in strict compliance with Seller’s HSE
policy. 
 (c) The cost of the Lightering operation shall be applied pursuant to the terms of the method of acquisition selected
by the Parties in accordance with Clause 5. 
 (i) Under the Execution Method of supply as set forth in
Clause 5, all costs related to the Lightering operation shall be consistent with the terms as outlined under the Execution Method Clause and shall be performed under Seller’s Lightering contract(s). 

(ii) Under the Supply Point Method of supply as set forth in Clause 5, Lightering costs shall be as agreed to at the
appropriate times between the parties. 
 (d) Should the draft restriction as noted above not be the same as the anticipated
draft described in subclause (b) above, thus requiring Seller to lighter a higher volume from the Mother Vessel to allow for safe transit and berthing, the cost of the additional Lightering shall be for Buyer’s account. The cost of the
Lightering may consist of a per Barrel transfer fee, fuel surcharge fee, Mother Vessel and service Vessel demurrage, any additional costs related to additional waiting time for a Mother Vessel, and/or additional inspection and analysis costs for
Vessels at discharge. 
 (e) Seller has entered into a Contract of Affreightment To Provide Lightering Services in Delaware Bay
dated January 1, 2011 (the “Initial TLA”) with OSG 243 LLC and OSG Delaware Bay Lightering LLC (collectively, “OSG”) which includes, among other things, a minimum volume requirement, and Buyer consents to the
terms of the Initial TLA. Buyer will be financially liable on a joint and several basis with PRC to Seller for any costs, fees or expenses incurred by Seller arising out of Seller failing to satisfy the Minimum Volume requirement as such term is
defined in Section 05 of the Initial TLA. In the event Seller fails to 

  
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satisfy such Minimum Volume requirement under the Initial TLA, Buyer shall pay to Seller the Short Fall, as such term is defined in Section 05 of the Initial TLA. Invoicing and payment to
Seller by Buyer must adhere to the following schedule: 
 (i) Upon Seller’s receipt of an invoice of a Short
Fall from OSG, Statoil shall send the invoice and supporting documentation, including payment instructions, to Buyer in accordance with Clause 29 of this Agreement. 

(ii) After receipt by Buyer of Seller’s invoice, full payment shall be made by wire transfer of immediately available
funds (same day funds) by Buyer into Seller’s designated bank account within 15 days of Buyer’s receipt of such invoice. 
 The liability and obligations of Buyer under this Clause 14(e) shall be continuing, unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged,
limited or otherwise affected by: (x) any modification, amendment to or termination of the Initial TLA; provided, however, Buyer’s obligations hereunder shall not be expanded as a result of any modification or amendment of the Initial TLA
except to the extent Buyer consents in writing to any such modification or amendment; (y) any modification, amendment to or termination of any other provisions of this Agreement; or (z) any change in the existence, structure, constitution,
name, control or ownership of a Party, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting a Party or its respective assets. 
 (f) From time to time throughout the term of this Agreement, Seller may enter into one or more additional term Lightering agreements (each, a “TLA”). Buyer shall by separate written
instrument in its reasonable discretion consent to the terms of each TLA, each such consent to provide that Buyer shall be financially responsible for any costs, fees or expenses incurred by Seller resulting from Seller not utilizing the minimum
volume requirement under any TLA. 
 (g) Any partial Lightering or Lightering to extinction, at sea or at a place outside a
designated port, shall be conducted in accordance with the latest Oil Companies International Marine Forum guidelines for ship-to-ship transfers and with port authority approval, if applicable. 

(h) Any Lightering Vessel utilized by either Seller or Buyer shall be subject to the approval of the other Party. 

 

	15.	DETERMINATION OF QUANTITY AND QUALITY 

 (a) The quality and quantity of product Supplied by Seller to Buyer shall be determined by an Independent Inspector. The Independent Inspector’s determinations as to quantity, quality and line
displacements shall be binding on both Parties and shall form the basis for invoicing, except for cases of manifest error or fraud. If a Cargo is Supplied using the Supply Point Method, the costs of any Independent Inspector engaged pursuant to the
terms of this Agreement shall be [REDACTED]. If a Cargo is Supplied using the Execution Method, then [REDACTED] pursuant to the terms of this Agreement. If the Parties are ever unable to agree on an Independent Inspector, Seller shall have the
right, in good faith, to designate an entity as the Independent Inspector, provided such entity has been approved by US Customs. Each Party shall provide or cause to be provided to the Independent Inspector all necessary rights of access.

  
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 (b) Seller reserves the right to have, at Seller’s cost, a representative to attend the
Supply and to witness all aspects of the measurement of the Oil or Feedstock outlined below, including, but not limited to, witnessing of shore tank gauging, meter setting and any analysis. Buyer shall arrange necessary clearance for Seller’s
representative to gain access to all areas necessary to conduct such witnessing. Such clearance shall not be unreasonably denied. 
 (c) The quantity determined will reflect full deduction for sediment and water, measured in accordance with the latest API/ASTM standards and methods in effect at the time of Supply, as determined from a
representative sample drawn by an automatic in-line sampler. In the event that an automatic in-line sampler is not available, malfunctions during the transfer, the Independent Inspector cannot verify the integrity of the sampler or the sampler
container before or after Supply, or the Independent Inspector determines that the samples drawn by such sampler are not representative of the product on board the Vessel on arrival at the Supply Port (including, but not limited to, making a
comparison with total of Vessel’s arrival composite sample analysis results and Vessel’s arrival freewater), then sediment and water deduction shall be determined from Vessel’s arrival volumetrically correct composite sample and
Vessel’s arrival free water. 
 (d) The measurement of the quantity of Oil or Feedstock shall be carried out at the Supply
Port in accordance with the latest API standards in effect at the time of Supply. The quantity of Oil or Feedstock shall be determined by proven meters in the immediate vicinity of the Berth, at the Supply Port. If meters are unavailable, not
proven, not functioning correctly, or determined by the Independent Inspector to be inaccurate or not to represent the volume Supplied by the Vessel or the line displacement as detailed below is not performed, then the outturn quantity shall be
based on static shore tank measurements at the Supply Port, with receiving shore tanks in conditions recommended in API for determining accurate measurement, and meeting the criteria specified below. If the shore tanks(s) are active, do not meet the
criteria below, or the Independent Inspector cannot verify the shore tank measurements prior to or after Supply, or the Independent Inspector determines that these shore tank measurements are inaccurate or are not representative of the volume
Supplied by the Vessel, or the receiving tanks are located at a location other than the Storage Facilities where the Vessel is berthed, or Seller’s representative is unable to witness any aspect of the measurement, then the Vessel’s
arrival figure, less any remaining on board quantities (“ROB”), adjusted by the Vessel’s load experience factor (“LVEF”) as calculated by the Independent Inspector, shall be used to determine the Supplied
quantity. 
 (e) In the event that the Supplied quantity is to be based on shore tank measurements, then all shore tanks taking
Supply shall be static and shall contain sufficient Oil or Feedstock, prior to Supply, to ensure that the floating roofs are afloat and clear of the “critical zone” by a minimum of 6 inches. 

(f) In the event that the Supplied quantity is to be based on shore tank measurements, or if meters are to be used, but are not located
in the immediate vicinity of the Berth, then, at the commencement of Supply, after opening shore tank gauges have been established, the Independent Inspector shall monitor the performance of a line displacement consisting of the Vessel pumping Oil
or Feedstock to the furthest shore tank taking Supply. The line displacement is to be carried out in accordance with API guidelines. The Independent Inspector’s conclusions regarding the results of the line displacement shall be binding on both
Parties, except for cases of 

  
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manifest error or fraud, and the final shore outturn volume shall, if the results of the line displacement are found to be outside the “precision of measurement” limits detailed in API,
be credited to the outturn, as necessary. In cases when the line is found to be slack, the entire difference between the volume that the shore tank receives and the volume that the vessel Supplies shall be credited to the final outturn volume.

 (g) The Refinery shall confirm the line displacement volumes before the Supply resumes. The Refinery personnel present at
Supply are required to have the necessary authority to agree to all measurements carried out in relation to the line displacement. Any delays incurred while in dispute after the first line displacement, including the carrying out of a second
displacement at Buyer’s option, and until Supply has resumed, are for Buyer’s account. 
  

	16.	LAYTIME AND DEMURRAGE 

Buyer has two methods of requesting Seller to provide a Cargo to meet Buyer’s Requirement, the Execution Method and the Supply Point
Method. 
 (a) As used herein, “demurrage” means the time in excess of the laytime allowed to Buyer calculated
as per this Clause 16 and/or the agreed damages payable by Buyer to Seller for the excess time for Time Chartered Vessels as will be agreed upon pursuant to Clause 14(a)(iii). 
 (b) For the Execution Method, Buyer’s liability for demurrage will be directly to the ship-owner through Seller. Seller shall negotiate in a commercially reasonable manner directly with the owner of
the Vessel on behalf of the Parties. The cost of demurrage shall be estimated as per Clause 12 and shall form a component of the Cargo Final Price. Any additional or rebated demurrage different from that estimate shall be accrued to the Petty
Cash Bank as described in Clause 12. The final agreed settlement of demurrage with the owner shall be used to determine any addition or deduction from the Petty Cash Bank; provided that if Seller negotiates the owner’s claim so that the
total liability is reduced, the amount apportioned to the Petty Cash Bank shall be [REDACTED]% of such liability reduction. 

(c) For the Supply Point Method, Buyer’s liability for demurrage will be directly to Seller through the following method:

 (i) Laytime allowed to Buyer for Seller to make Supply of the Cargo shall be [REDACTED] hours, unless the
Cargo is a Part Cargo. In the event the Cargo is a Part Cargo, the laytime shall be pro rata portion of the total laytime allowed for a full Cargo in accordance with this Clause 16. The laytime allowed under this Agreement shall include Sundays and
holidays and nighttime, unless working on Sundays, holidays or during night is prohibited by the Laws in force at the place of Supply. 
 (ii) Laytime shall not commence until a valid NOR is tendered by the master or owner of the Vessel to Buyer or the owner or operator of the Refinery or any of their representatives (as the case may be)
upon arrival at the customary anchorage or the place where the Vessel is ordered to wait for Supply, whichever is applicable. 

  
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 (iii) For Vessel tendering NOR in accordance with this Clause 16 within the
[REDACTED] as detailed in Clause 6, laytime shall commence at the earlier of (1) [REDACTED] or (2) when the Vessel is securely moored at the Berth. 

(iv) If Vessel tenders NOR outside [REDACTED], the commencement of laytime shall be either: 

(1) For a Vessel tendering NOR prior to the [REDACTED]; laytime shall commence at the earlier of (A) [REDACTED] or
(B) when the Vessel is securely moored at the Berth, or 
 (2) For a Vessel tendering NOR after [REDACTED],
and without prejudice to Buyer’s rights under this Agreement laytime shall commence when the Vessel is securely moored at the Berth, and Buyer shall make best efforts to berth the Vessel as soon as possible after arrival. 

(v) The following shall not count as laytime, or as demurrage if the Vessel is on demurrage: 

(1) [REDACTED] 
 (2) [REDACTED] 
 (3) [REDACTED] 

(4) [REDACTED] 
 (vi) Seller warrants that all Vessels shall be capable of Cargo transfer within [REDACTED] or can maintain an average backpressure of [REDACTED] at the Vessel’s manifold provided the Storage
Facilities permit. Time lost as a result of Vessel being unable to transfer the Cargo as warranted above shall be adjusted as per the ASDEM pumping performance calculation. 

(vii) In the event of a Force Majeure, any increase in the expense of laytime or demurrage, as applicable, shall be borne
equally by the Parties. 
 (viii) Laytime shall cease upon Completion of Supply. 

(ix) If the laytime is exceeded, Buyer shall, subject to the provisions of this Clause 16, pay demurrage to Seller in
respect of the excess time. In the event that there is any delay in the process of Supply at the Supply Port for any reason whatsoever, the rights of Seller against Buyer in respect of such delay, shall be limited to a claim for demurrage in
accordance with the provisions of this Clause 16. 
 (x) The demurrage to be paid shall be calculated at the
agreed demurrage rate per day pro rata for part of a day. If no demurrage rate is agreed to between the Parties, the demurrage rate shall be: 

  
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 (1) the “Average Freight Assessment Rate” of Worldscale
appropriate to the size of the Vessel and current on the date of Completion of Supply, or 
 (2) the market rate
for the appropriate/applicable size of Vessel on the date of Completion of Supply as shall be assessed by a mutually agreed independent and reputable broker. 
 (xi) Buyer’s obligation to pay demurrage shall be absolute and not subject to qualification by the provisions of Clause 18. In no event shall Buyer be liable for a demurrage claim if such claim,
supported by appropriate documentation, is not received by Buyer in writing within [REDACTED] of Completion of Supply. 
  

	17.	UNSCHEDULED DISRUPTION TO NORMAL REFINERY OPERATIONS 

 Unscheduled downtime at the Refinery due to an event of Force Majeure shall be handled in accordance with Clause 18. During any period of unscheduled downtime not caused by an event of Force Majeure,
Buyer shall make reasonable attempts to take Delivery of Oil and Feedstock under this Agreement. Should unscheduled downtime not caused by an event of Force Majeure exceed [REDACTED], Buyer is entitled to request the rescheduling of future Cargoes.
However, Seller shall not be required to reschedule or delay any Cargo that has been accepted by Buyer for Supply within a [REDACTED] period immediately following the date Buyer gives Seller notice of unscheduled downtime. Further, Buyer shall not
make any such rescheduling request primarily for the purposes of commercial gain. 
 The Parties agree to take reasonable
actions in order to minimize any losses to Buyer for Cargoes already committed to prior to any such unscheduled downtime at the Refinery not caused by an event of Force Majeure. 

 

	18.	FORCE MAJEURE 

 (a)
Neither Seller nor Buyer shall be responsible for any failure to fulfill their respective obligations, in whole or in part, under this Agreement if fulfillment has been prevented or curtailed by Force Majeure, and the affected Party shall be
relieved of liability for failing to perform, wholly or in part, from the inception of such event of Force Majeure and during the continuance thereof. The foregoing right shall not be construed to limit or restrict either Party’s right to
invoke any other subsequent Force Majeure event (even if the other, subsequent Force Majeure event relates to events or circumstances similar or identical to the events or circumstances underlying the subject Force Majeure event) or other Force
Majeure event which occurs during all or any portion of the subject Force Majeure event. For purposes hereof, “Force Majeure” means any circumstances whatsoever that are beyond the reasonable control of Seller or Buyer, as the case
may be, including without prejudice to the generality of the foregoing, but not limited to: 
 (i) compliance
with any order, demand or request of any Governmental Authority; 
 (ii) any strike, lockout or labor dispute;

  
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 (iii) adverse weather, perils of the sea, or embargoes; 

(iv) fires, earthquakes, lightning, floods, explosions, storms, and other acts of natural calamity or acts of God;

 (v) accidents at, closing of, or restrictions upon the use of mooring facilities, docks, ports, pipelines,
harbors or other navigational or transportation mechanisms; 
 (vi) disruptions, breakdowns, explosions or
accidents which may have a materially adverse effect on storage facilities, refineries, Storage Facilities, Vessels, lightering equipment or other facilities; and 

(vii) acts of war, hostilities (whether declared or undeclared) civil commotion, blockades, terrorism, sabotage or acts of
the public enemy; 
 provided, however, that nothing contained herein shall relieve either Party of any of its obligations to make
payments due to the other Party under this Agreement, which obligations are absolute. 
 (b) The Party seeking relief under
(a) of this Clause 18 (the “Affected Party”) shall advise the other Party in writing as soon as practicable of the circumstances causing the failure to fulfill its obligations and shall thereafter provide such information as is
available regarding the progress and possible cessation of those circumstances, including, to the extent feasible, the details and the expected duration of the Force Majeure event and the volume of Oil or Feedstock affected. The Affected Party shall
notify the other Party when the Force Majeure event is terminated. Subject to the provisions of Clause 17, performance of obligations under this Agreement shall be resumed as soon as reasonably possible after such circumstances have ceased.

 (c) The Affected Party shall use all reasonable efforts to, and the other Party shall use all reasonable efforts to assist
the Affected Party in its efforts to, (i) attempt to prevent a Force Majeure and (ii) mitigate the effects of any Force Majeure. To the extent Seller is the Affected Party, mitigation efforts with respect to Clause 18(c)(ii) may
[REDACTED]. 
 (d) Notwithstanding subclause (a) above the Affected Party shall [REDACTED]. 

(e) Notwithstanding subclause (a) above, but subject to Clause 16(c)(vii), Buyer shall [REDACTED]. 

(f) In the event that either Party sends a proper notice of an event of Force Majeure and such event of Force Majeure is not remedied
within 120 days from the date that notice of such event is given, and so long as such event is continuing, the Party receiving the notice of Force Majeure may terminate this Agreement by written notice to the Party that sent the notice of Force
Majeure, and neither Party shall have any further liability to the other in respect of this Agreement except for the rights and remedies previously accrued under this Agreement. 

  
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	19.	CREDIT CONDITIONS 

 (a)
Guaranties. Concurrently with the execution of this Agreement, Buyer shall provide a parent guaranty from Buyer’s Guarantor to Seller in the form attached as Appendix 22 and a guaranty from PBF Holding Company to Seller in the form
attached hereto as Appendix 23. Buyer shall insure that any and all guaranties required under this Clause 19 shall continue to be in full force and effect throughout the term of this Agreement. 

(b) Credit Line. 
 (i) Seller has agreed to [REDACTED]. 
 (ii) Buyer shall not at any
time [REDACTED]: 
 (1) any and all amounts [REDACTED], plus 

(2) the [REDACTED], plus 
 (3) [REDACTED], plus 
 (4) [REDACTED], plus 

(5) [REDACTED], plus 
 (6) [REDACTED]. 
 (iii) Seller shall endeavor to [REDACTED]

 (iv) If at any time it appears that the [REDACTED] 

(v) Any of the following shall constitute “Additional Acceptable Security”: 

(1) An additional federal funds wire transfer of USD to pay down amounts owed to Seller, 

(2) A Standby Letter of Credit in the form attached hereto as Appendix 20 issued by a Qualified Institution. 

(vi) Subject to the Parties’ mutual agreement, Seller may provide an additional line of credit to Buyer which would
be above the PBF Line of Credit, on such terms, including payment of a fee, as mutually agreed by the Parties. Seller has no obligations to provide such additional line of credit. 

(c) Financial Covenants. At all times Buyer shall ensure that the following financial covenants shall be satisfied. Buyer shall
provide consolidated financial statements with respect to its ultimate parent company which shall also be a guarantor under this Agreement. Each of these financial covenants set forth herein shall be based on the consolidated financial information
of such ultimate parent company guarantor and all of its subsidiaries. 
 (i) Minimum Shareholder’s Equity,
excluding goodwill and intangibles, shall be greater than $[REDACTED] as measured quarterly. 
 (ii) The ratio of
Long-term Debt (excluding bank revolving working capital debt) to Shareholders Equity (excluding goodwill and intangibles) shall be less than [REDACTED] as measured quarterly. 

(iii) At all times on or after the completion of the first 4 quarters of operation under this Agreement, the sum of
(1) the rolling 4 quarter Consolidated Average EBITDA plus (2) cash on hand shall be greater than $[REDACTED]. 

Buyer’s current ultimate parent company guarantor is Buyer’s Guarantor, and Buyer covenants that there shall be no change to its
ultimate parent company unless the new ultimate parent company executes a parent company guaranty of Buyer’s obligations under this Agreement in substantially the form of the current ultimate parent company’s guaranty, and the new ultimate
parent company’s consolidated financials will satisfy the above described financial covenants. 
 All accounting terms not
specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing audited financial statements. If at any time any change in GAAP would affect the computation of any financial ratio
or requirement set forth in this Agreement, and either Buyer or Seller shall so request, the Parties shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP;
provided, that, until so amended (1) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (2) Buyer shall provide to Seller financial statements and other documents
required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

  
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 (d) Payment Direction Agreement. 

(i) [REDACTED]. 
 (ii) Buyer agrees to [REDACTED]. 
 (e) Reporting. Buyer shall provide or
cause to be provided to Seller: 
 (i) The Guarantors’ consolidated unaudited monthly, and quarterly
financial statements within 30 days and 60 days, respectively, after the end of such period; provided that the 60-day period shall be equal to the lesser of (1) 60 days or (2) the number of days following the end of the applicable period
after which such financial statements are required to be reported or delivered under applicable Law. 
 (ii) The
Guarantors’ consolidated audited annual financial statements within 120 days of the fiscal year end of the Guarantors. 
 (iii) The Refinery Subsidiaries’ consolidated unaudited monthly, and quarterly financial statements within 30 days and 60 days, respectively, after the end of such period; provided that the 60-day
period shall be equal to the lesser of (1) 60 days or (2) the number of days following the end of the applicable period after which such financial statements are required to be reported or delivered under applicable Law. 

(iv) A simultaneous copy of all notices that are provided to Buyer’s lenders, including: 

(1) Loan covenant compliance certificates; 

(2) Financial forecasts and bank line availability; and 

(3) Certificates of good standing. 
 (f) Intercreditor Agreement(s). At all times Buyer shall ensure that the Intercreditor Agreement(s) required pursuant to Clause 7(b) are in place and in full force and effect. 

(g) TVM Payment. 
 (i) “TVM Payment” means for each Production Week, [REDACTED] 
 TVM Payment = [REDACTED] 
 (1) “IR” means
[REDACTED] 
 (2) “WD” means [REDACTED] 

(3) “OIFIC” means [REDACTED] 

(4) “UP” means [REDACTED] 

(ii) For each Production Week, Seller will calculate the TVM Payment payable by Buyer to Seller to compensate Seller for
the TVM. Seller will provide written notice to Buyer by 9:00 a.m. one Business Day prior to the TVM Payment Date attributable to such Production Week (the “TVM Statement Delivery Date”). To the extent certain inputs used in
calculating the TVM Payment are not yet fully ascertained or final as of the end of the day before the TVM Statement Delivery Date, Seller shall make a reasonable approximation thereof using the best available information. The TVM Payment is subject
to true-up upon the fully ascertained and final information becoming available and such true-up shall be applied as an adjustment to the amount owed by Buyer in the TVM Payment following such true-up. 

(iii) The TVM Payment will be paid by Buyer by wire transfer prior to 3:00 p.m. on the TVM Payment Date attributable to
such Production Week. 
 (iv) To the extent of any dispute with respect to a TVM Payment, Buyer shall pay any
undisputed amounts during the pending resolutions of any such disputed amounts. 
 (h) True Sale; Security Agreement.

 (i) Seller and Buyer intend that the sales and purchases of Oil and Feedstock pursuant to this Agreement shall be treated as
a true sale in accordance with the terms of this Agreement. Notwithstanding the foregoing, however, if title to any Oil or Feedstock is recharacterized as having remained with or been transferred to Buyer other than as provided by the terms of this
Agreement, or if the transaction evidenced by this Agreement is deemed to be a financing and not a true sale or determined to create, in substance, a security interest, Seller and Buyer agree that such Oil and/or Feedstock are and shall be subject
to the lien and security interest granted by Buyer to Seller pursuant to subclause (ii) below and that Seller shall have the rights and remedies set forth in subclause (iii) below. 

(ii) As security for the payment of the obligations of Buyer under and in connection with this Agreement [REDACTED], together with any
increases, extensions, and 

  
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rearrangements of such obligations under any amendments, supplements, and other modifications hereof or thereof, Buyer hereby grants to Seller a first priority security interest in all of
Buyer’s present and future right, title and interest in and to (1) the Oil and Feedstock; (2) all payments under any insurance, indemnity, warranty, or guaranty of or for the foregoing; and (3) all proceeds of any of the
foregoing. In connection with the foregoing, Buyer authorizes Seller to file such financing statements pursuant to the UCC as Seller deems necessary to perfect the foregoing interest. Buyer shall not grant or permit any other security interest in
any of the foregoing collateral. 
 (iii) In the event of such re-characterization, upon any Event of Default, Seller may
exercise all of the rights and remedies of a secured party under the UCC, whether or not the UCC applies to the affected collateral. Such remedies shall be cumulative with all other remedies of Seller hereunder and available at law or equity, and no
delay in enforcing the foregoing shall act as a waiver of Seller’s rights hereunder or thereunder. 
 (i) Security
Interest in Refined Products Sales Agreement. As security for the prompt and complete payment and performance in full of all obligations of Buyer to Seller hereunder, Buyer hereby grants to Seller a security interest in all of Buyer’s
right, title and interest in, to and under the following, in each case, whether now owned or existing or hereafter acquired or arising and wherever located: 
 (i) All sales agreements with Off-Takers, for the Refined Products, including the MSCG Sales Agreement; 
 (ii) The proceeds of Buyer’s sale of Refined Products from the Refinery, which includes all receivables of Buyer from Off-Takers including MSCG; and 

(iii) All rights of Buyer to guaranties delivered to Buyer by parent companies of Off-Takers covering the payments due
under sales agreements with such Off-Takers; and 
 (iv) All proceeds, products, accessions, additions,
substitutions, replacements, rents and profits of or in respect of any or all of the foregoing. 
 In connection with the
foregoing, Buyer authorizes Seller to file such financing statements pursuant to the UCC as Seller deems necessary to perfect the foregoing interest. Buyer shall not grant or permit any other security interest in any of the foregoing collateral.

  

	20.	TAXES, DUTIES AND CHARGES 

(a) Ordinary agency fees, towage, pilotage and similar port charges, port duties and other taxes against the Vessel at the Supply Port,
shall be paid by Seller. 
 (b) Buyer shall be the importer of record and shall comply with all applicable Laws governing said
importation, procure all necessary licenses and permissions, and shall timely pay or cause to be timely paid all federal, state and local duties, taxes, imposts and customs fees related to the transportation and/or importation of all Oil and
Feedstock, including the Taxes imposed by (i) Section 4081 and the registration and bonding requirements imposed by Section 

  
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4101 of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) the State of Delaware. In addition, Buyer shall comply with the information and reporting
requirements imposed by Section 4102 of the Code with respect to allowing the inspection of records by state and local Tax officers. Seller shall provide Buyer with sufficient information upon request to the extent its own records are
inadequate to timely facilitate such importation and reporting. 
 (c) Each Party shall be solely responsible for its own
federal and state income taxes. Buyer shall be liable for and shall pay (and shall indemnify and hold harmless Seller against) all Taxes, including sales, transfer, use, stamp, documentary, filing, recording, or similar fees or taxes or governmental
charges as levied by any Governmental Authority (including any interest and penalties) that are attributable to the transactions provided for herein. 
  

	21.	INSURANCE 

 (a)
Insurance Required for Buyer. Buyer shall, at its sole expense, carry and maintain, or cause its Affiliate to carry and maintain, in full force and effect throughout the term of this Agreement insurance coverages, with insurance companies
rated not less than A-, IX by A.M. Best or otherwise reasonably satisfactory to Seller, of the following types and amounts with respect to Buyer and the Refinery: 

(i) Workers compensation coverage in compliance with the Law of the states having jurisdiction over each employee and
employer’s liability coverage in a minimum amount of $[REDACTED] per accident. 
 (ii) Automobile liability
coverage in a minimum amount of $[REDACTED]. 
 (iii) Commercial general liability insurance and umbrella or
excess liability insurance covering all of Buyer’s operations, including bodily injury, property damage and contractual liability with a minimum limit of $[REDACTED] per occurrence. 

(iv) Pollution liability coverage for “sudden and accidental pollution” liability with a minimum limit of
$[REDACTED] per occurrence. 
 (v) All risk” insurance covering the Refinery including full replacement cost
of any Oil and Feedstock owned by Seller or Delivered to Seller. 
 (b) Seller’s Insurance. Seller shall, at its
sole expense, carry and maintain in full force and effect throughout the term of this Agreement insurance coverages, with insurance companies rated not less than A-, IX by A.M. Best or otherwise reasonably satisfactory to Buyer, of the following
types and amounts: 
 (i) Pollution liability coverage for “sudden and accidental pollution” liability
with a minimum limit of $[REDACTED] per occurrence. 
 (ii) All risk insurance covering full replacement cost of
any Oil and Feedstock owned by Seller while stored in the Storage Facilities. 

  
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 (iii) Cargo insurance on Oil and Feedstock while on board sea going vessels
at [REDACTED]% of their full CIF value based on Institute Cargo Clauses (A) “All Risks.” 
 (c) Additional
Insurance Requirements. 
 (i) Seller will ensure that Vessels carry the liability and pollution insurance
required by all applicable Laws. 
 (ii) Seller will only charter Vessels with an IACS Classification and such
Vessel is to maintain such class during its full charter period. All Vessels nominated to load or discharge at the Supply Port shall have a valid and full entry with an International Group Associations P&I Club thus carrying a current limit of
$[REDACTED] for pollution liabilities and related clean up costs. 
 (iii) The Parties shall cause their
respective insurance carriers to furnish to the other Party insurance certificates, in a form and from a party reasonably satisfactory to the other Party, evidencing the existence of the coverages and endorsements required. The certificates shall
specify that no insurance shall be canceled or materially changed during the term of this Agreement unless the other Party is given 30 days notice prior to cancellation or prior to a material change becoming effective. Each Party shall promptly
provide the other Party with renewal certificates. 
 (iv) Seller shall be named as an “additional insured
as its interests may appear” on each of Buyer’s insurance policies described in subclause (a) above. 
 (v) The insurance policies described in subclauses (a) and (b) above shall include an endorsement that the underwriters waive all rights of subrogation against the other Party, and shall be
primary and non-contributory with respect to any insurance or self-insurance that is maintained by the other Party. 
 (vi) Each Party shall notify the other Party if any self-insured retentions or deductibles exist in the foregoing policies, and all self-insured retentions or deductibles that exist in the foregoing
policies shall be the sole responsibility of the Party responsible for providing such policy. 
 (vii) The mere
purchase and existence of insurance does not reduce or release either Party from any Liability incurred or assumed under this Agreement. 
  

	22.	REPRESENTATIONS, WARRANTIES AND COVENANTS 

 (a) Mutual Representations and Warranties. Buyer and Seller each represents and warrants to the other as of the Effective Date and as of each Delivery that: 

(i) There are no suits, proceedings, judgments, rulings or orders pending, or to its Knowledge, threatened, by or before
any court or any Governmental Authority 

  
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that materially and adversely affect its ability to perform, or the rights of the other Party, under this Agreement. 

(ii) It is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its formation, and
it has the legal right, power and authority and is qualified to conduct its business and perform its obligations hereunder. 
 (iii) The making and performance by it of this Agreement is within its powers and has been duly authorized by all necessary action on its part. 

(iv) This Agreement constitutes a legal, valid and binding act and obligation of it, enforceable in accordance with its
terms, subject to bankruptcy, insolvency, reorganization and other Laws affecting creditor’s rights generally. 
 (v) No Event of Default under Clause 24 with respect to it or, to its Knowledge, event, which with notice and or a lapse of time would constitute such an Event of Default, has occurred and is
continuing, and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement. 
 (vi) It is an “Eligible Contract Participant” as defined in Section 1a(12) of the Commodity Exchange Act, as amended. 

(vii) It is a “forward contract merchant,” as defined in Section 101(26) of the Bankruptcy Code, in respect
of this Agreement and each sale of Oil and Feedstock hereunder, and each sale of Oil and Feedstock hereunder is a forward contract for purposes of the Bankruptcy Code. 

(viii) It is a “master netting agreement participant,” as defined in Section 101(38B) of the Bankruptcy
Code, in respect of this Agreement and each sale of Oil and Feedstock hereunder, and each sale of Oil and Feedstock hereunder is a master netting agreement for purposes of the Bankruptcy Code. 

(ix) Neither it nor any of its Affiliates has been contacted by or negotiated with any finder, broker or other
intermediary in connection with the sale of Oil and Feedstock hereunder who is entitled to any compensation with respect thereto. 
 (x) All governmental and other authorizations, approvals, consents, notices and filings that are required to have been obtained or submitted by it with respect to this Agreement and its performance
hereunder and the consummation by it of the transactions contemplated hereby have been obtained or submitted and are in full force and effect, and all conditions of any such authorizations, approvals, consents, notices and filings have been complied
with. 
 (xi) The execution, delivery and performance of this Agreement do not violate or conflict with
(a) any Law applicable to it, (b) any provision of its constitutional documents, (c) any order or judgment of any court or Governmental Authority applicable to it or any of its assets or (d) any contractual restriction binding

  
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on or affecting it or any of its assets, except to the extent such conflict or violation has not and could not be reasonably expected to cause a Material Adverse Change. 

