Document:

EXHIBIT 10.18

 Exhibit 10.18 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement is dated
as of             ,          (this “Agreement”) and is between PBF Energy Inc., a Delaware corporation (the “Company”), and
[Name of director/officer] (“Indemnitee”). 
 WITNESSETH: 

WHEREAS, the Company believes that, in order to attract and retain highly competent persons to serve as directors or in other
capacities, including as officers, it must provide such persons with adequate protection through indemnification against the risks of claims and actions against them arising out of their services to and activities on behalf of the Company;

 WHEREAS, the Company desires and has requested Indemnitee to serve as a [director] [officer] of the Company
and, in order to induce the Indemnitee to serve as a [director] [officer] of the Company, the Company is willing to grant the Indemnitee the indemnification provided for herein. Indemnitee is willing to so serve on the basis that such
indemnification be provided; and 
 WHEREAS, the parties by this Agreement desire to set forth their agreement regarding
indemnification and the advancement of expenses. 
 NOW, THEREFORE, in consideration of Indemnitee’s service to the
Company and the covenants and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 Section 1. Indemnification. 

To the fullest extent permitted by the General Corporation Law of the State of Delaware (the “DGCL”) and other applicable law:

 (a) The Company shall indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party to, or is
otherwise involved in, as a witness or otherwise, any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or
informal, including appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed
to serve at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in any such capacity. 
 (b) The indemnification provided by this Section 1 shall be from and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals. 

 Section 2. Advance Payment of Expenses. To the fullest extent permitted
by the DGCL, expenses (including attorneys’ fees) incurred by Indemnitee in appearing at, participating in or defending any action, suit or proceeding or in connection with an enforcement action as contemplated by Section 3(e), shall be
paid by the Company in advance of the final disposition of such action, suit or proceeding within 30 days after receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time. The Indemnitee
hereby undertakes to repay any amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled under this Agreement to be indemnified by the Company in respect thereof. No other form of undertaking
shall be required of Indemnitee other than the execution of this Agreement. This Section 2 shall be subject to Section 3(b) and shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 6.

 Section 3. Procedure for Indemnification: Notification and Defense of Claim. 

(a) Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall, if a claim in
respect thereof is to be made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s request
for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to the extent the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a result of
such failure. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification. 
 (b) With respect to any
action, suit or proceeding of which the Company is so notified as provided in this Agreement, the Company shall, subject to the last two sentences of this paragraph, be entitled to assume the defense of such action, suit or proceeding, with counsel
reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will
not be liable to Indemnitee under this Agreement for any subsequently incurred fees of separate counsel engaged by Indemnitee with respect to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been
previously authorized in writing by the Company. Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, shall have reasonably concluded (with written notice being given to the Company setting forth the basis for
such conclusion) that, in the conduct of any such defense, there is or is reasonably likely to be a conflict of interest or position between the Company and Indemnitee with respect to a significant issue, then the Company will not be entitled,
without the written consent of Indemnitee, to assume such defense. In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 

  
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 (c) To the fullest extent permitted by the DGCL, the Company’s assumption of the
defense of an action, suit or proceeding in accordance with paragraph (b) above will constitute an irrevocable acknowledgement by the Company that any loss and liability suffered by Indemnitee and expenses (including attorneys’ fees),
judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under Section 1 of this Agreement. 

(d) The determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event within 30 days
following the Company’s receipt of a request for indemnification in accordance with Section 3(a). If the Company determines that Indemnitee is entitled to such indemnification or, as contemplated by paragraph (c) above, the Company
has acknowledged such entitlement, the Company will make payment to Indemnitee of the indemnifiable amount within such 30 day period. If the Company is not deemed to have so acknowledged such entitlement or the Company’s determination of
whether to grant Indemnitee’s indemnification request shall not have been made within such 30 day period, the requisite determination of entitlement to indemnification shall, subject to Section 6, nonetheless be deemed to have been made
and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a prohibition of such indemnification under the DGCL. 
 (e) In the event that
(i) the Company determines in accordance with this Section 3 that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a request for indemnification, in whole or in part, or fails to respond or
make a determination of entitlement to indemnification within 30 days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not made within such 30 day period, (iv) advancement of
expenses is not timely made in accordance with Section 2, or (v) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or
proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of his or her
entitlement to such indemnification or advancement of expenses. Indemnitee’s expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification or advancement of expenses,
in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Company to the fullest extent permitted by the DGCL. 
 (f) Indemnitee shall be presumed to be entitled to indemnification and advancement of expenses under this Agreement upon submission of a request therefor in accordance with Section 2 or
Section 3 of this Agreement, as the case may be. The Company shall have the burden of proof in overcoming such presumption, and such presumption shall be used as a basis for a determination of entitlement to indemnification and advancement of
expenses unless the Company overcomes such presumption by clear and convincing evidence. 

