Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”), dated as of March 7, 2017, by and between
DRIL-QUIP, INC. a Delaware corporation (the “Company”), and JERRY M. BROOKS (the “Executive”) shall become effective as of March 13, 2017 (the
“Effective Date”). 
 WITNESSETH: 

WHEREAS, the Executive is employed as the Company’s Vice President of Finance and Chief Financial Officer; and 

WHEREAS, the Company and the Executive desire to continue the Executive’s employment with the Company in the position of Vice
President of Investor Relations of the Company on the terms set forth herein. 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, effective as of the Effective Date, the Company and the Executive hereby enter into this Agreement: 

1.    Employment. The Company agrees that the Company or an Affiliate will continue to employ the Executive, and
the Executive agrees to continue to be employed by the Company or an Affiliate, for the period set forth in Paragraph 2, in the position and with the duties and responsibilities set forth in Paragraph 3, and upon the other terms and conditions
herein provided. Unless otherwise defined in another paragraph of this Agreement, capitalized terms used herein shall have the meanings set forth in Paragraph 11. 

2.    Term. The employment of the Executive by the Company under this Agreement shall commence as of the Effective
Date and continue until the first anniversary of the Effective Date (the “Term”) and this Agreement shall terminate as of the last day of the Term (the “Expiration Date”). Following the
Expiration Date, the Executive may continue his employment with the Company as an “at will” employee in the position set forth in Paragraph 3 and/or such other position as assigned by the Company. For the avoidance of doubt, the expiration
of this Agreement shall not result in the Executive’s termination of employment. 
 3.    Positions and
Duties. 
 (a)    During the Term, the Executive shall serve in the position of Vice President of Investor Relations
of the Company reporting to the Company’s Chief Executive Officer and shall have such duties, functions, responsibilities and authority commensurate with such position. 

  
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 (b)    During the Term, the Executive shall devote the Executive’s full
time, skill and attention, and the Executive’s reasonable best efforts, during normal business hours to the business and affairs of the Company, and in furtherance of the business and affairs of its Affiliates, to the extent necessary to
discharge faithfully and efficiently the duties and responsibilities delegated and assigned to the Executive herein or pursuant hereto, except for usual, ordinary and customary periods of vacation and absence due to illness or other disability;
provided, however, that the Executive may (i) serve on industry-related, civic or charitable boards or committees, (ii) with the approval of the Company’s Board of Directors (the “Board”) serve on
corporate boards or committees, (iii) deliver lectures, fulfill speaking engagements or teach at educational institutions, and (iv) manage the Executive’s personal investments, so long as such activities do not significantly interfere
with the performance and fulfillment of the Executive’s duties and responsibilities as an employee of the Company or an Affiliate in accordance with this Agreement and, in the case of the activities described in clause (ii) of this
proviso, will not, in the good faith judgment of the Board, constitute an actual or potential conflict of interest with the business of the Company or an Affiliate. It is understood and agreed that, to the extent that any such activities have been
conducted by the Executive during the term of the Executive’s employment by the Company or its Affiliates prior to the Effective Date consistent with the provisions of this Paragraph 3(b), the continued conduct of such activities (or of
activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance and fulfillment of the Executive’s duties and responsibilities to the Company and its Affiliates.

 (c)    In connection with the Executive’s employment hereunder, the Executive shall be based at the headquarters
of the Company, subject, however, to required travel for the investor relations activities for the Company. 

(d)    All services that the Executive may render to the Company or any of its Affiliates in any capacity during the Term
shall be deemed to be services required by this Agreement and consideration for the compensation provided for herein. 

4.    Compensation and Related Matters. 

(a)    Base Salary. During the Term, the Company shall pay to the Executive an annual base salary of $305,000.00
(“Base Salary”), payable in accordance with the Company’s normal payroll practices as in effect from time to time, less withholding for taxes and deductions for other appropriate items. During the Term, the
Executive’s Base Salary shall be subject to such increases (but not decreases), if any, as may be determined from time to time by the Company, in its sole discretion. Payments of Base Salary to the Executive shall not be deemed exclusive and
shall not prevent the Executive from participating in any employee benefit plans, programs or arrangements of the Company and its Affiliates in which the Executive is entitled to participate. Payments of Base Salary to the Executive shall not in any
way limit or reduce any other obligation of the Company hereunder, and no other compensation, benefit or payment to the Executive hereunder shall in any way limit or reduce the obligation of the Company regarding the Executive’s Base Salary
hereunder. 

  
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 (b)    Bonus. The Executive shall be paid a bonus in the amount of
$75,000 (the “Bonus”), in a single lump-sum cash payment, on the Expiration Date, provided the Executive is employed with the Company as of such date. 

(c)    Employee Benefits. 

(i)    Incentive, Savings and Retirement Plans. During the Term, the Executive shall be entitled to
participate in all savings and retirement plans, programs and arrangements provided by the Company and its Affiliates, as amended from time to time, on the same basis as those benefits are generally made available to other senior executives of the
Company. The Executive shall not be eligible for an annual incentive bonus under the Company’s annual bonus plan or equity-based awards under the Company’s long-term incentive plan. 

(ii)    Welfare Benefit Plans. During the Term, the Executive and the Executive’s dependents,
as the case may be, shall be eligible to participate in and shall receive all benefits under the welfare benefit plans, programs and arrangements provided by the Company and its Affiliates (including medical, prescription, dental, disability,
employee life, group life, accidental death and travel accident insurance plans, programs and arrangements), as amended from time to time, on the same basis as those benefits are generally made available to other senior executives of the Company.

 (d)    Expenses. During the Term, the Executive shall be entitled to receive prompt reimbursement for all
reasonable expenses incurred by the Executive in performing the Executive’s duties and responsibilities hereunder in accordance with the policies, practices and procedures of the Company. 

(e)    Vacation. During the Term, the Executive shall be entitled to paid vacation in accordance with the policies,
practices and procedures of the Company as in effect immediately prior to the Effective Date. 
 (f)    Vesting of
Equity Awards Upon Expiration Date. Subject to the Executive’s continuous employment with the Company during the Term, as of the Expiration Date, the Company shall provide for (a) the immediate vesting, settlement and exercisability
of, and termination of any restrictions on sale or transfer (other than any such restriction arising by operation of law) with respect to, each and every restricted stock award that is subject to time-based vesting that is outstanding immediately
prior to the Expiration Date (i.e., restricted stock awards) and (b) the vesting of any performance award that is subject to performance-based vesting based on actual results at the end of the relevant performance period and without any pro-rata adjustment for early termination, payable at the same time as if Executive had remained employed through the end of the applicable performance period. 

5.    Termination of Employment Prior to the Expiration Date. 

(a)    Death. The Executive’s employment shall terminate automatically upon the Executive’s death prior to
the Expiration Date. 

  
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 (b)    Disability. If the Company determines in good faith that the
Disability (as defined below) of the Executive has occurred prior to the Expiration Date, the Company may give the Executive notice of its intention to terminate the Executive’s employment. In such event, the Executive’s employment
hereunder shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”); provided, however, that within the 30-day period after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall mean the
absence of the Executive from the Executive’s duties with the Company or an Affiliate on a full-time basis for 180 consecutive Business Days, as a result of incapacity due to mental or physical illness which is determined to be total and
permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably). 

(c)    Termination by Company. The Company may terminate the Executive’s employment hereunder for Cause (as
defined below) or without Cause at any time prior to the Expiration Date. For purposes of this Agreement, “Cause” shall mean the Company’s termination of the Executive’s employment by reason of: 

(i)    the commission of a felony or any other crime by the Executive involving intentional and actual
fraud, dishonesty or breach of trust; 
 (ii)    willful misconduct or gross negligence with respect to
the Executive’s performance of his employment duties for the Company, including the duties as contemplated by Paragraph 3 above (other than such failure resulting from incapacity due to physical or mental illness or injury); 

(iii)    conduct by the Executive bringing the Company or its Affiliates into material public disgrace; or

 (iv)    substantial failure to perform duties of the office held by the Executive as reasonably
directed in writing by the Board or the Company’s Chief Executive Officer (other than such failure resulting from incapacity due to physical or mental illness or injury); 

provided, however, that Cause shall not exist in the case of clause (iv) unless and until the Company has given written notice to the
Executive detailing the alleged grounds for Cause and such grounds remain uncured for 30 days thereafter. 

(d)    Termination by Executive. The Executive may terminate the Executive’s employment hereunder at any time
prior to the Expiration Date for Good Reason (as defined below) or voluntarily without Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following (without the Executive’s
written consent): 
 (i)    the assignment to the Executive of any duties materially inconsistent in any
respect with the Executive’s position (including offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Paragraph 3 or any other action by the Company which results in a material diminution in such
position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the
Executive; 

  
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 (ii)    any material failure by the Company to comply with
any of the provisions of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; 

(iii)    the Company’s requiring the Executive to be based at any office other than the Company’s
headquarters; or 
 (iv)    any failure by the Company to comply with and satisfy the requirements of
Paragraph 19(c), provided that (a) the successor described in Paragraph 19(c) has received, at least ten days prior to the Termination Date, written notice from the Company or the Executive of the requirements of such provision and
(b) such failure to be in compliance and satisfy the requirements of Paragraph 19(c) shall continue as of the Termination Date. 
 Notwithstanding the
foregoing, the Executive shall not have the right to terminate the Executive’s employment hereunder for Good Reason unless (i) within 60 days of the initial existence of the condition or conditions giving rise to such right the Executive
provides written notice to the Company of the existence of such condition or conditions, and (ii) the Company fails to remedy such condition or conditions within 30 days following the receipt of such written notice. If any such condition is not
remedied within such 30-day period, the Executive may provide a Notice of Termination (as defined below) for Good Reason in accordance with the provisions of Paragraph 5(e). 