(xii) It possesses all necessary permits, authorizations, registrations and licenses required to perform its obligations
hereunder and to consummate the transactions contemplated hereby, except to the extent such conflict or violation has not and could not be reasonably expected to cause a Material Adverse Change. 

(xiii) It is not bound by any other agreement that would preclude its execution, delivery, or performance of this
Agreement. 
 (b) Representations of Buyer. Buyer represents and warrants to Seller as of each Delivery, and as of the
Effective Date, that: 
 (i) The Storage Facilities are structurally sound and safe and Buyer does not Know, and
has no reason to Know, of any leaks in the storage tanks, pipelines, or other equipment or of any other situation at the Storage Facilities which could cause environmental danger or be detrimental to the environment or to Seller’s interests.

 (ii) The Storage Facilities are being maintained and operated in accordance with standard industry practices,
all practices, methods, acts, standards and criteria employed and in force at the Refinery and all Environmental Laws and all other applicable Laws. Buyer specifically warrants that the Storage Facilities will operate in compliance with the oil
spill response plan as may be required under the foregoing Laws. 
 (iii) Buyer has all operational and health
and safety manuals relevant to the maintenance and operation of the Storage Facilities in compliance with standard industry practices and that all relevant personnel responsible for the maintenance and operation of the Storage Facilities are, and at
all times during the term of this Agreement will be, familiar with the procedures set forth in such manuals. Buyer further represents all personnel responsible for the maintenance and operation of the Storage Facilities are, and at all times during
the term of this Agreement will be, routinely trained on health and safety and disaster procedures in accordance with standard industry practices. 
 (iv) Except as permitted pursuant to the Intercreditor Agreement(s), there are no Liens on the Storage Facilities or any property that is necessary for Buyer’s performance of this Agreement.

 (v) The use and operation of the Refinery in the manner contemplated herein does not violate in any material
respect any instrument of record or agreement affecting the Refinery, and Buyer holds good and marketable title to the Refinery, free and clear of all material Liens, except for those Liens permitted by the respective Intercreditor Agreement(s) and
the documents referenced therein. 

  
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 (c) Mutual Covenants. 

(i) Each Party shall, in the performance of its duties under this Agreement, comply in all material respects with all
Laws, including all Environmental Laws. Buyer and Seller each shall maintain the records required to be maintained by Environmental Law and shall make such records available to the other upon their request. Buyer and Seller each shall also
immediately notify the other of any violation or alleged violation with respect to the Oil and Feedstock sold or purchased under this Agreement, and, upon request shall provide the other with all evidence of environmental inspections or audits by
any Governmental Authority with respect to such Oil or Feedstock. 
 (ii) All reports or documents rendered by
Buyer or Seller to the other shall, to the best of its knowledge and belief, accurately and completely reflect the facts about the activities and transactions to which they relate. Buyer and Seller each promptly shall notify the other if at any time
it has reason to believe that the records or documents previously furnished by such Party are no longer are accurate or complete. 
 (iii) Up to and including December 16, 2011, neither Party shall, without the prior written consent of the other Party, suffer or permit any change in more than 50% of the direct or indirect
ownership of such Party, (2) sell all or substantially all of its assets, or (3) have one or more subsidiaries sell all or substantially all of their assets, if such sale would have a material effect on the ownership or operation of the
Refinery. From and after December 17, 2011, if either Party shall suffer or permit any change in more than 50% of the direct or indirect ownership of such Party, (2) sell all or substantially all of its assets, or (3) have one or more
subsidiaries sell all or substantially all of their assets and such sale could have a material effect on the ownership or operation of the Refinery, then the other Party shall have the option to terminate this Agreement on the effective date of any
such transaction. The Party entering into the transaction shall give notice to the other Party within five (5) Business Days of entering into definitive agreements for the transaction, which notice shall also be no less than 60 days prior to
the anticipated effective date of the transaction. 
 (d) Covenants of Buyer. 

(i) Buyer shall maintain, or cause its Affiliates to maintain, all material licenses, permits and franchises required by
any Governmental Authority applicable to the Refinery or the ownership and/or operation thereof. 
 (ii) Buyer
shall ensure that no Lien, through Buyer’s or its Affiliate’s action or inaction, shall attach to Oil and Feedstock owned by Seller. 
 (iii) Buyer shall endeavor to cause the Startup Date to occur no later than June 30, 2011. 

  
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 (e) HSE Covenants of Buyer. Buyer represents and warrants as of the Effective Date,
and covenants throughout the term of this Agreement that: 
 (i) Buyer is and shall be in material compliance
with Environmental Law applicable to operations at the Refinery and has not received any formal notification that it is not presently so in compliance. 
 (ii) The Refinery is and shall remain structurally sound and safe, and Buyer does not Know of any leaks in the storage tanks, pipelines or other equipment or of any other situation at the Refinery that
could cause significant environmental danger, generate significant environmental Liabilities or have a significant detrimental impact on the environment or to Seller’s interests. 

(iii) Buyer shall maintain and operate the Refinery in good serviceable condition and in a manner that materially complies
with reasonable and prudent industry standards adopted and used in petroleum refineries and with all Laws, including all Environmental Law. 
 (iv) Buyer shall maintain and operate the Refinery in accordance with HSE Standards acceptable to Seller, using API (including API-653), Coast Guard, ISGOTT and other industry standards as a guide.

 (v) Buyer is and shall remain in material compliance with all Laws regarding worker occupational safety and
training. 
 (vi) Buyer is and shall remain in material compliance with all Laws relating to marine oil
pollution. 
 (vii) All tanks used for the storage and throughput of Seller’s Oil and Feedstock are and
shall continue to be above ground. 
 (viii) Buyer promptly will provide Seller with notice of any changes to the
representations and covenants in this subclause (e). 
 (ix) Upon request from Seller, Buyer promptly will
provide Seller with copies of all of Buyer’s non-privileged environmental auditing materials that Buyer has in its possession or control with respect to the Refinery. 

(x) In the event of any Oil, Feedstock, Refined Products or Hazardous Substances spill or discharge reportable under Law,
or other environmental pollution occurring at the Refinery or the Storage Facilities or in a location that could impact the storage, transfer, delivery, transportation or receipt of Oil or Feedstock, Buyer shall take all steps (if any) required
under Law, including undertaking measures to prevent or mitigate resulting pollution damage. Even if not required by Law, Buyer nevertheless may determine to undertake such measures to prevent or mitigate pollution damage as it deems appropriate or
necessary or is required by any Governmental Authority. Buyer shall notify Seller as soon as practicable of any such operations, and shall perform such operations in accordance with applicable plans and

  
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any other Law or National Contingency Plan, or as may be directed by the US Coast Guard or any other Governmental Authority. 

(xi) In the event that a Party incurs costs to clean up or contain a spill or discharge or to prevent or mitigate
resulting pollution damage, such Party reserves any rights provided by Law to recover such costs from the other Party, as well as any third party. In the event a third party is legally liable for such costs and expenses, each Party shall cooperate
with the other Party for the purpose of obtaining reimbursement. Each Party shall also cooperate with the other Party for the purpose of obtaining reimbursement from any other applicable entity or source under Law. 

 

	23.	AUDITING AND INSPECTION RIGHTS 

 (a) Auditing. Each Party shall keep and maintain true and correct books, records, files, and accounts of all information reasonably related to the transactions contemplated by this Agreement,
including all measurement and test results, all information used to determine price adjustments, and calculate invoices, and all invoices, statements, and payment records. Each Party and its duly authorized representatives shall have the right to
inspect or audit such other Party’s records at any reasonable time or times during the term of this Agreement or within 3 years after the termination of this Agreement. 
 (b) Inspection Rights. During the term of this Agreement, Seller shall have the right, during Buyer’s normal business hours and after reasonable advance notice to Buyer so as not to disrupt
Buyer’s operations: to make periodic operational and HSE inspections of the Refinery and to conduct physical verifications of the amount of Oil and Feedstock stored at the Refinery upon one Business Day’s notice. Seller shall have the
right to conduct physical inspections of the storage facilities at the Refinery for a period of 90 days following the Termination Date. During any inspections, Seller shall comply with all applicable rules and regulations of the Refinery, as well as
any applicable Law. Buyer shall provide Seller or its designated agents with such materials, documents, governmental certificates and agreements as Seller or its designated agents may request from time to time to conduct HSE vetting surveys or
updates thereof. 
  

	24.	DEFAULT, SUSPENSION AND TERMINATION 

 (a) Events of Default. Upon the occurrence of any of the events listed below (each, an “Event of Default” or “Default”) with respect to a Party (the
“Defaulting Party”), the other Party (the “Non-Defaulting Party”) may, in its sole discretion, and in addition to any other legal remedies it may have, in law or equity, upon giving notice to the Defaulting Party
(i) suspend its performance under this Agreement, including, the suspension of Seller’s Supply of Oil and Feedstock and Buyer’s taking Delivery of Oil and Feedstock, (ii) terminate this Agreement, or (iii) if Buyer is the
Defaulting Party, Seller may (1) reduce the PBF Line of Credit to zero, (2) deliver a Termination of Deliveries Notice and/or (3) enter upon Buyer’s property and immediately remove all Oil and Feedstock from the storage
facilities at the Refinery: 
 (i) Any Party fails to make payment when due under this Agreement; provided,
however, that no Default or Event of Default shall be deemed to have 

  
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occurred if the relevant failure is caused solely by an error or omission of an administrative or operational nature; provided further that (a) funds were available to such Party to make the
relevant payment when due and (b) such payment is made within one Business Day after notice of such failure is given to such Party. 
 (ii) Any Party fails to perform, breaches or repudiates any obligation or covenant to the other Party under this Agreement, other than an Event of Default described in Clause 24(a)(i) above or
Clauses 24(a)(iii) through (xv) below, or breaches any representation, or warranty in any material respect under this Agreement, that, if capable of being cured, is not cured to the satisfaction of the other Parties, within 5 Business Days from
notice to such Party that corrective action is needed, or longer than 5 Business Days if the Party that fails to perform, breaches or repudiates demonstrates to the other Party within 5 Business Days after receiving notice that corrective action is
needed, to the reasonable satisfaction of the other Party, that such cure will be successful and such Party provides a reasonable estimate of the time necessary in order to complete the curative actions; 

(iii) A Party or a Guarantor becomes Bankrupt; 

(iv) A Party fails to perform, breaches or repudiates Clause 22(c)(iii); 

(v) A Party fails to give adequate assurances of its ability to perform within 5 Business Days upon a reasonable request
therefor by the other Party; 
 (vi) A Party ceases, or threatens to cease, to carry on its business or a major
part thereof, or a distress, execution, or other process is levied or enforced upon or against any significant part of the property of such Party that has a material adverse effect on a Party’s business or a major part thereof, or the other
Party reasonably determines that any of the foregoing events is reasonably likely to occur; 
 (vii) Buyer or any
material subsidiary of Buyer’s Guarantor directly or indirectly suffers the imposition of any restraining order or suspension in connection with any proceeding (judicial or administrative) with respect to any material license, permit or
franchise which has a material adverse impact on Buyer’s business or a major part thereof; 
 (viii) Buyer
fails to maintain a guaranty required under this Agreement in a form reasonably acceptable to Seller and covering all obligations due under this Agreement, or such Guaranty is for any reason partially or wholly revoked or invalidated or otherwise
ceases to be in full force and effect, or a Guarantor denies that it has any further liability or obligation thereunder; 
 (ix) Buyer fails at any time to satisfy all of the collateral requirements that are set forth in Clauses 19(a), (b), (f) and (g); 

(x) Except as otherwise agreed by the Parties, any event of default or automatic early termination event under any other
agreement or contract that may from 

  
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time to time be entered into between Buyer and Seller, including the Intercreditor Agreement(s); 
 (xi) Any early termination event occurs with respect to any other crude oil supply contract between Seller or any Affiliate of Seller and any Affiliate of Buyer; 

(xii) Any automatic early termination event or material event of default under Buyer’s Credit Agreement or the
Guaranty; 
 (xiii) A Material Adverse Change with respect to Buyer or any Guarantor; 

(xiv) Buyer fails to provide Seller with the full amount of Additional Acceptable Security required in accordance with
Clause 24(c); and 
 (xv) Buyer fails to cause Start Up to occur by June 30, 2011. 

In the case of an Event of Default described in this Clause 24 above, the Non-Defaulting Party shall have the right at any time upon and for 10 Business
Days after (and so long thereafter during the continuation of such Event of Default) to terminate this Agreement. In addition to the foregoing, in the case of an Event of Default described in this Clause 24 above that occurs as the result of acts or
omissions of Buyer, Seller shall have the immediate right to deliver a Termination of Deliveries Notice and Buyer shall immediately comply with its obligations as set out in Clause 24(d). 

(b) Remedies. The Non-Defaulting Party’s rights under this Clause 24 shall be in addition to, and not in limitation or
exclusion of, any other rights that it may have (whether by agreement, operation of law or otherwise), including any rights and remedies under the UCC. The Non-Defaulting Party may enforce any of its remedies under this Agreement successively or
concurrently at its option. No delay or failure on the part of a Non-Defaulting Party to exercise any right or remedy to which it may become entitled on account of an Event of Default shall constitute an abandonment of any such right, and the
Non-Defaulting Party shall be entitled to exercise such right or remedy at any time during the continuance of an Event of Default. All of the remedies and other provisions of this Clause 24 shall be without prejudice and in addition to any right to
which any Party is at any time otherwise entitled (whether by operation of law, in equity, under contract or otherwise). 
 The
Parties recognize and agree that if any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, immediate and irreparable harm or injury would be caused for which money damages would
not be an adequate remedy. Accordingly, the Parties agree that, in addition to other remedies, each Party shall be entitled to an injunction restraining any violation or threatened violation of the provisions of this Agreement or to specific
performance or other equitable relief to enforce the provisions of this Agreement. In the event that any action should be brought in equity to enforce the provisions of this Agreement, neither Party shall allege, and each Party hereby waives the
defense, that there is adequate remedy at law. The Parties further agree that resort to the dispute resolution provisions contained in this Agreement shall not bar or restrict any Party from seeking any of the foregoing injunctive or equitable
relief. 

  
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 (c) Termination of PBF Line of Credit. Upon the occurrence of any of the events
listed below, (each, a “Credit Default”) with respect to Buyer, Seller may, in its sole discretion, and in addition to any other legal remedies it may have, in law or equity, upon giving notice to Buyer reduce the PBF Line of Credit
to zero: 
 (i) Buyer or any of Buyer’s Affiliates fails to make any payment in respect of indebtedness of
more than $[REDACTED] when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues and is not discharged within 5 Business Days; and 

(ii) Buyer fails to comply with the terms of Clauses 19, (c), (d) and (e). 

In the case of the occurrence of any Credit Default, Seller may notify Buyer that the PBF Line of Credit has been reduced to zero. Within
1 Business Day after receipt of such notice by Buyer, Buyer shall provide Seller with Additional Acceptable Security in an amount equal to at least the total amount that will be owed to Seller hereunder through the next Business Day, and Buyer shall
continue to provide Additional Acceptable Security in an amount equal to at least the total amount that will be owed to Seller hereunder through the next Business Day for the remaining term of this Agreement. 

(d) Termination of Deliveries Notice. If Seller delivers to Buyer a Termination of Deliveries Notice, Buyer shall immediately
cease taking any Deliveries of Oil or Feedstock and all rights of Buyer to take deliveries of Oil and Feedstock from the Storage Facilities shall terminate. With respect to the delivery of a Termination of Deliveries Notice, Buyer acknowledges
Seller will suffer irreparable harm should Buyer, following delivery of a Termination of Deliveries Notice, continue to take quantities of Oil and Feedstock and that there is no adequate remedy at law with respect to such failure to comply. Buyer
acknowledges that a temporary restraining order and temporary injunction are appropriate remedies for a failure by Buyer to comply with a Termination of Deliveries Notice and as such, Buyer waives any requirement that Seller post a bond in the event
that Seller seeks either a temporary restraining order or temporary injunction as a result of Buyer failing to comply with a Termination of Deliveries Notice. 
 (e) Indemnification. The Defaulting Party shall indemnify and hold harmless the Non-Defaulting Party for all Liabilities incurred as a result of the Event of Default or in the exercise of any
remedies under this Clause 24, including any damages, losses and expenses incurred in obtaining, maintaining or liquidating commercially reasonable hedges relating to the Oil and Feedstock sold and purchased hereunder, all as determined in a
commercially reasonable manner by the Non-Defaulting Party. 
  

	25.	OBLIGATIONS AT TERMINATION 

(a) Action Upon Termination. Upon expiration or termination of this Agreement for any reason, the Parties agree and shall undertake
to do the following: 
 (i) Notwithstanding anything to the contrary herein, on the date of expiration of this
Agreement or the date of early termination (the “Termination Date”), Buyer shall purchase from Seller: 

  
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 (1) all Inventories located at the Refinery or held on Buyer’s behalf
at a Statoil Storage Facility, as well as any Oil or Feedstock nominated for Supply to Buyer, subject to the provisions of subclause (b) below. Any Oil and Feedstock, other than Tank Heels, which is addressed by subclause (2) below, both
in-tank and in transit will be sold back to Buyer at the appropriate fully Delivered ex-tank price pursuant to this Agreement, including any accrued TVM Payment charge. 

(2) All Tank Heels (including Feedstock Virtual Tank Heel) at the Refinery or held on Buyer’s behalf at any Statoil
Storage Facility, and the price for such Tank Heels shall be the same as would apply under Clause 5(j)(i)(2) and Clause 5(j)(ii) as if such Termination Date were the TH Conclusion Date except that: (A) the TH Ending Price will be based on the
Month in which the Termination Date occurs, and (B) Buyer will pay Seller an amount equal to the loss cause by Seller receiving such adjusted TH Ending Price rather than the compensation Seller would have received from being paid on the TH
Conclusion Date in accordance with the original terms of this Agreement. 
 Seller shall prepare and provide Buyer with an
invoice for the sale of such Inventories. In each case, title to the Inventories shall pass from Seller to Buyer upon receipt of payment into Seller’s designated account. 
 A full reconciliation of book stock, in accordance with the same procedures used in Clause 11 for reconciliation of month end volumes, will be conducted by Seller to ensure that all volumes are properly
accounted for and any outstanding payments due are identified and promptly settled. 
 (ii) If this Agreement is
terminated by Seller because of a Default by Buyer, Seller shall calculate within 10 days of the Termination Date (or within such longer period as is necessary under the circumstances) all damages incurred by Seller, including damages, losses and
expenses incurred by Seller in liquidating all Inventories including any hedging losses, all as determined in a commercially reasonable manner by Seller, and Buyer shall be required to compensate Seller for all such damages, losses and expenses upon
demand. Seller shall be entitled to deduct any such damages from any deposits or other available credit support or collateral. 
 (iii) If this Agreement is terminated due to a Default by Seller, Buyer shall calculate within 10 days of the Termination Date (or within such longer period as is necessary under the circumstances) all
damages incurred by Buyer, as determined in a commercially reasonable manner by Buyer, and Seller shall be required to compensate Buyer for all such damages upon demand. 

(iv) An estimate of all amounts owing between the Parties under this Agreement shall be paid on the Termination Date;
provided that if any amounts required to be calculated cannot be determined as of the Termination Date, the Parties shall rely on a good faith estimate prepared as of the Termination Date and thereafter shall make a final settlement to true-up any
such amounts when they become 

  
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ascertainable. Any such true up payment shall be due within 10 days after submission of the final invoice from Seller. 
 (b) Nominated Volumes. 
 (i) If this Agreement is terminated
due to a Default by Buyer, Seller shall have the option to sell to Buyer any volumes of Oil and Feedstock nominated by Buyer but not yet Delivered at such payment terms as it determines are appropriate in its sole discretion or to sell such volumes
to a third party. Buyer shall compensate Seller for any resulting commercially reasonable additional costs, damages, losses or expenses. 
 (ii) If this Agreement is terminated due to a Default by Seller, Buyer shall have the option either: (1) to take Delivery of any or all volumes of Oil and Feedstock nominated by Buyer but not yet
Delivered (applying the payment terms that would have been applied if there had not been a termination); or (2) to cancel such volumes. Seller shall compensate Buyer for any resulting additional costs, damages, losses or expenses. 

(iii) In either event, if nominated volumes are sold to Buyer, the purchase price shall be the price that would have
applied had the nominated volumes been timely Delivered prior to the date of termination of this Agreement. 
 (c) Failure to
Repurchase Oil and Feedstock. If Buyer fails to pay Seller for the Inventories on the Termination Date, Seller may elect at its sole discretion to sell any or all of the Inventories to third parties pursuant to such terms and conditions as it
deems appropriate in its sole discretion. Seller shall notify Buyer of this election and the instructions for delivery of the Oil and Feedstock to Seller or Seller’s consignees. 

(i) If Seller elects to sell the Oil and/or Feedstock to third parties pursuant to this Clause 25, then Seller shall be
entitled to a reasonable period of time from the Termination Date to remove the Oil and/or Feedstock from the Refinery or other storage facilities. Seller shall have reasonable access to such storage facilities for the purpose of removing its Oil
and/or Feedstock or effectuating any third-party sales. 
 (ii) Buyer shall indemnify and hold harmless Seller
against any Liabilities incurred in connection with its failure to purchase the Inventories in accordance with this Clause 25, including any losses and expenses incurred in obtaining, maintaining or liquidating commercially reasonable hedges or
related trading positions, all as determined by Seller in a commercially reasonable manner. 
  

	26.	INDEMNIFICATION AND CLAIMS 

(a) Indemnification. 
 (i) To the fullest extent permitted by Law and except as specified otherwise elsewhere in this Agreement, Buyer shall defend, indemnify and hold 

  
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harmless Seller, its affiliates, and their directors, officers, employees, representatives, agents and contractors from and against any Liabilities accruing at any time during or following Supply
of the Oil and Feedstock to the Storage Facilities (1) (A) arising out of or relating to injury, disease, or death of any person or damage to or loss of any property, fine or penalty, to the extent caused by Buyer, its Affiliates or their
employees, directors, officers, representatives, agents or contractors, in performing its obligations under this Agreement or (B) arising out of or relating to violations of Law including Environmental Law, (2) arising out of or in
connection with the transshipment or the import, storage, custody, transfer, or export of Oil and Feedstock, including any Liabilities directly or indirectly arising out of or related to (A) any loss, spill, discharge or Release of the Oil and
Feedstock or Hazardous Substances; (B) any act or omission in connection with or related to this Agreement on the part of Buyer its Affiliates or their employees, directors, officers, representatives, agents or contractors, or any vessel or
barge, receiving connection, receiving facilities and/or transport, arranged or furnished by or for the account of Buyer; (C) Liabilities arising out of or in connection with the operation of the Storage Facilities by Buyer, its Affiliates or
their employees, directors, officers, representatives, agents or contractors, any emissions or discharges from the Storage Facilities or the delivery, custody or storage of Oil and Feedstock or other products of any other party; or (D) any
breach or violation of Environmental Laws by Buyer, its Affiliates or their employees, directors, officers, representatives, agents or contractors and (3) relating to any loss, contamination or damage to the Oil or Feedstock in the custody of
Buyer, its Affiliates or their employees, directors, officers, representatives, agents or contractors, stored in the Storage Facilities storage tanks, or while it is in the process of being imported into or exported out of storage, which have been
caused by (A) the negligence or willful misconduct on the part of Buyer, its Affiliates or their employees, representatives, agents or contractors, (B) a breach of any representation, warranty, covenant or other responsibility under this
Agreement by Buyer, its Affiliates or their employees, directors, officers, representatives, agents or contractors or (C) failure by Buyer, its Affiliates or their employees, directors, officers, representatives, agents or contractors, to
exercise due diligence in accordance with the standard of care applicable in the industry. 
 (ii) To the fullest
extent permitted by Law and except as specified otherwise elsewhere in this Agreement, Seller shall defend, indemnify and hold harmless Buyer and its Affiliates, and their directors, officers, employees, representatives, agents and contractors, from
and against any Liabilities accruing at any time prior to the Supply of the Oil and Feedstock to the Storage Facilities arising out of or relating to (1) injury, disease, or death of any person or damage to or loss of any property, fine or
penalty, to the extent caused by Seller, its Affiliates or their employees, directors, officers, representatives, agents or contractors in performing its obligations under this Agreement; (2) violations of Law including Environmental Law; or
(3) the transshipment or the import, storage, custody, transfer, or export of Oil and Feedstock by Seller prior to Supply, including any Liabilities directly or indirectly arising out of or related to any loss, spill, discharge or Release of
the Oil and Feedstock or Hazardous Substances. 

  
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 (iii) In addition to the other indemnification obligations set forth in this
Clause 26 and elsewhere in this Agreement, each Party (the “Indemnifying Party”) shall indemnify and hold the other Party (the “Indemnified Party”), its Affiliates, and their employees, directors, officers,
representatives, agents and contractors, harmless from and against any and all Liabilities arising from (1) the Indemnifying Party’s breach of this Agreement, (2) the Indemnifying Party’s failure to comply with Law with respect
to the sale, transportation, storage, handling or consumption of Oil and Feedstock, except to the extent that such liability results from the Indemnified Party’s gross negligence or willful misconduct or (3) any material inaccuracy in or
breach of any of the Indemnifying Party’s representations and warranties made herein at the time such representations and warranties were made. 
 (iv) A Party’s obligation to indemnify the other Party pursuant hereto shall not be nullified or otherwise effected by the allocation of risk of loss pursuant to Clause 8 hereof, or the transfer
of title to the Oil and Feedstock pursuant to Clause 7 hereof, at the time any such Liabilities arise. 

(v) The Parties’ obligations to defend, indemnify, and hold each other harmless under the terms of this Agreement
shall not vest any rights in any third party (whether a Governmental Authority or private entity) other than those Persons who are expressly designated hereunder as Persons to be indemnified by a Party, nor shall they be considered an admission of
liability or responsibility for any purposes other than those enumerated in this Agreement. 
 (b) Claims. Upon receipt
by the Indemnified Party of notice of any claim, demand, suit or proceeding brought against it that might give rise to an indemnity claim under this Agreement (such claim, demand, suit or proceeding, a “Third Party Claim”), the
Indemnified Party shall as soon as practicable send to the Indemnifying Party a notice specifying the nature of such Third Party Claim and the amount or estimated amount thereof if known (which amount or estimated amount shall not be conclusive of
the final amount, if any, of such claim, demand or suit); provided, however, that any delay or failure by the Indemnified Party to give notice to the Indemnifying Party shall not relieve the Indemnifying Party of its obligations
hereunder except to the extent, if at all, that the Indemnifying Party shall have been materially prejudiced by reason of such delay or failure. The Indemnifying Party shall have the right to assume the defense, at its own expense and by its own
counsel, of any Third Party Claim; provided, however, that such counsel is reasonably acceptable to the Indemnified Party and the Third Party Claim could not (i) result in a conflict of interest between the Indemnified Party and
the Indemnifying Party or (ii) involve a criminal or quasi-criminal charge. Notwithstanding an Indemnifying Party’s election to appoint counsel to represent an Indemnified Party in connection with a Third Party Claim, an Indemnified Party
shall have the right to employ separate counsel at its own expense provided, however, that the Indemnifying Party and its counsel shall have control of the defense of the Third Party Claim. If requested by the Indemnifying Party, the Indemnified
Party agrees to reasonably cooperate with the Indemnifying Party and its counsel in contesting any claim, demand or suit that the Indemnifying Party defends, or, if appropriate and related to the claim, demand, suit or proceeding in question, in
making any counterclaim against the Person asserting the Third Party Claim, or any cross-complaint against any Person. All reasonable costs and expenses incurred in connection with the Indemnified Party’s cooperation

  
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shall be borne by the Indemnifying Party. No Third Party Claim may be settled or compromised (x) by the Indemnified Party without the prior consent of the Indemnifying Party or (y) by
the Indemnifying Party without the prior consent of the Indemnified Party unless such settlement would result in no payment or other obligation from the Indemnifying Party. Notwithstanding the foregoing, an Indemnifying Party shall not be entitled
to assume responsibility for and control of any judicial or administrative proceeding if such proceeding involves an Event of Default by the Indemnifying Party under this Agreement which shall have occurred and be continuing. 

 

	27.	DAMAGES 

 (a) The
Parties’ liability for damages under this Agreement is limited to direct, actual damages only and neither Party shall be liable for, except when claimed by a third party and covered under Clause 26 above, lost profits or other business
interruption damages, or special, consequential, punitive, exemplary damages, in tort, contract or otherwise, of any kind, arising out of or in any way connected with the performance, the suspension of performance, the failure to perform, or the
termination of this Agreement. Each Party acknowledges the duty to mitigate damages hereunder. 
 (b) To the maximum extent
permissible by Law, Seller shall not be responsible in any respect whatsoever for any loss, damage or injury resulting from any hazards inherent in the nature of the Oil and Feedstock delivered under this Agreement. 

 

	28.	ASSIGNMENT 

 (a) This
Agreement shall inure to the benefit of and be binding upon the Parties hereto, their respective successors and permitted assigns. 
 (b) Except as specifically provided herein, neither Party shall assign, transfer or otherwise dispose of any of its rights or obligations hereunder, in whole or in part, without the prior written consent
of the other Party, which consent may be given and/or conditioned in such Party’s discretion; provided, however, that, (i) Seller may assign this Agreement to an Affiliate of Seller without the consent of Buyer, and
(ii) subject to the terms of the Intercreditor Agreement(s), either Party shall be entitled to pledge their respective rights under this Agreement as collateral security to internationally recognized financial institutions without the consent
of the other Party. Any assignment or transfer made shall be done so expressly subject to this Agreement with such assignee agreeing in writing to be bound by the terms of this Agreement. The assigning Party shall remain liable hereunder for due and
proper performance of all provisions of this Agreement, including any provisions governing the credit aspects of this Agreement. 
 (c) Any assignment by Buyer hereunder shall be contingent on such assignee’s compliance with Clauses 19(a) and 19(c). 
 (d) Any attempted assignment, transfer or other disposition in violation of this Clause 28 shall be null and void ab initio. 

  
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	29.	NOTICES AND ADDRESSES 

Any notices, statements, requests or other communications to be given to either Party pursuant to this Agreement shall be in writing and,
except to the extent provided in the other provisions of this Agreement, shall be given by messenger, telecopy or other electronic transmission, or registered or certified mail, postage prepaid, return receipt requested, addressed to such Party at
its address, telecopy number shown below, or at such other address as either Party shall have furnished to the other by notice given in accordance with this Clause 29. Any notice delivered or made by messenger, telecopy, or mail shall be deemed
to be given on the date of actual delivery as shown by messenger receipt, the addressor’s telecopy machine confirmation or other verifiable electronic receipt, or the registry or certification receipt; provided that if notice is actually
delivered on a day which is not a Business Day, notice shall be deemed given on the next Business Day after such delivery. 
  

			
	If to Seller:	 	Statoil Marketing & Trading (US) Inc.
		 	1055 Washington Boulevard – 7th Floor
		 	Stamford, CT 06901
		 	Attention: Crude Oil Operations
		 	Fax Number: (203) 978-6958
		 	Telephone Number: (203) 978-6900
		 	E-mail: uscrudeops@statoil.com
		
	With a copy (which	 	Statoil Marketing & Trading (US) Inc.
	shall not constitute	 	1055 Washington Blvd. – 7th Floor
	notice) to:	 	Stamford, CT 06901
		 	Attention: General Counsel
		 	Fax Number: (203) 978-6952
		 	Telephone Number: (203) 978-6900
		
	If to Buyer:	 	Delaware City Refining Company LLC
		 	1 Sylvan Way, 2nd floor
		 	Parsippany, NJ 07054-3887
		 	Attention: Executive Vice President, Commercial
		 	Fax Number: (973) 455-7562
		 	Telephone Number: (973) 455-7500
		 	E-mail: dlucey@pbfenergy.com
		
	With a copy (which	 	PBF Holding Company LLC
	shall not constitute	 	1 Sylvan Way, 2nd floor
	notice) to:	 	Parsippany, NJ 07054-3887
		 	Attention: General Counsel
		 	Fax Number: (973) 455-7562
		 	Telephone Number: (973) 455-7500

  
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	30.	WARRANTIES; DISCLAIMER 

Seller warrants good and marketable title to the Oil and Feedstock sold to Buyer under this Agreement, free and clear of all Liens arising
by, through or under Seller and, subject to any deficiencies that are taken into account through the Final Quality Differential, warrants the Oil and Feedstock sold to Buyer under this Agreement conforms to the quality specifications for the Grade
of Oil or Feedstock Delivered by Seller. EXCEPT AS EXPRESSLY OTHERWISE PROVIDED IN THIS AGREEMENT, SELLER EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, INCLUDING ANY REPRESENTATION OR WARRANTY
WITH RESPECT TO (A) ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT; OR (B) THAT THE OIL AND FEEDSTOCK SOLD TO BUYER WILL (I) BE MERCHANTABLE OR FIT FOR A PARTICULAR PURPOSE, (II) CONFORM TO MODELS OR SAMPLES, OR (III) MEET
CERTAIN SPECIFICATIONS. 
  