  
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 Section 4. Insurance and Subrogation. 

(a) The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of insurance with reputable insurance
companies with A.M. Best ratings of “A” or better, providing Indemnitee with coverage for any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of the fact that Indemnitee is or was or has
agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent
(which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or arising out
of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement. Such insurance policies shall have coverage terms and policy limits at least
as favorable to Indemnitee as the insurance coverage provided to any other director or officer of the Company. If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the commencement of an action,
suit or proceeding, the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy. 
 (b) Subject to Section 9(b), in the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of
Indemnitee with respect to any insurance policy. Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights in accordance with the terms of such insurance policy. The Company shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation. 

(c) Subject to Section 9(b), the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder (including, but not limited to, judgments, fines and amounts paid in settlement, and ERISA excise taxes or penalties) if and to the extent that Indemnitee has otherwise actually received such payment under this Agreement or
any insurance policy, contract, agreement or otherwise. 
 Section 5. Certain Definitions. For purposes of
this Agreement, the following definitions shall apply: 
 (a) The term “action, suit or proceeding” shall be broadly
construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action, suit, arbitration,
alternative dispute mechanism or proceeding, whether civil, criminal, administrative or investigative. 

  
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 (b) The term “by reason of the fact that Indemnitee is or was or has agreed to serve as
a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes
hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise” shall be broadly construed and
shall include, without limitation, any actual or alleged act or omission to act. 
 (c) The term “expenses” shall be
broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, appeal bonds, other out of pocket costs and
reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company or any third party), actually and reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal
of an action, suit or proceeding or establishing or enforcing a right to indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder. 

(d) The term “judgments, fines and amounts paid in settlement” shall be broadly construed and shall include, without
limitation, all direct and indirect payments of any type or nature whatsoever, as well as any penalties or excise taxes assessed on a person with respect to an employee benefit plan. 

Section 6. Limitation on Indemnification. Notwithstanding any other provision herein to the contrary, the Company
shall not be obligated pursuant to this Agreement: 
 (a) Claims Initiated by Indemnitee. Prior to a change of control,
to indemnify or advance expenses to Indemnitee with respect to an action, suit or proceeding (or part thereof), however denominated, initiated by Indemnitee, other than (i) an action, suit or proceeding brought to establish or enforce a right
to indemnification or advancement of expenses under this Agreement (which shall be governed by the provisions of Section 6(b) of this Agreement) and (ii) an action, suit or proceeding (or part thereof) that was authorized or consented to
by the Board of Directors of the Company, it being understood and agreed that such authorization or consent shall not be unreasonably withheld, conditioned or delayed in connection with any compulsory counterclaim brought by Indemnitee in response
to an action, suit or proceeding otherwise indemnifiable under this Agreement. 
 (b) Action for Indemnification. To
indemnify Indemnitee for any expenses incurred by Indemnitee with respect to any action, suit or proceeding instituted by Indemnitee to enforce or interpret this Agreement, unless Indemnitee is successful in such action, suit or proceeding in
establishing Indemnitee’s right, in whole or in part, to indemnification or advancement of expenses hereunder (in which case such indemnification or advancement shall be to the fullest extent permitted by the DGCL), or unless and to the extent
that the court in such action, suit or proceeding shall determine that, despite Indemnitee’s failure to establish their right to indemnification, Indemnitee is entitled to indemnity for such expenses; provided, however, that nothing in this
Section 6(b) is intended to limit the Company’s obligations with respect to the advancement of expenses to Indemnitee in connection with any such action, suit or proceeding instituted by Indemnitee to enforce or interpret this Agreement,
as provided in Section 2 hereof. 

  
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 (c) Section 16(b) Matters. To indemnify Indemnitee on account of any suit in
which judgment is rendered against Indemnitee for disgorgement of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Exchange Act. 