(e)    Notice of Termination. Any termination of the Executive’s employment hereunder by the Company or by the
Executive prior to the Expiration Date, other than a termination pursuant to Paragraph 5(a), shall be communicated by a Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) in the case of a termination for Disability, Cause or Good Reason, sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (iii) specifies the Termination Date; provided, however, that notwithstanding
any provision in this Agreement to the contrary, a Notice of Termination given in connection with a termination for Good Reason shall be given by the Executive within a reasonable period of time, not to exceed 150 days, following the initial
existence of one or more of the conditions giving rise to such right of termination. The failure by the Company or the Executive to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Disability, Cause
or Good Reason shall not waive any right of the Company or the Executive hereunder or preclude the Company or the Executive from asserting such fact or circumstance in enforcing the Company’s or the Executive’s rights hereunder. 

(f)    Termination Date. For purposes of this Agreement, the Executive’s employment Termination Date will be
(i) if the Executive’s employment is terminated by the 

  
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Executive’s death, the date of the Executive’s death, (ii) if the Executive’s employment is terminated because of the Executive’s Disability, the Disability Effective
Date, (iii) if the Executive’s employment is terminated by the Company (or applicable Affiliate) for Cause or by the Executive for Good Reason, the date on which the Notice of Termination is given, and (iv) if the Executive’s
employment is terminated for any other reason, the date specified in the Notice of Termination, which date shall in no event be earlier than the date such notice is given. 

6.    Obligations of the Company upon Termination of the Executive Prior to the Expiration Date. 

(a)    By the Company Without Cause and Prior to Change of Control Period. Subject to the provisions
of Paragraph 6(d) of this Agreement, if prior to the Expiration Date and not during a Change of Control Period, the Company terminates the Executive’s employment hereunder without Cause, the Company shall pay or provide to or in respect of the
Executive, on the tenth Business Day next following the Executive’s Termination Date, all of the following amounts and benefits set forth in this Paragraph 6(a): 

(i)    The Executive shall receive a lump-sum cash payment in an
amount equal to the sum of (a) the Executive’s Base Salary through the Termination Date and (b) compensation for all of the Executive’s accrued vacation time based upon the Executive’s current Base Salary (notwithstanding
any limitation on payment for accrued vacation then set forth in the Company’s policies or practices), in each case to the extent not theretofore paid (the sum of the amounts described in clauses (a) and (b) shall be hereinafter referred
to as the “Accrued Obligation”). 
 (ii)    The Executive shall
receive a lump-sum cash payment in an amount equal to the Bonus. 

(iii)    The Executive’s equity awards described in Paragraph 4(f) shall be vested as provided in
Paragraph 4(f), but as of the Executive’s Termination Date. 
 (b)    By the Company Without Cause
or By the Executive for Good Reason and During the Change of Control Period. Subject to the provisions of Paragraph 6(d) of this Agreement, if prior to the Expiration Date and during a Change of Control Period the Executive’s employment is
terminated (i) by the Company without Cause or (ii) by the Executive for Good Reason, then the Company shall pay or provide to or in respect of the Executive, on the tenth Business Day next following the Executive’s Termination Date,
all of the following amounts and benefits set forth in this Paragraph 6(b). 
 (i)    The Executive shall
receive a lump-sum cash payment in an amount equal to the Accrued Obligation. 

(ii)    The Executive shall receive a lump-sum cash payment in an
amount equal to two times his Base Salary. 
 (iii)    The Executive shall receive a lump-sum cash payment in an amount equal to the product of (a) the Bonus and (b) a fraction, the numerator of which shall be the number of Business Days from the beginning of the Term to the Termination
Date, inclusive, and the denominator of which shall be 260. 

  
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 (iv)    The Executive shall receive a lump sum cash payment
in an amount equal to two times the average annual bonus paid in respect of the three most recent years prior to the Termination Date. 

(v)    Effective as of the Termination Date and unless otherwise provided in the terms of the award
agreement under which a Compensatory Award (as defined below) was granted, the Company shall provide for (a) the immediate vesting, settlement and exercisability of, and termination of any restrictions on sale or transfer (other than any such
restriction arising by operation of law) with respect to, each and every stock option, restricted stock award, restricted stock unit award and other equity-based award and performance award (with such performance awards vesting at target level)
(each, a “Compensatory Award”) that is outstanding as of a time immediately prior to the Termination Date and (b) the extension of the term during which each and every Compensatory Award may be exercised by
the Executive until the earlier of (x) the first anniversary of the Termination Date or (y) the date upon which the right to exercise any Compensatory Award would have expired if the Executive had continued to be employed by the Company
under the terms of this Agreement until the Expiration Date. 
 (vi)    Until the earlier of (a) his
receipt of equivalent coverage and benefits under the plans and programs of a subsequent employer (such coverage and benefits to be determined on a coverage-by-coverage
or benefit-by-benefit basis) or (b) two years after the Executive’s Termination Date, the Executive and his eligible dependents shall continue to be covered by
all medical, vision and dental benefit plans maintained by the Company under which the Executive was covered immediately prior to Executive’s Termination Date at the same active employee premium cost as a similarly situated active employee;
provided, however, that such coverage shall not continue in the event the Company would be subject to any excise tax under Section 4980D of the Code or other penalty or liability pursuant to the provisions of the Patient Protection and
Affordable Care Act of 2010 (as amended from time to time), and in lieu of providing the coverage described above, the Company shall instead pay to the Executive a fully taxable monthly cash payment in an amount such that, after payment by the
Executive of all taxes on such payment, the Executive retains an amount equal to the Company’s portion of the applicable premiums for such month, with such monthly payment being made on the last day of each month for the remainder of such two-year period; provided, further, that such benefits provided during the two-year period shall run concurrent with the health continuation coverage period
mandated by Section 4980B of the Code. 
 (c)    With Cause; Other than for Good Reason; Due to Death or
Disability. If prior to the Expiration Date, the Executive’s employment is terminated by reason of (i) the Company’s termination of Executive’s employment with Cause or (ii) the Executive’s (a) voluntary
termination of his employment other than for Good Reason during a Change of Control Period or (b) death or Disability, then this Agreement shall terminate without further obligations to the Executive hereunder other than for (x) the
payment of the Accrued Obligation, which, subject to Paragraph 6(d) of this Agreement, shall be paid to the Executive in a lump-sum in cash within 30 days after the Executive’s Termination Date, and
(y) the timely payment or provision of deferred compensation and other employee benefits if and when otherwise due. 

  
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 (d)    Payment Delay for Specified Employee. Any provision of this
Agreement to the contrary notwithstanding, if the Executive is a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, as determined by the Company, on the Executive’s Termination Date, all
amounts due under this Agreement that constitute a “deferral of compensation” within the meaning of Section 409A of the Code, that are provided as a result of a “separation from service” within the meaning of Section 409A of the
Code, and that would otherwise be paid or provided during the first six months following the Executive’s Termination Date, shall be accumulated through and paid or provided on the first Business Day that is more than six months after the
Executive’s date Termination Date (or, if Executive dies during such six month period, within 30 days after Executive’s death). 

(e)    Clawback. Any compensation paid or provided by the Company under this Agreement or otherwise shall be
subject to recovery by the Company pursuant to any Company policy regarding clawbacks or recovery of erroneously awarded compensation, but only to the extent such policy is in effect prior to a Change of Control. 

7.    Certain Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if the Executive is
a “disqualified individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for under this Agreement, together with any other payments and benefits which the Executive has the right to receive from the
Company or any of its Affiliates, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for under this Agreement shall be either (a) reduced (but not below zero)
so that the present value of such total amounts and benefits received by the Executive from the Company and its Affiliates will be one dollar ($1.00) less than three times the Executive’s “base amount”(as defined in Section 280G(b)(3)
of the Code) and so that no portion of such amounts and benefits received by the Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to the Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if
applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and
continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in kind hereunder in a similar order. The determination as to whether any such reduction in the
amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other
payments and benefits from the Company (or its Affiliates) used in determining if a parachute payment exists, exceeds one dollar ($1.00) less than three times the Executive’s base amount, then the Executive shall immediately repay such excess
to the Company upon notification that an overpayment has been made. Nothing in this Paragraph 7 shall require the Company (or any of its Affiliates) to be responsible for, or have any liability or obligation with respect to, the Executive’s
excise tax liabilities under Section 4999 of the Code. 

  
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 8.    Representations and Warranties. 