	31.	APPLICABLE LAW, LITIGATION AND ARBITRATION 

 (a) Except as otherwise expressly provided in this Clause 31, the existence, validity, interpretation and enforcement of this Agreement, and any controversy, claim or dispute hereunder, whether in
contract, tort, equity or otherwise, shall be governed by, construed and enforced in accordance with the Laws of the State of New York, without giving effect to its conflict of laws principles, and the federal Laws of the United States applicable
therein. The United Nations convention on contracts for the international sale of goods (1980) shall not apply. 
 (b) The
Parties shall attempt in good faith and within 10 days following receipt from either Party of a written notice of any cause of action, controversy, claim, counterclaim, demand, dispute or other matter in question arising out of or in connection with
this Agreement, or the alleged breach thereof, or in any way relating to the subject matter of this Agreement or the relationship between the Parties created by this Agreement, including any question regarding the existence, validity, or termination
of this Agreement (each, a “Dispute”), to resolve by mutual agreement such Dispute by direct dialogue between senior management of both Parties during which period the applicable statute of limitations shall be tolled, regardless of
whether some or all of such Disputes allegedly (i) are extra-contractual in nature, (ii) sound in contract, tort, or otherwise, (iii) are provided by statute, common law or otherwise, or (iv) seek damages or any other relief,
whether at law, in equity or otherwise. If a resolution is not achieved within 30 days from the initiation of such discussions, the matter shall be settled as provided in this Clause 31. 

(c) Except as provided for in subclauses (d), (e) and (f) below, each Party irrevocably: (i) submits to the exclusive
jurisdiction of the US Federal District Court for the Southern District of New York located in the Borough of Manhattan or, if such court declines to exercise or does not have jurisdiction, in any New York state court in the Borough of Manhattan or
any other Federal court in the State of New York, and to service of process as provided by New York Law, and (ii) waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any
claim that such proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have jurisdiction over such Party. Further, each Party waives, to the fullest
extent permitted by applicable Law, any right it may have to a trial by 

  
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jury in respect of any proceedings relating to this Agreement. Nothing in this Agreement precludes either Party from bringing proceedings in any other jurisdiction in order to enforce any
judgment obtained in any proceedings referred to in this Clause 31, nor will the bringing of such enforcement proceedings in any one or more jurisdictions preclude the bringing of enforcement proceedings in any other jurisdiction. Either Party may
file a copy of this Clause 31(c) with any court as written evidence of the knowing, voluntary and bargained agreement between the Parties irrevocably to waive any objections to jurisdiction, venue or to convenience of forum. 

(d) Any Dispute (other than such as described in subclauses (e) and (f) below) where the amount in controversy does not exceed
$[REDACTED] which the Parties are unable to resolve by mutual agreement, as provided in Clause 31(b) above, shall be settled by arbitration in New York, New York before 3 disinterested arbitrators in accordance with the international arbitration
rules of the American Arbitration Association; provided, however, that the Parties may elect to proceed with only one arbitrator by mutual agreement. Each Party shall appoint one arbitrator and the third arbitrator, who shall act as
chairman, shall be appointed by the other two arbitrators chosen by the Parties, and if they cannot reach mutual agreement, then by the American Arbitration Association, provided that each arbitrator shall be knowledgeable and experienced in
the international sale and purchase of crude oil. The arbitration shall be conducted in English, the arbitral award shall be final and binding on both Parties without appeal to any court, and judgment upon the award rendered by the arbitrators may
be entered in any court having jurisdiction thereof. 
 (e) Any Dispute that may arise in connection with or as a result of
Clause 16 or Clause 15 where the amount in controversy does not exceed $[REDACTED] which the Parties are unable to resolve by mutual agreement, as provided in subclause (b) above, shall be settled by the “Shortened Arbitration
Procedure” of the Society of Maritime Arbitrators, Inc. (“SMA”) in New York, New York pursuant to the “Rules for the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.” then in force. The
arbitration shall be conducted in English and the arbitral award shall be final and binding on both Parties without appeal to any court, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
In addition to the choice of law described in subclause (a) above, any such Dispute shall also be governed by, construed and enforced under the maritime Law of the US without giving effect to its conflict of laws principles, and in the case of
any conflict between New York Law and the maritime Law of the US, the maritime Law of the US shall control. 
 (f) Any Dispute
that may arise in connection with or as a result of Clause 16 or Clause 15 where the amount in controversy equals or exceeds $[REDACTED] but is less than $[REDACTED] which the Parties are unable to resolve by mutual agreement, as provided
in subclause (b) above, shall be settled by arbitration in New York, New York pursuant to the “Maritime Arbitration Rules” of the SMA then in force before 3 disinterested arbitrators; provided, however, that the Parties
may elect to proceed with only one arbitrator by mutual agreement. Each Party shall appoint one arbitrator and the third arbitrator, who shall act as chairman, shall be appointed by the other two arbitrators chosen by the Parties, and if they cannot
reach mutual agreement, then by the SMA, provided that all 3 arbitrators shall be knowledgeable and experienced in the international sale and purchase of crude oil and further that all 3 arbitrators shall be members of the SMA. The
arbitration shall be conducted in English 

  
 -71-

 
and the arbitral award shall be final and binding on both Parties without appeal to any court, and judgment upon the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof. In addition to the choice of law described in subclause (a) above, any such Dispute shall also be governed by, construed and enforced under the maritime Law of the US without giving effect to its conflict of laws
principles, and in the case of any conflict between New York Law and the maritime Law of the United States, the maritime Law of the United States shall control. 
 (g) The Parties agree that if at any time during the term of the Agreement, any Laws are changed or new Laws have become or are due to become effective, whether by Law or by response to the insistence or
request of any Governmental Authority or any Person purporting to act for a Governmental Authority (a “Change in Law”), and the material effect of such Change in Law is (i) not covered by any other provision of the Agreement;
and (ii) has or will have a material and substantial adverse regulatory effect on Seller or Buyer, then the affected Party shall have the option to notify the other Party of such event. The Party providing such notice shall provide as much
notice as possible and include in such notice the change(s) and related consequences causing the issues covered by the notice. Thereafter, the Parties shall promptly negotiate in good faith and shall make such changes as are necessary to mitigate
the consequences of the Change in Law. 
  

	32.	HSE, DRUG AND ALCOHOL POLICY 

 The Parties represent that they are fully conversant with one another’s respective HSE policy and the ethical standards and requirements as provided to each other under separate cover, as the same
may be amended from time to time, or as set forth in Clause 22(e) and on Appendix 21. All business between the Parties under this Agreement will be conducted in a commercially reasonable and responsible manner to further the Parties’ objective
that the operations involve a minimal level of risk to people, the environment and equipment. The shared targets for the operation of the trade are zero personnel injuries, zero spills and environmental damage and zero equipment damage. 

Each Party shall notify the other of any incidents in connection with its performance under this Agreement related to HSE issues
including any pollution incidents that require notice to any Governmental Authorities, further investigation or other response action under applicable Environmental Laws. 
 Each Party agrees to issue HSE performance data in connection with its performance under this Agreement not older than 6 months upon reasonable request of the other Party covering any recordable incidents
during the relevant period. Such reports shall provide a brief description of the incident and appropriate follow-up action taken. 
 The Party responsible for employing a Vessel for the transport of Oil or Feedstock under this Agreement warrants to the other Party that at all times the operator of such Vessel will strictly observe the
HSE provisions, policy or guidelines in force at any terminal or place that it is required to use in the execution of this Agreement and, if relevant, the ports or places where such terminals are situated and the roads or railway network used for
the transport and conduct 

  
 -72-

 
its performance of the transport in accordance with any such regulations in force at such place or port. 
 Without prejudice to the generality of the foregoing, the Party responsible for the employment of a Vessel warrants that the operator of such Vessel shall strictly adhere to the drug and alcohol policy
envisaged under the Oil Companies International Maritime Forum guidelines issued in June 1995 as may be amended from time to time, and any other Laws applicable to such Vessel’s delivery of Oil or Feedstock in connection with this Agreement.

 Should a Vessel, or the employees, representatives or sub-contractors utilized by the operator of such Vessel on such Vessel
fail to observe all of the guidelines and/or directions of the applicable terminal or national or regional legislation pertaining to HSE that results in losses, damages, costs, expenses or fines or any other costs against the Party not providing the
transport, the Party who has undertaken the provision of transport shall indemnify the other Party in respect of such losses, damages, costs, expenses, fines. 
  

	33.	MATERIAL SAFETY DATA SHEETS. 

 (a) Seller shall provide Buyer with a copy of a current Material Safety Data Sheet (“MSDS”) for the Oil and Feedstock delivered under this Agreement. 

(b) Buyer shall be responsible for any consequences that result from the failure to properly use the information provided on an MSDS.

 (c) Buyer shall provide persons responsible for the management of HSE matters within its own organization with a copy of the
MSDS. 
 (d) Buyer shall provides its employees with appropriate information and training to enable them to handle and use the
Oil and Feedstock delivered under this Agreement in a manner which does not endanger their health or safety. 
  

	34.	VOICE RECORDING 

 Each
Party may electronically record all telephone conversations between them, with or without the use of a warning tone, and that, to the extent permitted by Law, any such recordings may be submitted in evidence to any court or in any proceeding for the
purpose of establishing the formation or existence of a transaction and the terms thereof. Each Party shall obtain the consent of its employees and agents to such recording to the extent required by Law. Notwithstanding the foregoing, either Party
reserves the right to object to the admissibility of any recording on the grounds of authenticity, relevance, and/or materiality, and neither Party waives its rights to such objections. 

 

	35.	DISPOSAL 

 Buyer shall not
knowingly resell, resupply or redeliver, directly or indirectly, the Oil or Feedstock to an embargoed country in contravention of applicable trade embargo requirements of the Kingdom of Norway or the US or any other country from which this Agreement
is executed. 

  
 -73-

 At any time Seller may require Buyer to provide any relevant documents for the purpose of
verifying the final destination of Oil or Feedstock delivered to Seller under this Agreement, and Buyer undertakes to advise Seller, upon request, of the destination of the Oil or Feedstock. If at any time before delivery of the Oil or Feedstock,
importation of the Oil or Feedstock at the designated delivery Storage Facilities is prohibited by order of the Governmental Authorities of the country in which the Oil or Feedstock has been produced or loaded or is to be imported, then Buyer shall
arrange for delivery at an acceptable alternative port that is not subject to any such prohibition. Any resulting additional costs incurred by Seller as a result of such alternative Delivery shall be refunded promptly to Seller by Buyer. 

In the event the Oil or Feedstock is disposed of by Buyer to a third party in whole or part, Buyer shall ensure that all end users of the
Oil or Feedstock abide by the provisions set forth herein of this Clause 35 and without delay provide Seller with all relevant information as Seller may require related to such alternative disposal including name of end user, name of refinery and
any other relevant information Seller may reasonably deem necessary. 
 Buyer’s failure to comply with any of the
provisions of this Clause 35 shall entitle Seller (without prejudice to any other rights and remedies it may have under this Agreement) to cancel this Agreement, suspend further deliveries of Oil and Feedstock under this Agreement or dispose of any
undelivered Oil and Feedstock as it deems fit. 
  

	36.	CONFIDENTIALITY 

 All
Confidential Information supplied by the Disclosing Party Representatives to the Receiving Party or the Receiving Party Recipients is confidential and is the sole and exclusive property of the Disclosing Party or is property to which the Disclosing
Party has rights and an obligation to keep confidential and is being furnished to the Receiving Party or the Receiving Party Recipients in reliance by the Disclosing Party of the undertakings made in this Clause 36. 

Each Receiving Party, on behalf of itself and the Receiving Party Recipients, (a) will keep the Confidential Information
confidential and will not disclosure any Confidential Information in any manner whatsoever except as otherwise provided herein; and (b) will not use any Confidential Information other than in connection with this Agreement; provided, however,
that Receiving Party may reveal the Confidential Information to Receiving Party Recipients: (i) who need to know the Confidential Information for the purpose of this Agreement; (ii) who are informed of the confidential nature of the
Confidential Information; and (iii) who agree to act in accordance with the terms of this Clause 36. A Receiving Party will be responsible for any breach of this Clause 36 by any of its Receiving Party Recipients. Upon a Disclosing Party’s
request, the Receiving Party shall return to the Disclosing Party or destroy all copies of any written data supplied as part of Confidential Information (including notes, extracts, summaries or other such materials prepared by the Receiving Party
based in whole or in part upon the Confidential Information) to the extent permitted by applicable Law. 
 Buyer acknowledges
that certain Receiving Party Recipients of Seller also have responsibility for trading and/or marketing products or transactions that are the same as, similar to or correlated with, the transactions contemplated by this Agreement. It is not
Buyer’s intent to restrict in any way or alter such Receiving Party Recipient’s trading or marketing activities. 

  
 -74-

 Each Receiving Party acknowledges and agrees that remedies at law may be inadequate to
protect a Disclosing Party against any actual or threatened breach of this Clause 36 by a Receiving Party or Receiving Party Recipients, and, without prejudice to any other rights and remedies otherwise available to such Disclosing Party, and upon
an offer of proof by the Disclosing Party of an actual or threatened breach of this Clause 36, the Receiving Party agrees to the granting of injunctive relief in the Disclosing Party’s favor without proof of actual damages. In the event of
litigation relating to this Clause 36, if a court of competent jurisdiction determines in a final order that this Clause 36 has been breached by a Receiving Party, then such Receiving Party will reimburse the Disclosing Party for its costs and
expenses (including, without limitation, reasonable legal fees and expenses) incurred in connection with all such litigation. 
  

	37.	SOVEREIGN IMMUNITY 

 Each
Party represents and warrants that it has entered into this Agreement in a commercial capacity and that with respect to this Agreement it is in all respects subject to civil and commercial Law. Each party irrevocably and unconditionally, and to the
fullest extent permitted by Law, waives any rights of sovereign immunity which it may have now or subsequently acquire in respect of its position or any property and/or assets (present or subsequently acquired and wherever located) belonging to it.

  

	38.	ANTI-CORRUPTION AND FACILITATION PAYMENTS 

 (a) In connection with this Agreement and the business resulting therefrom Buyer and Seller shall respectively comply with all applicable Laws, relating to bribery, corruption and money laundering of:

 (i) The Kingdom of Norway, 

(ii) The US, and 
 (iii) Any other country in which this Agreement is partly or wholly executed. 

(b) Each Party shall not, directly or indirectly, in connection with this Agreement and the business resulting therefrom, offer, pay,
promise to pay, or authorize the giving of money or anything of value to a government official (including but not limited to employees of a government oil company), to any officer or employee of a public international organization, to any political
party or official thereof or to any candidate for political office, or to any person, while knowing or being aware of a high probability that all or a portion of such money or thing of value will be offered, given or promised, directly or
indirectly, to any government official, to any officer or employee of a public international organization, to any political party or official thereof, or to any candidate for political office, for the purpose of: (a) influencing any act or
decision of such official, officer, employee, political party, party official, or candidate in his or its official capacity, including a decision to fail to perform his or its official functions; or (b) inducing such official, officer,
employee, political party, or candidate to use his or its influence with the government or instrumentality thereof (including but not limited to a government oil company) or organization to affect or influence any act or decision of such government
or 

  
 -75-

 
instrumentality or organization, or to obtain an improper advantage in order to assist such party in obtaining or retaining business for or with, or directing business to such party or any other
person in relation to this Agreement. 
 (c) The Parties shall use commercially reasonable efforts to insure that relevant third
parties used for fulfilling the Parties’ respective obligations under this Agreement also comply with all applicable Laws relating to bribery, corruption and money laundering of: 

(i) The Kingdom of Norway, 
 (ii) The US, and 
 (iii) Any other country in which this Agreement
is partly or wholly executed. 
 (d) A Party may terminate this Agreement in accordance with Clause 24 if the other Party is in
breach of the above. 
 (e) All financial settlements, billings and reports in connection with this Agreement shall properly
reflect the facts related to any activities and transactions handled for the account of the other Party. The data may be relied upon as being complete and accurate in any further recordings and reporting made by the Parties or any of their
representatives, for whatever purpose. 
  

	39.	CONFLICT OF INTEREST 

Except as otherwise expressly provided herein, no director, employee or agent of either Party, its subcontractors or vendors, shall give
or receive from any director, employee or agent of the other Party or any Affiliate of the other Party any commission, fee, rebate, gift or entertainment of significant cost or value in connection with this Agreement. In addition, no director,
employee or agent of either Party, its subcontractors or vendors, shall enter into any business arrangement with any director, employee or agent of the other Party or any Affiliate of the other Party who is not acting as a representative of such
Party or its Affiliate without prior written notification thereof to the other Party. Any representative(s) authorized by either Party may audit the applicable records of the last 3 years of the other Party for the sole purpose of determining
whether there has been compliance with this Clause 39. 
  

	40.	MISCELLANEOUS 

 (a) If any
provision of this Agreement shall be (in whole or in part) determined to be invalid, illegal or unenforceable in any jurisdiction by a court of competent jurisdiction, then for such period that the same is invalid, illegal or unenforceable as to
such jurisdiction, such provision shall be deemed to be deleted from this Agreement without invalidating the remaining portions of this Agreement or affecting or impairing the validity or enforceability of such provision in any other jurisdiction.
It is also the intention of the Parties that in lieu of each clause or provision of this Agreement that is illegal, invalid or unenforceable, there be added, as a part of this Agreement, a clause or provision as similar in terms to such illegal,
invalid or unenforceable clause or provision as may be possible and be legal, valid and enforceable. 

  
 -76-

 (b) Any modification of, consent, waiver, amendment or addition to this Agreement shall be
effective only if made in writing, specifically referencing this Agreement, signed by both Parties. 
 (c) Except as expressly
provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the Parties to this Agreement, and their respective permitted successors and assigns. 

(d) This Agreement and the Bridging Agreement contain the entire agreement between the Parties with respect to the subject matter hereof
and supersedes all prior proposals, negotiations, understandings and representations, whether written or oral, relating to the subject matter hereof. If there exists any conflict between this Agreement and the Bridging Agreement, the Bridging
Agreement shall control. 
 (e) In the event of a conflict between provisions in the main body of this Agreement and in the
Appendices, the provisions in the main body of this Agreement shall control. In the event of any conflict between the provisions in this Agreement (including the Appendices) and the provisions in any other document or agreement entered into by the
Parties in connection herewith, the terms of this Agreement shall control in the event of any conflict unless such other document or agreement provides expressly otherwise. 
 (f) The Parties acknowledge that they and their counsel have reviewed and revised this Agreement and that no presumption of contract interpretation or construction shall apply to the advantage or
disadvantage of the drafter of this Agreement. 
 (g) Where not inconsistent with any of the terms defined herein, the terms as
published by the International Chamber of Commerce (“ICC”) in the ICC Official Rules for the Interpretation of Trade Terms edition of 2000 shall apply. 
 (h) From and after the Effective Date, each Party will, and will cause their respective Affiliates to, execute and deliver such further instruments and documents and take such other action as may
reasonably be requested by any Party hereto to carry out the purposes and intents hereof, including to secure Seller’s security interest in the Oil and Feedstock Delivered hereunder and the proceeds thereof. 

[Signature Page(s) Follow] 

  
 -77-

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

			
	STATOIL MARKETING & TRADING (US) INC.
		
	By:	 	 /s/ Richard Martin Jones

	Name:	 	 Richard Martin Jones

	Title:	 	 President

	
	DELAWARE CITY REFINING COMPANY LLC
		
	By:	 	 /s/ Jeffrey Dill

	Name:	 	 Jeffrey Dill

	Title:	 	 Secretary

  
 [Signature
Page to Crude Oil/Feedstock Supply/Delivery and Services Agreement] 

 Execution Version 

FIRST AMENDMENT TO CRUDE OIL/FEEDSTOCK SUPPLY/DELIVERY AND SERVICES AGREEMENT 

THIS FIRST AMENDMENT TO CRUDE OIL/FEEDSTOCK SUPPLY/DELIVERY AND SERVICES AGREEMENT, made and entered into effective as of July 29,
2011, by and among Statoil Marketing & Trading (US) Inc., a Delaware corporation (“Seller”), Delaware City Refining Company LLC, a Delaware limited liability company (“Buyer”) and PBF Holding Company LLC
(“Buyer’s Parent”), which is also a guarantor of Buyer’s obligations under the Original Agreement (as defined below) and hereby agrees to the direct obligations applicable to Buyer’s Parent as set forth in this
Amendment and the attachments hereto, amends that certain Crude Oil/Feedstock Supply/Delivery and Services Agreement between Seller and Buyer dated April 7, 2011 (the “Original Agreement”). 

W I T N E S S E T H: 
 WHEREAS, the parties hereto desire to modify the terms of the Original Agreement pursuant to the terms hereof (defined terms not defined herein are defined in the Original Agreement). 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows: 
 1. Amendments. 

(a) Section 2 “Definitions and Constructions” of the Original Agreement is amended by inserting the following definitions
thereto in alphabetical order: 
 “Account Agreement” has the meaning set out in Appendix 13. 

“Saudi Arabian” shall mean the Saudi Arabian Oil Company, organized under the Laws of the Kingdom of Saudi Arabia.

 “Saudi Contract” has the meaning set out in Appendix 13. 

“Saudi Cargo” has the meaning set out in Appendix 13. 

(b) Section 3(a)(i) of the Original Agreement is deleted in its entirety and replaced by the following: 

“(i) Except with respect to purchases, if any, to be completed by Buyer under the terms of the Saudi Contract, Seller will have the
exclusive right to, and will, provide Oil and Feedstock for Delivery to the Refinery and Buyer will purchase such Oil and Feedstock in accordance with the terms set forth herein. With respect to the Saudi Contract, Seller and Buyer shall comply with
the terms of Appendix 13 with respect to such purchases of Oil and the subsequent delivery to and storage at the Refinery.” 

 (c) In Section 29 “Notices and Addresses” of the Original Agreement the
address, telecopy number, and other notice information for the Seller is deleted in its entirety and replaced by the following: 
  

			
	“If to Seller:	  	Statoil Marketing & Trading (US) Inc.
		  	120 Long Ridge Road, Suite 3EO1
		  	Stamford, Connecticut 06902
		  	Attention: Crude Oil Operations
		  	Fax Number: (203) 978-6958
		  	Telephone Number: (203) 978-6900
		  	E-mail: uscrudeops@statoil.com
		
	With a copy (which	  	Statoil Marketing & Trading (US) Inc.
	shall not constitute	  	120 Long Ridge Road, Suite 3EO1
	notice) to:	  	Stamford, Connecticut 06902
		  	Attention: General Counsel
		  	Fax Number: (203) 978-6952
		  	Telephone Number: (203) 978-6900”

 (d) An Appendix 13, attached hereto as Exhibit A, is hereby inserted and made a part of the
Original Agreement for all purposes. 
 2. Joint Obligations and Cooperation. Buyer’s Parent and Buyer
undertake various responsibilities in Appendix 13 and in other documents with regard to the Saudi Contract (as defined in Appendix 13) and the transactions related thereto. Regardless of whether any specific obligation is specified as being
applicable to Buyer or to Buyer’s Parent, both Buyer and Buyer’s Parent shall be jointly and severally liable for such obligations and shall pledge and grant security interests as their respective rights, title and interests may appear.
Buyer and Buyer’s Parent also agree to cooperate and take all appropriate actions under or with respect to the Saudi Contract to enable and facilitate Buyer’s and Buyer’s Parent’s performance of their obligations with respect to
the Saudi Contract, the Saudi Cargoes and the Original Agreement. 
 3. No Other Modification. Except as
specifically set forth above, the Original Agreement shall remain in full force and effect in all respects. 
 [Signature page
follows] 

  
 -2-

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date
first above written. 
  

			
	STATOIL MARKETING & TRADING (US) INC.
		
	By:	 	 

	Name:	 	 Richard Martin Jones

	Title:	 	 President

	
	DELAWARE CITY REFINING COMPANY LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	PBF HOLDING COMPANY LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to First Amendment to Crude Oil/Feedstock Supply/Delivery and Services Agreement]

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date
first above written. 
  

			
	STATOIL MARKETING & TRADING (US) INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	DELAWARE CITY REFINING COMPANY LLC
		
	By:	 	 

	Name:	 	 Jeffrey Dill

	Title:	 	 Secretary

	
	PBF HOLDING COMPANY LLC
		
	By:	 	 

	Name:	 	 Jeffrey Dill

	Title:	 	 Secretary

 [Signature Page to First Amendment to Crude Oil/Feedstock Supply/Delivery and Services Agreement]

 Exhibit A to First Amendment 

APPENDIX 13 – SAUDI CONTRACT ARRANGEMENTS 
 In conjunction with the First Amendment to this Agreement, PBF Holding Company LLC, the 100% owner of Buyer (“Buyer’s Parent”) is entering into a Crude Oil Sales Agreement with a
side letter entitled “Freight Protection for [REDACTED],” substantially in the form of Attachment I to this Appendix 13 (the “Spot Saudi Agreement”), with Saudi Arabian providing for the spot purchase of Arabian [REDACTED]
and Arabian [REDACTED] crude oil, with Seller named in the Crude Oil Sales Agreement shown in Attachment I as “BUYER’S ASSIGNEE” for the limited purposes set forth therein. Furthermore, Buyer’s Parent anticipates potentially
entering into future agreements similar to that shown in Attachment I. Buyer shall provide notice to Seller of any such future agreements and after Seller reviews such future agreement(s) and confirms (such confirmation not to be unreasonably
withheld, conditioned or delayed) in writing that it is substantially similar to Attachment I and is reasonably acceptable to Seller, then such future agreement(s) shall be a “Future Spot Saudi Agreement” for purposes of this
Appendix 13 and the Agreement. As used below and throughout the Agreement, the “Saudi Contract” shall include the Spot Saudi Agreement and the Future Spot Saudi Agreement(s). Notwithstanding anything to the contrary in Clause 14(a)
of this Agreement, Seller shall provide all Shipping Services (with a $[REDACTED] per Barrel service fee) and insurance at $[REDACTED] per Barrel with respect to all volumes of Oil purchased by Buyer from Saudi Arabian under the Saudi Contract (each
such volume, a “Saudi Cargo”). Shipping Services for each Saudi Cargo (which shall be calculated and paid for by Buyer in the same manner as for the Cargoes being sold by Seller under the Agreement) shall be set using the
“[REDACTED]” unless otherwise agreed upon by the Parties. 
 Buyer’s Parent shall sell and
transfer title to each Saudi Cargo to Seller on the earlier of (i) either the 23rd day after the Bill of Lading date if the applicable Saudi Contract requires payment to Saudi Arabian by the 25th day after Bill of Lading date, or on the 28th day after the Bill of Lading date if the applicable Saudi Contract
requires payment to Saudi Arabian by the 30th day after
the Bill of Lading date, or (ii) arrival of such Saudi Cargo DES Delaware City or a separately agreed upon delivery point (the “Saudi Title Transfer Date”), at the same price Buyer’s Parent purchases such Saudi Cargo from
Saudi Arabian under the Saudi Contract; provided that Seller and Buyer’s Parent may mutually agree on any other separate delivery point or transshipment point, including Buyer’s Affiliates’ facility at Paulsboro, New Jersey or
Seller’s South Riding Point terminal and storage facility located on Grand Bahama Island, The Bahamas. If the Saudi Title Transfer Date would otherwise occur on a non-Business Day, then the Saudi Title Transfer Date and the concurrent transfer
of title to Seller for any such applicable Saudi Cargo shall take place on the preceding Business Day. In the event of any Future Spot Saudi Agreements as defined above, the Saudi Title Transfer Date shall be no later than the last Business Day that
is at least two days prior to the date required for payment by Saudi Arabian. Buyer’s Parent shall deliver to Seller on the Business Day after the Saudi Title Transfer Date the original Bill of Lading corresponding to such Saudi Cargo with
appropriate endorsements to Seller together with such other acceptable documentation as may be requested by Seller with respect to each such sale. Seller may purchase futures contracts on the Saudi Cargoes in connection with the Oil pricing terms
set forth in the Saudi Contract, in the same manner as for other Cargoes owned by Seller pursuant to Clause 9 and the other provisions of the Agreement, and the pricing for the subsequent resale of such Cargo by Seller to Buyer upon Delivery from
Seller to Buyer shall be based on such futures contract pricing. 

  
 Appendix 13

 1 

 Upon receipt of each invoice from Saudi Arabian under the Saudi Contract, Buyer’s
Parent shall immediately deliver an exact copy of such invoice to Seller. Buyer’s Parent and Seller shall use reasonable efforts to arrange with Saudi Arabian to permit direct payment by Seller to Saudi Arabian of Buyer’s obligations for
each Saudi Cargo (in lieu of Seller paying Buyer’s Parent and Buyer’s Parent remitting the same amount to Saudi Arabian), but this arrangement does not and shall not create any direct obligation of Seller to Saudi Arabian. If Buyer’s
Parent and Seller are unable to arrange for direct payment from Seller to Saudi Arabian, Seller shall pay all amounts due Buyer’s Parent with respect to Saudi Cargoes into a controlled account, pursuant to which Seller shall be party to an
account agreement (the “Account Agreement”). The Parties agree that the arrangements described in this Appendix 13 may be amended further for future Saudi Cargoes. 

Payment for each Saudi Cargo shall be due from Seller to Buyer’s Parent one Business Day after delivery of good title to such Oil
from Buyer’s Parent on the Saudi Title Transfer Date, free and clear of all Liens, except for any lien held by the bank that is party to the Account Agreement. Such Saudi Cargo shall be included in the calculation of OIFIC and the TVM Payment
pursuant to Clause 19(g) of the Agreement when payment becomes due from Seller to Buyer’s Parent pursuant to this Appendix 13. 
 To the extent there are any adjustments to the price of any Saudi Cargo under the Saudi Contract after payment becomes due from Seller to Buyer’s Parent hereunder (including any adjustment relating
to a provisional invoice delivered by Saudi Arabian to Buyer’s Parent under the Saudi Contract): (a) if the adjustment results in Saudi Arabian making a payment to Buyer’s Parent and Seller has title to all or any portion of such
Saudi Cargo (because such Oil has not yet been Delivered by Seller to Buyer), Buyer’s Parent shall immediately remit the portion of such funds allocable to the portion of the Saudi Cargo (up to 100%) owned by Seller upon receipt from Saudi
Arabian, and the amount shall result in an adjustment to the price basis for such Oil; and (b) if the adjustment results in Buyer’s Parent making an additional payment to Saudi Arabian, (i) if Seller has title to all or any portion of
such Saudi Cargo (because such Oil has not yet been Delivered by Seller to Buyer), Seller shall pay the portion of such funds allocable to the portion of the Saudi Cargo (up to 100%) owned by Seller either directly to Saudi Arabian or into the
controlled Buyer’s Parent account (in the same manner as described above for the initial payment), and the amount shall result in an adjustment to the price basis for such Oil, or (ii) if the adjustment relates to a Saudi Cargo which has
been Delivered in its entirety by Seller to Buyer, such adjustment shall be solely for the account of Buyer’s Parent. 

Buyer and Buyer’s Parent shall be fully liable for all obligations, and Seller shall have no obligation to Buyer or Buyer’s
Parent except as specifically set forth herein, with respect to (i) any payment owing from Buyer’s Parent to Saudi Arabian (ii) any breach by Buyer’s Parent of the Saudi Contract, (iii) any termination of the Saudi Contract
other than a termination resulting from Seller’s failure to perform its obligations under the Saudi Contract as “Buyer’s Assignee,” or (iv) any failure or refusal of Saudi Arabian to provide Oil to Buyer’s Parent, Buyer
or Seller. Clause 40(c) of the Agreement expressly applies to this Appendix 13, and Saudi Arabian shall in no way be deemed a third party beneficiary of this Agreement, including this Appendix 13. 