(d) Fraud or Willful Misconduct. To indemnify Indemnitee on account of conduct by Indemnitee where such conduct has been
determined by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be
filed has expired without such filing to have been knowingly fraudulent or constitute willful misconduct. 
 (e) Prohibited
by Law. To indemnify Indemnitee in any circumstance where such indemnification has been determined by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to
which there is no further right or option of appeal or the time within which an appeal must be filed has expired without such filing to be prohibited by law. 
 Section 7. Certain Settlement Provisions; No Adverse Settlement. The Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of
any action, suit or proceeding without the Company’s prior written consent. The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any action, suit or proceeding which the Indemnitee is or could
have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the subject matter of such action, suit or proceeding.
Neither the Company nor the Indemnitee shall unreasonably withhold, condition or delay its or his or her consent to any proposed settlement; provided, that the Indemnitee may withhold consent to any settlement that does not provide a complete and
unconditional release of the Indemnitee. In no event shall the Indemnitee be required to waive, prejudice or limit attorney-client privilege or work-product protection or other applicable privilege or protection. The Company shall not seek, nor
shall it agree to, consent to, support or agree not to contest any settlement or other resolution of any action, suit or proceeding, or settlement or other resolution of any other claim, action, proceeding, demand, investigation or other matter that
has the actual or purported effect of extinguishing, limiting or impairing the Indemnitee’s rights hereunder, including, without limitation, the entry of any bar order or other order, decree or stipulation, pursuant to 15 U.S.C. § 78u-4
(the Private Securities Litigation Reform Act), or any similar foreign, federal or state statute, regulation, rule or law. 

Section 8. Savings Clause. If any provision or provisions (or portion thereof) of this Agreement shall be invalidated
on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party or is otherwise involved in any threatened, pending or completed action,
suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including appeals, by reason of the fact that Indemnitee is or was or has agreed to serve
as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent

  
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(which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, from and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and
amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals, to the fullest extent permitted by any applicable portion of this Agreement that shall not have
been invalidated. 
 Section 9. Contribution/Jointly Indemnifiable Claims. 

(a) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein is held by a
court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Company shall, to the fullest extent permitted by law, contribute to the payment of all of Indemnitee’s loss and
liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with any action, suit or proceeding, including any appeals, in an
amount that is just and equitable in the circumstances; provided, that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to any limitation on indemnification set forth
in Section 4(c), 6 or 7 hereof. 
 (b) Given that certain jointly indemnifiable claims may arise due to the service of the
Indemnitee as a director and/or officer of the Company at the request of the Indemnitee-related entities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of
indemnification or advancement of expenses in connection with any such jointly indemnifiable claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the
Indemnitee-related entities. Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-related entities and no right of advancement or recovery the Indemnitee may have from the
Indemnitee-related entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-related entities shall make any payment to the Indemnitee in respect of
indemnification or advancement of expenses with respect to any jointly indemnifiable claim, the Indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee
against the Company, and Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the
Indemnitee-related entities effectively to bring suit to enforce such rights. The Company and Indemnitee agree that each of the Indemnitee-related entities shall be third-party beneficiaries with respect to this Section 9(b), entitled to
enforce this Section 9(b) as though each such Indemnitee-related entity were a party to this Agreement. For purposes of this Section 9(b), the following terms shall have the following meanings: 

(i) The term “Indemnitee-related entities” means any corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint 

  
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venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and
which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or
advancement obligation (other than as a result of obligations under an insurance policy). 
 (ii) The term “jointly
indemnifiable claims” shall be broadly construed and shall include, without limitation, any action, suit or proceeding for which the Indemnitee shall be entitled to indemnification or advancement of expenses from both the Indemnitee-related
entities and the Company pursuant to the DGCL, any agreement or the certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents
of the Company or the Indemnitee-related entities, as applicable. 
 Section 10. Change in Control.