(a)    The Company represents and warrants to the Executive that the execution, delivery and performance by the Company of
this Agreement have been duly authorized by all necessary corporate action of the Company and do not and will not conflict with or result in a violation of any provision of, or constitute a default under, any contract, agreement, instrument or
obligation to which the Company is a party or by which it is bound. 
 (b)    The Executive represents and warrants to
the Company that the execution, delivery and performance by the Executive of this Agreement do not and will not conflict with or result in a violation of any provision of, or constitute a default under, any contract, agreement, instrument or
obligation to which the Executive is a party or by which the Executive is bound. 
 9.    Confidential
Information. The Executive recognizes and acknowledges that the Company’s and its Affiliates’ trade secrets and other confidential or proprietary information, as they may exist from time to time (“Confidential
Information”), are valuable, special and unique assets of the Company’s and/or such Affiliates’ business, access to and knowledge of which are essential to the performance of the Executive’s duties hereunder. The
Executive confirms that all such Confidential Information constitutes the exclusive property of the Company and/or such Affiliates. During the Term and thereafter without limitation of time, the Executive shall hold in strict confidence and shall
not, directly or indirectly, disclose or reveal to any person, or use for the Executive’s own personal benefit or for the benefit of anyone else, any Confidential Information (whether or not acquired, learned, obtained or developed by the
Executive alone or in conjunction with others) belonging to or concerning the Company or any of its Affiliates, except (i) with the prior written consent of the Company duly authorized by the Board, (ii) in the course of the proper
performance of the Executive’s duties hereunder, (iii) for Confidential Information (x) that becomes generally available to the public other than as a result of unauthorized disclosure by the Executive or the Executive’s
affiliates or (y) that becomes available to the Executive on a nonconfidential basis from a source other than the Company or its Affiliates who is not bound by a duty of confidentiality, or other contractual, legal or fiduciary obligation, to
the Company, or (iv) as required by applicable law or legal process provided that prior to the disclosure or use by the Executive of any Confidential Information under this clause (iv), the Executive will give prior written notice thereof to
the Company and provide the Company with the opportunity to contest that disclosure or use. Nothing in this Paragraph 9 prohibits the Executive from reporting possible violations of law or regulation to any governmental agency or entity (or of
making any other protected disclosures) without prior notice to the Company. Pursuant to the Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any Federal or state trade secret law for the
disclosure of any Confidential Information that (i) is made (A) in confidence to a Federal, state or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or
investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. The provisions of this Paragraph 9 shall continue in effect notwithstanding
termination of the Executive’s employment hereunder for any reason. 

  
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 10.    Restrictive Covenants. 

(a)    Definitions. As used in this Paragraph 10, the following terms shall have the following meanings: 

(i)    “Business” shall mean
any endeavor in which the Company, including its Affiliates, is engaged in during the Prohibited Period, and the provision of products or services that are substantially similar to the products or services provided by any business, partnership,
firm, corporation or other entity which the Company or one of its Affiliates has made substantial progress toward acquiring on or before the Executive’s Termination Date. For the purposes of this definition, the execution by the Company or one
of its Affiliates of a binding or non-binding letter of intent, term sheet, or similar agreement or a confidentiality agreement or similar agreement with respect to the acquisition of a business, partnership,
firm, corporation or other entity on or before the Executive’s Termination Date shall constitute sufficient evidence of the Company or such Affiliate having made substantial progress towards acquiring such business, partnership, firm,
corporation or other entity. 
 (ii)    “Competing Business” shall
mean any business, individual, partnership, firm, corporation or other entity which wholly or in any significant part engages in any business competing with the Business in the Restricted Area. In no event will the Company or any of its Affiliates
be deemed a Competing Business. 
 (iii)    “Governmental
Authority” shall mean any governmental, quasi-governmental, state, county, city or other political subdivision of the United States or any other country, or any agency, court or instrumentality, foreign or domestic, or statutory
or regulatory body thereof. 
 (iv)    “Legal Requirement” shall
mean any law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, authorization, or other directional requirement (including any of the foregoing that relates to environmental
standards or controls, energy regulations and occupational, safety and health standards or controls including those arising under environmental laws) of any Governmental Authority. 

(v)    “Prohibited Period” shall mean the period during which the
Executive is employed by the Company hereunder and a period of 12 months following the Executive’s Termination Date. 

(vi)    “Restricted Area” shall mean any country or subdivision
thereof in which the Company or its Affiliates engages in the Business. 

(b)    Non-Competition;
Non-Solicitation. The Executive and the Company agree to the non-competition and non-solicitation provisions of this
Paragraph 10(i) in consideration for the Confidential Information provided by the Company to the Executive pursuant to Paragraph 9; (ii) as part of the consideration for the compensation and benefits to be paid to the Executive hereunder;
(iii) to protect the trade secrets and confidential information of the Company or its Affiliates disclosed or entrusted to the Executive by the Company or its Affiliates or created or developed by the Executive for the Company or its

  
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Affiliates, the business goodwill of the Company or its Affiliates developed through the efforts of the Executive and/or the business opportunities disclosed or entrusted to the Executive by the
Company or its Affiliates; and (iv) as an additional incentive for the Company to enter into this Agreement. 

(i)    Subject to the exceptions set forth in Paragraph 10(b)(ii), the Executive covenants and agrees that
during the Prohibited Period (a) the Executive will refrain from carrying on or engaging in, directly or indirectly, any Competing Business in the Restricted Area and (b) the Executive will not, and the Executive will cause the
Executive’s affiliates not to, directly or indirectly, own, manage, operate, join, become an employee, partner, owner or member of (or an independent contractor to), control or participate in or loan money to, sell or lease equipment to or sell
or lease real property to any business, individual, partnership, firm, corporation or other entity which engages in a Competing Business in the Restricted Area. 

(ii)    Notwithstanding the restrictions contained in Paragraph 10(b)(i), the Executive or any of the
Executive’s affiliates may own an aggregate of not more than 1% of the outstanding voting securities of any class of an entity engaged in a Competing Business, if such securities are listed on a national securities exchange or regularly traded
in the over-the-counter market by a member of a national securities exchange, without violating the provisions of Paragraph 10(b), provided that neither the Executive
nor any of the Executive’s affiliates (A) has the power, directly or indirectly, to control or direct the management or affairs of such entity and (B) is involved in the management of such entity. 

(iii)    The Executive further covenants and agrees that during the Prohibited Period, the Executive will
not, and the Executive will cause the Executive’s affiliates not to (a) engage or employ, or solicit or contact with a view to the engagement or employment of, any person who is an officer or employee of the Company or any of its
Affiliates or (b) canvass, solicit, approach or entice away or cause to be canvassed, solicited, approached or enticed away from the Company or any of its Affiliates any person who or which is a customer of any of such entities during the
period during which the Executive is employed by the Company. 
 (iv)    The Executive may seek the
written consent of the Company, which may be withheld for any or no reason, to waive the provisions of this Paragraph 10 on a case-by-case basis. 

(v)    The Executive recognizes that the Executive is a high-level, executive employee who will be provided
with access to trade secrets as part of the Executive’s employment and that the restrictive covenants set forth in this Paragraph 10(b) are reasonable and necessary in light of the Executive’s position and access to the Company’s
trade secrets. 
 (c)    Reasonableness; Enforcement. The Executive and the Company agree and acknowledge that
the limitations as to time, geographical area and scope of activity to be 

  
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restrained as set forth in Paragraph 10(b) are reasonable and do not impose any greater restraint than is necessary to protect the legitimate business interests of the Company. The Executive
hereby represents to the Company that the Executive has read and understands, and agrees to be bound by, the terms of this Paragraph 10. The Executive acknowledges that the geographic scope and duration of the covenants contained in this Paragraph
10 are the result of arm’s-length bargaining and are fair and reasonable in light of (i) the nature and wide geographic scope of the operations of the Business, (ii) the Executive’s level
of control over and contact with the Business in all jurisdictions in which it is conducted, (iii) the fact that the Business is conducted throughout the Restricted Area and (iv) the amount of compensation, trade secrets and Confidential
Information that the Executive is receiving in connection with the performance of the Executive’s duties hereunder. It is the desire and intent of the parties that the provisions of this Paragraph 10 be enforced to the fullest extent permitted
under applicable Legal Requirements, whether now or hereafter in effect and therefore, to the extent permitted by applicable Legal Requirements, the Executive and the Company hereby waive any provision of applicable Legal Requirements that would
render any provision of this Paragraph 10 invalid or unenforceable. 
 (d)    Reformation. The Company and the
Executive agree that the foregoing restrictions are reasonable under the circumstances and that any breach of the covenants contained in this Paragraph 10 would cause irreparable injury to the Company. The Executive represents that enforcement of
the restrictive covenants set forth in this Paragraph 10 will not impose an undue hardship upon the Executive or any person or entity affiliated with the Executive. The Executive understands that the foregoing restrictions may limit the
Executive’s ability to engage in certain businesses anywhere in the Restricted Area during the Prohibited Period, but acknowledges that the Executive will receive sufficiently high remuneration and other benefits from the Company to justify
such restriction. Further, the Executive acknowledges that the Executive’s skills are such that the Executive can be gainfully employed in non-competitive employment, and that the agreement not to compete
will not prevent the Executive from earning a living. Nevertheless, if any of the aforesaid restrictions are found by a court of competent jurisdiction to be unreasonable, or overly broad as to geographic area or time, or otherwise unenforceable,
the parties intend for the restrictions herein set forth to be modified by the court making such determination so as to be reasonable and enforceable and, as so modified, to be fully enforced. By agreeing to this contractual modification
prospectively at this time, the Company and the Executive intend to make this provision enforceable under the Legal Requirements of all applicable jurisdictions so that the entire agreement not to compete and this Agreement as prospectively modified
shall remain in full force and effect and shall not be rendered void or illegal. 
 11.    Certain Definitions.
Capitalized terms used in the Agreement and not otherwise defined herein shall have the following respective meanings: 

(a)    “Affiliate” shall mean any company or other entity controlled by, controlling or under
common control with the Company. 
 (b)    “Annual Bonus Plan” shall
mean any annual bonus or short-term incentive plan or program established by the Company (other than the 2004 Incentive Plan of Dril-Quip, Inc. or any successor long-term incentive plan). 