  
 -2-

 As security for the prompt and complete payment and performance in full of all obligations
of Buyer’s Parent and Buyer to Seller hereunder (including the hedges and other obligations Seller undertakes in reliance on Buyer’s Parent and Buyer’s obligations to sell the Saudi Cargoes to Seller and to later repurchase such Saudi
Cargoes in accordance with the terms of the Agreement), Buyer’s Parent and Buyer hereby grant to Seller a security interest in all of its right, title and interest in, to and under the following, in each case, whether now owned or existing or
hereafter acquired or arising and wherever located; 
 (i) All Saudi Cargoes; and 

(ii) All proceeds, insurance claims and proceeds, products, accessions, additions, substitutions, replacements, rents and
profits of or in respect of any or all of the foregoing. 
 In connection with the foregoing, Buyer’s Parent and Buyer
authorize Seller to file such financing statements pursuant to the UCC as Seller deems necessary to perfect the foregoing interest. Neither Buyer’s Parent nor Buyer shall grant or permit any other security interest in any of the foregoing
collateral, except that, subject to the execution of an intercreditor agreement in form and substance satisfactory to Seller, Buyer’s Parent may grant a senior security interest in such collateral to Buyer’s Parent’s third party
letter of credit provider (BNP) to secure Buyer’s Parent’s obligations with respect to letters of credit required to be posted by Buyer’s Parent to Saudi Arabian under the Saudi Contract. 

Neither Buyer’s Parent nor Buyer shall take any action that would cause Seller to incur an indemnity obligation pursuant to the
Saudi Contract. If Seller under the Saudi Contract is required to defend, indemnify or hold harmless Saudi Arabian or any other party or otherwise becomes liable under the Saudi Contract as a result of the actions or inactions of Buyer’s Parent
or its affiliates, Buyer’s Parent and Buyer shall defend, indemnify and hold harmless Seller for all obligations incurred by Seller thereby. 

  
 -3-

 ATTACHMENT I TO APPENDIX 13 

FORM OF SPOT SAUDI AGREEMENT 
 [attached] 

 CRUDE OIL SALES AGREEMENT 

This is to confirm the Agreement between us as follows: 
  

	1.	Parties: 

  

					
	SELLER	 	-	    	SAUDI ARABIAN OIL COMPANY, A COMPANY WITH LIMITED LIABILITY ORGANIZED UNDER THE LAWS OF THE KINGDOM OF SAUDI ARABIA
			
	BUYER	 	-	    	PBF HOLDING COMPANY LLC, A LIMITED LIABILITY COMPANY INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE, UNITED STATES OF AMERICA
			
	BUYER ASSIGNEE	 	-	    	STATOIL MARKETING & TRADING (US) INC., A COMPANY INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE, UNITED STATES OF AMERICA

  

	2.	Term of Agreement: 

 This
Agreement shall be effective as of July 14, 2011 and shall continue in effect until the parties have completed all of their obligations hereunder. 
  

	3.	Grade, Quantity and Quality: 

  

	 	3.1	SELLER shall deliver and sell to BUYER and BUYER shall buy and lift from SELLER, or cause BUYER’s ASSIGNEE to buy and lift from SELLER, on a day from
August 15 to August 17, 2011, inclusive (the “Accepted Lifting Date Range”) a total of [REDACTED] barrels of Saudi Arabian crude oil; of which [REDACTED] barrels shall be Arabian [REDACTED] crude oil, and [REDACTED] barrels shall
be Arabian [REDACTED] crude oil, minus up to ten percent (10%) at BUYER’S or SELLER’s option, or plus up to ten percent (10%) if BUYER so requests and SELLER agrees. 

 

	 	3.2	 The quality of Arabian [REDACTED] crude oil and Arabian [REDACTED] crude oil delivered hereunder shall be the usual quality of that grade SELLER makes
available at SELLER’s Marine Loading Terminal at [REDACTED] (“Loading Port”), at the time the crude oil is delivered. SELLER warrants that it has good and marketable title to the crude oil, free and clear of all charges, liens and
encumbrances but THERE ARE NO GUARANTEES OR WARRANTIES, EXPRESS OR IMPLIED, OF MERCHANTABlLITY, 

  
 Page 1 of 8

	 	
FITNESS OR SUITABILITY OF THE CRUDE OIL, FOR ANY PARTICULAR PURPOSE OR OTHERWISE, WHICH EXTEND BEYOND THE DESCRIPTION OF THE CRUDE OIL AND ANY SPECIFICATIONS THEREFOR CONTAINED IN THIS AGREEMENT.

  

	4.	Price: 

  

	 	4.1	The price per barrel of Arabian [REDACTED] crude oil to be sold hereunder shall be the [REDACTED], as calculated in Paragraph 4.3 below, minus a differential of
[REDACTED] per barrel. 

  

	 	4.2	The price per barrel of Arabian [REDACTED] crude oil to be sold hereunder shall be the [REDACTED], as calculated in Paragraph 4.3 below, minus a differential of
[REDACTED] per barrel. 

  

	 	4.3	The [REDACTED] shall be calculated as the arithmetic average of the [REDACTED] published in the Argus Crude Report for such grade for all the quotation days, inclusive,
during the period from the [REDACTED] of the month [REDACTED] to the scheduled month of delivery, through the [REDACTED] of the scheduled month of delivery. 

 

	 	4.4	Should completion of physical loading of the vessel nominated by BUYER or BUYER’s ASSIGNEE occur before or after the scheduled month of delivery, the price of such
cargo, unless mutually agreed otherwise, shall be calculated using the differential that would apply if completion of physical loading of the vessel has occurred in the [REDACTED]. 

 

	5.	Payment: 

  

	 	5.1	Payment for this cargo of crude oil sold shall be made in the full amount of SELLER’S invoice without discounts or deductions by BUYER to SELLER via electronic
transfer in immediately available funds in U.S. Dollars to SELLER’S account as follows: 

 JPMorgan Chase,
New York [REDACTED] 
 Under direct [REDACTED] advice to 

JPMorgan Chase, London [REDACTED] 
 For the account of JPMorgan Chase, London [REDACTED] 
 Account no. [REDACTED] for
further credit to 
 The Saudi Arabian Oil Company (Saudi Aramco) 

Account no. [REDACTED] 

  
 Page 2 of 8

 For the cargo of crude oil delivered under this Agreement, SELLER shall present to the
BUYER the SELLER’s invoice and the Bill of Lading, and BUYER’s payment to SELLER shall be made not later than [REDACTED] from and including the Bill of Lading date. 
 If any payment hereunder falls due on a Saturday, Sunday, or a banking holiday in New York, then payment shall be effected on the next bank business day. 

 

	 	5.2	All invoices for crude oil sold under this Agreement shall be sent to BUYER by telex, facsimile, courier or mail (at SELLER’s discretion) in accordance with the
information contained in BUYER’s acceptance telex. 

  

	 	5.3	If it is impossible or impracticable for SELLER to calculate the price for the cargo of crude oil sold hereunder prior to issuance of an invoice for the cargo, SELLER
shall send to BUYER a provisional invoice, and BUYER shall pay said invoice in accordance with paragraph 5.1. SELLER’s provisional invoice shall be based upon (i) SELLER’s good faith estimate of the price(s) as provided in Paragraph 4
with reference to the reference crude(s) and differential(s) applicable to the cargo and (ii) SELLER’s best estimate of the quantity of crude oil delivered. 

 

	 	5.4	Any amount not paid by BUYER when due shall bear interest from the date upon which payment was due through the date of payment at a rate equal to one percent
(1%) above the one (1) month London Interbank Offered Rate (LIBOR) for U.S. Dollar deposits offered by the National Westminster Bank at 11:00 a.m., London time, on the first banking day of the month in which payment was due. Such
payments of interest shall be made in the full amount due, free of any withholding tax imposed by any government. 

  

	 	5.5	For the cargo of crude oil to be lifted or received under this agreement, BUYER shall establish and deliver to SELLER at least ten (10) days prior to the Accepted
Lifting Date Range, an irrevocable standby Letter of Credit issued or confirmed by a bank acceptable to SELLER in accordance with the attached FORM L (02/18/08). All bank charges incurred in connection with the establishment of letters of credit,
including, without limitation, opening, amendment and correspondent charges, confirmation and all related banking fees, commissions or expenses shall be for BUYER’s account. In addition, BUYER shall bear all costs of demurrage or any other fees
or charges arising from BUYER’s failure to provide a Letter of Credit or confirmation thereof acceptable to SELLER by the Accepted Lifting Date Range. BUYER’s provision of a Letter of Credit is an express condition precedent to
SELLER’s obligation to deliver and sell crude oil under this agreement. 

  
 Page 3 of 8

	6.	Independent Inspection and Measurement 

  

	 	6.1	SELLER shall arrange, at its expense, an independent inspector to verify the quality and quantity of crude oil delivered to BUYER and shall cause said inspector to
provide promptly to BUYER a copy (or copies as requested by BUYER) of inspector’s summary report only. Should BUYER require more detailed loading information, BUYER shall have the right to equally share the cost of the inspection with SELLER,
and SELLER shall cause said inspector to provide to BUYER a copy of the inspector’s full report and other documentation relating to the inspection. 

  

	 	6.2	The quantity of crude oil shipped and sold hereunder shall be determined using, at SELLER’S option, either custody transfer meter measurements carried out by
SELLER, or shore tank measurements gauged by SELLER immediately before and after loading. In determining the net volume of crude oil shipped, adjustment in volume to sixty degrees Fahrenheit, owing to differences in temperature, shall be made in
accordance with ASTM IP Petroleum Measurement Table 6, American Edition 1952, prepared jointly by the American Society for Testing Materials and the Institute of Petroleum (or, subject to prior Saudi Arab Government approval, the currently effective
tables superseding the same). 

  

	 	6.3	Test of quality; unless otherwise mutually agreed, shall be made according to the latest Standard or Tentative Standard Methods of the American Society for Testing
Materials that may be available in official publications of the Society at the time such tests are made (the testing methods being subject to the approval of the Saudi Arab Government). 

 

	 	6.4	SELLER shall, at its own expense, take and retain samples of shipments of crude oil and shall furnish suitable storage accommodations for such samples. Samples shall be
kept for a period of not less than ninety (90) days provided that SELLER shall keep samples up to a period of not more than one (1) year if so specifically requested and justified in writing by BUYER in each instance, subject to
SELLER’S approval, which shall not be unreasonably withheld. 

  

	 	6.5	The determination of quantity and quality, as provided in this Paragraph 6, shall be final and binding on both BUYER and SELLER, and the quantity and quality so
determined shall be deemed to be the quantity and quality shipped and sold. 

  
 Page 4 of 8

	7.	Delivery: 

  

	 	7.1	Delivery and lifting shall be free on board (F.O.B.) at the Loading Port in accordance with the Terms and Conditions Governing Deliveries of Bulk Crude Oil by Saudi
Aramco as “SELLER” at [REDACTED] (Form A, dated 11/01/93) as SELLER may amend such Terms and Conditions from time to time. 

  

	 	7.2	In connection with F.O.B. delivery at the Loading Port, BUYER shall have the right to appoint at its expense an independent inspector to witness the quantity and
quality measurements of crude oil performed by SELLER in accordance with appropriate measurement standards and procedures in use at the loading terminal. 

  

	 	7.3	Dues and other charges on BUYER’S vessel(s) at the loading port and terminal shall be for BUYER’S account. The amount of any taxes, duties, imposts, fees,
charges, and dues of every description imposed or levied by any governmental, local or port authority on the crude oil supplied hereunder, or any vessel used in its transportation, in respect of any stage after such crude oil passes the
tankship’s permanent hose connection at the loading terminal, shall be for BUYER’S account. 

  

	8.	Title and Risk of Loss: 

Title to and risk of loss of all crude oil sold hereunder shall pass to BUYER at the point at which the loading terminal’s loading
line connects with the vessel’s permanent hose connection,. It is expressly understood that the passage of title and risk of loss as aforesaid is not conditioned upon delivery or receipt of Bills of Lading. 

 

	9.	Destination: 

 The country
of destination of crude oil delivered hereunder shall be the State of Delaware in the United States of America for the Arabian [REDACTED] crude oil and the State of New Jersey in the United States of America for the Arabian [REDACTED] crude oil,
subject to the export laws and regulations of the Kingdom of Saudi Arabia. The final country destination of crude oil delivered hereunder shall be confirmed and attested to by BUYER or BUYER’S ASSIGNEE to SELLER not later than [REDACTED] days
after BUYER’S or BUYER’S ASSIGNEE’S payment for such cargo. The parties hereto contemplate that all crude oil purchased under this 

  
 Page 5 of 8

 
Agreement shall be processed by BUYER or BUYER’S ASSIGNEE and accordingly, the parties contemplate that neither the BUYER nor BUYER’S ASSIGNEE will resell the crude oil purchased under
this Agreement in its original form or blend it with other crude oils for purpose of resale. 
  

	10.	Termination for Cause: 

SELLER or BUYER shall have the right to terminate this Agreement upon written notice to the other party in the event of a material breach
(including without limitation anticipatory breach) by the other party of any of its terms, but without prejudice to the rights of either party theretofore accrued with respect to this Agreement (including without limitation the right of either party
to damages arising from such breach or prior breaches hereof). Material breach by BUYER shall include, without limitation, BUYER’S failure to lift and buy crude oil as required in Paragraph 2 hereof or BUYER’S failure to comply with any of
the Payment provisions of Paragraph 5. The delay or failure on the part of either party hereto to insist, in any one instance or more, upon strict performance of any of the terms or conditions of this Agreement, or to exercise any right or privilege
herein conferred shall not be construed as a waiver of any such terms, conditions, rights or privileges, but the same shall continue and remain in full force and effect. All rights and remedies are cumulative. 

 

	11.	Disputes: 

 Any dispute,
controversy or claim arising out of or relating to this Agreement, or the breach or termination or invalidity thereof, which is not settled by agreement between the parties shall be finally settled in accordance with the Arbitration Regulations and
the Rules for Implementation of the Arbitration Regulations for the Kingdom of Saudi Arabia, together with any amendments thereto which may be issued from time to time, by three neutral and impartial arbitrators, one to be appointed by each party
and the third to be appointed by the two so chosen. The arbitrators shall base their award only upon the evidence presented to them, the terms of this Agreement and the laws of Saudi Arabia. This arbitration provision shall be specifically
enforceable by either party under the Regulations, and the arbitrators’ award shall be final and binding on the parties. 

  
 Page 6 of 8

	12.	Other Terms: 

  

	 	12.1	This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties to this Agreement; however, neither party may assign or
transfer this Agreement, either in whole or in part, without first obtaining the written consent of the other. 

  

	 	12.2	In no event shall either party be liable in connection herewith or with respect to operations related hereto, whether in tort, contract or otherwise, for special,
indirect or consequential damages. 

  

	 	12.3	Except as otherwise required to implement this Agreement, BUYER undertakes to treat the contents of this Agreement as strictly confidential, except as may be required
by law. For violation of this undertaking by BUYER, SELLER shall have the right to immediately cancel this Agreement, without any liability as a result of such cancellation, upon giving notice to BUYER. 

 

	 	12.4	This Agreement, and any amendments hereto, consisting of this signed document, any attachments hereto and other documents referred to herein, is intended by the parties
as a final expression of their agreement and intended also as a complete and exclusive statement of the terms of their agreement. 

  

	 	12.5	The laws and regulations the Kingdom of Saudi Arabia shall govern the interpretation and performance of this Agreement and any further Agreements that may result from
it. 

  

	 	12.6	Each party shall be relieved from the performance of any obligation, other than the obligation to make payments for amounts due hereunder, during the time and to the
extent performance of such obligation is prevented or restricted as a result of force majeure event. The term “force majeure” as used in this Agreement shall mean any act, event, cause or occurrence rendering a party unable to perform its
obligations which is not within the reasonable control of such party. BUYER and SELLER specifically agree that SELLER’s, inability to perform all, or any part, of this Agreement due to Government action or directive shall constitute a force
majeure event; however, the term force majeure shall not apply to those events which merely make it more difficult or costly for BUYER to perform its obligations hereunder. BUYER and SELLER further agree that at the conclusion of any force majeure
event, neither BUYER nor SELLER shall have any obligation to each other with respect to any quantities of crude oil not delivered as a consequence of such force majeure event. No condition of force majeure shall operate to extend the term of this
Agreement. 

  
 Page 7 of 8

	 	12.7	If at any time SELLER determines that reasonable grounds for Insecurity have arisen with respect to BUYER’s performance of any BUYER’s obligations under this
‘Agreement, SELLER may demand adequate assurance of due performance by BUYER, and until SELLER receives such assurance SELLER may suspend its performance of obligations under this Agreement. BUYER’s failure to provide within a reasonable
time not exceeding ten (10) days such assurance of due performance as is adequate under the circumstances will constitute a material breach of this Agreement. 

 

	 	12.8	Compliance with ISPS CODE: 

  

	 	(a)	SELLER and BUYER shall comply with the International Code for the Security of Ships and Port Facilities and relevant amendments to chapter X1 of the International
Convention for the Safety of Life at Sea, 1974 (SOLAS), hereinafter (ISPS Code), in accordance with Form-I of this Agreement, which shall govern the parties rights and obligations with respect to such compliance. 

 

	 	(b)	In the event of any conflict between this Agreement and its Form-I (ISPS CODE TERMS AND CONDITIONS), the terms and conditions of Form-I shall prevail.

 IN WITNESS of this Agreement, the parties have caused it to be signed on the dates shown below in two (2) copies, each of
which shall serve as a duplicate original. 
  

									
	 For and on behalf of BUYER:

REPRESENTED BY:
	 		 	 For and on behalf of SELLER:
 REPRESENTED BY:

					
	 By:
	 	  
	 		 	By:	 	  

		 		 		 		 	Mohammad H. Khazindar
					
	 Title:
	 	  
	 		 	Title:	 	Manager, Crude Oil Sales and Marketing Department
					
	 Date:
	 	  
	 		 	Date:	 	  

  
 Page 8 of 8

  

					
	 : Saudi Arabian Oil Company
	  	: Tel: (+966-3) 874-5322	  	
	: Crude Oil Sales and Marketing Department	  	: Fax: (+966-3) 873-2173	  	
	 : TN-1030, Tower Building
	  		  	
	 : Dhahran 31311, Saudi Arabia
	  		  	

  
 

 
 July 20, 2011 
 COSMD - 117/2011 
 Freight Protection for
[REDACTED] 
 Dear Mr. XXXXX, 
 Please be advised that Saudi Aramco will add freight protection to your [REDACTED] lifting of Arabian [REDACTED] and Arabian [REDACTED] grades of crude oil made pursuant to our Spot/Letter Agreement
(COSMD-117/2011 dated July 20, 2011) which is destined for your refining facility in the State of Delaware, United States of America, in the case of the Arabian [REDACTED] and your refining facility in the State of New Jersey, United States of
America, in the case of the Arabian [REDACTED]. It is expressly understood that Saudi Aramco reserves the right to prospectively revoke this freight protection at any time by giving you written notice of said revocation. 

Recognizing that the cost of shipping crude oil from [REDACTED] to the U.S. Gulf is subject to monthly fluctuations, Saudi Aramco freight protection is
designed to adjust upward or downward the price of [REDACTED] crude oil for the U.S. Gulf destination. 
 Saudi Aramco freight protection is
calculated as follows: 
 First, the monthly average cost of shipping crude oil from [REDACTED] is assessed by the [REDACTED]. The [REDACTED]
assessment is based on the movement of cargoes of one or two grades of non-heat crude oil in [REDACTED]. The [REDACTED] monthly assessment is made in terms of $ per metric ton. 
 Second, Saudi Aramco adjusts the [REDACTED] monthly assessment from [REDACTED] using a Saudi Aramco monthly calculated percentage factor to reflect the cost of shipping crude oil from [REDACTED]. The
percentage factor used reflects the lowest cost route from [REDACTED], or the [REDACTED]. 

 Third, the difference is calculated between the [REDACTED] monthly assessment adjusted by the monthly
calculated percentage factor and the Base Freight Rate from [REDACTED]. The Base Freight Rate is $[REDACTED] per metric ton. 
 Fourth, the
calculated difference is converted from $ per metric to $ per barrel using the following densities: 
  

					
	 	  	Barrels/Metric Ton	 
		
	 Arabian [REDACTED]
	  	 	[REDACTED	] 
	 Arabian [REDACTED]
	  	 	[REDACTED	] 

 As an example, the [REDACTED] monthly assessment for May 2011 was $[REDACTED] per metric ton. The Saudi Aramco calculated
monthly percentage factor for May 2011 was [REDACTED]. The calculated difference with the Base Freight Rate was $[REDACTED] per metric ton. The freight protection for Arab [REDACTED] and Arab [REDACTED] for May 2011 was $[REDACTED] per barrel and
$[REDACTED] per barrel respectively. 
 The freight protection methodology is subject to revision from time to time as deemed necessary and
appropriate. 
  

	
	Regards,
	
	  

	Mohammad H. Khazindar, Manager
	Crude Oil Sales & Marketing Department

 ASK 
  

			
	cc:	 	SPII, New York
		 	Operations Accounting Department
		 	Customer File
		 	Letter Book

 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 THE WORD “[REDACTED]”. 

APPENDICES 
  

					
	APPENDIX 1	 	–	  	FORM OF ESTIMATED PERIOD QUANTITY (EPQ) STATEMENT
			
	APPENDIX 2	 	–	  	INTERCREDITOR AGREEMENT
			
	APPENDIX 3	 	–	  	PAYMENT DIRECTION AGREEMENT
			
	APPENDIX 4	 	–	  	REFINERY DESCRIPTION
			
	APPENDIX 5	 	–	  	STORAGE FACILITIES USE PROVISIONS
			
	APPENDIX 6	 	–	  	GENERAL PRINCIPLES OF SERVICE
			
	APPENDIX 7	 	–	  	LIST OF APPROVED FUNGIBLE GRADES
			
	APPENDIX 8	 	–	  	REQUIREMENTS SCHEDULE
			
	APPENDIX 9	 	–	  	GRADE PECKING ORDER
			
	APPENDIX 10	 	–	  	CARGO CONFIRMATION NOTICE
			
	APPENDIX 11	 	–	  	COMMENCEMENT INVENTORY ACQUISITION
			
	APPENDIX 12	 	–	  	TERMINATION OF DELIVERIES NOTICE
			
	APPENDIX 13	 	–	  	INTENTIONALLY OMITTED
			
	APPENDIX 14	 	–	  	CARGO BANKS AND HEDGE MONTHS SPREADSHEET
			
	APPENDIX 15	 	–	  	CARGO TABLE SPREADSHEET
			
	APPENDIX 16	 	–	  	INTENTIONALLY OMITTED
			
	APPENDIX 17	 	–	  	FORM OF BUYER’S INVENTORY STATEMENT
			
	APPENDIX 18	 	–	  	FORM OF PETTY CASH SPREADSHEET
			
	APPENDIX 19	 	–	  	REFINERY MARINE TERMS
			
	APPENDIX 20	 	–	  	STANDBY LETTER OF CREDIT
			
	APPENDIX 21	 	–	  	HSE AND ETHICS POLICY
			
	APPENDIX 22	 	–	  	PBF ENERGY COMPANY LLC GUARANTY
			
	APPENDIX 23	 	–	  	PBF HOLDING COMPANY LLC GUARANTY

 APPENDIX 1 – FORM OF ESTIMATED PERIOD QUANTITY (EPQ) STATEMENT 

 
 

 

  
 Appendix 1

 Page 1 

 APPENDIX 2 – INTERCREDITOR AGREEMENT 

AMENDED AND RESTATED 
 INTERCREDITOR AGREEMENT 
 Dated as of March 1, 2011 

by and among 

STATOIL MARKETING & TRADING (US) INC., 
 UBS AG, STAMFORD BRANCH, 
 as Revolving Agent, 

UBS AG, STAMFORD BRANCH, 
 as Term Loan Agent, 
 PBF HOLDING COMPANY LLC, 

DELAWARE CITY REFINING COMPANY LLC 
 and 
 PAULSBORO REFINING COMPANY LLC, 

as Borrowers, 

and 
 THE
OTHER LOAN PARTIES HERETO 

  
 Appendix 2

 Page 1 

 This AMENDED AND RESTATED INTERCREDITOR AGREEMENT, dated as of March 1, 2011 (as
amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), by and among STATOIL MARKETING & TRADING (US) INC. (“Statoil”), UBS AG,
STAMFORD BRANCH, in its capacity as Revolving Agent, for itself and on behalf of the Revolving Lenders (as defined below) (the “Revolving Agent”), UBS AG, STAMFORD BRANCH, in its capacity as Term Loan Agent, for itself and on behalf
of the Term Loan Lenders (as defined below) (the “Term Loan Agent” and together with the Revolving Agent, the “Lenders Agents”), PBF HOLDING COMPANY LLC (“Holdings”), DELAWARE CITY REFINING COMPANY
LLC (“DCR”) and PAULSBORO REFINING COMPANY LLC (“PBF” and together with Holdings and DCR, the “Borrowers”), and the other Loan Parties (as defined below) party hereto. 

RECITALS: 

A. Statoil has entered, or is expected to enter, into: (i) that certain oil supply agreement, dated on or about March or April, 2011
(as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “DCR Oil Supply Agreement”), by and between Statoil and DCR under which Statoil has agreed to supply crude oil and
feedstocks to, and provide related services to, DCR and purchase the crude oil and feedstocks in the tanks at, and on the water for, the DCR Facility; and (ii) that certain oil supply agreement, dated as December 16, 2010 (as amended,
restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Paulsboro Oil Supply Agreement” and together with the DCR Oil Supply Agreement, the “Oil Supply Agreements”),
by and among Statoil and Holdings under which Statoil has agreed to supply crude oil and feedstocks to, and provide related services to, Holdings and purchase the crude oil and feedstocks in the tanks at, and on the water for, the Paulsboro
Facility. 
 B. The parties hereto previously agreed to that certain intercreditor agreement dated as of December 17, 2010
(as hereto amended, restated, supplemented or otherwise modified, the “Existing Intercreditor Agreement”) and have now agreed to amend and restate the Existing Intercreditor Agreement as provided herein. 

C. The Oil Supply Agreements provide for the filing of UCC financing statements to perfect the ownership and security interest of Statoil
with respect to certain Statoil Assets and Collateral. 
 D. The Borrowers, the other Loan Parties party thereto, the Revolving
Agent and the financial institutions from time to time party thereto as lenders (collectively, the “Revolving Lenders”) are parties to that certain Revolving Credit Agreement, dated as of December 17, 2010 (as amended, restated
supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Revolving Credit Agreement”). 
 E. To secure the Borrowers’ and the other Loan Parties’ obligations to the Revolving Lenders and the Revolving Agent under the Revolving Credit Agreement and the other Revolving Loan Documents
(as hereinafter defined), the Borrowers and the other Loan 

  
 Appendix 2

 Page 2 

 
Parties have granted to the Revolving Agent for the benefit of the Revolving Agent and the Revolving Lenders a Lien on many of the assets of the Borrowers and the other Loan Parties. 

F. The Borrowers, the other Loan Parties party thereto, the Term Loan Agent and the financial institutions from time to time party
thereto as lenders (collectively, the “Term Loan Lenders” and together with the Revolving Lenders, the “Lenders”) are parties to that certain Term Loan Credit Agreement, dated as of December 17, 2010 (as
amended, restated supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Term Loan Credit Agreement” and together with the Revolving Credit Agreement, the “Credit
Agreements”). 
 G. To secure the Borrowers’ and the other Loan Parties’ obligations to the Term Loan Lenders
and the Term Loan Agent under the Term Loan Credit Agreement and the other Term Loan Documents (as hereinafter defined), the Borrowers and the other Loan Parties have granted to the Term Loan Agent for the benefit of the Term Loan Agent and the Term
Loan Lenders a Lien on many of the assets of the Borrowers and the other Loan Parties. 
 H. The parties hereto wish to set
forth certain agreements with respect to the Statoil Assets and Collateral (as hereinafter defined) and with respect to the Lenders Collateral (as hereinafter defined). 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Existing Intercreditor Agreement is hereby amended and restated in its entirety as follows: 
 ARTICLE 1.
DEFINITIONS. 
 1.1 Certain Defined Terms. As used in this Agreement, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Affiliate” means, when used with respect to a specified Person, another Person that directly, or indirectly through one
or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided, that with respect to Statoil, “Affiliates” shall mean only those Affiliates that have current or future rights
under the Oil Supply Agreements or any related agreement, instrument or document. 
 “Aramco” means the Saudi
Arabian Oil Company, a company with limited liability (organized under the laws of the Kingdom of Saudi Arabia) and its Affiliates. 
 “Certain Hydrocarbon Assets” means crude oil, feedstock, indigenous feedstock and other hydrocarbon inventory of the same type sold to the Loan Parties by Statoil and/or its Affiliates
and all proceeds of such crude oil, feedstock, indigenous feedstock or other hydrocarbon inventory of the same type (it being understood and agreed that immediately upon any payment in cash to the Loan Parties in respect of such crude oil,
feedstock, indigenous feedstock or other hydrocarbon inventory of the same type, such proceeds shall cease to be 

  
 Appendix 2

 Page 3 

 
“Certain Hydrocarbon Assets”). For the avoidance of doubt, Certain Hydrocarbon Assets shall not include Intermediate Products. 

“Certain MSCG Receivables” means (a) accounts originated by the sale of Refined Products sold by the Loan Parties
to MSCG and/or its Affiliates under the Paulsboro Morgan Stanley Off-Take Agreement and (b) accounts originated from sales by the Loan Parties to MSCG and/or its Affiliates under the DCR Morgan Stanley Off-Take Agreement (it being understood
and agreed that upon collection of such accounts by virtue of payment in cash in respect thereof to any Loan Party, the proceeds of such accounts will cease to be “Certain MSCG Receivables”). 

“Claims” means the Revolving Lenders Claims, the Term Loan Lenders Claims or the Statoil Claims, as applicable.

 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto. 

“DCR Facility” means DCR’s petroleum refinery, terminalling facility and all related assets and properties located
in New Castle County, Delaware City, Delaware. 
 “DCR Morgan Stanley Off-Take Agreement” means that certain Products Off-Take
Agreement expected to be entered into by and between MSCG and DCR, as such agreement may be replaced, superseded, amended (including as to changes of counterparty), modified or supplemented from time to time. 

“Disposition” means, with respect to any assets of any Borrower or any other Loan Party, any liquidation of such
Borrower or such other Loan Party or its assets, the establishment of any receivership for such Borrower or such other Loan Party or its assets, a bankruptcy proceeding of such Borrower or such other Loan Party (either voluntary or involuntary), the
payment of any insurance, condemnation, confiscation, seizure or other claim upon the condemnation, confiscation, seizure, loss or destruction thereof, or damage to, or any other sale, transfer, assignment or other disposition of such assets.

 “Enforcement” means collectively or individually, for: (a) Statoil or any of its Affiliates during the
continuance of a Statoil Event of Default (i) to demand payment in full of or accelerate any of the obligations, including, without limitation, any payment obligations, of any Borrower or any other Loan Party to Statoil or (ii) to commence
the judicial or nonjudicial enforcement of any right or remedy or to commence any action to enforce any provision under any Oil Supply Agreement; (b) any of the Revolving Agent or the Revolving Lenders during the continuance of a Revolving
Lenders Event of Default (i) to demand payment in full of or accelerate the indebtedness of any Borrower or any other Revolving Loan Party to the Revolving Lenders and Revolving Agent or (ii) to commence the judicial or nonjudicial
enforcement of any of the default rights and remedies under any of the Revolving Loan Documents; and (c) any of the Term Loan Agent or the Term Loan Lenders during the continuance of a Term Loan Event of Default (i) to demand payment in
full of or accelerate the indebtedness of any Borrower or any 

  
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other Term Loan Party to the Term Loan Lenders and Term Loan Agent or (ii) to commence the judicial or nonjudicial enforcement of any of the default rights and remedies under any of the Term
Loan Documents. 
 “Enforcement Notice” means a written notice delivered in accordance with
Section 2.5 which notice shall: (a) if delivered by Statoil, state that a Statoil Event of Default has occurred and is continuing and that Statoil intends to commence an Enforcement, specify the nature of the Statoil Event of
Default that caused Statoil to intend to take such action, and state that an Enforcement Period has commenced; (b) if delivered by the Revolving Agent, state that a Revolving Lenders Event of Default has occurred and is continuing and that the
payment in full of the Revolving Lenders Claims has been demanded or the indebtedness of any Borrower or any other Revolving Loan Party to the Revolving Lenders has been accelerated, specify the nature of the Revolving Lenders Event of Default that
caused such demand and acceleration, and state that an Enforcement Period has commenced; (c) if delivered by the Term Loan Agent, state that a Term Loan Event of Default has occurred and is continuing and that the payment in full of the Term
Loan Lenders Claims has been demanded or the indebtedness of any Borrower or any other Term Loan Party to the Term Loan Lenders has been accelerated, specify the nature of the Term Loan Event of Default that caused such demand and acceleration, and
state that an Enforcement Period has commenced. 
 “Enforcement Period” means the period of time following the
receipt by both Lenders Agents, on the one hand, or Statoil, on the other hand, of an Enforcement Notice delivered by the other until the earliest of the following: (a) the Statoil Claims have been satisfied in full, Statoil has no further
obligations under the Oil Supply Agreements and the Oil Supply Agreements have been terminated (other than, in each case, for any Unasserted Contingent Obligation); (b) the Lenders Claims have been satisfied in full, the Lenders have no further
obligations under the Credit Agreements and the other Loan Documents and the Credit Agreements and the other Loan Documents have been terminated (other than, in each case, for any Unasserted Contingent Obligation); and (c) all of the parties
hereto agree in writing to terminate the Enforcement Period. 
 “Intermediate Products” shall mean hydrocarbons intermediate
products and blendstocks. For the avoidance of doubt, Intermediate Products shall not include Certain Hydrocarbon Assets or Refined Products. 
 “Lenders” mean the Revolving Lenders and the Term Loan Lenders. 