 (a) The Company agrees that if there is a change in control of the Company, then with respect to all matters thereafter
arising concerning the rights of Indemnitee to indemnification and advancement of expenses under this Agreement, any other agreement or the Company’s Certificate of Incorporation or Bylaws now or hereafter in effect, the Company shall seek
legal advice only from outside counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld, conditioned or delayed). In addition, upon written request by Indemnitee for indemnification pursuant to
Section 3(a), a determination, if required by the DGCL, with respect to Indemnitee’s entitlement thereto shall be made by such outside counsel in a written opinion to the Board of Directors of the Company, a copy of which shall be
delivered to Indemnitee. The Company agrees to pay the reasonable fees of the outside counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorney’s fees), claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto. 
 For purposes of this Section 10, the
following definitions shall apply: 
 (i) A “change in control” shall be deemed to occur upon the earliest to occur
after the date of this Agreement of any of the following: (i) any person (as defined below) (together with its Affiliates (as defined below)) (other than (1) the Company or any of its Subsidiaries (as defined below), (2) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (3) an underwriter temporarily holding securities pursuant to an offering of such securities, (4) any corporation or other
entity owned, directly or indirectly, by the equityholders of the Company in substantially the same proportions as their ownership of Voting Securities, or (5) any person that is an equityholder of the Company or its Subsidiaries on the
business day immediately prior to the date that the Company or any direct or indirect parent of the Company first issues its Voting Securities in an underwritten primary or secondary public offering pursuant to an effective registration statement
filed with the Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended), is or becomes the “beneficial owner”, directly or indirectly, of Voting Securities representing more than 50% of the combined
voting power of the then outstanding 

  
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Voting Securities; (ii) a merger or consolidation of the Company with any person, other than (A) a merger or consolidation which would result in the Voting Securities outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) 50% or more of the combined voting power of the Voting Securities or the voting
securities of such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation in which no person (together with its Affiliates) (other than (1) the Company or any of its
Subsidiaries, (2) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, (3) an underwriter temporarily holding securities pursuant to an offering of such securities,
(4) any corporation or other entity owned, directly or indirectly, by the equityholders of the Company in substantially the same proportions as their ownership of Voting Securities, or (5) any person that is an equityholder of the Company
or its Subsidiaries on the business day immediately prior to the date that the Company or any direct or indirect parent of the Company first issues its Voting Securities in an underwritten primary or secondary public offering pursuant to an
effective registration statement filed with the Securities and Exchange Commission in accordance with the Securities Act of 1933, as amended) acquired 50% or more of the combined voting power of the Company’s then outstanding securities; or
(iii) a complete liquidation of the Company or a sale or disposition by the Company of all or substantially all of the Company’s consolidated assets (or any transaction having a similar effect). 

For purposes of this Section 10(b)(i) and elsewhere in this Agreement, the following terms shall have the following meanings:

 (A) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

(B) “person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that
person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company. 
 (C) “beneficial owner” shall have
the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that beneficial owner shall exclude any person otherwise becoming a beneficial owner by reason of the stockholders of the Company approving a merger of the
Company with another entity. 
 (D) “Affiliate” shall have the meaning ascribed thereto in Rule 12b-2 promulgated
under the Exchange Act, as in effect on the date hereof. 
 (E) “Subsidiaries” shall mean, with respect to any person,
any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that person or one or more of the other Subsidiaries of that person or a combination thereof, or (ii) if a
limited liability 

  
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company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership,
association or other business entity is at the time owned or Controlled, directly or indirectly, by any person or one or more Subsidiaries of that person or a combination thereof. For purposes hereof, a person or persons shall be deemed to have a
majority ownership interest in a limited liability company, partnership, association or other business entity if such person or persons shall be allocated a majority of limited liability company, partnership, association or other business entity
gains or losses or shall be or Control the managing director or general partner of such limited liability company, partnership, association or other business entity. 
 (F) “Control” (including its correlative meanings, “Controlled by” and “under common Control with”) shall mean the possession, directly or indirectly, of the power to direct
or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a person. 
 (G) “Voting Securities” means any securities of the Company which vote generally in the election of directors. 
 Section 11. Form and Delivery of Communications. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given if (a) delivered by hand, upon receipt by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on
which it is so mailed, (c) mailed by reputable overnight courier, one day after deposit with such courier and with written verification of receipt or (d) sent by email or facsimile transmission, with receipt of oral confirmation that such
transmission has been received. Notice to the Company shall be directed to PBF Energy Inc., Attention: General Counsel, One Sylvan Way, Parsippany, NJ 07054, email: jeffrey.dill@pbfenergy.com; facsimile: (973) 455-7562; confirmation number:
(973) 455-7576. Notice to Indemnitee shall be given to the address set forth on the Indemnitee’s signature page hereto. Either party may change the address for notices by providing written notice to the other. 