  
 -12- 

 (c)    “Business Day” shall mean any
day other than a Saturday, Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 

(d)    “Change of Control” shall mean: 

(i)    there shall have occurred an event required to be reported with respect to the Company in response
to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement; 

(ii)    any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) shall
have become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the
Company’s then outstanding voting securities; 
 (iii)    the Company is a party to a merger,
consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of which members of the Board in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter; or 

(iv)    during any period of two consecutive years, individuals who at the beginning of such period
constituted the Board (including, for this purpose, any new director whose election or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors
then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board. 

(e)    “Change of Control Period” shall mean the period
commencing on the occurrence of a Change of Control and ending on the Expiration Date. 

(f)    “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(g)    Common Stock” shall mean the common stock, par value $0.01 per share, of the
Company. 
 (h)    “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended. 
 (i)    “Exchange Act” shall mean the Securities Exchange Act of 1934.

 (j)    “Termination Date” shall mean the date of the Executive’s
“separation from service” within the meaning of Section 409A of the Code and the regulations and other guidance promulgated thereunder with the Company and all of its Affiliates, as described in Paragraph 5(f). 

  
 -13- 

 12.    Full Settlement. 

(a)    There shall be no right of set off or counterclaim against, or delay in, any payments to the Executive, or to the
Executive’s heirs or legal representatives, provided for in this Agreement, in respect of any claim against or debt or other obligation of the Executive or others, whether arising hereunder or otherwise. 

(b)    In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation
of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment. 

(c)    If the Executive prevails in any material respect, the Company agrees to pay, all costs and expenses (including
attorneys’ fees) that the Executive, or the Executive’s heirs or legal representatives, may reasonably incur as a result of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any
provision of this Agreement, or any guarantee of performance thereof (including as a result of any contest by the Executive, or the Executive’s heirs or legal representatives, about the amount of any payment pursuant to this Agreement). The
amounts payable by the Company pursuant to this Paragraph 12(c) shall be paid no later than the end of the taxable year of the Executive that immediately follows the taxable year of the Executive in which such costs and expenses were incurred. 

13.    No Effect on Other Contractual Rights. Subject to Paragraph 20(f), the provisions of this Agreement, and any
payment provided for hereunder, shall not reduce any amounts otherwise payable to the Executive, or in any way diminish the Executive’s rights as an employee of the Company or any of its Affiliates, whether existing on the date of this
Agreement or hereafter, under any employee benefit plan, program or arrangement or other contract or agreement of the Company or any of its Affiliates providing benefits to the Executive. 

14.    Directors and Officers Insurance. The Company shall ensure that during the Term, the Company acquires and
maintains directors and officers liability insurance covering the Executive to the extent it is available at commercially reasonable rates as determined by the Board. The provisions of this Paragraph 14 shall continue in effect notwithstanding
termination of the Executive’s employment hereunder for any reason. 
 15.    Injunctive Relief. In
recognition of the fact that a breach by the Executive of any of the provisions of Paragraph 9 or Paragraph 10 will cause irreparable damage to the Company and/or its Affiliates for which monetary damages alone will not constitute an adequate
remedy, the Company shall be entitled as a matter of right (without being required to prove damages or furnish any bond or other security) to obtain a restraining order, an injunction, an order of specific performance, or other equitable or
extraordinary relief from any court of competent jurisdiction restraining any further violation of such provisions by the Executive or requiring the Executive to perform the Executive’s obligations hereunder. Such right to equitable or
extraordinary relief shall not be exclusive but shall be in addition to all other rights and remedies to which the Company or any of its Affiliates may be entitled at law or in equity, including the right to recover monetary damages for the breach
by the Executive of any of the provisions of this Agreement. 

  
 -14- 

 16.    Section 409A. 

(a)    This Agreement is intended to be exempt from or comply with the requirements of Section 409A of the Code
(“Section 409A”) and shall be construed and interpreted in accordance with such intent. To the extent any payment or benefit provided under this Agreement is subject to Section 409A, such benefit shall be provided in a manner that complies
with Section 409A, including any IRS guidance promulgated with respect to Section 409A. 
 (b)    All reimbursements or
provision of in-kind benefits pursuant to this Agreement shall be made in accordance with Treasury Regulation § 1.409A-3(i)(1)(iv) such that the reimbursement or
provision will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event. Specifically, the amount reimbursed or in-kind benefits provided under this Agreement during
Executive’s taxable year may not affect the amounts reimbursed or provided in any other taxable year (except that total reimbursements may be limited by a lifetime maximum under a group health plan), the reimbursement of an eligible expense
shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense was incurred, and the right to reimbursement or provision of in-kind benefit is not
subject to liquidation or exchange for another benefit. 
 17.    Governing Law and Venue. This Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of Texas, without regard to the principles of conflicts of laws thereof. Venue for any action or proceeding relating to this Agreement and/or the employment
relationship hereunder shall lie exclusively in courts in Harris County, Texas. 
 18.    Notices. All notices,
requests, demands and other communications required or permitted to be given or made hereunder by either party hereto shall be in writing and shall be deemed to have been duly given or made (i) when delivered personally, (ii) when sent by
facsimile transmission, or (iii) five days after being deposited in the United States mail, first class registered or certified mail, postage prepaid, return receipt requested, to the party for which intended at the following addresses (or at
such other addresses as shall be specified by the parties by like notice, except that notices of change of address shall be effective only upon receipt): 
  

					
	
  If to the Company, at            
	 	Dril-Quip, Inc.	 	
		 	Attention: General Counsel	 	
		 	6401 N. Eldridge Pkwy.	 	
		 	Houston, TX 77041	 	
		 	Fax No.: (713) 939-5329	 	

 If to the Executive, at the current address in the Company’s personnel files. 

19.    Binding Effect; Assignment; No Third Party Benefit. 

(a)    This Agreement is personal to the Executive and without the prior written consent of the Company shall not be
assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and shall be enforceable by the Executive’s legal representatives. 

  
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 (b)    This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns. 
 (c)    The Company shall require any successor or assign (whether direct or
indirect, by purchase, merger, consolidation, amalgamation or otherwise) to all or substantially all the business and/or assets of the Company, by agreement in writing in form and substance reasonably satisfactory to the Executive, absolutely and
unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. As used in this Agreement, the
“Company” shall mean the Company as hereinbefore defined and any successor or assign to the business and/or assets of the Company as aforesaid which executes and delivers the agreement provided for in this Paragraph 19(c) or which
otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 
 (d)    Nothing in this
Agreement, express or implied, is intended to or shall confer upon any person other than the parties hereto and their respective heirs, legal representatives, successors and permitted assigns, any rights, benefits or remedies of any nature
whatsoever under or by reason of this Agreement. 
 20.    Miscellaneous. 

(a)    Amendment. This Agreement may not be modified or amended in any respect except by an instrument in writing
signed by the party against whom such modification or amendment is sought to be enforced. No person, other than pursuant to a resolution of the Board or a committee thereof, shall have authority on behalf of the Company to agree to modify, amend or
waive any provision of this Agreement or anything in reference thereto. 
 (b)    Waiver. Any term or condition
of this Agreement may be waived at any time by the party hereto which is entitled to have the benefit thereof, but such waiver shall only be effective if evidenced by a writing signed by such party, and a waiver on one occasion shall not be deemed
to be a waiver of the same or any other type of breach on a future occasion. No failure or delay by a party hereto in exercising any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right or power. 
 (c)    Withholding Taxes.
The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(d)    Nonalienation of Benefits. The Executive shall not have any right to pledge, hypothecate, anticipate
or in any way create a lien upon any payments or other benefits provided under this Agreement; and no benefits payable hereunder shall be assignable in anticipation of payment either by voluntary or involuntary acts, or by operation of law, except
by will or pursuant to the laws of descent and distribution. 