“Lenders Claims” means the Revolving Lenders Claims and the Term Loan Lenders Claims. 

“Lenders Collateral” means the Revolving Lenders Collateral and the Term Loan Lenders Collateral. In no event shall the
“Lenders Collateral” include any of the Statoil Assets and Collateral. 
 “Lenders Interests” means
the Revolving Lenders Interests and the Term Loan Lenders Interests. 

  
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 “Lien” means, with respect to any property, (a) any mortgage, deed of
trust, lien, pledge, encumbrance, claim, charge, assignment, hypothecation, ownership right or interest, security interest or encumbrance of any kind or any arrangement to provide priority or preference or any filing of any financing statement under
the UCC or any other similar notice of lien under any similar notice or recording statute of any governmental authority, including any easement, right-of-way or other encumbrance on title to real property, in each of the foregoing cases whether
voluntary or imposed by law, and any agreement to give any of the foregoing; (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially
the same economic effect as any of the foregoing) relating to such property; and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan Documents” means the Revolving Loan Documents and the Term Loan Documents. 

“Loan Parties” means the Revolving Loan Parties and the Term Loan Parties. 

“MSCG” means Morgan Stanley Capital Group Inc., and its successors and assigns (including any changed counterparty).

 “Oil Supply Agreements” shall have the meaning given to such term in the Recitals to this Agreement.

 “Paulsboro Facility” means Paulsboro’s petroleum refinery, terminalling facility and all related assets
and properties located in Paulsboro, New Jersey. 
 “Paulsboro Morgan Stanley Off-Take Agreement” means that
certain Products Off-Take Agreement, dated as of December 14, 2010, between MSCG and Holdings (with Holdings assigning its rights and obligations immediately to Paulsboro upon the Closing of the Acquisition), as such agreement may be replaced,
superseded, amended (including as to changes of counterparty), modified or supplemented from time to time. 
 “Paulsboro
Oil Supply Agreement” shall have the meaning given to such term in the Recitals to this Agreement. 

“Person” means any individual, partnership, corporation (including a business trust), joint stock company, limited
liability company, trust, unincorporated association, joint venture or other entity. 
 “Proceeds” has the
meaning ascribed to such term in the UCC. 
 “Refined Products” means finished gasoline, heating oil, lube oil,
specialty grades, slurry, diesel fuel, and jet fuel for onward sale to MSCG pursuant to the Paulsboro Morgan Stanley Off-Take Agreement. For the avoidance of doubt, for purposes of this Agreement, the term “Refined Products” excludes
intermediate products, components of 

  
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gasoline, heating oil, lube oil, diesel fuel or jet fuel and all other products other than those specifically listed above in this definition. 

“Revolver-Term Loan Intercreditor Agreement” means that certain Revolver-Term Loan Intercreditor Agreement, dated as of
December 17, 2010, by and between the Term Loan Agent and the Revolving Agent. 
 “Revolving Lenders”
shall mean the Lenders from time to time party to the Revolving Credit Agreement, the Revolving Agent and each other Secured Party (as defined in the Revolving Security Agreement). 

“Revolving Lenders Claims” means all of the indebtedness, obligations and other liabilities of the Borrowers and the
other Revolving Loan Parties now or hereafter arising under, or in connection with, the Revolving Credit Agreement and the other Revolving Loan Documents, including, but not limited to, all sums now or hereafter loaned or advanced to or for the
benefit of any Borrower or any other Revolving Loan Party, all reimbursement obligations of any Borrower or any other Revolving Loan Party with respect to letters of credit and guarantees issued thereunder for its account, all guarantee obligations
of the Revolving Loan Parties, any interest thereon (including, without limitation, interest accruing after the commencement of a bankruptcy, insolvency or similar proceeding relating to any of the Revolving Loan Parties, whether or not such
interest is an allowed claim in any such proceeding), any obligations under any hedging agreement and/or treasury services agreement with any counterparty that is a secured party pursuant to any Revolving Loan Documents, any reimbursement
obligations, fees or expenses due thereunder, and any costs of collection or enforcement, and, in all events, shall include any and all “Secured Obligations” (as such term is defined in the Revolving Credit Agreement). 

“Revolving Lenders Collateral” means all property and interests in property, now owned or hereafter acquired or created,
of any Borrower or any other Revolving Loan Party in or upon which a Revolving Lenders Interest is granted or purported to be granted by such Borrower or such other Revolving Loan Party to the Revolving Lenders or the Revolving Agent under any of
the Revolving Loan Documents and all Proceeds thereof, in each case, other than property and assets comprising the Statoil Assets and Collateral; provided, however, that, upon the payment of cash or cash equivalents to any account
owned by Statoil of any amounts in respect of any property or interests in property, now owned or hereafter acquired or created, of any Borrower or any other Revolving Loan Party in or upon which a Revolving Lenders Interest is granted or purported
to be granted by such Borrower or such other Revolving Loan Party to the Revolving Lenders or the Revolving Agent under any of the Revolving Loan Documents and all Proceeds thereof, then such cash and/or cash equivalents shall cease to be
“Revolving Lenders Collateral”. 
 “Revolving Lenders Event of Default” means an “Event of
Default” as defined in the Revolving Credit Agreement. 
 “Revolving Lenders Interest” means, with respect
to any property or interest in property, now owned or hereafter acquired or created, of any Borrower or any of the other 

  
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Revolving Loan Parties, any Lien (regardless of the priority thereof) of the Revolving Agent or the Revolving Lenders on such property or interest in property, provided, that, the parties agree
that the Revolving Lenders Interest shall not cover or encumber in any way the Statoil Assets and Collateral. 

“Revolving Loan Documents” means “Loan Documents” as such term is defined in the Revolving Credit Agreement.

 “Revolving Loan Party” means “Loan Party” as such term is defined in the Revolving Credit
Agreement. 
 “Saudi Oil” means the crude oil purchased by the Loan Parties from Aramco pursuant to the Saudi
Oil Supply Agreement. 
 “Saudi Oil Supply Agreement” means that certain Crude Oil Supply Agreement by and
among Holdings and Aramco. 
 “Statoil Assets and Collateral” means: (i) Certain Hydrocarbon Assets;
(ii) Certain MSCG Receivables; (iii) oil and feedstock to be sold to the Borrowers or the other Loan Parties by Statoil prior to the time at which title thereto passes from Statoil to such Borrowers or other Loan Parties by passing through
the outlet flange of the storage tanks and entering the Paulsboro Facility or the DCR Facility, and all payments under insurance, indemnity, warranty, or guaranty of, or for any of, the foregoing; (iv) contract rights in respect of the refined
products sale contracts with MSCG solely to the extent related to the Certain MSCG Receivables; (v) oil and feedstock stored in the tanks located at the Paulsboro Facility or the DCR Facility which is owned by Statoil or has been sold by
Statoil to a Borrower or any other Loan Party and any other oil and feedstock located at tanks that are used in connection with the operation of the Paulsboro Facility or the DCR Facility; and (vi) Proceeds with respect to any of the foregoing;
provided, however, that, upon the payment of cash or cash equivalents to any Borrower or any other Loan Party of any amounts in respect of any items set forth in clauses (i) through (vi) inclusive of this
definition, such cash and/or cash equivalents proceeds shall cease to be “Statoil Assets and Collateral”. For the avoidance of doubt, notwithstanding the foregoing or any other provisions of this Agreement, the Revolving Loan Documents,
the Term Loan Documents and/or the Oil Supply Agreements, and without limiting the generality or scope of the definitions of “Revolving Lenders Collateral” or “Term Lenders Collateral”, Statoil Assets and Collateral shall not
include (a) propane, refinery grade propylene, normal butane, asphalt, decant oil, petcoke, sulfur, extracts or other finished goods inventory of the Paulsboro Facility (that are not Refined Products), (b) any accounts receivable arising
from the sale of any of the inventory or other property described in the preceding clause (a) or (c) any Proceeds of any such inventory, accounts receivable or other property described in the preceding clauses (a) or
(b). 
 “Statoil Claims” means all amounts, obligations and other liabilities of any Borrower or any
other Loan Party to Statoil now or hereafter arising under, or in connection with, the Oil Supply Agreements including time value of money and any interest thereon (including, without limitation, interest accruing after the commencement of a
bankruptcy, insolvency or similar proceeding relating to any of the Borrowers or Loan Parties, whether or not 

  
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such interest is an allowed claim in any such proceeding), any reimbursement obligations, fees or expenses due thereunder, and any costs of collection or enforcement in each case as provided for
under the Oil Supply Agreements or applicable law. 
 “Statoil Event of Default” means the occurrence of any
event (including, without limitation, any default) or the breach of any provision under any Oil Supply Agreement which would enable Statoil to exercise any right or remedy, demand any payment, declare any breach or take any other action in respect
of one or more of the Oil Supply Agreements. 
 “Statoil Interest” means, with respect to any Statoil Assets
and Collateral, now owned or hereafter acquired or created, of the Borrowers or the other Loan Parties or Statoil or its Affiliates, any security interest of Statoil or any of its Affiliates in, or any Lien or ownership right or interest of Statoil
or any of its Affiliates on, such Statoil Assets and Collateral. 
 “Term Loan Lenders” shall mean the Lenders
from time to time party to the Term Loan Credit Agreement, the Term Loan Agent and each other Secured Party (as defined in the Term Loan Security Agreement). 
 “Term Loan Lenders Claims” means all of the indebtedness, obligations and other liabilities of the Borrowers and the other Term Loan Parties now or hereafter arising under, or in
connection with, the Term Loan Credit Agreement and the other Term Loan Documents, including, but not limited to, all sums now or hereafter loaned or advanced to or for the benefit of any Borrower or any other Term Loan Party, all reimbursement
obligations of any Borrower or any other Term Loan Party with respect to letters of credit and guarantees issued thereunder for its account, all guarantee obligations of the Term Loan Parties, any interest thereon (including, without limitation,
interest accruing after the commencement of a bankruptcy, insolvency or similar proceeding relating to any of the Term Loan Parties, whether or not such interest is an allowed claim in any such proceeding), any obligation under any hedging agreement
and/or treasury services agreement with any counterparty that is a secured party pursuant to any Term Loan Documents, any reimbursement obligations, fees or expenses due thereunder, and any costs of collection or enforcement, and, in all events,
shall include any and all “Secured Obligations” (as such term is defined in the Term Loan Credit Agreement). 

“Term Loan Lenders Collateral” means all property and interests in property, now owned or hereafter acquired or created,
of any Borrower or any other Term Loan Party in or upon which a Term Loan Lenders Interest is granted or purported to be granted by such Borrower or such other Term Loan Party to the Term Loan Lenders or the Term Loan Agent under any of the Term
Loan Documents and all Proceeds thereof, other than property and assets comprising the Statoil Assets and Collateral; provided, however, that, upon the payment of cash or cash equivalents to any account owned by Statoil of any amounts
in respect of any property or interests in property, now owned or hereafter acquired or created, of any Borrower or any other Term Loan Party in or upon which a Term Loan Lenders Interest is granted or purported to be granted by such Borrower or
such other Term Loan Party to the Term Loan Lenders or the Term Loan Agent under any of the Term Loan Documents and all Proceeds thereof, then such cash and/or cash equivalents shall cease to be “Term Lenders Collateral”. 

  
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 “Term Loan Lenders Event of Default” means an “Event of Default”
as defined in the Term Loan Credit Agreement. 
 “Term Loan Lenders Interest” means, with respect to any
property or interest in property, now owned or hereafter acquired or created, of any Borrower or any of the other Term Loan Parties, any Lien (regardless of the priority thereof) of the Term Loan Agent or the Term Loan Lenders on such property or
interests in property, provided, that, the parties agree that the Term Loan Lenders Interest shall not cover or encumber in any way the Statoil Assets and Collateral. 
 “Term Loan Documents” means “Loan Documents” as such term is defined in the Term Loan Credit Agreement. 
 “Term Loan Party” means “Loan Party” as such term is defined in the Term Loan Credit Agreement. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Unasserted Contingent Obligations” means taxes, costs, indemnifications, reimbursements, damages and other claims liabilities in respect of which no written assertion of liability or no
claim or demand for payment has been made at such time. 
 1.2 References to Terms Defined in the Oil Supply Agreements and
the Loan Documents. Whenever in Section 1.1 a term is defined by reference to the meaning ascribed to such term in any of the Oil Supply Agreements or in any of the Loan Documents, then, unless otherwise specified herein, such term
shall have the meaning ascribed to such term in the Oil Supply Agreements or Loan Documents. 
 ARTICLE 2. INTERCREDITOR
PROVISIONS. 
 2.1 Agreements with Respect to Statoil Assets and Collateral. Notwithstanding any provision of the UCC,
any applicable law, equitable principle or decision or any of the Loan Documents or the Oil Supply Agreements, each of the Revolving Agent (for itself and on behalf of each of the Revolving Lenders) and the Term Loan Agent (for itself and on behalf
of each of the Term Loan Lenders) hereby agrees that, unless and until the Statoil Claims have been paid and satisfied in full in cash and the Oil Supply Agreements have terminated (other than Unasserted Contingent Obligations), neither of the
Lenders Agents nor any of the Lenders shall have any Lenders Interest in any of the Statoil Assets and Collateral. In addition, each of the Revolving Agent (for itself and on behalf of each of the Revolving Lenders) and the Term Loan Agent (for
itself and on behalf of each of the Term Loan Lenders) hereby agrees that, unless and until the Statoil Claims have been paid and satisfied in full in cash and the Oil Supply Agreements have terminated(other than Unasserted Contingent Obligations),
Statoil may receive direct payments from MSCG or its successors or assigns in respect of Certain MSCG Receivables. 

  
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 2.2 Agreements with Respect to Lenders Collateral. Notwithstanding any provision of
the UCC, any applicable law, equitable principle or decision or any of the Loan Documents or the Oil Supply Agreements, Statoil (for itself and on behalf of its Affiliates) hereby agrees that, unless and until the Lenders Claims have been paid and
satisfied in full in cash and the Credit Agreements and the other Loan Documents have terminated (other than Unasserted Contingent Obligations), neither Statoil nor any of its Affiliates shall have any Statoil Interest in any of the Lenders
Collateral. 
 2.3 Respective Interests in Statoil Assets and Collateral and Lenders Collateral. 

(a) Statoil agrees that: (i) it does not have and shall not have any Statoil Interest in any of the Lenders Collateral; and
(ii) it shall not request or accept, directly or indirectly (by assignment or otherwise) from any Borrower or any other Loan Party any collateral or other security for payment of any Statoil Claims (other than the Statoil Assets and Collateral)
and hereby releases any Statoil Interest in any such collateral or other security except that Statoil may accept the issuance of a letter of credit by a Loan Party in favor of Statoil pursuant to either of the Oil Supply Agreements. 

(b) The Revolving Agent (for itself and on behalf of each Revolving Lender) agrees that neither the Revolving Agent nor the Revolving
Lenders have, nor shall they have, any Revolving Lenders Interest in the Statoil Assets and Collateral. 
 (c) The Term Loan
Agent (for itself and on behalf of each Term Loan Lender) agrees that neither the Term Loan Agent nor the Term Loan Lenders have, nor shall they have, any Term Loan Lenders Interest in the Statoil Assets and Collateral. 

2.4 Certain Turnover Provisions. 
 (a) In the event that Statoil or any of its Affiliates now has or hereafter obtains possession of any Lenders Collateral, Statoil or such Affiliate thereof, as the case may be, shall immediately deliver
to the Revolving Agent (or as the Revolving Agent may reasonably direct) such Lenders Collateral in whatever form possessed by Statoil or such Affiliate thereof (and until delivered to the Revolving Agent such Lenders Collateral shall be held in
trust for the Lenders Agents). Any assets received by the Revolving Agent under this Section 2.4(a) shall be received by the Revolving Agent subject to the terms of the Revolver-Term Loan Intercreditor Agreement. 

(b) In the event that either Lenders Agent or any Lenders now or hereafter obtains possession of any Statoil Assets and Collateral, such
Person shall immediately deliver to Statoil (or as Statoil may reasonably direct) such Statoil Assets and Collateral in whatever form possessed by such Lenders Agent (and until delivered to Statoil such Statoil Assets and Collateral shall be held in
trust for Statoil). 
 2.5 Enforcement Actions. Each of the Revolving Agent, Term Loan Agent and Statoil agrees to use
reasonable efforts to give an Enforcement Notice to the others prior to or concurrently with commencement of Enforcement (but failure to do so shall not prevent such 

  
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Person from commencing Enforcement or affect its rights hereunder nor create any cause of action or liability against such Person). Subject to the foregoing, each of the parties hereto agrees
that during an Enforcement Period: 
 (a) Statoil may at its option and without the prior consent of the other
parties hereto, take any action to (i) liquidate the Statoil Assets and Collateral or to foreclose or realize upon or enforce any of its rights with respect to the Statoil Assets and Collateral or (ii) take any other action of Enforcement.

 (b) The Revolving Agent or the Revolving Lenders may, at their option and without the prior consent of the
other parties hereto, take any action to accelerate payment of the Revolving Lenders Claims, foreclose or realize upon or enforce any of their rights with respect to the Revolving Lenders Collateral, or take any other actions as they deem
appropriate in respect of the Revolving Lenders Collateral or the Revolving Lenders Claims. 
 (c) The Term Loan
Agent or the Term Loan Lenders may, at their option and without the prior consent of the other parties hereto, take any action to accelerate payment of the Term Loan Lenders Claims, foreclose or realize upon or enforce any of their rights with
respect to the Term Loan Lenders Collateral, or take any other actions as they deem appropriate in respect of the Term Loan Lenders Collateral or the Term Loan Lenders Claims. 
 2.6 Agency for Perfection. Statoil and the Lenders Agents hereby severally appoint each other as agent for purposes of perfecting by possession their respective ownership interests and Liens on the
Lenders Collateral and the Statoil Assets and Collateral described hereunder. In the event that Statoil obtains possession of any of the Lenders Collateral, Statoil shall promptly notify the Lenders Agents of such fact, shall hold such Lenders
Collateral in trust and shall promptly deliver Lenders Collateral to the Revolver Agent. Any Lenders Collateral delivered to the Revolving Agent under the provisions of this Section 2.6 shall be delivered to the Revolving Agent subject
to the terms and provisions of the Revolver-Term Loan Intercreditor Agreement. In the event that any Lenders Agent obtains possession of any of the Statoil Assets and Collateral, such Lenders Agent shall promptly notify Statoil of such fact, shall
hold such Statoil Assets and Collateral in trust and shall deliver such Statoil Assets and Collateral to Statoil. 
 2.7 UCC
Notices. In the event that any party hereto shall be required by the UCC or any other applicable law to give notice to the other of an intended Disposition of Statoil Assets and Collateral or Lenders Collateral, respectively, such notice shall
be given in accordance with Section 3.1 hereof and ten (10) days’ notice shall be deemed to be commercially reasonable. 
 2.8 Independent Credit Investigations. Neither Statoil, the Revolving Agent, the Revolving Lenders, the Term Loan Agent nor the Term Loan Lenders nor any of their respective directors, officers,
agents or employees shall be responsible to the other or to any other person, firm, corporation or entity for the solvency, financial condition or ability of any Borrower or any other Loan Party to repay or otherwise honor the Statoil Claims, the
Revolving Lenders Claims or the Term Loan Lenders Claims, or for the worth of the Statoil Assets and 

  
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Collateral, the Revolving Lenders Collateral or the Term Loan Lenders Collateral, or for statements of any Borrower or any other Loan Party, oral or written, or for the validity, sufficiency,
existence or enforceability of the Statoil Claims, the Revolving Lenders Claims, the Term Loan Lenders Claims, the Oil Supply Agreements, the Revolving Credit Agreement, the other Revolving Loan Documents, the Term Loan Credit Agreement, the other
Term Loan Loan Documents, Statoil’s interest in the Statoil Assets and Collateral, the Revolving Agent’s and Revolving Lenders’ interest in the Revolving Lenders Collateral or the Term Loan Agent’s or Term Loan Lenders’
interest in the Term Loan Lenders Collateral. The Revolving Lenders, the Revolving Agent, the Term Loan Lenders, the Term Loan Agent and Statoil have entered into their respective agreements with the Borrowers and the other applicable Loan Parties
based upon their own independent investigations. None of the Revolving Lenders, the Revolving Agent, the Term Loan Lenders, the Term Loan Agent or Statoil makes any warranty or representation to any other party hereto nor does it rely upon any
representation of any other party hereto with respect to matters identified or referred to in this Section 2.8. 

2.9 Turnover of Identifiable Cash Proceeds. (a) In the event, and only in the event, that Revolving Lenders Collateral or
Term Loan Lenders Collateral shall contain identifiable cash proceeds of Statoil Assets and Collateral, the provisions of this Section 2.9(a) shall apply. Revolving Agent agrees that if Statoil demonstrates to Revolving Agent that
identifiable cash proceeds of Statoil Assets and Collateral have become part of the Revolving Lenders Collateral, and such demonstration is made to Revolving Agent within five Business Days of such identifiable cash proceeds of Statoil Assets and
Collateral becoming part of the Revolving Lenders Collateral, then in such instance, and solely in such instance, Revolving Agent shall promptly turn over such identifiable cash proceeds to Statoil. Term Loan Agent agrees that if Statoil
demonstrates to Term Loan Agent that identifiable cash proceeds of Statoil Assets and Collateral have become part of the Term Loan Lenders Collateral, and such demonstration is made to Term Loan Agent within five Business Days of such identifiable
cash proceeds of Statoil Assets and Collateral becoming part of the Term Loan Lenders Collateral, then in such instance, and solely in such instance, Term Loan Agent shall promptly turn over such identifiable cash proceeds to Statoil. (b) In
the event, and only in the event, that Statoil Assets and Collateral shall contain identifiable cash proceeds of Revolving Lenders Collateral, the provisions of this Section 2.9(b) shall apply. Statoil agrees that if Revolving Agent
demonstrates to Statoil that identifiable cash proceeds of Revolving Lenders Collateral have become part of the Statoil Assets and Collateral, and such demonstration is made to Statoil within five Business Days of such identifiable cash proceeds of
Revolving Lenders Collateral becoming part of the Statoil Assets and Collateral, then in such instance, and solely in such instance, Statoil shall promptly turn over such identifiable cash proceeds to Revolving Agent. (c) In the event, and only
in the event, that Statoil Assets and Collateral shall contain identifiable cash proceeds of Term Loan Lenders Collateral, the provisions of this Section 2.9(c) shall apply. Statoil agrees that if Term Loan Agent demonstrates to Statoil
that identifiable cash proceeds of Term Loan Lenders Collateral have become part of the Statoil Assets and Collateral, and such demonstration is made to Statoil within five Business Days of such identifiable cash proceeds of Term Loan Lenders
Collateral becoming part of the Statoil Assets and Collateral, then in such instance, and solely in such instance, Statoil shall promptly turn over such identifiable cash proceeds to Term Loan Agent. 

  
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 2.10 Amendments to Loan Documents, Oil Supply Agreements or to this Agreement.
(i) The Revolving Agent agrees to use reasonable efforts to give, concurrently with the execution and delivery of any written amendment, waiver or other modification to the Revolving Loan Documents with respect to the Revolving Lenders
Collateral, prompt notice to Statoil of the same. (ii) The Term Loan Agent agrees to use reasonable efforts to give, concurrently with the execution and delivery of any written amendment, waiver or other modification to the Term Loan Documents
with respect to the Term Loan Lenders Collateral, prompt notice to Statoil of the same. (iii) Statoil agrees to use reasonable efforts to give, concurrently with the execution and delivery of any written amendment, waiver or other modification
to any Oil Supply Agreement with respect to the Statoil Assets and Collateral, prompt notice to each Lenders Agent of the same; provided, however, that in the case of each of the preceding clauses (i), (ii) and
(iii), the failure to give notice shall not create a cause of action against any party failing to give such notice or create any claim or right on behalf of any third party or affect any such amendment or modification. Each party hereto
shall, upon reasonable request of any other party hereto, provide copies of all such modifications or amendments and copies of all other agreements, instruments, filings or documentation relevant to the Statoil Assets and Collateral or the Lenders
Collateral. All modifications or amendments of this Agreement must be in writing and duly executed by an authorized officer of each party hereto to be binding and enforceable. 
 2.11 Marshalling of Assets. Nothing in this Agreement will be deemed to require either Statoil or any Lenders Agent to marshal the applicable Lenders Collateral (or any other collateral) or the
Statoil Assets and Collateral, as applicable, upon the enforcement of a Lenders Agent’s or Statoil’s remedies under the applicable Loan Documents or the Oil Supply Agreements, as the case may be. 

2.12 Reliance on Power and Authority to Act. 
 (a) Statoil shall be entitled to rely on the power and authority of the Revolving Agent to act on behalf of all of the Revolving Lenders to the extent the provisions hereof have the Revolving Agent so
act. 
 (b) Statoil shall be entitled to rely on the power and authority of the Term Loan Agent to act on behalf of all of the
Term Loan Lenders to the extent the provisions hereof have the Term Loan Agent so act. 
 (c) Each of the Lenders Agents and
each Lender shall be entitled to rely on the power and authority of Statoil to act on behalf of itself and its Affiliates to the extent the provisions hereof have Statoil so act. 

2.13 Effect Upon Loan Documents and Oil Supply Agreements. By executing this Agreement, the Borrowers and the other Loan Parties
agree to be bound by the provisions hereof as they relate to the relative rights of the Lenders and the Lenders Agents, on the one hand, and Statoil, on the other hand, with respect to the property of the Borrowers and the other Loan Parties. Each
Borrower and each other Loan Party acknowledges that the provisions of this Agreement shall not give it any substantive rights as against the Lenders Agents or the Lenders 

  
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and that nothing in this Agreement shall (except as expressly provided herein) amend, modify, change or supersede the terms of the Loan Documents as between the Borrowers, the other Loan Parties,
the Lenders Agents and the Lenders. Each Borrower and each other Loan Party acknowledges that the provisions of this Agreement shall not give it any substantive rights as against Statoil and that nothing in this Agreement shall (except as expressly
provided herein) amend, modify, change or supersede the terms of the Oil Supply Agreements as among Statoil and the applicable Loan Parties. Each of Statoil, the Revolving Agent (for itself and on behalf of each Revolving Lender) and the Term Loan
Agent (for itself and on behalf of each Term Loan Lender) agrees, that, as among themselves, to the extent the terms and provisions of the other Loan Documents or the Oil Supply Agreements are inconsistent with the terms and provisions of this
Agreement, the terms and provisions of this Agreement shall control. 
 2.14 Nature of the Lenders Claims and Modification of
Loan Documents; Nature of Statoil Claims. (a) Statoil acknowledges that the Revolving Lenders Claims and other obligations and liabilities owing under the Revolving Loan Documents are revolving in nature and that the amount of any such
revolving indebtedness which may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed. Subject to the terms of this Agreement, the terms of the Credit Agreements and the other Loan Documents may be
modified, extended or amended from time to time, and the amount thereof may be increased or reduced, all without notice to or consent by Statoil and without affecting the provisions of this Agreement. Without in any way limiting the generality of
the foregoing, Statoil hereby agrees that the maximum amount of the Lenders Claims and other obligations and liabilities owing under the Loan Documents may be increased at any time and from time to time to any amount. 

(b) The terms of the Oil Supply Agreements and the amounts and obligations owing thereunder may be modified, extended or amended from
time to time, all without notice to or consent by the Lenders Agents and without affecting the provisions of this Agreement. 

2.15 Revolver-Term Loan Intercreditor Agreement. For the avoidance of doubt, each party hereto (i) acknowledges the existence
of the Revolver-Term Loan Intercreditor Agreement and (ii) agrees that the Revolver-Term Loan Intercreditor Agreement shall govern and control all matters with respect to the Lenders Collateral as between the Revolving Agent and Revolving
Lenders, on the one hand, and the Term Loan Agent and Term Loan Lenders, on the other hand. In addition, the parties hereto agree that, in the event of any conflict between the provisions of this Agreement and the terms or provisions of the
Revolver-Term Loan Intercreditor Agreement with respect to the Lenders Collateral, the Revolver-Term Loan Intercreditor Agreement shall govern and control solely as between the Revolving Agent and the Revolving Lenders, on the one hand, and the Term
Loan Agent and the Term Loan Lenders, on the other hand. All parties hereto agree that the Revolver-Term Loan Intercreditor Agreement is not binding in any way upon Statoil or its Affiliates. 

2.16 Other Liens. For the avoidance of doubt, each of the Revolving Agent (for itself and on behalf of each Revolving Lender) and
the Term Loan Agent (on behalf of itself and each Term Loan Lender) acknowledges and agrees that none of the Saudi Oil, accounts receivable (including accounts, chattel paper, payment intangibles, general intangibles, instruments and all other
rights to payment) arising from the sale or other disposition of such 

  
 Appendix 2

 Page 15 

 
Saudi Oil, contracts, bills of lading, other documents of title and books and records pertaining to the foregoing, proceeds and products of the foregoing and proceeds of any insurance, indemnity,
warranty or guaranty with respect to any of the foregoing (and any cash collateral and deposit accounts holding such cash collateral, if any, provided therefor) (collectively, the “At Sea Saudi Oil Collateral”) constitutes, or is intended
to constitute, Lenders Collateral. Notwithstanding any other provision of this Agreement to the contrary, Liens may be granted to Statoil, its Affiliates or any other Person upon the At Sea Saudi Oil Collateral as and to the extent not prohibited by
the terms of the Revolving Credit Agreement, as in effect on the date of this Agreement, and the Term Loan Credit Agreement, as in effect on the date of this Agreement. 
 2.17 Further Assurances. Each of the parties agrees to take such actions as may be reasonably requested by any other party, whether before, during or after an Enforcement Period, in order to effect
the rules of distribution and allocation set forth above in this Article 2 and to otherwise effectuate the agreements made in this Article 2, including, to the extent that such party has the ability to do so, allowing removal of and
access to their respective assets and collateral. 
 ARTICLE 3. MISCELLANEOUS 

3.1 Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing
(including communication by facsimile copy) and mailed, telexed, transmitted or delivered, as to each party hereto, at its address set forth under its name on Annex A hereto or at such other address as shall be designated by such party in a
written notice to the other parties hereto. All such notices and communications shall be effective upon receipt, or, in the case of notice by mail, five (5) days after being deposited in the mails, postage prepaid, or in the case of notice by
facsimile copy, when verbal confirmation of receipt is obtained, in each case addressed as aforesaid. 
 3.2 Agreement
Absolute. Statoil shall be deemed to have entered into and continued with the Oil Supply Agreements in express reliance upon this Agreement, the Revolving Lenders and the Revolving Agent shall be deemed to have entered into and continued with
the Revolving Credit Agreement and the other Revolving Loan Documents in express reliance upon this Agreement, and the Term Loan Lenders and the Term Loan Agent shall be deemed to have entered into and continued with the Term Loan Credit Agreement
and the other Term Loan Documents in express reliance upon this Agreement. This Agreement may not be amended or otherwise modified, unless such amendment or other modification is agreed to in writing by all of the parties hereto. This Agreement
shall be applicable both before and after the filing of any petition by or against any Borrower or any other Loan Party under the U.S. Bankruptcy Code and all references herein to the Borrowers and the other Loan Parties shall be deemed to apply to
a debtor-in-possession for such party and all allocations of payments between the Lenders, on the one hand, and Statoil, on the other hand, shall, subject to any court order to the contrary, continue to be made after the filing of such petition on
the same basis that the payments were to be applied prior to the date of the petition. 