Section 12. Nonexclusivity. The provisions for indemnification and advancement of expenses set forth in this Agreement
shall not be deemed exclusive of any other rights which Indemnitee may have under any provision of applicable law, in any court in which a proceeding is brought, under the Certificate of Incorporation or Bylaws of the Company (or other
organizational documents of any predecessor or parent of the Company) other agreements or otherwise, and Indemnitee’s rights hereunder shall inure to the benefit of the heirs, executors and administrators of Indemnitee. No amendment or
alteration of the Company’s Certificate of Incorporation or Bylaws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement. 
 Section 13. No Construction as Employment Agreement. Nothing contained herein shall be construed as giving Indemnitee any right to be retained as a director of the Company or in the
employ of the Company. For the avoidance of doubt, the indemnification and advancement of expenses provided under this Agreement shall continue as to the Indemnitee even though he may have ceased to be a director, officer, employee or agent of the
Company or of any other enterprise at the Company’s request. 

  
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 Section 14. Severability; Interpretation of Agreement. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. Without limiting the generality of the foregoing, it is understood that the parties hereto intend this Agreement to be interpreted
and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by the DGCL. In the event any provision hereof conflicts with the DGCL or any other applicable law, such provision shall be deemed modified,
consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 
 Section 15. Entire
Agreement. This Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written
understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement. 

Section 16. Modification and Waiver. No supplement, modification, waiver or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver. For the avoidance of doubt, this Agreement may not be terminated by the Company without Indemnitee’s prior written consent. 
 Section 17. Successor and Assigns. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto
and their respective successors, assigns, heirs, spouses, executors, administrators and personal and legal representatives. The Company shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of such Indemnitor, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly 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 if no such succession had taken place. 
 Section 18.
Service of Process and Venue. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court
of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court
for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably The Corporation Trust
Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801 as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the
same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to
plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

  
 11 

 Section 19. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Company of
Indemnitee, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary. 

Section 20. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

Section 21. Specific Performance, Etc. The parties recognize that if any provision of this Agreement is violated by
the Company, the Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, the Indemnitee shall be entitled, if the Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain
damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as the Indemnitee may elect to pursue. 
 Section 22. Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 This Indemnification Agreement has been duly executed and delivered to be effective as of
the date stated above. 
  

			
	PBF ENERGY INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	
	INDEMNITEE:
		
	Name:	 	  

	Address:	 	

  
 13EXHIBIT 10.20

 Exhibit 10.20 
 TAX RECEIVABLE AGREEMENT 
 This TAX RECEIVABLE AGREEMENT (as amended from time to
time, this “Agreement”), dated as of [            ], 2012, is hereby entered into by and among PBF Energy Inc., a Delaware corporation (the “Corporation”),
PBF Energy Company LLC, a Delaware limited liability company (“Energy”), and each of the Members (as defined herein). 
 RECITALS 
 WHEREAS, the Members hold Units (as defined below) in Energy, which is
treated as a partnership for United States federal income tax purposes, and certain Members hold warrants to acquire Units; 

WHEREAS, the Corporation is the managing member of, and holds and will hold Units in, Energy; 

WHEREAS, as a result of the Members agreeing to hold Units rather than transferring all of their Units in exchange for Class A
Shares (as defined below), the Corporation expects to incur significantly lower tax liabilities on an ongoing basis with respect to the operations of Energy and its direct and indirect subsidiaries; 

WHEREAS, the Units held by the Members, as of the date hereof or at any time in the future, are or will be exchangeable for Class A
common stock (the “Class A Shares”) of the Corporation, as contemplated by the Exchange Agreement and Section 3.3 of the LLC Agreement; 
 WHEREAS, Energy and each of its direct and indirect subsidiaries treated as a partnership for United States federal income tax purposes will have in effect an election under Section 754 of the United
States Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year (as defined below) in which an exchange of Units for Class A Shares occurs, which election is intended to result or be deemed to result in an
adjustment to the tax basis of the assets owned by Energy and such subsidiaries (solely with respect to the Corporation) at the time (such time, an “Exchange Date”) of a taxable exchange of Units for Class A Shares or any other
taxable acquisition of Units by the Corporation (including in connection with the IPO) (each such exchange or acquisition, an “Exchange”) (such assets and any asset whose tax basis is determined, in whole or in part, by reference to
the adjusted basis of any such asset, the “Original Assets”) by reason of such Exchange and the payments under this Agreement; 
 WHEREAS, the income, gain, loss, expense and other Tax (as defined below) items of (i) the Corporation, as a member of Energy (and in respect of each of Energy’s direct and indirect subsidiaries
treated as a partnership for United States federal income tax purposes), may be affected by the Basis Adjustment (as defined below) and (ii) the Corporation may be affected by the Imputed Interest (as defined below); and 

WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the actual or deemed effect of the Basis
Adjustment and the Imputed Interest on the liability for Taxes of the Corporation. 