  
 -16- 

 (e)    Severability. If any provision of this Agreement is held to be
invalid or unenforceable, (i) this Agreement shall be considered divisible, (ii) such provision shall be deemed inoperative to the extent it is deemed invalid or unenforceable, and (iii) in all other respects this Agreement shall
remain in full force and effect; provided, however, that if any such provision may be made valid or enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be valid and/or enforceable to the
maximum extent permitted by applicable law. 
 (f)    Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto concerning the subject matter hereof, and from and after the date of this Agreement, this Agreement shall supersede any other prior agreement or understanding, both written and oral, between the parties with
respect to such subject matter, including the Employment Agreement between the Company and Executive dated December 8, 2011, which as of the Effective Date shall be null and void. 

(g)    Captions. The captions herein are inserted for convenience of reference only, do not constitute a part of
this Agreement, and shall not affect in any manner the meaning or interpretation of this Agreement. 

(h)    References. All references in this Agreement to Paragraphs, subparagraphs and other subdivisions refer to
the Paragraphs, subparagraphs and other subdivisions of this Agreement unless provided otherwise. The words “this Agreement”, “herein”, “hereof”, “hereby”, “hereunder” and words of similar import
refer to this Agreement as a whole and not to any particular subdivision unless so limited. Whenever the words “include”, “includes” and “including” are used in this Agreement, such words shall be deemed to be followed
by the words “without limitation”. Words in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires. 

[Execution Page Follows] 

  
 -17- 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on
its behalf by its duly authorized officer, and the Executive has executed this Agreement, as of the date first above set forth. 
  

	
	 DRIL-QUIP, INC.

	
	 /s/ Blake T. DeBerry

	Name: Blake T. DeBerry
	Title: President and Chief Executive Officer
	
	 EXECUTIVE

	
	 /s/ Jerry M. Brooks

	 Jerry M. Brooks

  
 -18-Exhibit

	
	
	Second Amended and Restated

	 

	Employment Agreement

	 

	between

	 

	PBF Investments LLC

	 

	and

	 

	Jeffrey Dill

SECOND AMENDED AND RESTATED 
EMPLOYMENT AGREEMENT 
This SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) dated as of September 29, 2015 is by and between PBF Investments LLC, a Delaware limited liability company (the “Company”), and Jeffrey Dill (“Executive”). 
RECITALS
WHEREAS, the Company is an indirect wholly-owned subsidiary of PBF Energy Company LLC; 
WHEREAS, the Company and Executive are parties to that certain Amended and Restated Employment Agreement effective December 17, 2012 (as amended, the “Prior Agreement”); 
WHEREAS, the Company and Executive desire to amend the Prior Agreement in certain respects; 
WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to accept such continued employment upon the terms and conditions contained in this Agreement; and 
WHEREAS, the Company and Executive desire that effective on and after the date hereof, this Agreement shall replace and supersede the Prior Agreement and that the Prior Agreement shall be of no force and effect. 
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below the parties hereto agree as follows: 
1.Term of Employment.  Subject to the provisions of Section 8, Executive’s employment with the Company pursuant to this Agreement shall commence on September 29, 2015 (the “Start Date”) and shall continue under this Agreement until September 30, 2016 (the “Stated Term”) on the terms and subject to the conditions set forth in this Agreement; provided, that the Stated Term automatically shall be renewed by successive one-year periods (each, a “Renewal Period”) unless either party notifies the other party at least 30 days prior to the expiration of the then applicable Stated Term that the Stated Term shall not be renewed beyond the expiration of such then applicable Stated Term (the “Non-Renewal Notice”). The Stated Term including any Renewal Period may also be terminated prior to the expiration thereof in accordance with Section 8; provided that the provisions of Sections 9, 10 and 11 shall survive any termination of this Agreement or Executive’s termination of employment hereunder. The term “Employment Term” means the period from the Start Date until the expiration or termination of the Stated Term (including any applicable Renewal Period) pursuant to this Section 1. 

2.Position. 
(a)At the start of the Employment Term, Executive shall serve as the President, Western Region of the Company and its direct and indirect parents (including PBF Energy Inc.), subsidiaries and affiliates (collectively, the “PBF Companies”) as his primary occupation. Executive shall also serve in such positions for the PBF Companies as determined by the Board of Directors of PBF Energy Inc. (the “Board”), provided however, the only compensation paid to Executive shall be through this Agreement. In such positions, Executive shall have such duties and authority that are customary for those positions of companies of the size, type and nature of the Company. Executive acknowledges that during the Employment Term, he may spend a significant amount of his time traveling for purposes of Company business. Executive acknowledges that as an exempt member of management he will neither be paid for any overtime or excess time for hours exceeding the regular working hours per week nor for additional time for weekend work. The base salary of Executive as set forth in this Agreement covers the remuneration of any extra hours or weekend work. 
(b)Executive shall devote an appropriate amount of time and energy to the business and affairs of the PBF Companies and shall not be engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, unless the Company consents to Executive’s involvement in such business activity in writing. In addition, this restriction shall not be construed as preventing Executive from investing his assets in a form or manner that will not require Executive’s services in the operation of any of the companies in which such investments are made. Executive may also serve on boards of directors and other positions with non-profit and for-profit organizations as to which the Board may from time to time consent, which consent shall not be unreasonably withheld, delayed or conditioned, so long as such service does not materially interfere with Executive’s obligations hereunder or violate Sections 9 and 10 hereof. 
3.Base Salary.  At the start of the Employment Term, Executive shall continue to receive his current base salary and effective January 1, 2016, the Company shall pay Executive an increased base salary at the annual rate of $550,000, payable in regular installments in accordance with the Company’s usual payment practices. Executive shall be entitled to such increases in Executive’s base salary, if any, as may be determined from time to time in the sole discretion of the Board. Executive’s annual rate of base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.”
4.Annual Bonus.  With respect to each calendar year of the Company ending during the Employment Term, Executive shall be eligible to earn an annual bonus award (an “Annual Bonus”) in accordance with the cash incentive compensation plan of the PBF Companies on the same basis as those awards are generally made available to other senior executives of the Company. The cash incentive compensation plan and any amounts thereunder to be paid to Executive shall be determined in the discretion of the Board. Any Annual Bonus earned in respect of a calendar year shall be paid in a cash lump sum no later than March 15 of the following calendar year. 
5.Incentive Programs.  Executive has the option of investing in the PBF Companies and the terms of any such investment are set forth in separate agreements between Executive and applicable PBF Companies. Executive shall also be entitled to grants of equity-

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based compensation (“Equity Awards”) under any incentive compensation program that may be adopted by the Board on the same basis as those benefits are generally made available to other senior executives of the Company. Any such grants shall be made at the discretion of the Board and the terms of such grants shall be set forth in the Long Term Incentive plan documents. 
6.Employee Benefits.  During the Employment Term, Executive shall be entitled to participate in any employee benefit plans (which term does not include bonus or incentive compensation plans) in which employees of the Company are eligible to participate (other than any severance pay plan generally offered to all employees of the Company) as in effect from time to time (collectively “Employee Benefits”), on the same basis as those benefits are generally made available to other senior executives of the Company. 
7.Business Expenses. 
During the Employment Term, reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policy following presentation by Executive of proof of such expenses. All business travel accommodations shall be first class. The Company shall reimburse reasonable business expenses incurred by Executive in the performance of Executive’s duties promptly, but in any case no later than the end of the year following the year in which such expenses are incurred. The reasonable business expenses described in this section shall include the Executive’s business expenses associated with travel to and from the West Coast for performance of his duties in his role as President, Western Region.    
8.Termination.  The Employment Term and Executive’s employment hereunder may be terminated by the Company or by Executive at any time and for any reason. Upon any termination of Executive’s employment during the Employment Term or any annual non-renewal, the Employment Term shall automatically terminate. Upon termination of Executive’s employment for any reason, Executive agrees to resign as of the date of such termination and, to the extent applicable, from any boards (and committees thereof) of the PBF Companies or any of their affiliates. If the Executive is terminated by the Company for Cause, such termination shall be effective immediately. Executive shall give 30 days’ written notice to the Company in accordance with Section 12(g) hereof in the event Executive intends to terminate his employment without Good Reason. Notwithstanding any other provision of this Agreement (other than Section 12(h)), the provisions of this Section 8 shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates. 
(a)Termination For Cause; Without Good Reason; Non-Renewal by Executive.  Upon termination of Executive’s employment hereunder (x) by the Company for Cause or (y) by Executive without Good Reason prior to June 30, 2017, including due to Executive’s election not to renew the Employment Term prior to June 30, 2017, Executive shall be entitled to receive: 
(i)accrued, but unpaid Base Salary, earned through the date of termination; 