  
 Appendix 2

 Page 16 

 3.3 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and assigns. The successors and assigns of the Borrowers and the other Loan Parties shall include a debtor-in-possession or trustee of or for such party. The successors and
assigns of the Revolving Lenders, the Revolving Agent, the Term Loan Lenders, the Term Loan Agent and Statoil, as the case may be, shall include any successors and assigns appointed under the terms of the Revolving Loan Documents, the Term Loan
Documents or the Oil Supply Agreements, as applicable. Any such successor or assign shall be subject in all respect to this Agreement. 
 3.4 Beneficiaries. The terms and provisions of this Agreement shall be for the sole benefit of the parties hereto, the Lenders, the Affiliates of Statoil, and their respective successors and
assigns, and no other Person shall have any right, benefit or priority by reason of this Agreement. 
 3.5 GOVERNING LAW;
JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW
YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE PARTIES HERETO PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

3.6 WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.
THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE, AMONG THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS RELATED THERETO. 

3.7 Section Titles. The article and section headings contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

  
 Appendix 2

 Page 17 

 3.8 Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in
any other jurisdiction. 
 3.9 Execution in Counterparts. This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed signature page by
telecopy machine shall be as effective as delivery of a manually signed, original signature page. 
 3.10 Amendment and
Restatement of Existing Intercreditor Agreement. The parties hereto agree that this Agreement is hereby amended to include the DCR Oil Supply Agreement and amends and restates, and does not novate, the Existing Intercreditor Agreement in its
entirety. 
 [Signature Pages Follow] 

  
 Appendix 2

 Page 18 

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

			
	STATOIL MARKETING & TRADING (US) INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Amended and Restated Intercreditor Agreement] 

  

			
	UBS AG, STAMFORD BRANCH,
	    as Revolving Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Amended and Restated Intercreditor Agreement] 

  

			
	UBS AG, STAMFORD BRANCH,
	    as Term Loan Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Amended and Restated Intercreditor Agreement] 

  

			
	PBF HOLDING COMPANY LLC,
	as a Borrower
		
	By:	 	  

		 	Name:
		 	Title:
	
	 DELAWARE CITY REFINING COMPANY LLC,
 as a Borrower

		
	By:	 	  

		 	Name:
		 	Title:
	
	 PAULSBORO REFINING COMPANY LLC,
 as a Borrower

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Amended and Restated Intercreditor Agreement] 

  

			
	PBF POWER MARKETING, LLC,
	as a Loan Party
		
	By:	 	  

		 	Name:
		 	Title:
	
	 DELAWARE PIPELINE COMPANY LLC,
 as a Loan Party

		
	By:	 	  

		 	Name:
		 	Title:
	
	 PBF INVESTMENTS LLC,
 as a Loan Party

		
	By:	 	  

		 	Name:
		 	Title:
	
	 PAULSBORO NATURAL GAS PIPELINE COMPANY LLC,
 as a Loan Party

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Amended and Restated Intercreditor Agreement] 

 Annex A 
 to 
 Intercreditor Agreement 

Notice Addresses 
  

			
	 Entity
	  	 Notice Address

		
	Statoil Marketing & Trading (US) Inc.	  	 Statoil Marketing and Trading (US) Inc.
 1055 Washington Blvd. – 7th Floor
 Stamford, CT 06901

Attention:     General Counsel

Telecopy:      (203) 978-6952
 Telephone Number: (203) 978-6900

		
	 UBS AG, Stamford Branch,
 as
Revolving Agent
	  	 UBS AG, Stamford Branch
 677
Washington Boulevard
 Stamford, Connecticut 06901
 Attention: DL-UBSAGENCY@UBS.COM
 Telecopy:     (203) 719 –
3029

		
	 UBS AG, Stamford Branch,
 as
Term Loan Agent
	  	 UBS AG, Stamford Branch
 677
Washington Boulevard
 Stamford, Connecticut 06901
 Attention: DL-UBSAGENCY@UBS.COM
 Telecopy:     (203) 719 –
3029

		
	 PBF Holding Company LLC,

Delaware City Refining Company LLC and
 Paulsboro
Refining Company LLC,
 as Borrowers
	  	 PBF Holding Company LLC
 One
Sound Shore Drive, Suite 303
 Greenwich, Connecticut 06830
 Attention: Jeffrey Dill
 Telecopy:     973-455-7562

		
	 PBF Power Marketing, LLC,

Delaware Pipeline Company LLC,
 PBF Investments
LLC and
 Paulsboro Natural Gas Pipeline Company LLC,
 as Loan Parties
	  	 PBF Holding Company LLC
 One
Sound Shore Drive, Suite 303
 Greenwich, Connecticut 06830
 Attention: Jeffrey Dill
 Telecopy:     973-455-7562

  
 Appendix A to
Appendix 2 
 Page 1 

 APPENDIX 3 – PAYMENT DIRECTION AGREEMENT 

This PAYMENT DIRECTION AGREEMENT (“Agreement”) dated as of April 7, 2011, by and among Morgan Stanley Capital Group
Inc. (“MSCG”), Statoil Marketing & Trading (US) Inc. (“Statoil”) and Delaware City Refining Company LLC (“DCR”). 
 1. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms
defined): 
 “Additional Termination Event” has the meaning assigned to such term in the Off-Take Agreement. 

“Base Barge Price” means, with respect to any delivery by DCR of Refined Products to MSCG, the applicable [REDACTED], where: 

(a) “[REDACTED]” means, [REDACTED]. 
 (b) “[REDACTED]” means [REDACTED]: 
 (i) [REDACTED].

 (ii) [REDACTED]. 
 “Business Day” means a day on which banks are open for general commercial business in New York, New York. 
 “Daily Report of Delivered Volumes” has the meaning assigned to such term in the Off-Take Agreement. 
 “Delivery Day” means with respect to any Refined Products, the day of delivery of such Refined Products to MSCG pursuant to the Off-Take Agreement. 

“Event of Default” has the meaning assigned to such term in the Off-Take Agreement. 

“Early Termination Event” has the meaning assigned to such term in the Off-Take Agreement. 

“Feedstock” means vacuum gas oil (VGO), and vacuum tower bottoms (VTB) and other similar hydrocarbons. 

“Final Payment Amount” means for any Delivery Day, the greater of: 

(a) zero dollars; and 
 (b) (i) the sum for all grades of Refined Products delivered by DCR to MSCG on such Delivery Day of the number of gallons of each grade of such Refined Product delivered to MSCG on such Delivery Day
multiplied by the applicable Final Price per gallon of such grade minus (ii) the Provisional Payment Amount for such Delivery Day. 

“Final Payment Day” means the applicable day determined in accordance with Annex C attached hereto. 

  
 Appendix 3

 Page 1 

 “Final Price” means with respect to a Refined Product, [REDACTED]. 

“Initial Inventory” means the volumes of Products and ethanol sold to MSCG on the Closing Date (as defined in the Off-Take Agreement).

 “Intermediate Products” means the intermediate products sold by DCR to MSCG pursuant to the Off-Take Agreement. 

“MS Guaranty” means that certain Guarantee of Morgan Stanley dated as of April 7, 2011, executed by Morgan Stanley in favor of DCR,
as amended, supplemented or restated from time to time. 
 “MS Products” means the product inventories purchased from time to
time by MSCG from DCR pursuant to the Off-Take Agreement, including, without limitation, the Initial Inventory, but excluding Oil and Feedstock which has not been refined into light finished products, Intermediate Products or Slurry. 

“MS Receivables” means (a) for Refined Products other than Specialty Grades, all of DCR’s rights to payment from MSCG of the
Provisional Payment Amount and the Final Payment Amount with respect thereto, (b) for Specialty Grades, all of DCR’s rights to payment from MSCG with respect thereto and (c) all proceeds of the amounts specified in (a) and
(b) of this definition. 
 “Off-Take Agreement” means that certain Products Offtake Agreement dated as of April 7,
2011, between MSCG and DCR, as amended, supplemented or restated from time to time in accordance with this Agreement, a redacted copy of which is attached hereto as Annex B. 
 “Oil” means crude oil or straight run fuel oil, but does not include Feedstock. 

“Products” has the meaning assigned to such term in the Off-Take Agreement. 
 “Provisional Overpayment Amount” means for any Delivery Day the amount, if any, by which the Provisional Payment Amount for such Delivery Day exceeds the sum for all grades of Refined
Products delivered by DCR to MSCG on such Delivery Day, of the number of gallons of each grade of such Refined Product delivered to MSCG on such Delivery Day multiplied by the applicable Final Price per gallon of such grade. 

“Provisional Payment Amount” means for any Delivery Day, the sum for all grades of Refined Products delivered by DCR to MSCG on such
Delivery Day, of the number of gallons of each grade of such Refined Product delivered to MSCG on such Delivery Day multiplied by the applicable Provisional Price per gallon of such grade. To the extent the Provisional Payment Day for a relevant
Delivery Day occurs on or before such relevant Delivery Day, the Provisional Payment Amount shall be based on the estimated volumes to be delivered on such relevant Delivery Day; provided, however, if no estimated volumes are specified in the last
Daily Report of Delivered Volumes received by MSCG, then the Provisional Payment Amount will be based on the actual volumes delivered on the last Delivery Date reflected in the most recently received Daily Report of Delivered Volumes. 

  
 Appendix 3

 Page 2 

 “Provisional Payment Day” means the applicable day determined in accordance with Annex C
attached hereto. 
 “Provisional Price” means [REDACTED]. 
 “Refined Products” means finished gasoline, heating oil, diesel, and jet fuel produced for sale to MSCG pursuant to the Off-Take Agreement. For the avoidance of doubt, for purposes of
this Agreement, the term Refined Products includes Specialty Grades but excludes Intermediate Products, Slurry, and all other products other than those specifically listed above in this definition. 

“Refinery” means DCR’s Delaware City, Delaware refinery. 
 “Slurry” means slurry sold by DCR to MSCG pursuant to the Off-Take Agreement. 

“Specialty Grades” means customized products that are not included in the grades of Products encompassed in Schedule 1 to the Off-Take
Agreement. 
 “Supply Agreement” means that certain Crude Oil / Feedstock Supply / Delivery and Services Agreement dated as of
April 7, 2011 (as amended restated, supplemented or otherwise modified from time to time in accordance with the terms hereof), between Statoil and DCR. 
 2. Security Interest. DCR has granted Statoil a security interest in the following: 
 (a) all rights of DCR in and to proceeds of DCR’s sale of Refined Products and Other Products from the Refinery, including all of the MS Receivables; 

(b) all rights of DCR under the Off-Take Agreement to enforce payment of the MS Receivables from MSCG and all other rights under the
Off-Take Agreement to collect the MS Receivables; 
 (c) all rights of DCR under the MS Guaranty and all other supporting
obligations with respect to the MS Receivables. 
 As between Statoil and MSCG (i) MSCG acknowledges and consents to the grant of such
security interests (described in 2(a), (b) and (c) above) by DCR to Statoil, (ii) Statoil acknowledges and agrees that MSCG has title to the MS Products, and except for its interest in the MS Receivables, Statoil claims no interest in
the MS Products, and (iii) MSCG acknowledges and agrees that Statoil has title to or first priority liens on all Oil, Feedstock and MS Receivables; and MSCG claims no interest in such items. 

3. Direct Payment. DCR hereby irrevocably directs MSCG to make all payments on the MS Receivables directly to the Statoil account designated on
Annex A hereto (the “Payment Account”). MSCG acknowledges such payment direction and agrees (a) to pay all Provisional Payment Amounts on the corresponding Provisional Payment Day as set forth in Annex C, (b) to pay
all Final Payment Amounts on the corresponding Final Payment Day as set forth in Annex C, (c) to make all other payments owing on the MS Receivables by the time specified in the Off-Take Agreement, and (d) to make all such payments
described in the foregoing subsections (a), 

  
 Appendix 3

 Page 3 

 
(b) and (c) directly to Statoil into the Payment Account. Any changes to these payment instructions shall be honored by MSCG only if given in writing by Statoil. All payments on the MS
Receivables made by MSCG to the Payment Account or as otherwise directed by Statoil hereunder shall be treated for all purposes as satisfying MSCG’s payment obligations to DCR in respect of the MS Receivables. MSCG also agrees and covenants
that upon receipt of written instructions from DCR, MSCG also will make direct payment to Statoil in accordance with this Section 3 of any amounts owed by MSCG to DCR pursuant to the Off-Take Agreement that are not included in MS Receivables,
provided that MSCG’s obligation to make direct payment to Statoil with respect to any such other amounts shall be subject to all claims, defenses, offsets and other rights that MSCG may have with respect to its obligation to pay such other
amounts. 
 4. Offsets. For so long as this Agreement is in effect, MSCG agrees not to exercise or claim any right of offset or other
similar right against DCR or Statoil with respect to the MS Receivables other than the offsets and other rights described in the Off-Take Agreement. However, in no event shall MSCG reduce by reason of offset or otherwise (whether any such right
arises under the Off-Take Agreement, other contractual provisions or common law), any amounts required to be paid hereunder by MSCG to Statoil in respect of MS Receivables owing for Refined Products which are delivered to MSCG prior to or on the
business day on which Statoil receives written notice from MSCG of the occurrence of an Event of Default, an Additional Termination Event or termination of the Off-Take Agreement, except that MSCG may reduce any amounts owing on MS Receivables
payable to Statoil hereunder by the amount of any Provisional Overpayment Amount attributable to any Delivery Day occurring prior to the day of such reduction. Nothing contained herein shall limit MSCG’s rights of offset against DCR for amounts
owing by MSCG to DCR (and not payable to Statoil hereunder) or its rights to exercise any other remedies that MSCG may have against DCR. 
 5.
Assignment, Amendment and Termination of Off-Take Agreement. 
 (a) MSCG or DCR as applicable shall deliver not less than
10 Business Days prior written notice to Statoil of any proposed assignment by MSCG or DCR of the Off-Take Agreement. Neither MSCG nor DCR shall assign its rights under the Off-Take Agreement in any manner that would materially and adversely affect
Statoil’s rights hereunder without Statoil’s prior written consent. Notwithstanding the foregoing, any assignment by MSCG of its rights under the Off-Take Agreement that is expressly subject to the terms of this Agreement shall not require
Statoil’s prior written consent; provided, however, if Statoil reasonably determines that any such assignment would materially and adversely affect Statoil’s rights hereunder, then Statoil shall have the unilateral right to terminate the
Supply Agreement and/or this Agreement under the provisions thereof and hereof applicable to a default by the non-Statoil parties. 
 (b) MSCG and DCR shall not, without Statoil’s prior written consent, amend the Off-Take Agreement in any manner that would: (i) alter the terms of MSCG’s payment obligations, DCR’s
enforcement rights with respect to the MS Receivables or any defined term used herein that is defined by reference to the Off-Take Agreement; (ii) modify the methodology for determining Other Costs or any other factor that would modify the
calculation of the Base Barge Price; (iii) modify the timing of MSCG’s payment obligations or (iv) modify MSCG’s offset or similar rights. 

  
 Appendix 3

 Page 4 

 (c) MSCG shall deliver to Statoil written notice of any default, or Event of Default, by DCR
under or any Early Termination Event with respect to or any early termination of the Off-Take Agreement contemporaneously with any notice thereof delivered to DCR. 
 (d) DCR shall deliver to Statoil written notice of any default, or Event of Default, by MSCG under or any Early Termination Event with respect to or any early termination of the Off-Take Agreement
contemporaneously with any notice thereof delivered to MSCG. 
 6. No Default. MSCG and DCR each hereby agree and acknowledge that as of
the date hereof, there are no defaults, Events of Default, Early Termination Events or events that with the passage of the applicable grace or cure period would constitute a default, Event of Default or Early Termination Event under the Off-Take
Agreement. 
 7. Conflict. To the extent there is any conflict between the terms of this Agreement and the Off-Take Agreement, this
Agreement shall control. 
 8. Further Assurances. The parties hereto agree that from and after the date hereof, each of them will
execute and deliver such further instruments and take such other action as may reasonably be requested by any party hereto to carry out the purpose and intent hereof. 
 9. Governing Law. The provisions of this Agreement and the documents delivered pursuant hereto shall be governed by and construed and enforced in accordance with the laws of the State of New York
(without regard to any conflicts-of-law rule or principle that would require the application of the laws of another jurisdiction). 
 10.
Jurisdiction, Venue and Forum. Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the U.S. District Court of the Southern District of New York, any court of the State of New York and any other
Federal court sitting in the State of New York in the event any dispute arises out of this Agreement or the transactions contemplated hereby, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other
request for leave from any such court and (c) agrees that it will not bring any action relating to this Agreement or the transactions contemplated hereby in any court other than the U.S. District Court of the Southern District of New York (or,
if the U.S. District Court of the Southern District of New York shall be unavailable, any court of the State of New York or any other Federal court sitting in the State of New York). Each party hereto waives any objection to convenience of forum or
venue laid in such courts. The parties hereto agree that any one or all of them may file a copy of this Section 10 with any court as written evidence of the knowing, voluntary and bargained agreement between the parties irrevocably to
waive any objections to jurisdiction, venue or to convenience of forum. 
 11. No Third Party Beneficiaries. Except as expressly provided
in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any person or entity other than the parties to this Agreement, and their respective permitted successors and assigns. 

12. Severability. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction. It is also the

  
 Appendix 3

 Page 5 

 
intention of the parties that in lieu of each clause or provision of this Agreement that is illegal, invalid or unenforceable, there be added, as a part of this Agreement, a clause or provision
as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and be legal, valid and enforceable. 
 13.
Term. This Agreement shall continue until the earlier of the following to occur: (a) MSCG receives written notice from Statoil of the termination or expiration of the Supply Agreement, (b) termination or expiration of the Off-Take
Agreement and Statoil’s receipt of the required notice thereof as provided in Section 4 above, subject, however, to the obligations of MSCG to make payments to Statoil hereunder continuing until payment in full thereof with respect to MS
Receivables owing for Refined Products delivered to MSCG prior to or on the business day on which Statoil receives written notice from MSCG of an Event of Default or Additional Termination Event as provided in Section 4 above, and
(c) termination of this Agreement by the mutual agreement of all of the parties hereto. Statoil shall deliver prompt written notice to MSCG of the expiration or termination of the Supply Agreement. 

14. Amendment. Any amendment or waiver of this Agreement shall be effected solely by an instrument in writing executed by all of the parties
hereto. 
 15. Headings. The headings and captions used or contained in this Agreement are for convenience of reference only and shall
not affect the interpretation or construction of this Agreement. 
 16. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile or other electronic copies (such as .pdf files delivered by electronic mail) of signatures shall constitute
original signatures for all purposes of this Agreement and any enforcement hereof. 
 [Remainder of Page Intentionally Left
Blank] 

  
 Appendix 3

 Page 6 

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

			
	MORGAN STANLEY CAPITAL GROUP INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Notice Address:
	
	Morgan Stanley Capital Group Inc.
	 2000 Westchester Avenue, Floor 01
 Purchase, New York 10577-2530
 Attention: Randall O’Connor

Phone: 914-225-1466
 Facsimile:
914-225-9298
 E-mail: randall.oconnor@morganstanley.com
  

With a copy to:
  
 Morgan Stanley Capital Group Inc.
 2000 Westchester Avenue, Floor 01

Purchase, New York 10577-2530
 Attention: Kenneth
Carlino
 Phone: 914-225-1417

Facsimile: 914-225-9299
 E-mail:
kenneth.carlino@morganstanley.com

 [Signature Page to Payment Direction Agreement] 

  

			
	STATOIL MARKETING & TRADING (US) INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 Notice Address:
  

Statoil Marketing & Trading (US) Inc.

1055 Washington Boulevard – 7th Floor

Stamford, CT 06901
 Attention: Crude Oil
Operations
 Fax Number: (203) 978-6958
 Telephone Number: (203) 978-6900
 E-mail: uscrudeops@statoil.com

 
 With a copy (which shall not constitute notice) to:

 
 Statoil Marketing & Trading (US) Inc.

1055 Washington Blvd. – 7th Floor
 Stamford,
CT 06901
 Attention: General Counsel

Fax Number: (203) 978-6952
 Telephone
Number: (203) 978-6900

 [Signature Page to Payment Direction Agreement] 

  

			
	DELAWARE CITY REFINING COMPANY LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 Notice Address:
  

1 Sylvan Way, 2nd floor
 Parsippany, NJ
07054-3887
 Attention: General Counsel
  

With a copy to:
  
 PBF Holding Company LLC
 1 Sylvan Way, 2nd floor

Parsippany, NJ 07054-3887
 Attention: General
Counsel

 [Signature Page to Payment Direction Agreement] 

 ANNEX A 

PAYMENT ACCOUNT INFORMATION 
 JP Morgan Chase Bank 
 ABA No.: [REDACTED] 
 SWIFT: [REDACTED] 
 Account No.: [REDACTED] 

  
 Annex A to
Appendix 3 
 Page 1 

 ANNEX B 

REDACTED OFF-TAKE AGREEMENT 
 [attached] 

  
 Annex B to
Appendix 3 
 Page 1 

 ANNEX C 

PROVISIONAL PAYMENT DAY 

The applicable Provisional Payment Day and Final Payment Day for each relevant Delivery Day occurring during a calendar week, subject to the Holiday
Modifications below, is as follows: 
 Table 1: 

 

					
	Relevant Delivery Day	  	Provisional Payment Day*	  	Final Payment Day**
	Sunday	  	Monday	  	Wednesday
	Monday	  	Tuesday	  	Thursday
	Tuesday	  	Wednesday	  	Friday
	Wednesday	  	Thursday	  	Monday of the following week
	Thursday	  	Friday	  	Tuesday of the following week
	Friday	  	Friday	  	Wednesday of the following week
	Saturday	  	Monday of the following week	  	Wednesday of the following week

 *Holiday Modifications to Provisional Payment Day: 

(1) If a Tuesday Wednesday or Thursday is a non-Business Day, then, unless (2) below applies, the Provisional Payment Day for the
relevant Delivery Day preceding such non-Business Day is the next following Business Day. 
 For example, if Thursday is a
non-Business Day, then the Provisional Payment Day for Wednesday is Friday. 
 (2) If a Friday is a non-Business Day or if a
Monday of the following week is a non-Business Day, then (i) the Provisional Payment Day for the relevant Delivery Day falling on the first non-Business Day occurring at the end of the relevant week will be the day prior to such relevant
Delivery Day, and (ii) the Provisional Payment Day for the relevant Delivery Day falling on the last Business Day of the relevant week will be such relevant Delivery Day. 
 For example: 
 If Friday is not a Business Day for a particular week, then the
Provisional Payment Day for Friday will be Thursday and the Provisional Payment Day for Thursday will be Thursday. 
 If the
Monday in the week following a particular week is not a Business Day, then the Provisional Payment Day for Saturday of such week will be Friday. 

  
 Annex C to
Appendix 3 
 Page 1 

 **Holiday Modifications to Final Payment Day: 

If any day after the relevant Delivery Day up to and including the Final Payment Day specified in Table 1 above is not a Business Day,
then the Final Payment Day shall be the third Business Day following the relevant Delivery Day, if such third Business Day is different than the day specified in Table 1. 

  
 Annex C to
Appendix 3 
 Page 2 

 APPENDIX 4 – REFINERY DESCRIPTION 

Set out on Attachment I are diagrams of the Refinery, including: (i) the Delaware City Refinery Plot Plan; (ii) the Delaware
City Refinery Logistics System; and (iii) diagrams of tank locations and service. 
 The Storage Facilities consist of the
specific Storage Tanks more fully described on Attachment II (and reflected on Attachment I), as such list of storage tanks may be updated from time-to-time. 

  
 Appendix 4

 Page 1 

 ATTACHMENT I TO APPENDIX 4 

[REDACTED] 

  
 Attachment I
to Appendix 4 
 Page 1 

 [REDACTED] 

  
 Attachment I
to Appendix 4 
 Page 2 

 [REDACTED] 

  
 Attachment I
to Appendix 4 
 Page 3 

 [REDACTED] 

  
 Attachment I
to Appendix 4 
 Page 4 

 [REDACTED] 

  
 Attachment I
to Appendix 4 
 Page 5 

 [REDACTED] 

  
 Attachment I
to Appendix 4 
 Page 6 

 ATTACHMENT II TO APPENDIX 4 
 Delaware City Crude and Feedstock Tankage 
 EXPECTED TANKAGE FOR STATOIL – SUBJECT
TO CHANGE 
  

															
	 TANK
	  	 SERVICE / DESCRIPTION
	  	Shell Capacity Heels	 	 	Working Capacity	 
	 TK 01
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 02
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 03
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 04
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 05
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 06
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 07
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 08
	  	OOS	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 09
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 10
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 11
	  	OOS	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 12
	  	CRUDE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 66
	  	FCC FEED	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 227
	  	FCC FEED	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 285
	  	FCC FEED	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 286
	  	FCC FEED	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 248
	  	GENERAL SERVICE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 268
	  	GENERAL SERVICE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 282
	  	GENERAL SERVICE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 77
	  	HYDROCRACKER FEED	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 76
	  	COKER SLURRY/RECYCLE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 75
	  	VAC RESID	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 78
	  	VAC RESID	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 73
	  	HEAVY COKER GASOLINE / SHU FEE	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 71
	  	OFFSET / SLOP OIL	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
	 TK 72
	  	OFFSET / SLOP OIL	  	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 

  
 Attachment II
to Appendix 4 
 Page 1 

 APPENDIX 5 – STORAGE FACILITIES USE PROVISIONS 

The following terms and conditions set forth the terms and conditions governing Seller’s sole and exclusive right to store Oil and
Feedstock in the Storage Facilities: 
  

	1.	USAGE AND OPERATION 

 (a)
Exclusive Use. Subject to the provisions of this Agreement and this Appendix, Seller shall, as of the Delivery Commencement Date and during the term of this Agreement, have the sole and exclusive right to store Oil and Feedstock in the
Storage Facilities. 
 (b) Buyer Restrictions and Rights. Nothing herein shall restrict Buyer’s right and ability to
operate the Refinery, including the Storage Facilities, provided, however, that: 
 (i) Except as expressly provided for in
Clause 7(e) of this Agreement, Buyer shall not cause or permit any Oil and Feedstock to be withdrawn from the Storage Facilities without the prior written consent of Seller. 
 (ii) Buyer will not commingle any crude oil or Feedstocks with Seller’s Oil and Feedstock without the prior written consent of Seller. 

(iii) With respect to a request by Buyer to add any storage tanks to the Storage Facilities pursuant to Clause 5(d) below, such request
by Buyer shall be deemed to constitute a representation from Buyer that such additional storage tank(s) are (i) owned in fee by Buyer, (ii) are free and clear of any Liens other than those expressly permitted pursuant to the terms of the
Intercreditor Agreements, and (iii) in full compliance with all of the applicable covenants and obligations set out herein. 
  

	2.	COVENANTS OF BUYER 

 (a) Buyer
shall maintain and operate, at its sole cost and expense, the Storage Facilities in a manner that fully complies with (i) all applicable Laws and Regulations; and (ii) standard industry practice. With respect to the operation of the
Storage Facilities, Buyer shall make all repairs and perform all maintenance in a reasonably timely manner. 
 (b) Buyer shall
ensure that the Storage Facilities adhere to its current maintenance standards. Buyer shall maintain its Storage Facilities in accordance with API 653 during the term of this Agreement. 

(c) At any time during this Agreement Seller shall have the right to enter the Storage Facilities and to inspect, examine and inquire
concerning all aspects of the Refinery, Storage Facilities and the Oil and Feedstock stored therein, including, without limitation, docking facilities, storage tanks, and pipelines, measuring equipment, and any other physical or operational aspects
of the Storage Facilities or any of Seller’s products stored in the Storage Facilities; provided that, if no Event of Default has occurred with respect to Buyer, Seller shall provide reasonable prior notice to Buyer and adhere to Buyer’s
HSE procedures for the Refinery. Seller shall not exercise its rights hereunder if such exercise will: (i) cause or exacerbate any dangerous, emergency or unsafe conditions at the Storage Facilities, or (ii) obstruct or interfere

  
 Appendix 5

 Page 1 

 
with the operations of the Storage Facilities in a manner inconsistent with standard industry practices. 
 (d) Buyer shall not introduce into any of the Storage Facilities or add any chemical substances to Seller’s Oil and Feedstock, including any substances designed to minimize or reduce Tank Heel
levels, without the express prior written authorization of Seller. 
 (e) Buyer shall not subcontract any part of the work under
this Agreement relating to the Storage Facilities without the prior written consent of Seller in its sole discretion. If Buyer subcontracts any part of the work under this Agreement relating to the Storage Facilities with Seller’s consent,
Buyer shall require its subcontractors to maintain insurance required in this Agreement to the extent applicable to the Storage Facilities. If requested by Seller, Buyer shall have its subcontractors furnish the same evidence of insurance required
of Buyer. 
  

	3.	EMERGENCIES 

 In the event that
Buyer reasonably believes that there are, or are about to be, emergency or urgent circumstances which could have a material adverse impact on the Refinery, the Refinery site, the operation of the Refinery, or the health and safety of any person or
the environment (“Emergency Circumstances”), regardless of the cause of such Emergency Circumstances and without assuming any duty hereunder to do so, Buyer may take such steps and actions as it, in its sole discretion, deems
reasonable to protect against such circumstances occurring or to minimize, reduce or avoid their adverse impact including the immediate lifting, removal, relocation and commingling of Oil or Feedstock of different Grades. Any such steps which Buyer
takes shall not, on their own, constitute a Default of the terms of this Agreement provided, however, Buyer shall not be absolved of any responsibility or liability hereunder resulting from any breach of the terms of this Agreement which caused such
emergency or urgent circumstances. Buyer shall promptly notify Seller of any steps or actions so taken. Buyer shall compensate Seller for any Liabilities resulting from any such steps or actions taken hereunder. 

 

	4.	SUBLETTING AND RELEASE OF SELLER’S CAPACITY 

 During the term of this Agreement, neither Party may further assign, sublet, sublicense, grant or release any storage capacity in the Storage Facilities except in connection with a permitted assignment
under this Agreement. 
  

	5.	TANKS BEING TAKEN OUT OF SERVICE / CHANGING SERVICE 

 During the term of this Agreement certain of the tanks constituting Storage Facilities may be required to come out of service for maintenance or other reasons. 

(a) Cleaning of tanks and the safe disposal of any sludge, oil or other hazardous substances from tanks which are taken out of service
whether before or after the termination of this Agreement is the sole responsibility of Buyer. Buyer warrants to Seller that Buyer will dispose of such material in a lawful and safe manner. Buyer shall be solely responsible for any and all costs
associated with such disposal and shall indemnify Seller against any and all liabilities arising from the disposal of such materials. 

  
 Appendix 5

 Page 2 

 (b) Prior to removing from service a tank comprising part of the Storage Facilities the
Parties shall meet to discuss and agree to the measurement of any quantities of usable Oil and/or Feedstock that constitutes Tank Heels that need to be transferred between tanks constituting Storage Facilities, the measurement or assessment of such
Tank Heels and whether the actual net Tank Heel volume following such operations will be less or more than the TH Starting Volume as adjusted by any prior interim Tank Heel purchases and sales. If there will be a net reduction in the Tank Heel
volume following such operations Buyer shall purchase such reduction quantity of Tank Heel volume pursuant to the terms of Clause 5(j)(ii)(2), with the volume of such Tank Heels purchase being treated as an interim purchase by Buyer. If a
measurement or assessment indicates that Buyer has not yet purchased the full amount of Oil or Feedstock that has been used, then Buyer shall purchase and pay for such used Oil or Feedstock at a price equal to the then-applicable price for such Oil
or Feedstock as specified in the applicable Cargo Bank applying the FIFO accounting practice to determine which Oil is being purchased and applying the Provisions of Clause 5(i) with respect to interim Feedstock purchases. 

(c) When returning a tank to service that has been removed from service pursuant to Clause 5(b) of this Appendix 5, the Parties shall
meet to discuss and agree to a quantity of Tank Heels that will be used to re-float the tank and such quantity of Oil or Feedstock shall be treated as Tank Heels for all purposes hereunder. Such new Tank Heels will be purchased by Seller pursuant to
the provisions of Clause 5(j)(ii)(1), with the volume of such new Tank Heels treated as an interim purchase by Seller and will be subject to Clauses 5(j) and 25 at the TH Conclusion Date and at termination of the Agreement. 

(d) To the extent Buyer desires to change service for any tank constituting part of the Storage Facilities or add or remove a tank from
the Storage Facilities, Seller must provide its written consent. Upon the granting of Seller’s consent, Attachment II to Appendix 4 shall be automatically deemed to reflect such modifications. To the extent applicable, the Parties shall also
meet and agree prior to the granting of any such consent to any of the matters set forth in subclause (b) above. 