 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I.
DEFINITIONS 
 Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

“Advisory Firm” means any “big four” accounting firm or any other law or accounting firm that is widely
recognized as being expert in Tax matters and that is agreed to by the Board. 
 “Advisory Firm Letter” shall
mean a letter from the Advisory Firm stating that the relevant schedule, notice or other information to be provided by the Corporation to the Exchanging Member and all supporting schedules and work papers were prepared in a manner consistent with
the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered to the Exchanging Member.

 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or
more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed
Rate” means LIBOR plus 50 basis points. 
 “Agreement” is defined in the preamble of this Agreement.

 “Amended Schedule” is defined in Section 2.04(b) of this Agreement. 

“Amount Realized” means, in respect of an Exchange by an Exchanging Member, the amount that is realized by the
Exchanging Member on the Exchange, which shall be the sum of (i) the Market Value of the Class A Shares, the amount of cash and the amount or fair market value of other consideration received (or deemed received) by the Exchanging Member
in the Exchange and (ii) the Share of Liabilities attributable to the Units Exchanged. 
 “Available Cash”
means all cash and cash equivalents of the Corporation on hand, less (i) amounts paid for, or reserved for the payment of, taxes and corporate overhead expenses and (ii) the amount of cash reserves reasonably established in good faith by
the Corporation to comply with applicable law. 
 “Basis Adjustment” means the adjustment to the tax basis of
an Original Asset arising in respect of an Exchange under the principles of Section 732 of the Code (in a situation where, as a result of one or more Exchanges, Energy becomes an entity that is disregarded as separate from its owner for tax
purposes) or Sections 743(b) and 754 of the Code (in situations where, following an Exchange, Energy remains in existence as an entity for tax purposes) and, in each case, comparable sections of state, local and foreign Tax laws. Notwithstanding any
other 

  
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provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units and
as if any such Pre-Exchange Transfer had not occurred. 
 A “Beneficial Owner” of a security is a Person who
directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power,
which includes the power to dispose of, or to direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 

“Board” means the board of directors of the Corporation. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the
government of the United States of America or the State of New York shall not be regarded as a Business Day. 
 “Change
of Control” means the occurrence of any of the following events: 
 (i) any Person or Group (other than
one or more of the Excluded Entities) is or becomes the Beneficial Owner, directly or indirectly of more than fifty percent (50%) of the combined voting power of the Corporation’s then outstanding voting securities entitled to vote
generally in the election of directors (including by way of merger, consolidation or otherwise); 
 (ii) the sale
or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Corporation and its subsidiaries, taken as a whole, to any Person or Group (other than one or more of the Excluded Entities); 

(iii) a merger, consolidation or reorganization of the Corporation (other than (x) with or into, as applicable, any
of the Excluded Entities or (y) in which the stockholders of the Corporation, 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 in substantially the same proportion as their ownership of the voting
securities of the Corporation immediately before such merger, consolidation or reorganization); 
 (iv) the
complete liquidation or dissolution of the Corporation; or 
 (v) 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 the Corporation was approved by a vote of a majority
of the directors of the Corporation, then still in office, who were either directors at the beginning of such period or whose election or nomination for election was 

  
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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. 
 Notwithstanding the foregoing, except with respect to clause (v) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series
of integrated transactions immediately following which the record holders of the shares of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity
which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 
 “Class A Shares” is defined in the Recitals of this Agreement. 

“Code” is defined in the Recitals of this Agreement. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Corporation” is defined in the Preamble of this Agreement. 

“Corporation Return” means the United States federal, state, local and/or foreign Tax Return, as applicable, of the
Corporation filed with respect to Taxes of any Taxable Year. 
 “Cumulative Net Realized Tax Benefit” for a
Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit
and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“Default Rate” means LIBOR plus 250 basis points. 