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(ii)any Annual Bonus earned but unpaid as of the date of termination for any previously completed fiscal year; and 
(iii)reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with this Agreement prior to the date of Executive’s termination; and 
(iv)such Employee Benefits, if any, as to which Executive may be entitled pursuant to the terms governing such Employee Benefits; and  
(v)the right to exercise any vested Equity Awards in accordance with the terms set forth in any Long Term Incentive plan documents; 
(collectively, the “Accrued Rights”) and, following such termination of Executive’s employment and payment by the Company of the Accrued Rights, Executive shall have no further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Sections 5 and 6 and any Long Term Incentive compensation program. Amounts payable under (i), (ii) and (iii) above shall be paid no later than March 15 of the calendar year immediately following the year of Executive’s termination of employment. 
(b)Disability or Death.  Executive’s employment hereunder shall terminate upon Executive’s death and may be terminated by the Company if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six consecutive months or for an aggregate of nine months in any twenty-four consecutive month period to perform Executive’s duties (such incapacity is hereinafter referred to as “Disability”). Any question as to the existence of the Disability of Executive as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability by such physician made in writing to the Company and Executive shall be final and conclusive for all purposes of this Agreement. Upon termination of Executive’s employment hereunder for either death or Disability, Executive or Executive’s estate, as applicable, shall be entitled to receive: 
(i)the Accrued Rights; 
(ii)a pro rata portion of Executive’s target Annual Bonus for the fiscal year in which Executive’s termination occurs, calculated as the total amount of such target Annual Bonus for the full year multiplied by the number of months or partial months of Executive’s employment during the year of Executive’s termination divided by 12, payable pursuant to Section 4 as if Executive’s employment had not terminated; provided, in the event of Executive’s termination on account of Disability, Executive has executed and delivered (and not revoked) the Release (as hereinafter defined) within the time period specified in Section 12(h); and 

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(iii)a cash lump sum payment equal to the greater of (A) one-half of Executive’s Base Salary as in effect on the date of Executive’s termination, or (B) one-half of the aggregate amount of Base Salary that Executive would have received had the Employment Term continued until the end date specified in Section 1 hereof, payable on the 60th day following the date of Executive’s death or termination on account of Disability; provided, in the event of Executive’s termination on account of Disability, Executive has executed and delivered (and not revoked) the Release within the time period specified in Section 12(h).  
(iv)Following such termination of Executive’s employment and, if required, payment of the amounts set forth in this Section 8(b), neither Executive nor Executive’s estate, as applicable, shall have any further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Section 5 and any Long Term Incentive compensation program. 
(c)Termination In Other Circumstances.  If Executive’s employment is terminated (x) at any time during the Employment Term (other than 6 months’ prior to or within one year subsequent to the consummation of a Change in Control) (I) without Cause (other than by reason of death or Disability) by the Company, (II) prior to June 30, 2017 for Good Reason by Executive , or (III) for any reason after June 30, 2017 by the Executive or (y) due to the Company’s election not to renew the Employment Term, Executive shall be entitled to receive: 
(i)the Accrued Rights; 
(ii)a cash lump sum payment equal to 1.5 times Executive’s Base Salary as in effect on the date of termination, payable on the 60th day following the date of Executive’s termination of employment; provided, however, that receipt of such amount will be subject to Executive executing and delivering (and not revoking) the Release on or prior to the 21st day or the 45th day, as applicable, following the date on which his employment with the Company terminates and he is given an execution version of the Release; and 
(iii)continuation for a period of 1 year and 6 months of Executive’s and his dependent’s health (medical, dental and vision) benefits if Executive was enrolled in such benefits at the time of termination and otherwise remains eligible for such benefits and continues to pay the Executive’s portion of the monthly cost of such benefits, provided, that at the end of such 1 year and 6 month period of benefit continuation, as long as the Company will not be subject to any taxes, fines or penalties under applicable law as a result thereof, Executive shall then be entitled to the full period of benefits then allowed under COBRA at Executive’s sole expense. 
Following such termination of Executive’s employment and, if required, payment of the amounts set forth in this Section 8(c), Executive shall have no further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Section 5 and any Long Term Incentive compensation program. 

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(d)Definitions.  For purposes of this Section 8, the following terms shall have the meanings set forth below: 
(i)“Cause” shall mean (A) Executive’s continued willful failure to substantially perform his duties (other than as a result of a disability) for a period of 30 days following written notice by the Company to Executive of such failure, (B) Executive’s conviction of, or plea of nolo contendere to a crime constituting a misdemeanor involving moral turpitude or a felony, (C) Executive’s willful malfeasance or willful misconduct in connection with Executive’s duties hereunder, including fraud or dishonesty against the Company, or any of its affiliates, or any act or omission which is materially injurious to the financial condition or business reputation of the Company, or any of its affiliates, other than an act or omission that was committed or omitted by Executive in the good faith belief that it was in the best interest of the Company, (D) a breach of Section 12(i) hereof, or (E) Executive’s breach of the provisions of Section 9 or 10 of this Agreement. 
(ii)“Change in Control” shall mean (A) any “person” or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than one or more of the Excluded Entities) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the combined voting power of PBF Energy Inc.’s then outstanding voting securities entitled to vote generally in the election of directors (including by way of merger, consolidation or otherwise); (B) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of PBF Energy Inc. and its subsidiaries, taken as a whole, to any “person” or “group” (other than one or more of the Excluded Entities); (C) a merger, consolidation or reorganization of PBF Energy Inc. (other than (x) with or into, as applicable, any of the Excluded Entities or (y) in which the stockholders of PBF Energy Inc., immediately before such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least fifty percent (50%) of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation or reorganization); (D) the complete liquidation or dissolution of PBF Energy Inc.; or (E) other than as expressly provided for in that certain Stockholders’ Agreement by and among PBF Energy Inc. and the Investor Parties named therein (as the same may be amended, modified or supplemented from time to time), during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the stockholders of PBF Energy Inc. was approved by a vote of a majority of the directors of PBF Energy Inc. then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) (the “Incumbent Board”) cease for any reason to constitute a majority of the Board then in office; provided that, any director appointed or elected to the Board to avoid or settle a threatened or actual proxy contest shall in no event be deemed to be an individual on the Incumbent Board. 

-6-

(iii)“Excluded Entity” shall mean any of the following: (A) The Blackstone Group L.P. and any of its Affiliates including Blackstone PB Capital Partners V L.P., Blackstone PB Capital Partners V Subsidiary L.L.C., Blackstone PB Capital Partners V-AC L.P., Blackstone Family Investment Partnership V USS L.P., Blackstone Family Investment Partnership V-A USS SMD L.P., Blackstone Participation Partnership V USS L.P. and their respective general partners, Blackstone Group Management L.L.C., Blackstone, Blackstone Management Associates V USS L.L.C. and BCP V USS Side-by-Side GP L.L.C.; (B) First Reserve Management, L.P. and any of its Affiliates, including FR PBF Holdings LLC and FR PBF Holdings II LLC; (C) PBF Energy Inc. and any entities of which a majority of the voting power of its voting equity securities and equity interests is owned directly or indirectly by PBF Energy Inc.; and (D) any employee benefit plan (or trust forming a part thereof) sponsored or maintained by any of the foregoing. 
(iv)“Good Reason” shall mean, without Executive’s consent, (A) the failure of the Company to pay or cause to be paid Executive’s Base Salary or Annual Bonus, if any, when due hereunder, (B) any adverse, substantial and sustained diminution in Executive’s authority or responsibilities by the Company from those described in Section 2 hereof, (C) the Company requiring a change in the location for performance of Executive’s employment responsibilities hereunder to a location more than 50 miles from the Company’s office location in Parsippany, NJ (not including ordinary travel during the regular course of employment) or (D) any other action or inaction that constitutes a material breach by the Company of the Agreement; provided, that the events described in clauses (A), (B), (C) and (D) of this Section 8(d)(iv) shall constitute Good Reason only if the Company fails to cure such event within 20 days after receipt from Executive of written notice of the event which constitutes Good Reason; provided, further, that Good Reason shall cease to exist for an event described in clauses (A), (B), (C) and (D) of this Section 8(d)(iv) on the 90th day following the later of its occurrence or Executive’s knowledge thereof, unless Executive has given the Company written notice thereof prior to such date.  
(v)“target Annual Bonus” shall mean that level of Annual Bonus achieved at one times the Base Salary. 
(e)Change in Control.  In the event of a termination of Executive’s employment 6 months’ prior to, or within one year subsequent to the consummation of, a Change in Control (I) without Cause (other than by reason of death or Disability) by the Company, (II) for Good Reason by Executive, or (III) due to the Company’s election not to renew the Employment Term, Executive shall be entitled to receive: 
(i)the Accrued Rights; 
(ii)a cash lump sum payment equal to 2.99 times Executive’s Base Salary as in effect on the date of termination, payable on the 60th day following the date of Executive’s termination of employment; provided, however, that receipt of such amount will be subject to Executive executing and delivering (and not revoking) the Release on or prior to the 21st day or the 45th day, as applicable, following the date on 