  
 Appendix 5

 Page 3 

 APPENDIX 6 – GENERAL PRINCIPLES OF SERVICE 

The Commercial Services and Shipping Services under this Agreement will be rendered in accordance with the following: 

 

	1.	COMMERCIAL SERVICES 

 (a)
Commercial Services Provided 
 The Commercial Services shall include the following: 

(i) Onward transportation of Oil and Feedstock as required to Supply Oil and Feedstock to the Refinery; 

(ii) Storage of Oil and Feedstock in the Storage Facilities until such time the Oil and Feedstock is delivered to Buyer
(with Buyer providing all maintenance and operation of the Storage Facilities); 
 (iii) Information services,
including the provision of information that helps Buyer run the Refinery LP and plan and schedule Refinery operations; 
 (iv) Operational, shipping, financial, contractual and other administrative services related to the activities as detailed in (i)-(iii) above, which include the conduct of commercial contract
negotiations, resolving any trading disputes with third parties and contractual compliance matters with third parties. 
 (b)
Commercial Services Actions. Seller: 
 (i) shall perform its duties in both a reasonable and prudent
manner; 
 (ii) shall act as a principal in the market in front of third parties for purchases and sales of Oil
and Feedstock under this Agreement; 
 (iii) shall be the only face to market for the execution of all Commercial
Services; 
 (iv) shall use reasonable efforts to secure optimal pricing of the Oil and Feedstock purchased or
sold under this Agreement and to minimize delivery-related costs for Oil and Feedstock purchased under the Execution Method; 
 (v) shall allocate the necessary resources to support and to interface with Buyer in the provision of the Commercial Services hereunder; 

(vi) may enter into commercial commitments with third parties in connection with the performance of the Commercial
Services, with all commercial terms being agreed to at its reasonable sole discretion, in line with Buyer’s mandate; 

  
 Appendix 6

 Page 1 

 (vii) may conduct any re-sale of any Oil and Feedstock purchased as part of
this Agreement in line with its credit control procedures in effect at the time of such disposal. The costs of a third party credit default under such re-sale of Oil and Feedstock shall be for Buyer’s account unless caused by the gross
negligence or willful misconduct of Seller. 
 (c) Commercial Services Actions. Buyer: 

(i) shall maintain an organizational structure to support and interface with Seller in the conduct of this Agreement;

 (ii) may maintain such market knowledge as it sees fit independently of Seller, but will refrain from seeking
bids / offers / indications or otherwise contracting in the market directly or via intermediates for any of the Commercial Services covered under this Agreement except if compelled to do so due to the gross negligence or willful misconduct of
Seller; 
 (iii) acknowledges and accepts that Seller will only contract with third party companies which have
been compliance cleared by Seller, with such clearance not to be unreasonably withheld; 
 (iv) acknowledges that
Seller cannot be obliged to use contractors or service providers which do not meet Seller’s HSE requirements. 
  

	2.	SHIPPING SERVICES 

 (a)
Shipping Services Provided 
 Seller shall be the sole and exclusive face to the market for the provision of Shipping
Services in relation to the Supply of Oil and Feedstock under this Agreement. Such Shipping Services shall include: 
 (i) the provision of shipping market availability and price information to Buyer; 
 (ii) the negotiation and execution of all shipping agreements including lightering services into the Delaware River,; 

(iii) shipping operational services including managing logistics in relation to each Cargo from the Loading Terminal to
the Supply Port, liaising with terminals, ship owners, and appointing Independent Inspectors for quality and quantity testing and certification; 
 (iv) quality control and loss control services including overseeing independent inspection services and providing reasonable technical support and advice in relation to any Oil quality claims and any
recovery actions against ship owners; 

  
 Appendix 6

 Page 2 

 (v) any vetting requirements including all Vessels used; and loadports as
required by Seller’s vetting policy. Buyer acknowledges that Seller shall not be obliged to use Vessels, service providers or call at loadports which are not in compliance with Seller’s vetting policy. 

(b) Pre-Commencement Meetings. Prior to the Effective Date the Parties shall meet to coordinate the start-up process with respect
to this Agreement. The Parties shall coordinate all matters necessary or convenient to the operations leading up to the first Supply of Oil and Feedstock by Seller to the Refinery. 

  
 Appendix 6

 Page 3 

 APPENDIX 7 – LIST OF APPROVED FUNGIBLE GRADES 

DCR Fungible Crude List 
  

											
	 Crude Name
	  	 country
	  	 load port
	  	typical
ship size	  	f= fungible
nf=non-fungible
no=not available
Fungibility	  	 Approved for use @ DCR

	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	VLCC	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	no	  	Y, but must be cut with lighter crude prior to arrival to get API > 13°F
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  		  	nf	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  		  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y, but at 25 MBPO max rate due to desalter grid voltage issues
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  		  	f	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  		  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Suezmax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	f	  	N
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	y	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	no	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	no	  	Y
	 [REDACTED]
	  	[REDACTED]	  	[REDACTED]	  	Aframax	  	nf	  	Y

  

					
	 Ship size
	  	 	 
	 panamax
	  	 	60000	  
	 aframax
	  	 	80000	  
	 suezmax
	  	 	130000	  
	 vlcc
	  	 	260000	  

  
 Appendix 7

 Page 1 

 APPENDIX 8 – REQUIREMENTS SCHEDULE 

 

									
	Buyers tentative requirement schedule	  	 	  	date
					
	 	  	mbd
Jan	  	mbd
Feb	  	mbd
Mar	  	mbd
Apr
	 Type A
	  		  		  		  	
	 Kirkuk
	  		  		  		  	
	 Urals
	  		  		  		  	
	 Vasconia
	  		  		  		  	
	 Basra
	  		  		  		  	
	 Type B
	  		  		  		  	
	 Terre Nova
	  		  		  		  	
	 Hibernia
	  		  		  		  	
	 Azerla
	  		  		  		  	
	 Dalla
	  		  		  		  	
	 Type C
	  		  		  		  	
	 Arab light
	  		  		  		  	
	 Arab medium
	  		  		  		  	
	 Kirkuk
	  		  		  		  	
	 Type D
	  		  		  		  	
	 M100
	  		  		  		  	
	 VGO
	  		  		  		  	

  
 Appendix 8

 Page 1 

 DELAWARE CITY REFINERY - CRUDE SCHEDULE 
 [REDACTED] 

  
 Appendix 8

 Page 2 

 APPENDIX 9 – GRADE PECKING ORDER 

CRUDE EVALUATION TABLES 
  

							
	 Date of Issue
	  				 	“date”
	 Period Valid
	  	 	(days	) 	 	         7

 GRADE PECKING ORDER (GPO) 
 For 15 Day Period ending        “date 1” 
  

															
	 Type A
	  	 	  	 	  	Type B
	  	 	  	 	  	 
	 Grade
	  	Max volume
at value	  	Seller price
indication
refinery gate	  	Buyer
LP run
margin	  	 Grade
	  	Max volume
at value	  	Seller price
indication
refinery gate	  	Buyer
LP run
margin
	 Base
	  		  		  		  	 Base
	  		  		  	
	 Alt 1
	  		  		  		  	 Alt 1
	  		  		  	
	 Alt 2
	  		  		  		  	 Alt 2
	  		  		  	
	 Alt 3
	  		  		  		  	 Alt 3
	  		  		  	
	 Alt 4
	  		  		  		  	 Alt 4
	  		  		  	
	 etc
	  		  		  		  	 etc
	  		  		  	

 For 15 Day Period
ending        “date2” 
  

															
	 Type A
	  	 	  	 	  	Type B
	  	 	  	 	  	 
	 Grade
	  	Max volume
at value	  	Seller price
indication
refinery gate	  	Buyer
LP run
margin	  	 Grade
	  	Max volume
at value	  	Seller price
indication
refinery gate	  	Buyer
LP run
margin
	 Base
	  		  		  		  	 Base
	  		  		  	
	 Alt 1
	  		  		  		  	 Alt 1
	  		  		  	
	 Alt 2
	  		  		  		  	 Alt 2
	  		  		  	
	 Alt 3
	  		  		  		  	 Alt 3
	  		  		  	
	 Alt 4
	  		  		  		  	 Alt 4
	  		  		  	
	 etc
	  		  		  		  	 etc
	  		  		  	

 More Periods in future give more tables. Suggest minimum 15 day periods to allow flexible buying. 

REPLACEMENT GRADE PECKING ORDER (RGPO) 

Table contains value of alternative grade in row vs Grade of crude currently covering requirement in column. If no value is shown, grade is not an allowed
alternative 
  

													
	 Covered requirement
 Date range allowed
 Grade 
	  	 1
	  	 2
	  	 3
	  	 4
	  	 5
	  	 6

	 A 
	  		  		  		  		  		  	
	B	  		  		  		  		  		  	
	 C
	  		  		  		  		  		  	
	 D
	  		  		  		  		  		  	
	 E
	  		  		  		  		  		  	
	 F
	  		  		  		  		  		  	
	 G
	  		  		  		  		  		  	

 SPECIAL REFINERY NOTES 
 Freeform text highlighting special needs attributable to certain requirements. 

  
 Appendix 9

 Page 1 

 APPENDIX 10 – CARGO CONFIRMATION NOTICE 

 
  
 Seller hereby confirms the covering of a Requirement in accordance with Clause 5 “Acquisition of Oil and Feedstock” as set forth in the Crude Oil/Feedstock Supply/Delivery and Services Agreement
between the Parties dated April 7, 2011, with the Cargo of Oil per the following Transparent Contractual Terms: 
  

			
	CONTRACT DATE:	  	XXXXXX
		
	REQUIREMENT NO.:	  	XXXXXX
		
	QUALITY:	  	XXXXXXXXXX
		
	QUANTITY:	  	XXXXXXXX (US BBLS)
		
	TOLERANCE:	  	XXXXX
		
	TOLERANCE OPTION:	  	SELLER’S
		
	PLACE OF DELIVERY:	  	XXXXXXX BY VESSEL (DES), AT ONE SAFE BERTH
		
	PERIOD OF DELIVERY:	  	XXXXXXX
		
	PRICE AND CURRENCY:	  	
		
	BASIS:	  	XXXXXXXX
	DIFFERENTIAL:	  	XXXXXXXX
	PERIOD:	  	XXXXXXXX
		
	PAYMENT TERM:	  	XXXXXXX
		
	 ACQUISITION:

METHOD
	  	EXECUTION METHOD / SUPPLY POINT METHOD
		
	CREDIT TERMS:	  	XXXXXXX
		
	OTHER TERMS:	  	

 FURTHER COMMERCIAL AGREEMENTS PERTAINING TO THIS CARGO: 
 Regards, 
  

			
	Statoil Marketing & Trading (US) Inc.
		
	By:	 	  

	Name:
	Title:

  
 Appendix 10

 Page 1 

 APPENDIX 11 – COMMENCEMENT INVENTORY ACQUISITION 

This Appendix 11 sets forth the procedures whereby (a) Seller will purchase from Buyer the initial inventory of Oil and Feedstock in the
storage tanks, which is owned by Buyer at the Refinery as of the Effective Date (the “Initial Inventory”) and (b) the Aggregate Heel Capacity (as defined below) of each applicable storage tank will be filled with Tank Heels
(including Feedstock Virtual Tank Heels) and how those Tank Heels will be priced. This Appendix 11 also constitutes Buyer’s written mandate for Seller to purchase the volumes of Oil and Feedstock which constitute the Initial Inventory.

  

	1.	INITIAL INVENTORY. 

 (a)
Conveyance of Title. On the Effective Date, Buyer hereby SELLS, ASSIGNS, TRANSFERS and DELIVERS to Seller, its successors and assigns forever, all of Buyer’s right, title, and interest in and to all of the Initial Inventory TO HAVE AND
TO HOLD, all of Buyer’s right, title, and interest in and to the Initial Inventory, together with all and singular the rights and appurtenances thereto in anywise belonging, unto Seller and Seller’s successors and assigns forever. Buyer,
for itself, its successors and assigns, covenants and agrees to warrant and forever defend good title to the Initial Inventory as of the date of the conveyance hereunder, free and clear of all liens and encumbrances. 

(b) Measurement. Prior to the Effective Date, Buyer and Seller agreed upon an Independent Inspector to measure the volume of Oil
and Feedstock in the storage tanks and Line Fill in accordance with the most current API/ASTM standards and guidelines. The Initial Inventory volumes as measured by the Independent Inspector shall be binding on the Parties absent a showing of fraud,
negligence or manifest error. Tank 227 contains approximately 5,600 Barrels of Initial Inventory, as measured by the Independent Inspector prior to the Effective Date, and the remaining Barrels of Feedstock in Tank 227 were owned by Seller prior to
the Effective Date. Additional storage tanks that were leased to Seller as of the Effective Date may also contain both Initial Inventory and Oil or Feedstock owned by Seller. 
 (c) Pricing and Payment. Pricing for the Initial Inventory shall be mutually agreed upon by the Parties based on the quality and specifications of the Initial Inventory and shall be priced based on
a differential to the then current-month WTI contract when payment becomes due. Payment for the Initial Inventory from Seller to Buyer shall be due within 3 Business Days after Start Up. 

 

	2.	TH STARTING VOLUME. 

 (a)
Each storage tank in the Storage Facilities has a tank heel capacity designated on the table in Attachment II to Appendix 4 for such storage tank (for each storage tank, the “Tank Heel Capacity”). Each storage tank used to
store Feedstock additionally has a designated Feedstock Virtual Tank Heel (for each storage tank, the “Virtual Tank Heel Capacity,” and together with the Tank Heel Capacity, the “Aggregate Heel Capacity”).

 (b) The TH Starting Volume for each storage tank shall be equal to the Aggregate Heel Capacity of such storage tank. The TH
Starting Volume shall consist of the Initial Inventory in such storage tank, if any, and, for each storage tank which as of the Effective Date 

  
 Appendix 11

 Page 1 

 
contains a volume of Initial Inventory that is less than the Aggregate Heel Capacity (it is anticipated that each storage tank contains a volume of Initial Inventory that is less than the
Aggregate Heel Capacity of such storage tank), the volume of Oil or Feedstock which is subsequently Supplied to such storage tank to bring the total amount of Oil or Feedstock in such storage tank up to the Aggregate Heel Capacity of such storage
tank. For each storage tank which contains Initial Inventory that is less than the Aggregate Heel Capacity, the Aggregate Heel Capacity of such storage tank minus the Initial Inventory in such storage tank shall be designated as the
“Heel Fill Volume.” 
 (c) The Tank Heel purchase price for Oil or Feedstock used to fill the Heel Fill Volume
(such Oil or Feedstock, “Heel Fill”) shall be designated as the calculated price as if such Heel Fill were Delivered to Purchaser on the date such Heel Fill is Supplied (and whereby such Heel Fill becomes Tank Heels). For Tank 227
and any other storage tank which as of the Effective Date contains both Initial Inventory and other Feedstock or Oil owned by Seller, all Oil or Feedstock in the Aggregate Heel Capacity in such storage tank is Heel Fill and shall be priced in
accordance with this Clause 2(c) of Appendix 11 on the Effective Date. 
 (d) Buyer and Seller will endeavor to fill the
Aggregate Heel Capacity of each storage tank with Oil or Feedstock within one month of the Effective Date. 
 (e) TH Per
Barrel Storage Charge. 
 (i) In accordance with Clause 5(j)(iii)(1), on or before April 15, 2011, Seller
shall provide notice to Buyer setting forth a calculation of (1) the TH Per Barrel Storage Charge, (2) the initial TH Starting Volume and (3) the aggregate per Barrel Tank Heel purchase price for the TH Starting Volume, together with copies of
relevant materials used to determine such calculations, including a report on Initial Inventory and Heel Fill Volume in substantially the form of Annex A to this Appendix 11. 

(ii) Such calculations shall be binding on the Parties unless Buyer objects in writing within 5 Business Days of receiving
such notice. If Buyer provides notice of disagreement of any of the foregoing calculations, the Parties shall endeavor to determine such amounts by mutual agreement. 

(iii) If Seller sends Buyer the notice described in Clause 2(e)(i) of this Appendix 11 prior to the date on which all
Aggregate Heel Capacity has been filled with Oil and Feedstock, such notice shall only cover the Heel Fill Volume which has been filled with Heel Fill as of such date, and Seller will send additional notice(s) to Buyer as the additional Heel Fill
Volume is filled until the TH Starting Volume has been completely filled with Heel Fill. For such additional TH Starting Volume, the TH Per Barrel Storage Charge may be based on a WTI contract other than May 2011 WTI, depending on when such
calculation is made. 
 (f) If the Line Fill is not full as of the Effective Date, the amount of Oil or Feedstock required to
fill the Line Fill shall be treated as Heel Fill Volume. 
  
 3. OTHER FEES. The Initial Inventory and Heel Fill are each
subject to the normal $[REDACTED] per Barrel service fee and insurance of $[REDACTED] per Barrel, and shall be included in the calculation of the TVM Payment when Seller becomes responsible for payment for such Initial Inventory and Heel Fill

  
 Appendix 11

 Page 2 

 4. LINE FILL. Crude Line Fill is the volume of Oil contained within the Refinery shore storage tanks
and lines. FCC Charge / VGO Line Fill is the volume of Feedstock contained within the Refinery shore storage tanks and lines. Collectively Crude Line Fill and FCC Charge / VGO Line Fill are defined as “Line Fill”. 

  
 Appendix 11

 Page 3 

  

																			
	 TANK
	  	SERVICE	  	INITIAL
INVENTORY
(BBLS)	  	TANK HEEL
CAPACITY	 	VIRTUAL
TANK HEEL
CAPACITY	  	AGGREGATE
HEEL
CAPACITY	  	HILL FILL
VOLUME	  	INITIAL
INVENTORY
PRICING	 	HEEL FILL
SUPPLIED AS
OF DATE OF
THIS
REPORT	  	AGGREGATE
FILLED
HEEL FILL
VOLUME
PRICING
	 01
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 02
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 03
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 04
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 05
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 06
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	

  
 Appendix 11

 Page 4 

																			
	 TANK
	  	SERVICE	  	INITIAL
INVENTORY
(BBLS)	  	TANK HEEL
CAPACITY	 	VIRTUAL
TANK HEEL
CAPACITY	  	AGGREGATE
HEEL
CAPACITY	  	HILL FILL
VOLUME	  	INITIAL
INVENTORY
PRICING	 	HEEL FILL
SUPPLIED AS
OF DATE OF
THIS
REPORT	  	AGGREGATE
FILLED
HEEL FILL
VOLUME
PRICING
	 07
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 08
	  	OOS	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 09
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 10
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 11
	  	OOS	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 12
	  	Crude	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	

  
 Appendix 11

 Page 5 

  

																			
	 TANK
	  	SERVICE	  	INITIAL
INVENTORY
(BBLS)	 	TANK HEEL
CAPACITY	 	VIRTUAL
TANK HEEL
CAPACITY	  	AGGREGATE
HEEL
CAPACITY	  	HILL FILL
VOLUME	  	INITIAL
INVENTORY
PRICING	 	HEEL FILL
SUPPLIED AS
OF DATE OF
THIS
REPORT	  	AGGREGATE
FILLED
HEEL FILL
VOLUME
PRICING
	 66
	  	FCC Feed	  		 	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 227
	  	FCC Feed	  	[REDACTED]	 	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 285
	  	FCC Feed	  		 	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 286
	  	FCC Feed	  		 	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 248
	  	General
Service	  		 	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 268
	  	General
Service	  		 	[REDACTED]	 		  		  		  	[REDACTED]	 		  	

  
 Appendix 11

 Page 6 

																			
	 TANK
	  	SERVICE	  	INITIAL
INVENTORY
(BBLS)	  	TANK HEEL
CAPACITY	 	VIRTUAL
TANK HEEL
CAPACITY	  	AGGREGATE
HEEL
CAPACITY	  	HILL FILL
VOLUME	  	INITIAL
INVENTORY
PRICING	 	HEEL FILL
SUPPLIED AS
OF DATE OF
THIS
REPORT	  	AGGREGATE
FILLED
HEEL FILL
VOLUME
PRICING
	 282
	  	General
Service	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 77
	  	Hydrocracker
Feed	  		  	[REDACTED]	 		  		  		  	[REDACTED]
	 		  	
										
	 76
	  	Coker Slurry
/ Recycle	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 75
	  	Vac Resid	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 78
	  	Vac Resid	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 73
	  	Heavy Coker
Gasoline /
SHU Feed	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	

  
 Appendix 11

 Page 7 

																			
	 TANK
	  	SERVICE	  	INITIAL
INVENTORY
(BBLS)	  	TANK HEEL
CAPACITY	 	VIRTUAL
TANK HEEL
CAPACITY	  	AGGREGATE
HEEL
CAPACITY	  	HILL FILL
VOLUME	  	INITIAL
INVENTORY
PRICING	 	HEEL FILL
SUPPLIED AS
OF DATE OF
THIS
REPORT	  	AGGREGATE
FILLED
HEEL FILL
VOLUME
PRICING
	 71
	  	Offtest /
Slop Oil	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 72
	  	Offtest /
Slop Oil	  		  	[REDACTED]	 		  		  		  	[REDACTED]	 		  	
										
	 N/A
	  	Crude Line
Fill	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	
										
	 N/A
	  	FCC Charge/
VGO Line
Fill	  		  	[REDACTED]	 	N/A	  		  		  	[REDACTED]	 		  	

  
 Appendix 11

 Page 8 

 APPENDIX 12 – TERMINATION OF DELIVERIES NOTICE 

[LETTERHEAD OF STATOIL] 
 [                         , 20    ] 

Delaware City Refining Company LLC 
 1 Sylvan
Way, 2nd floor, 
 Parsippany, NJ 07054-3887 
 Attention: Executive Vice President, Commercial 
 Fax Number: (973) 455-7562 

Telephone Number: (973) 455-7500 
 E-mail:
dlucey@pbfenergy.com 
  

	 	Re:	Termination of Deliveries Notice Affecting Crude Oil / Feedstock Supply, Delivery and Services Agreement dated April 7, 2011 between Statoil Marketing &
Trading (US) Inc. (“Seller”) and Delaware City Refining Company LLC (“Buyer”) (the “Supply Agreement”) 

 Dear
Mr. [                                        
]: 
 This Termination of Deliveries Notice (“Notice”) is to advise you that pursuant to the Supply Agreement an Event of Default has
occurred and is continuing with Buyer as Defaulting Party. 
 As a result of the foregoing, Seller has elected to send this Termination of
Deliveries Notice. Pursuant to Clause 24(d) of the Supply Agreement, Buyer shall immediately cease taking Deliveries of Oil or Indigenous Feedstock and all rights of Buyer to take such Deliveries is hereby terminated. If Buyer does not immediately
cease taking Deliveries of Oil or Indigenous Feedstock and provide confirmation of such shutdown to Seller to be received within one (1) hour from delivery of this Notice, Seller may seek injunctive relief via a temporary restraining order and
/ or a temporary and permanent injunction. 
 Confirmation of shutdown must be sent via telecopy or other electronic transmission to the
following: 
 Statoil Marketing & Trading (US) Inc. 
 1055 Washington Boulevard – 7th Floor 
 Stamford, CT 06901 

Attention: Crude Oil Operations 
 Fax Number:
(203) 978-6958 
 Telephone Number: (203) 978-6900 
 E-mail: uscrudeops@statoil.com 

  
 Appendix 12

 Page 1 

  

			
	Very truly yours,
	
	Statoil Marketing & Trading (US) Inc.
		
	By:	 	  

	Name:
	Title:

  

			
	cc:	  	PBF Holding Company LLC
		  	1 Sylvan Way, 2nd floor
		  	Parsippany, NJ 07054-3887
		  	Attention: General Counsel
		  	Fax Number: (973) 455-7562
		  	Telephone Number: (973) 455-7500

  
 Appendix 12

 Page 2 

 APPENDIX 13 – INTENTIONALLY OMITTED 

  
 Appendix 13

 Page 1 

 APPENDIX 14 – CARGO BANKS AND HEDGE MONTHS SPREADSHEET 

 

																															
	 	 	Cargo Banks	 	Run Months	 	Hedge Months	 
	 	 	 	Cargo Bank Withdrawal	 	Run Month	 	Feb	 	 	Mar	 
	 Cal Month
	 	Reg. No.	 	Vessel	 	Grade	 	Cargo Vol	 	 Del Win
	 	CB Diff	 	Feb	 	Mar	 	Futures Contract	 	Mar	 	 	Apr	 	 	Apr	 
	 FEBRUARY
	 		 	January crude	 		 		 		 		 		 		 		 				 				 			
	 	3	 	Agean Power	 	Arab LI	 	[REDACTED]	 	Feb 4-8	 	[REDACTED]	 	[REDACTED]	 		 		 	 	[REDACTED]	  	 				 			
	 	4	 	Naphtha	 	Naphtha	 	[REDACTED]	 	In tank	 	[REDACTED]	 	[REDACTED]	 		 		 	 	[REDACTED]	  	 				 			
	 	5	 	Princimar Strength	 	Kirkuk	 	[REDACTED]	 	Feb 16-18	 	[REDACTED]	 	[REDACTED]	 	[REDACTED]	 		 				 	 	[REDACTED]	  	 	 	[REDACTED]	  
	 	6	 	Fairseas	 	Arab LI	 	[REDACTED]	 	Jan 26-28	 	[REDACTED]	 	[REDACTED]	 		 		 	 	[REDACTED]	  	 				 			
	 		 		 		 		 		 		 		 		 		 				 				 			
	 		 		 		 		 		 		 		 		 		 				 				 			
	 		 		 		 		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 		 		 		 		 		 	Total	 	[REDACTED]	 	[REDACTED]	 	Total	 	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
		 		 		 		 		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
				
	 	 	Cargo Banks	 	Run Months	 	Hedge Months	 
	 	 	 	Cargo Bank Withdrawal	 	Run Month	 	Mar	 	 	Apr	 
	 Cal Month
	 	Reg. No.	 	Vessel	 	Grade	 	Cargo Vol	 	 Del Win
	 	CB Diff	 	Mar	 	Apr	 	Futures Contract	 	Apr	 	 	May	 	 	May	 
	MARCH	 	5	 	Princimar Strength	 	Kirkuk	 	[REDACTED]	 	Feb 16-18	 	[REDACTED]	 	[REDACTED]	 		 		 	 	[REDACTED]	  	 				 			
	 	7	 	V8 Stealth II	 	Arab LI	 	[REDACTED]	 	Mar 11-12	 	[REDACTED]	 	[REDACTED]	 		 		 	 	[REDACTED]	  	 				 			
	 	8	 	Aegean Freedom	 	Kirkuk	 	[REDACTED]	 	Feb 20-21	 	[REDACTED]	 	[REDACTED]	 		 		 				 	 	[REDACTED]	  	 			
	 		 		 		 		 		 		 		 		 		 				 				 			
	 		 		 		 		 		 		 		 		 		 				 				 			
	 		 		 		 		 		 		 		 		 		 				 				 			
	 		 		 		 		 		 		 		 		 		 				 				 			
	 		 		 		 		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 		 		 		 		 		 	Total	 	[REDACTED]	 	—	 	Total	 	 	[REDACTED	] 	 	 	[REDACTED	] 	 	 	[REDACTED	] 
		 		 		 		 		 		 		 		 		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  
 Appendix 14

 Page 1 

 APPENDIX 15 – CARGO TABLE SPREADSHEET 

CARGO TABLE 
  

									
		  	Vessel Name	  		  		  	
	 Cargo details
	  		  		  		  	
	Description	  	Cargo number	  		  		  	
		  	Seller	  		  		  	
		  	Grade	  		  		  	
		  	Volume	  		  		  	
		  	Execution / Supply Point	  		  		  	
		  	Trade location	  		  		  	
		  	Delivery terms	  		  		  	
			
	Monthly Quality and Basis Differential / Hedge-Month	  		  	
					
	Price	  	Differential (at price point)	  		  		  	
	Details	  	Freight de-escalation	  		  		  	
		  	API de-escalation	  		  		  	
		  	Total Apl Frt and Diff	  	A	  	0.0000	  	
		  	Pricing basis	  		  		  	
		  	Pricing period	  		  		  	
					
	Conversion	  	Hedge-Month	  		  		  	
	Costs	  	Run month	  		  		  	
		  	ASCI to WTI	  		  		  	
		  	Brt to WTI	  		  		  	
		  	CFD’s	  		  		  	
		  	EFP	  		  		  	
		  	rolls	  		  		  	
		  	rolls	  		  		  	
		  	other	  		  		  	
		  	Conversion differential	  	C	  	0.0000	  	
	 Estimated
	  	Frieght	  		  		  	
	Costs	  	 Demurrage
	  		  		  	
		  	 Lightering
	  		  		  	
		  	Outturn loss differential	  		  		  	
		  	Inspection	  		  		  	
		  	Other	  		  		  	
	Total estimated costs	  	E	  	0.0000	  	
	Total estimated costs per outturn barrel	  	B	  	0.0000	  	
	Total price diff Delivered: FQD=A+B        Final Quality Diff	  		  	0.0000	  	
	Hedge-Month Conversion:            CBD=C    Cargo Basis 
Diff	  		  	0.0000	  	
	                    Monthly Quality and Basis Differential =
FQD+CBD	  		  	0.0000	  	

									
				
	 Petty Cash Adjustments
	  		  		  	
	 Actual costs
	  	Frieght	  		  		  	
		  	 Demurrage
	  		  		  	
		  	 Lightering
	  		  		  	
		  	Outturn loss diffrential	  		  		  	
		  	Inspection	  		  		  	
		  	Other	  		  		  	
		  	Other	  		  		  	
	Total actual costs	  	D	  		  	
	Total estimated costs	  	E	  		  	
	 Total Petty Cash Adjustment (USD) D-E
 Petty cash reference #
	  		  		  	

  
 Appendix 15

 Page 1 

 APPENDIX 16 – INTENTIONALLY OMITTED 

  
 Appendix 16

 Page 1 

 APPENDIX 17 – FORM OF BUYER’S INVENTORY STATEMENT 

Buyer’s Monthly Statement of Inventory 
 Delaware City Refinery 
  

							
		 	Inventory Conducted at:	 	        2300	  	31-Oct-10

  

			
	Total Oil in Crude Tank Field, M:	 	        [REDACTED]
	Month End Inventory, M-1:	 	        [REDACTED]
	Difference:	 	        [REDACTED]
	Oil Supplied by Seller in M:	 	        [REDACTED]
	Delivered Quantity in M:	 	        [REDACTED]

  

									
	Cargo
Supplied In
M	 	  	Volume	  	EPQ Number	  	EPQ Quantity
	 	M-345	  	  	[REDACTED]	  	4356	  	[REDACTED]
	 	M-345	  	  	[REDACTED]	  	5677	  	[REDACTED]
	 	M-897	  	  	[REDACTED]	  	5678	  	[REDACTED]
	 	M-854	  	  	[REDACTED]	  	6899	  	[REDACTED]
				  		  	7890	  	[REDACTED]
				  		  	3467	  	[REDACTED]
	 	Total:	  	  	[REDACTED]	  		  	

  

			
	Total EPQ Volume for M:	 	        [REDACTED]
	Quantity Delivered in M:	 	        [REDACTED]
	EPQ/Delivered Difference:	 	        [REDACTED]

  

			
	Signed:	 	 

  
 Appendix 17

 Page 1 

 APPENDIX 18 – FORM OF PETTY CASH SPREADSHEET 

Buyer’s Petty Cash Account 
  

					
	Petty Cash Opening Account:    	  	 	  	
			
	Running Total:    	  	 	  	

  

													
	  	 	 Cargo
Number
	  	 Description
	  	Cost	 	  	 DCF Location
	  	 Comment

	 1
	 		  		  	$	[REDACTED]	  	  	General/Delaware City/April 2011	  	
	 2
	 		  		  				  		  	
	 3
	 		  		  				  		  	
	 4
	 		  		  				  		  	
	 5
	 		  		  				  		  	
	 6
	 		  		  				  		  	
	 7
	 		  		  				  		  	
	 8
	 		  		  				  		  	
	 9
	 		  		  				  		  	
	 10
	 		  		  				  		  	
	 11
	 		  		  				  		  	
	 12
	 		  		  				  		  	
	 13
	 		  		  				  		  	
	 14
	 		  		  				  		  	
	 15
	 		  		  				  		  	
	 16
	 		  		  				  		  	
	 17
	 		  		  				  		  	
	 18
	 		  		  				  		  	
	 19
	 		  		  				  		  	
	 20
	 		  		  				  		  	
	 21
	 		  		  				  		  	
	 22
	 		  		  				  		  	
	 23
	 		  		  				  		  	
	 24
	 		  		  				  		  	
	 25
	 		  		  				  		  	
	 26
	 		  		  				  		  	
	 27
	 		  		  				  		  	
	 28
	 		  		  				  		  	
	 29
	 		  		  				  		  	
	 30
	 		  		  				  		  	
		 		  	Running Total:	  				  		  	
		 		  	Buyer’s Paydown:	  				  		  	
		 		  	Balance:	  				  		  	Transferred
		 		  		  				  		  	

  
 Appendix 18

 Page 1 

 APPENDIX 19 – REFINERY MARINE TERMS 

 

	1.	PRE-ARRIVAL INFORMATION 

In addition to the notice requirements contained in the Agreement, Seller, or the owner or master of a Vessel chartered by Seller, shall:

 (a) Give notice in writing to Buyer, or the operator of the Refinery, of the estimated time of arrival (“ETA”) of
any scheduled Vessel at [REDACTED] before the expected arrival at the Refinery or customary anchorage. 
 (b) Promptly notify
Buyer, directly or indirectly, or the operator of the Refinery, in writing about a new ETA if the ETA advances or recedes by [REDACTED] or more after the [REDACTED] ETA notice has been given. 