-7-

which his employment with the Company terminates and he is given an execution version of the Release; 
(iii)immediate vesting and exercisability of any outstanding Equity Awards, warrants and Series B Units; and  
(iv)continuation for a period of 2 years and 11 months of Executive’s and his dependent’s health (medical, dental and vision) benefits if Executive was enrolled in such benefits at the time of termination and otherwise remains eligible for such benefits and continues to pay the Executive’s portion of the monthly cost of such benefits, provided, that at the end of such 2-year and 11-month period of benefit continuation, as long as the Company will not be subject to any taxes, fines or penalties under applicable law as a result thereof, Executive shall then be entitled to the full period of benefits then allowed under COBRA at Executive’s sole expense. 
(v)Notwithstanding anything contained in this Agreement to the contrary, to the extent that any payments or benefits provided for in Section 8(e) or otherwise is or would be, if not for this Section 8(e)(v), subject to excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then the payments or benefits provided to the Executive shall be reduced (but not below zero) if and only to the extent necessary so a reduction in the total payments under this Section 8(e) would result in the Executive retaining a larger amount, on an after-tax basis (taking into account federal, state and local income taxes as well as any Excise Tax) than if the Executive received the entire amount of such payment. If there is a reduction of the payments or benefits, such reduction shall occur as mutually agreed upon by the Company and the Executive. Any determination required under this Section 8(e)(v) shall be made in writing by the independent public accountant of the Company (the “Accountants”), at the expense of the Company, and whose determination shall be conclusive and binding for all purposes upon the Company and the Executive. For purposes of making any calculation required by this Section 8(e)(v), the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good-faith interpretations concerning the application of Sections 280G and 4999 of the Code. 
Following such termination of Executive’s employment and, if required, payment of the amounts set forth in this Section 8(e), Executive shall have no further rights to any compensation or any other benefits under this Agreement, except as set forth under provisions of this Agreement under which future benefits may be provided, under any other agreements as referenced above in Section 5 and any Long Term Incentive compensation program. 

-8-

9.Restrictive Covenants. 
(a)Non-Competition.  Executive shall not, at any time beginning on the Start Date and ending on the date that is six months following Executive’s termination of employment for any reason (such period, the “Non-Compete Period”), be a more than 5% shareholder, director, officer or employee of any person, firm, corporation, partnership or business that engages in a business which competes directly with the Business (as defined below). 
(b)Non-Solicitation.  During the Non-Compete Period, Executive shall not directly recruit or otherwise solicit or induce any senior executive employee of the Company to terminate his or her employment with the Company or any of the Company’s affiliates in order to be hired by Executive in a business which competes directly with the Business; provided, however, that general solicitation or advertising for employment by Executive shall not be prohibited by this Section 9(b). 
(c)Non-Disparagement.  During Executive’s employment and at any time following his termination, Executive agrees not to disparage, either orally or in writing, in any material respect the Company or any of their affiliates. 
(d)Reformation.  In the event the terms of this Section 9 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action. 
(e)Business.  As used in Sections 9 and 10 hereof, the term “Business” shall mean the crude oil refining business in the specific geographic areas in which the Company’s oil refining operations primarily conduct business at the date of Executive’s termination. 
(f)Change in Control.  Notwithstanding any other provision herein, this Section 9 shall be null and void upon a Change in Control. 
10.Non-Disclosure of Confidential Information. 
(a)Protection of Confidential Information.  All items of information, documents (including electronically stored documents like email), and materials pertaining to the business and operations of the Company that are not made public by the Company through authorized means will be considered confidential (hereafter, “Confidential Information”). Confidential Information includes, but is not limited to, customer lists, business referral source lists, internal cost and pricing data and analysis, marketing plans and strategies, personnel files and evaluations, financial and accounting data, operational and other business affairs and methods, contracts, technical data, know-how, trade secrets, computer software and other proprietary and intellectual property, and plans and strategies for future developments relating to any of the foregoing. Except in connection with the faithful performance of Executive’s duties hereunder or as permitted pursuant to Section 10(c), Executive shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, 

-9-

or use for his benefit or the benefit of any person, firm, corporation or other entity any Confidential Information, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information. The parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company or any of its successors. 
(b)Return of Confidential Information.  Upon termination of Executive’s employment with the Company for any reason, Executive upon the request of the Company will promptly either destroy or deliver to the Company any and all Confidential Information in Executive’s possession and any other documents concerning the customers, business plans, marketing strategies, products or processes of the Company. 
(c)No Prohibition.  Nothing in this Agreement shall prohibit Executive from (i) disclosing information and documents when required by law, subpoena or court order (provided Executive gives reasonable notice thereof and makes reasonably available to the Company and its counsel the documents and other information sought and assists such counsel, at the Company’s expense, in resisting or otherwise responding to such order or process), (ii) disclosing information and documents to his attorney or tax adviser for the purpose of securing legal or tax advice, (iii) disclosing the post-employment restrictions in this Agreement to any potential new employer, (iv) retaining, at any time, his personal correspondence, his personal rolodex or outlook contacts and documents related to his own personal benefits, entitlements and obligations, or (v) disclosing or retaining information that, through no act of Executive in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company, is generally available to the public, is in the public domain at the time of disclosure or is available from other sources. 
11.Specific Performance.  Executive acknowledges and agrees that remedies at law available to the Company for a breach or threatened breach of any of the provisions of Sections 9 or 10 would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 
12.Miscellaneous. 
(a)Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. 
(b)Entire Agreement; Amendments.  This Agreement contains the entire understanding of the parties with respect to the matters herein (including, without limitation, Executive’s compensation, benefits and severance) and supersedes all prior agreements (including, without limitation, the Predecessor Agreement which shall be of no force and effect upon this Agreement becoming effective), understandings, memoranda, term sheets, 

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conversations and negotiations. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 
(c)No Waiver.  The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
(d)Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
(e)Assignment.  This Agreement shall not be assignable by Executive. This Agreement may be assigned by the Company with Executive’s consent, such consent not to be unreasonably withheld, to a person or entity that is a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity as applicable. 
(f)Successors; Binding Agreement.  This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devises and legatees of Executive. 
(g)Notice.  For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or five days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
	
		
	If to the Company:
	PBF Investments LLC

	 
	c/o PBF Energy

	 
	1 Sylvan Way, 2nd Floor 

	 
	Parsippany, NJ 07054

	 
	 

	If to Executive:
	Jeffrey Dill
7726 Greentree Road
Bethesda, MD 20817

(h)Release.  As a condition of receipt of the benefits described in Sections 8(b)(ii), 8(b)(iii), 8(c)(ii) and 8(e)(ii), as applicable, Executive must execute the full and complete release of the PBF Companies and certain related entities or persons thereof in substantially the form attached hereto as Exhibit A (the “Release”) from any and all claims which Executive may 

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then have for whatever reason or cause in connection with Executive’s employment and the termination thereof (other than those obligations specifically set out in this Agreement, any indemnification agreement, the indemnification provisions in the Company’s governing documents, and the obligations of the Company and such related entities to the extent that the documents providing for such obligations specifically provide that the obligations are in addition to obligations under this Agreement), and deliver the Release to the Company on or prior to the 21st day or the 45th day, as applicable, following the date on which his employment with the Company terminates and he is given an execution version of the Release, and Executive shall not revoke the same within the seven-day period following its execution. 
(i)Arbitration.  Any dispute with regard to the enforcement of this Agreement or any matter relating to the employment of Executive by the Company including but not limited to disputes relating to claims of employment discrimination, alleged torts or any violation of law other than the seeking of equitable relief in accordance with applicable law under Section 11 hereof, shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the National Rules for the Resolution of Employment Disputes rules of AAA with the arbitrator applying the substantive law of the State of New York as provided for under Section 12(a) hereof. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration. 
(j)Executive Representation.  Executive hereby represents to the Company that (i) he has duly executed and delivered this Agreement, and (ii) the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy or government or court order to which Executive is a party or otherwise bound. 
(k)Cooperation.  Executive shall provide his reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) that relates to events occurring during Executive’s employment hereunder. The Company shall provide Executive with a reasonable stipend of not less than $2,000.00 per day and shall reimburse Executive for reasonable expenses incurred as a result of Executive’s cooperation with the Company. Notwithstanding anything to the contrary herein, this provision shall survive any termination of this Agreement. 
(l)Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