(c) Furnish, as reasonably requested by Buyer, additional data in writing, about the Vessel’s dimensions, equipment and
certificates, as well as the nature and estimated duration of the anticipated cargo handling and other operations at the Refinery based on Vessel’s pumping capabilities, such information to be actually received by Buyer not later than
[REDACTED] before the Vessel’s arrival at the Refinery. 
  

	2.	DOCKED VESSEL OPERATIONS 

Buyer may instruct Seller to direct a Vessel to vacate its Berth if the Vessel fails to comply with Buyer’s rules and regulations or
if there is a deficiency in the Vessel’s safety or environmental systems. If the Vessel does not vacate the Berth in a reasonable time following said instructions, Seller agrees to indemnify Buyer in accordance with Clauses 26 and 27 of the
Agreement for any Liabilities Buyer incurs or is required to pay third parties as a result thereof, upon receipt of proper supporting documents. 
  

	3.	SAFE BERTH AND PASSAGE 

(a) If a Vessel cannot, in Buyer’s reasonable opinion, maintain its mooring safely at the dock, and the Vessel is causing the unsafe
condition, then Buyer at its sole discretion may order hold-in tugs, and the cost of such tugs shall be for the Vessel’s account. Dockage and service fees, including mooring, booming and gangway use, will be charged to the Vessel. In addition,
all duties and other charges on the Vessel, including those incurred for tugs and pilots, and other port costs shall be for the Vessel’s account, unless required by Buyer. 

(b) Notwithstanding anything to the contrary in this Appendix or Agreement, Buyer does not warrant the safety or draft of public
channels, fairways, approaches thereto, anchorages or other publicly-maintained area either inside or outside the port area where the Vessel may be directed. Buyer shall not be liable for (i) any loss, damage, injury or delay to Vessel
resulting from the use of such waterways not caused by Buyer’s sole fault or sole negligence or which could have been avoided by the exercise of reasonable care on the part of the Vessel or its master, or (ii) any damage to Vessel at the
Refinery caused by other vessels passing in the waterway. 

  
 Appendix 19

 Page 1 

 (c) Subject to subclause (iv) below, Buyer warrants to Seller that (i) Buyer shall
provide two jetties for import and export of Oil and Feedstock fitted with loading hoses and insulation flanges for Berthing as specified in this Clause 3(c) of this Appendix 19 and (ii) one jetty (the “Number 1 Berth”) shall
meet the requirements listed in subclause (i) below and the second jetty (the “Number 2 Berth”) shall meet the requirements listed in subclause (ii) below: 

(i) Number 1 Berth: (1) maximum 923 feet length overall (“LOA”), (2) maximum 142,000 deadweight
tonnage (“DWT”), and (3) variable draft up to a maximum of 36 feet fresh water, with minimum 310 feet LBP due to bumper configuration. 
 (ii) Number 2 Berth: (1) maximum 900 feet LOA, (2) maximum 160,000 DWT, and (3) variable draft up to a maximum of 36 feet fresh water, with minimum 260 feet LBP. 

(iii) Access to both berths is via Buyer’s Shipping Channel, with a variable draft up to a maximum on 36 feet at MHW,
which includes a 1’ under keel clearance. Actual drafts in the channel will be mapped periodically and changes promptly communicated to Seller. Any additional costs incurred as a result of changes in drafts, including lightering costs, will be
solely for Buyer’s account. 
 (iv) The crude pipeline from the jetty to the crude oil tank farm has a check
valve making it a receipt-only facility. Buyer warrants that the check valve on the crude pipeline can be modified to export crude oil. Should a Buyer Event of Default occur Buyer shall make, or permit Seller to make, all necessary modifications to
the jetty pipeline and any lateral pipelines to facilitate the export of crude oil from the Refinery, including reversal of the check valve(s). All costs incurred for such modifications shall be solely for the account of Buyer. 

 

	4.	SHORE TANK AVAILABILITY 

Buyer has the right to restrict or modify Berthing times based on the availability of shore tank ullage. Buyer will make every effort to
communicate to Seller any anticipated issues with shore tanks or ullage. Any delay or cost resulting from such restriction or modification, including demurrage, shifting costs, pilotage and additional tugs, shall be solely for Buyer’s account.

  

	5.	POLLUTION PREVENTION AND RESPONSIBILITY 

 In the event of an escape or discharge of Oil, cargo or bunkers from a Vessel that causes or threatens to cause pollution or damage, Buyer will promptly take whatever measures are necessary to prevent,
mitigate and clean up such release or damage. Buyer shall keep Seller advised of the nature and results of any such measures taken, and, if time permits, the nature of the measures intended to be taken. 

 

	6.	HOSES AND SIMULTANEOUS DISCHARGE 

  
 Appendix 19

 Page 2 

 (a) Hoses between the Vessel and the shore flanges shall be furnished by Buyer. Flanges for
hose connection should be at or near the Vessel’s dockside rail and should comply with OCIMF recommendations and US Coast Guard regulations. Use of crossover hoses/jumpers is not allowed without prior authorization from Buyer. 

(b) Vessel cargo hoses, including marine vapor recovery and offshore manifold crossover hoses (or jumpers), must be tested annually, and
be in service for less than 5 years. Documentation of annual hydrostatic testing and service age must be aboard the Vessel and available to Buyer on request. Any time lost due to verification of compliance shall be for the account of Seller.

 (c) If requested by Buyer, Vessel shall discharge more than one grade simultaneously whenever technically capable of doing
so. 
  

	7.	AMERICAN TANKER RATE SCHEDULE / WORLDSCALE REFERENCE 

 All terms, conditions and differentials as set forth in the current revised American Tanker Rate Schedule / Worldscale Reference on the date of the Vessel loading or discharging, as applicable, and
amendments thereto, shall apply insofar as they are not in conflict with any of the above written provisions. 

  
 Appendix 19

 Page 3 

 APPENDIX 20 – STANDBY LETTER OF CREDIT 

BENEFICIARY: 
 GENTLEMEN: 

WE HEREBY ESTABLISH THIS IRREVOCABLE LETTER OF CREDIT NO.
[                                 ] IN YOUR FAVOR FOR DRAWINGS UP TO USD
[                 ] EFFECTIVE IMMEDIATELY. THIS LETTER OF CREDIT WILL EXPIRE WITH OUR CLOSE OF BUSINESS ON
[                     ,     20    ] (“EXPIRY DATE”)[A date not less than 6 months following the
issuance date]. 
 FUNDS UNDER THIS LETTER OF CREDIT NO. [            
            ] ARE AVAILABLE AGAINST BENEFICIARY’S SIGNED DRAFT (DEMAND FOR PAYMENT) DRAWN ON UBS AG, STAMFORD BRANCH ACCOMPANIED BY THE ORIGINAL OF THIS LETTER OF CREDIT INCLUDING ANY
SUBSEQUENT AMENDMENT(S) AND BENEFICIARY’S STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED SIGNER, STATING THE FOLLOWING: 
 “I,
[    ] AN AUTHORIZED SIGNER FOR (insert beneficiary), HEREBY DEMAND PAYMENT OF USD [                        ]
UNDER UBS AG, STAMFORD BRANCH LETTER OF CREDIT NO. [                    ], SINCE (insert applicant), DEFAULTED IN COMPLYING WITH THE TERMS OF A
CERTAIN AGREEMENT SIGNED BETWEEN (insert beneficiary) AND (insert applicant).” 
 Or 

“I, [    ] AN AUTHORIZED SIGNER FOR (insert beneficiary), HEREBY DEMAND PAYMENT OF USD
[                        ] UNDER UBS AG, STAMFORD BRANCH LETTER OF CREDIT NO.
[                    ], BECAUSE (insert applicant) IS REQUIRED TO MAINTAIN THIS LETTER OF CREDIT IN PLACE, BUT THE LETTER OF CREDIT’S EXPIRY
DATE HAS NOT BEEN EXTENDED AT LEAST 30 DAYS OR MORE PRIOR TO THE CURRENT EXPIRY DATE.” 
 SPECIAL CONDITIONS: 

All bank charges and commissions shall be for the applicant’s account. 
 Spelling and typographical errors are not to be construed as a discrepancy. 
 Partial and multiple
drawings are permitted. 
 Notwithstanding anything to the contrary herein, telecopy documents and faxes in lieu of originals are acceptable for
purposes of this letter of credit. 
 The Expiry Date shall be automatically extended for an additional one year period, 45 calendar days prior
to the currently applicable Expiry Date, unless at least 45 calendar days prior to the 

  
 Appendix 20

 Page 1 

 
original Expiry Date and any amended or renewal Expiry Date, we notify the Beneficiary in writing by certified mail that there will be no (further) renewals or extensions. 

EACH DEMAND HEREUNDER WILL BE HONORED BY [    ] P.M. ON THE BANKING DAY ON WHICH SUCH DEMAND WAS RECEIVED IF THE DEMAND IS RECEIVED
BY [10:00] A,M, AND WILL BE HONORED BY [    ] P.M. ON THE BANKING DAY FOLLOWING THE DAY ON WHICH SUCH DEMAND WAS RECEIVED IF THE DEMAND IS RECEIVED AFTER [10:00] A,M, PAYMENTS SHALL BE MADE BY US IN UNITED STATES DOLLARS, IN
IMMEDIATELY AVAILABLE FUNDS AND IN FULL WITHOUT ANY DEDUCTION OR WITHOLDING (WHETHER IN RESPECT OF SET OFF, COUNTERCLAIM, DUTIES, PRESENT OR FUTURE TAXES, CHARGES OR OTHERWISE WHATSOEVER). 

WE SHALL HONOR ANY SIGHT DRAFT(S) PRESENTED UNDER THIS LETTER OF CREDIT, PROVIDED SUCH DRAFT(S) AND ACCOMPANYING DOCUMENTS CONFORM TO
THE TERMS AND CONDITIONS HEREOF. DRAFT(S)AND STATEMENT MAY BE SUBMITTED (a) IN PERSON AT [list physical address of appropriate branch of the issuing bank OR (b) BY OVERNIGHT COURIER SERVICE ADDRESSED TO UBS AG. 299 PARK AVENUE, 26TH FLOOR, NEW YORK, NY 10171, ATTN: LETTER OF CREDIT SERVICES.

 THIS LETTER OF CREDIT SHALL BECOME IMMEDIATELY DUE AND PAYABLE IF WE SHALL COMMENCE ANY CASE, PROCEEDING OR OTHER ACTION UNDER ANY EXISTING
OR FUTURE LAW OF ANY JURISDICTION RELATING TO BANKRUPTCY, INSOLVENCY, AND REORGANIZATION. ARRANGEMENT. SCHEME OF ARRANGEMENT, ADJUSTMENT, WINDING-UP, LIQUIDATION, DISSOLUTION, COMPOSITION OR OTHER RELIEF WITH RESPECT TO OUR DEBTS, OR SEEK
APPOINTMENT OF A LIQUIDATOR, PROVISIONAL LIQUIDATOR, RECEIVER, ADMINISTRATOR, TRUSTEE, CUSTODIAN, OR OTHER INSOLVENCY OFFICIAL FOR ALL OR ANY SUBSTANTIAL PART OF OUR ASSETS; OR TAKE ANY ACTION IN FURTHERANCE OF, OR INDICATING OUR CONSENT TO,
APPROVAL OF, OR ACQUIESCENCE IN, ANY OF THE ACTS SET FORTH ABOVE. 
 THIS STANDBY LETTER OF CREDIT IS SUBJECT TO THE ISP98 (INTERNATIONAL
STANDBY PRACTICES, INTERNATIONAL CHAMBER OF COMMERCE, PARIS PUBLICATION NO. 590). 
 As to matters not governed by ISP98 the construction,
validity and performance of this Standby Letter of Credit shall be governed by and construed in accordance with the law of the State of New York and any dispute shall be submitted to the exclusive jurisdiction of the United States District Court for
the Southern District of New York located in the Borough of Manhattan, New York, or, if such court declines to exercise or does not have jurisdiction, in any New York State court in the Borough of Manhattan. 

  
 Appendix 20

 Page 2 

 APPENDIX 21 – HSE AND ETHICS POLICY 

Seller has previously delivered under separate cover certain of Seller’s HSE policies as set forth in the report prepared by Seller regarding that
certain Terminal Vetting carried out by Seller on August 17, 2010, with respect to the Refinery. 
 Seller has delivered under separate
cover Seller’s Ethics Policy as set forth in that certain Ethics Code of Conduct. 

  
 Appendix 21

 Page 1 

 APPENDIX 22 – PBF ENERGY COMPANY LLC GUARANTY 

GUARANTY 
 This Guaranty,
dated effective as of April 7, 2011 is made and entered into by PBF Energy Company LLC, a Delaware limited liability company, (hereinafter referred to as “Guarantor”), in favor of Statoil Marketing & Trading (US) Inc., a
Delaware corporation (hereinafter referred to as “Beneficiary”). 
 In consideration of the Beneficiary having entered into or
entering into that certain Crude Oil/Feedstock Supply/Delivery and Services Agreement dated as of the date of this Guaranty and ancillary agreements including without limitation: intercreditor agreement(s); payment direction agreement(s);
transportation agreements; storage agreements; and any other similar hydrocarbon transaction agreements which may from time to time be modified, amended and supplemented (collectively, the “Transaction Documents”), with any one or more of
the following subsidiaries, and their respective successors and permitted assigns. The transactions described and performed pursuant to or in connection with the Transaction Documents are collectively referred to herein as the
“Transactions.” 
 COMPANY NAME: Delaware City Refining Company LLC 
 COMPANY ADDRESS: 1 Sylvan Way, 2nd floor, Parsippany, NJ 07054-3887 
 PHONE: 973-455-7500

 FAX: 973-455-7562 
 (hereinafter
collectively called the “Company”). 
 NOW, THEREFORE, Guarantor and Beneficiary hereby covenant and agree as follows:

  

	1.	Guaranty 

 Subject to the
provisions hereof, Guarantor hereby unconditionally and irrevocably guarantees the timely performance of all obligations, including but not limited to (a) payment when due of all obligations to Beneficiary under the Transactions and
(b) compliance with financial covenants and reporting covenants contained in the Transaction Documents (hereinafter collectively called the “Obligations”). 
 If the Company fails to perform any Obligation, Guarantor will perform such Obligation upon Beneficiary’s first demand in accordance with the provision of this Guaranty. 

Guarantor agrees to pay all expenses incurred by Beneficiary to enforce its rights under this Guaranty, including reasonable
attorneys’ fees and court costs. 

  
 Appendix 22

 Page 1 

	2.	Term  

 This Guaranty
shall remain in full force and effect until the tenth business day after date on which Beneficiary receives a written notice from the Guarantor revoking this Guaranty (hereinafter referred to as the “Termination Date”), and shall be
binding upon Guarantor, its successors and permitted assigns, provided that the Guaranty will continue in full force and effect with regard to all Obligations arising under the Transactions prior to such Termination Date. 

 

	3.	Nature of Guaranty  

 This
Guaranty is one of payment and performance and not of collection. The Obligations of the Guarantor are in addition to and not in substitution for any other security which the Beneficiary may hold in relation to any Obligation, and will not be
affected by the existence, validity, enforceability, perfection or extent of such security. The Guarantor hereby agrees that its Obligations hereunder shall be unconditional irrespective of (i) the impossibility or illegality of performance
under the Transactions; (ii) the absence of any action to enforce the Transactions; (iii) any waiver or consent by the Beneficiary concerning any provisions of the Transactions; (iv) the rendering of any judgment against or any action
to enforce the same; (v) any failure by the Beneficiary to take any steps necessary to preserve its rights to any security or collateral for the Obligations; (vi) the release of all or any portion of any collateral by the Beneficiary; or
(vii) any failure by the Beneficiary to perfect or to keep perfected its security interest in or lien on any portion of any collateral. 
 If any payment from the Company for any Obligation to Beneficiary is rescinded or must be returned for any other reason, Guarantor will remain liable for such Obligation as if such payment had not been
made. 
 Guarantor has the right to assert defenses that the Company may have under the Transactions, except defenses arising
from (i) winding-up, insolvency, bankruptcy, reorganization, change of ownership, dissolution, liquidation, or any similar proceeding of the Company; (ii) illegality or invalidity of any of the Transactions or the Obligations; or,
(iii) defenses that might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 
  

	4.	Consents 

 The Company and
Beneficiary may modify any term of any Transaction at any time, without impairing or affecting any of Guarantor’s Obligations under this Guaranty, including but not limited to: extension, renewal, compromise, composition or other payment or
performance arrangement. 
  

	5.	Waivers  

 Guarantor
hereby waives (i) notice of acceptance of this Guaranty, (ii) presentment and demand for payment or performance concerning the Obligations of Guarantor, except as 

  
 Appendix 22

 Page 2 

 
expressly provided for herein, (iii) protest and notice of default to the Guarantor or to any other party with respect to the Obligations, (iv) any right to require that any demand,
action or proceeding be brought by Beneficiary against the Company seeking enforcement against the Company of the Obligations prior to any action against Guarantor under this Guaranty. 

Except as to applicable statutes of limitation, no delay of Beneficiary in the exercise of, or failure to exercise, any rights under this
Guaranty shall operate as a waiver of such rights, a waiver of other rights, or a release of Guarantor from any Obligations hereunder. 
  

	6.	Subrogation  

 Upon
payment and performance of all the Obligations, the Guarantor shall be subrogated to the rights of the Beneficiary against the Company, and the Beneficiary agrees to take, at the Guarantor’s expense, such steps as the Guarantor may reasonably
request to implement such subrogation. 
  

	7.	Assignment  

 Guarantor
may not assign this Guaranty or any Obligation hereunder without Beneficiary’s prior written consent, which shall not be unreasonably withheld. 
  

	8.	Demands and Payments  

 If
the Company fails to pay or perform any Obligation, and Beneficiary elects to exercise its rights under this Guaranty, Beneficiary shall make a written demand on Guarantor. The demand shall identify the Transaction under which a demand is being made
and identify the amount and the basis of the demand and shall contain a statement that Beneficiary is calling upon Guarantor under this Guaranty. A demand conforming to the foregoing shall be sufficient notice to Guarantor to pay or perform under
this Guaranty. All payments to be made by Guarantor under such demand shall be in the currency of the Obligation, for value on the due date and without set-off, counterclaim, deduction, or similar proceeding. 

 

	9.	Notice  

 Any demand,
notice and other communication to be given under this Guaranty by Guarantor or Beneficiary, shall be in writing and shall be delivered (i) personally, (ii) by commercial courier, (iii) by certified or registered first class mail, or
(iv) faxed, to: 
 As to Guarantor: 
 PBF Energy Company LLC 
 1 Sylvan Way, 2nd floor 

Parsippany, NJ 07054-3887 
 Attn: General Counsel 
 Main: (973) 455-7500 

Fax Number: (973) 455-7562 

  
 Appendix 22

 Page 3 

 As to Beneficiary: 

Statoil Marketing & Trading (US) Inc. 
 1055 Washington Boulevard – 7th Floor 
 Stamford, CT 06901 

Attn: Credit Department 
 Main: (203) 978-6900 
 Fax: (203) 978-6952 

Notices sent in accordance with the provision above will be deemed received (i) on the day received if delivered personally;
(ii) two (2) business days after shipment if sent by commercial courier; (iii) four (4) business days after mailing if sent by certified or registered class-mail; or (iv) on the next business day if served by fax when the
sender has a machine confirmation as to when and to whom the notice was sent. Notices sent by fax shall be confirmed in writing by certified mail promptly after transmission. 

 

	10.	Governing Law and Jurisdiction 

 This Guaranty and each Transaction entered into hereunder will be governed by, construed and enforced in accordance with the laws of the State of New York (without reference to its conflict of laws
doctrine). 
 With respect to any and all disputes arising out of or in connection with this Guaranty, including without
limitation, its formation, validity, interpretation, execution, termination or breach, each Party irrevocably: (i) submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York located in the
Borough of Manhattan, New York, or, if such court declines to exercise or does not have jurisdiction, in a New York State court in the Borough of Manhattan; (ii) agrees and consents to service of process by certified mail, delivered to the
Party at the address indicated in the Guaranty; (iii) waives any objection, with respect to such proceedings, that such court does not have jurisdiction over such Party; (iv) waives any objection to the venue of any proceedings in any such
court and waives any claim that such proceedings have been brought in an inconvenient forum; and (v) waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any proceedings relating to
this Guaranty. Nothing in the Guaranty precludes either Party from bringing proceedings in any other jurisdiction to enforce any judgment obtained in any proceedings referred to in this paragraph, nor will bringing of such enforcement proceedings in
any one or more jurisdictions preclude the bringing of enforcement proceedings in any other jurisdiction. 
  

	11.	Miscellaneous 

 All
rights, remedies and powers provided in this Guaranty may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law. 

  
 Appendix 22

 Page 4 

 Each of the provisions of this Guaranty is intended (i) to be subject to all applicable
mandatory provisions of law that may be controlling, and, (ii) to be limited to the extent necessary that it will not render this Guaranty invalid or unenforceable in whole or in part. 

The Guarantor waives any right that it may have to trial by jury in respect of any action or proceedings relating to this Guaranty.

 This Guaranty shall be binding upon Guarantor, its successors and permitted assigns and inure to the benefit of and be
enforceable by Beneficiary, its successors and permitted assigns. 
 This Guaranty embodies the entire agreement and
understanding between Guarantor and Beneficiary and supersedes all prior agreements and understandings relating to the subject matter hereof. 
 The headings in this Guaranty are for purposes of reference only, and shall not affect the meaning hereof. 
  

	12.	Representations and Warranties  

 Guarantor hereby represents and warrants (i) that it is duly organized and validly existing under the laws of Delaware, (ii) the execution, delivery and performance of this Guaranty by Guarantor
have been duly authorized by all necessary corporate action and do not violate its By-Laws or similar constitutional documents, and, (iii) this Guaranty constitutes the legal, valid and binding obligation of Guarantor, enforceable against it in
accordance with its terms. 
 [Signature Page Follows] 

  
 Appendix 22

 Page 5 

 IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of the date first above written.

  

			
	Name of Guarantor:
	
	PBF Energy Company LLC
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  
 Appendix 22

 Page 6 

 APPENDIX 23 – PBF HOLDING COMPANY LLC GUARANTY 

GUARANTY 
 This Guaranty,
dated effective as of April 7, 2011 is made and entered into by PBF Holding Company LLC, a Delaware limited liability company, (hereinafter referred to as “Guarantor”), in favor of Statoil Marketing & Trading (US) Inc., a
Delaware corporation (hereinafter referred to as “Beneficiary”). 
 In consideration of the Beneficiary having entered into or
entering into that certain Crude Oil/Feedstock Supply/Delivery and Services Agreement dated as of the date of this Guaranty and ancillary agreements including without limitation: intercreditor agreement(s); payment direction agreement(s);
transportation agreements; storage agreements; and any other similar hydrocarbon transaction agreements which may from time to time be modified, amended and supplemented (collectively, the “Transaction Documents”), with any one or more of
the following subsidiaries, and their respective successors and permitted assigns. The transactions described and performed pursuant to or in connection with the Transaction Documents are collectively referred to herein as the
“Transactions.” 
 COMPANY NAME: Delaware City Refining Company LLC 
 COMPANY ADDRESS: 1 Sylvan Way, 2nd floor, Parsippany, NJ 07054-3887 
 PHONE: 973-455-7500

 FAX: 973-455-7562 
 (hereinafter
collectively called the “Company”). 
 NOW, THEREFORE, Guarantor and Beneficiary hereby covenant and agree as follows:

  

	1.	Guaranty 

 Subject to the
provisions hereof, Guarantor hereby unconditionally and irrevocably guarantees the timely performance of all obligations, including but not limited to (a) payment when due of all obligations to Beneficiary under the Transactions and
(b) compliance with financial covenants and reporting covenants contained in the Transaction Documents (hereinafter collectively called the “Obligations”). 
 If the Company fails to perform any Obligation, Guarantor will perform such Obligation upon Beneficiary’s first demand in accordance with the provision of this Guaranty. 

Guarantor agrees to pay all expenses incurred by Beneficiary to enforce its rights under this Guaranty, including reasonable
attorneys’ fees and court costs. 

  
 Appendix 23

 Page 1 

	2.	Term  

 This Guaranty
shall remain in full force and effect until the tenth business day after date on which Beneficiary receives a written notice from the Guarantor revoking this Guaranty (hereinafter referred to as the “Termination Date”), and shall be
binding upon Guarantor, its successors and permitted assigns, provided that the Guaranty will continue in full force and effect with regard to all Obligations arising under the Transactions prior to such Termination Date. 

 

	3.	Nature of Guaranty  

 This
Guaranty is one of payment and performance and not of collection. The Obligations of the Guarantor are in addition to and not in substitution for any other security which the Beneficiary may hold in relation to any Obligation, and will not be
affected by the existence, validity, enforceability, perfection or extent of such security. The Guarantor hereby agrees that its Obligations hereunder shall be unconditional irrespective of (i) the impossibility or illegality of performance
under the Transactions; (ii) the absence of any action to enforce the Transactions; (iii) any waiver or consent by the Beneficiary concerning any provisions of the Transactions; (iv) the rendering of any judgment against or any action
to enforce the same; (v) any failure by the Beneficiary to take any steps necessary to preserve its rights to any security or collateral for the Obligations; (vi) the release of all or any portion of any collateral by the Beneficiary; or
(vii) any failure by the Beneficiary to perfect or to keep perfected its security interest in or lien on any portion of any collateral. 
 If any payment from the Company for any Obligation to Beneficiary is rescinded or must be returned for any other reason, Guarantor will remain liable for such Obligation as if such payment had not been
made. 
 Guarantor has the right to assert defenses that the Company may have under the Transactions, except defenses arising
from (i) winding-up, insolvency, bankruptcy, reorganization, change of ownership, dissolution, liquidation, or any similar proceeding of the Company; (ii) illegality or invalidity of any of the Transactions or the Obligations; or,
(iii) defenses that might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 
  

	4.	Consents 

 The Company and
Beneficiary may modify any term of any Transaction at any time, without impairing or affecting any of Guarantor’s Obligations under this Guaranty, including but not limited to: extension, renewal, compromise, composition or other payment or
performance arrangement. 
  

	5.	Waivers  

 Guarantor
hereby waives (i) notice of acceptance of this Guaranty, (ii) presentment and demand for payment or performance concerning the Obligations of Guarantor, except as 

  
 Appendix 23

 Page 2 

 
expressly provided for herein, (iii) protest and notice of default to the Guarantor or to any other party with respect to the Obligations, (iv) any right to require that any demand,
action or proceeding be brought by Beneficiary against the Company seeking enforcement against the Company of the Obligations prior to any action against Guarantor under this Guaranty. 

Except as to applicable statutes of limitation, no delay of Beneficiary in the exercise of, or failure to exercise, any rights under this
Guaranty shall operate as a waiver of such rights, a waiver of other rights, or a release of Guarantor from any Obligations hereunder. 
  

	6.	Subrogation  

 Upon
payment and performance of all the Obligations, the Guarantor shall be subrogated to the rights of the Beneficiary against the Company, and the Beneficiary agrees to take, at the Guarantor’s expense, such steps as the Guarantor may reasonably
request to implement such subrogation. 
  

	7.	Assignment  

 Guarantor
may not assign this Guaranty or any Obligation hereunder without Beneficiary’s prior written consent, which shall not be unreasonably withheld. 
  

	8.	Demands and Payments  

 If
the Company fails to pay or perform any Obligation, and Beneficiary elects to exercise its rights under this Guaranty, Beneficiary shall make a written demand on Guarantor. The demand shall identify the Transaction under which a demand is being made
and identify the amount and the basis of the demand and shall contain a statement that Beneficiary is calling upon Guarantor under this Guaranty. A demand conforming to the foregoing shall be sufficient notice to Guarantor to pay or perform under
this Guaranty. All payments to be made by Guarantor under such demand shall be in the currency of the Obligation, for value on the due date and without set-off, counterclaim, deduction, or similar proceeding. 

 

	9.	Notice  

 Any demand,
notice and other communication to be given under this Guaranty by Guarantor or Beneficiary, shall be in writing and shall be delivered (i) personally, (ii) by commercial courier, (iii) by certified or registered first class mail, or
(iv) faxed, to: 
 As to Guarantor: 
 PBF Holding Company LLC 
 1 Sylvan Way, 2nd floor 

Parsippany, NJ 07054-3887 
 Attn: General Counsel 
 Main: (973) 455-7500 

Fax Number: (973) 455-7562 

  
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 Page 3 

 As to Beneficiary: 

Statoil Marketing & Trading (US) Inc. 
 1055 Washington Boulevard – 7th Floor 
 Stamford, CT 06901 

Attn: Credit Department 
 Main: (203) 978-6900 
 Fax: (203) 978-6952 

Notices sent in accordance with the provision above will be deemed received (i) on the day received if delivered personally;
(ii) two (2) business days after shipment if sent by commercial courier; (iii) four (4) business days after mailing if sent by certified or registered class-mail; or (iv) on the next business day if served by fax when the
sender has a machine confirmation as to when and to whom the notice was sent. Notices sent by fax shall be confirmed in writing by certified mail promptly after transmission. 

 

	10.	Governing Law and Jurisdiction 

 This Guaranty and each Transaction entered into hereunder will be governed by, construed and enforced in accordance with the laws of the State of New York (without reference to its conflict of laws
doctrine). 
 With respect to any and all disputes arising out of or in connection with this Guaranty, including without
limitation, its formation, validity, interpretation, execution, termination or breach, each Party irrevocably: (i) submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York located in the
Borough of Manhattan, New York, or, if such court declines to exercise or does not have jurisdiction, in a New York State court in the Borough of Manhattan; (ii) agrees and consents to service of process by certified mail, delivered to the
Party at the address indicated in the Guaranty; (iii) waives any objection, with respect to such proceedings, that such court does not have jurisdiction over such Party; (iv) waives any objection to the venue of any proceedings in any such
court and waives any claim that such proceedings have been brought in an inconvenient forum; and (v) waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any proceedings relating to
this Guaranty. Nothing in the Guaranty precludes either Party from bringing proceedings in any other jurisdiction to enforce any judgment obtained in any proceedings referred to in this paragraph, nor will bringing of such enforcement proceedings in
any one or more jurisdictions preclude the bringing of enforcement proceedings in any other jurisdiction. 
  

	11.	Miscellaneous 

 All
rights, remedies and powers provided in this Guaranty may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law. 

  
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 Page 4 

 Each of the provisions of this Guaranty is intended (i) to be subject to all applicable
mandatory provisions of law that may be controlling, and, (ii) to be limited to the extent necessary that it will not render this Guaranty invalid or unenforceable in whole or in part. 

The Guarantor waives any right that it may have to trial by jury in respect of any action or proceedings relating to this Guaranty.

 This Guaranty shall be binding upon Guarantor, its successors and permitted assigns and inure to the benefit of and be
enforceable by Beneficiary, its successors and permitted assigns. 
 This Guaranty embodies the entire agreement and
understanding between Guarantor and Beneficiary and supersedes all prior agreements and understandings relating to the subject matter hereof. 
 The headings in this Guaranty are for purposes of reference only, and shall not affect the meaning hereof. 
  

	12.	Representations and Warranties  

 Guarantor hereby represents and warrants (i) that it is duly organized and validly existing under the laws of Delaware, (ii) the execution, delivery and performance of this Guaranty by Guarantor
have been duly authorized by all necessary corporate action and do not violate its By-Laws or similar constitutional documents, and, (iii) this Guaranty constitutes the legal, valid and binding obligation of Guarantor, enforceable against it in
accordance with its terms. 
 [Signature Page Follows] 

  
 Appendix 23

 Page 5 

 IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of the date first above written.

  

			
	Name of Guarantor:
	
	PBF Holding Company LLC
		
	By:	 	  

			
	Name:	 	  

			
	Title:	 	  

  
 Appendix 23

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