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(m)Indemnification, Insurance and Related Matters.  During the Employment Term and for so long as there exists potential for liability thereafter with regard to the Executive’s activities during the Employment Term on behalf of the PBF Companies (regardless of whether as an employee, officer, or member of the Board or in any other capacity on behalf of the PBF Companies), the Company shall indemnify, defend and hold harmless the Executive on terms and conditions no less favorable than any of the PBF Companies provides at any time during the Employment Term or afterwards to its other executive officers and members of the Board. During the Employment Term and for six (6) years thereafter, the Executive shall be entitled, at the Company’s expense, to the same directors’ and officers’ liability insurance coverage that any of the PBF Companies provides generally to its other executive officers and members of the Board, as may be amended from time to time, provided that such insurance coverage following the Employment Term shall be on terms and conditions no less favorable to the Executive than those in effect at the expiration or termination of the Employment Term. The rights provided by this Section 12(m) shall be in addition to any other rights to which Executive may be entitled under any of the organizational documents of any of the PBF Companies, any agreement, pursuant to any vote of the holders of equity interests or securities of any of the PBF Companies, as a matter of law or otherwise. 
(n)Section 409A. 
(i)Notwithstanding anything to the contrary in this Agreement, no payments contemplated by this Agreement will be paid during the six-month period following the Executive’s termination of employment if the Company determines, in its good faith judgment, that paying such amounts at the time or times contemplated by this Agreement would cause the Executive to incur an additional tax under Section 409A (in which case such amounts shall be paid at the time or times indicated in this Section 12(n)). If the payment of any amounts are delayed as a result of the previous sentence, (i) the Company will create a U.S. irrevocable grantor trust with the funds to be held for the benefit of the Executive, known as a “rabbi trust” and contribute to it any amounts subject to the delay as soon as is practicable, and (ii) on the first business day following the earlier of Executive’s death or the end of the six-month period, the Company will pay Executive a lump sum amount equal to the amounts that would have otherwise been previously paid to Executive under this Agreement during such six-month period, plus accrued interest on such amounts at a rate of 4.5% per annum for the period beginning on the date of Executive’s termination of employment through the payment date. Thereafter, payments will resume in accordance with this Agreement. 
(ii)It is the intent of the Company that the provisions of this Agreement comply with Section 409A. Accordingly, the parties intend that this Agreement be interpreted and operated consistent with such requirements of Section 409A to avoid application of penalty taxes under Section 409A to the extent reasonably practicable. In the event that following the Start Date the Company or Executive reasonably determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company and Executive shall work together to attempt to reach mutual agreement to adopt such amendments to this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect), or take any other commercially reasonable actions necessary or appropriate to (x) exempt the compensation and benefits payable under this Agreement 

-13-

from Section 409A and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (y) comply with the requirements of Section 409A, provided however, without Executive’s consent the economic benefit to Executive may not be diminished, reduced or delayed, and the Company is not required to take any action under this sentence other than that specially provided herein, and provided, further that neither the Company nor any of its employees or representatives shall have any liability to Executive with respect thereto. In addition, the Executive may (but shall not be entitled to) become the beneficiary of a separate indemnity agreement with the Company related to certain liabilities for taxes, including those arising under Section 409A. 
(iii)All reimbursements and in-kind benefits provided pursuant to this Agreement shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(l)(iv) such that any reimbursements or in-kind benefits will be deemed payable at a specified time or on a fixed schedule relative to a permissible payment event. Specifically, (A) the amounts reimbursed and in-kind benefits under this Agreement, other than with respect to medical benefits provided under Sections 6 and 8, during Executive’s taxable year may not affect the amounts reimbursed or in-kind benefits provided in any other taxable year, (B) the reimbursement of an eligible expense shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense was incurred, and (C) the right to reimbursement or an in-kind benefit is not subject to liquidation or exchange for another benefit. For purposes of Section 409A, each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A. 
(o)Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
	
	
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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
	
					
	PBF INVESTMENTS LLC
	 
	EXECUTIVE

	 
	 
	 

	 
	 
	 

	By:
	/s/ Thomas Nimbley
	 
	By:
	/s/ Jeffrey Dill

	 
	Name:
	 
	 
	Name:Jeffrey Dill 

	 
	Title
	 
	 
	Title:President, Western Region 

EXHIBIT A 
AGREEMENT AND RELEASE 
This Agreement and Release (“Release”) is entered into between you, the undersigned employee, and PBF INVESTMENTS LLC, a Delaware limited liability company (the “Company”), in connection with the Employment Agreement between you and the Company dated as of [December ___], 2012 (as subsequently amended, the “Employment Agreement”). You have [___] days to consider this Release, which you agree is a reasonable amount of time. While you may sign this Release prior to the expiration of this [____] day period, you are not to sign it prior to _____________, 20___. 
1.Definitions. 
(a)“Released Parties” means the Company, PBF Energy Company LLC, PBF Energy Inc. and their past, present and future parents, subsidiaries, divisions, successors, predecessors, employee benefit plans and affiliated or related companies, and also each of the foregoing entities’ past, present and future owners, officers, directors, stockholders, investors, partners, managers, principals, members, committees, administrators, sponsors, executors, trustees, fiduciaries, employees, agents, assigns, representatives and attorneys, in their personal and representative capacities. Each of the Released Parties is an intended beneficiary of this Release. 
(b)“Claims” means all theories of recovery of whatever nature, whether known or unknown, recognized by the law or equity of any jurisdiction. It includes but is not limited to any and all actions, causes of action, lawsuits, claims, complaints, petitions, charges, demands, liabilities, indebtedness, losses, damages, rights and judgments in which you have had or may have an interest. It also includes but is not limited to any claim for wages, benefits or other compensation; provided, however that nothing in this Release will affect your entitlement to benefits pursuant to the terms of any employee benefit plan (as defined in the Employee Retirement Income Security Act of 1974, as amended) sponsored by the Company in which you are a participant. The term Claims also includes but is not limited to claims asserted by you or on your behalf by some other person, entity or government agency. 
2.Consideration.  The Company agrees to pay you the consideration set forth in Sections 8(b)(ii), 8(b)(iii), 8(c)(ii), and/or 8(e)(ii), as applicable, of the Employment Agreement. The Company will make the payment(s) to you on the sixtieth (60) day following the date of your termination of employment, provided that you sign this Release (and return it to the Company) on or prior to the [21st][45th] day following the date your employment terminates and you are given an execution version of this Release and do not revoke this Release within the seven (7) day period following its execution. You acknowledge that any payment that the Company makes to you under this Release is in addition to anything else of value to which you are entitled and that the Company is not otherwise obligated to make such payment to you. 
3.Release of Claims. 
(a)You, on behalf of yourself and your heirs, executors, administrators, legal representatives, successors, beneficiaries, and assigns, unconditionally release and forever discharge the Released Parties from, and waive, any and all Claims that you have or may have 

A - 1

against any of the Released Parties arising from your employment with the Company, the termination thereof, and any other acts or omissions occurring on or before the date you sign this Release. 
(b)The release set forth in Paragraph 3(a) includes, but is not limited to, any and all Claims under (i) the common law (tort, contract or other) of any jurisdiction; (ii) the Rehabilitation Act of 1973, the Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, and any other federal, state and local statutes, ordinances, employee orders and regulations prohibiting discrimination or retaliation upon the basis of age, race, sex, national origin, religion, disability, or other unlawful factor; (iii) the National Labor Relations Act; (iv) the Employee Retirement Income Security Act; (v) the Family and Medical Leave Act; (vi) the Fair Labor Standards Act; (vii) the Equal Pay Act; (viii) the Worker Adjustment and Retraining Notification Act; and (ix) any other federal, state or local law. 
(c)In furtherance of this Release, you represent that as of the date you entered into this Release neither you nor anyone acting on your behalf has brought any Claims against any of the Released Parties in or before any court, administrative agency or arbitral authority and you hereby waive any relief available to you, including, without limitation, monetary damages, attorney’s fees and costs, equitable relief and reinstatement, under any Claims waived pursuant to this Release. 
4.Acknowledgment.  You acknowledge that, by entering into this Release, the Company does not admit to any wrongdoing in connection with your employment or termination, and that this Release is intended as a compromise of any Claims you have or may have against the Released Parties. You further acknowledge that you have carefully read this Release and understand its final and binding effect, have had a reasonable amount of time to consider it, have had the opportunity to seek the advice of legal counsel of your choosing, and are entering this Release voluntarily. In addition, you hereby certify your understanding that you may revoke the Release by providing written notice thereof to the Company within seven (7) days following execution of the Release and that, upon such revocation, this Release will not have any further legal effect. 
5.Applicable Law.  This Release shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. 
6.Arbitration.  Any dispute with regard to the enforcement of the Employment Agreement or this Release or any matter relating to the employment of Executive by the Company including but not limited to disputes relating to claims of employment discrimination, alleged torts or any violation of law other than the seeking of equitable relief in accordance with applicable law under Section 11 of the Employment Agreement, shall be exclusively resolved by a single experienced arbitrator licensed to practice law in the State of New York, selected in accordance with the American Arbitration Association (“AAA”) rules and procedures, at an arbitration to be conducted in the State of New York pursuant to the National Rules for the Resolution of Employment Disputes rules of AAA with the arbitrator applying the substantive law of the State of New York as provided for under Section 5 of this Release. The AAA shall provide the parties hereto with lists for the selection of arbitrators composed entirely of arbitrators who are members of the National Academy of Arbitrators and who have prior 

A - 2

experience in the arbitration of disputes between employers and senior executives. The determination of the arbitrator shall be final and binding on the parties hereto and judgment therein may be entered in any court of competent jurisdiction. Each party shall pay its own attorneys fees and disbursements and other costs of the arbitration. 
7.Severability.  Each part, term, or provision of this Release is severable from the others. Notwithstanding any possible future finding by a duly constituted authority that a particular part, term, or provision is invalid, void, or unenforceable, this Release has been made with the clear intention that the validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby. If any part, term, or provision is so found invalid, void or unenforceable, the applicability of any such part, term or provision shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

A - 3

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year set forth below. 
	
					
	PBF INVESTMENTS LLC
	 
	EMPLOYEE

	 
	 
	 

	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:Jeffrey Dill

	 
	Title
	 
	 
	Title:President, Western Region

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