“Deferral Rate” means LIBOR plus 150 basis points. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of
state, local and foreign Tax law, as applicable, or any other event (including the execution of an IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Dispute” has the meaning set forth in Section 7.08(a). 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 
 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 

  
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 “Early Termination Payment” is defined in Section 4.03(b) of this
Agreement. 
 “Early Termination Rate” means LIBOR plus 100 basis points. 

“Early Termination Schedule” is defined in Section 4.02 of this Agreement. 

“Exchange” is defined in the Recitals of this Agreement, and “Exchanged” and
“Exchanging” shall have correlative meanings. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Exchange Agreement” means the Exchange Agreement, dated on or about the date
hereof, among the Corporation and the PBF LLC Unitholders (as defined therein), as such agreement may be amended from time to time. 
 “Exchange Basis Schedule” is defined in Section 2.02 of this Agreement. 
 “Exchange Date” is defined in the Recitals of this Agreement. 

“Exchange Payment” is defined in Section 5.01. 

“Exchanging Member” means a Member that Exchanges some or all of its Units. 

“Excluded Entity” means any of the following: (i) 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 Management Associates V USS L.L.C. and BCP V USS Side-by-Side GP L.L.C.; (ii) First Reserve Management, L.P.
and any of its Affiliates, including FR PBF Holdings LLC, FR PBF Holdings II LLC; (iii) the Corporation and any Persons of which a majority of the voting power of its voting equity securities and equity interests is owned directly or indirectly
by the Corporation; and (iv) any employee benefit plan (or trust forming a part thereof) sponsored or maintained by any of the foregoing. 
 “Expert” is defined in Section 7.09 of this Agreement. 

“Group” means “group,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act.

 “Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of the
Corporation (or Energy, but only with respect to Taxes imposed on Energy and allocable to the Corporation) using the same methods, elections, conventions and similar practices used on the relevant Corporation Return, but using the Non-Stepped Up Tax
Basis instead of the Tax basis reflecting the Basis Adjustments of the Original Assets and excluding any deduction attributable to Imputed Interest. 

  
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 “Imputed Interest” shall mean any interest imputed under Section 1272,
1274 or 483 or other provision of the Code and any similar provision of state, local and foreign Tax law with respect to the Corporation’s payment obligations under this Agreement. 

“Interest Amount” has the meaning set forth in Section 3.01(b). 

“IPO” means the initial public offering of Class A Shares by the Corporation. 

“IPO Date” means the date on which the Corporation contributes to Energy the net proceeds received by the Corporation in
connection with the IPO. 
 “IRS” means the United States Internal Revenue Service. 

“LIBOR” means for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per
annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available
source of such market rate) for London interbank offered rates for United States dollar deposits for such month (or portion thereof). 
 “LLC Agreement” means, with respect to Energy, the Amended and Restated Limited Liability Company Agreement of Energy, dated on or about the date hereof, as such agreement may be amended
from time to time. 
 “Market Value” shall mean the closing price of the Class A Shares on the applicable
Exchange Date on the national securities exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided that if the closing price is not reported by the
Wall Street Journal for the applicable Exchange Date, then the Market Value shall mean the closing price of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer
quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street Journal; provided further, that if the Class A Shares are not then listed on a National Securities Exchange or
Interdealer Quotation System, “Market Value” shall mean the cash consideration paid for Class A Shares, or the fair market value of the other property delivered for Class A Shares, as determined by the Board in good faith.

 “Material Objection Notice” has the meaning set forth in Section 4.02. 

“Members” means the parties hereto, other than the Corporation and Energy, and each other Person who from time to time
executes a Joinder Agreement in the form attached hereto as Exhibit A. 
 “Net Tax Benefit” has the meaning set
forth in Section 3.01(b). 
 “Non-Stepped Up Tax Basis” means, with respect to any asset at any time, the
Tax basis that such asset would have had at such time if no Basis Adjustment had been made. 
 “Objection
Notice” has the meaning set forth in Section 2.04(a). 

  
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 “Original Assets” is defined in the Recitals of this Agreement. 

“Original Members” means the members of Energy on the date of, but immediately preceding, the IPO. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Post-Exercise Exchange” has the
meaning set forth in Section 2.01(c). 
 “Pre-Exchange Transfer” means any transfer (including upon the
death of a Member) of one or more Units that occurs prior to an Exchange of such Units. 
 “Realized Tax
Benefit” means, for a Taxable Year and for all Taxes collectively, the net excess, if any, of the Hypothetical Tax Liability over the “actual” liability for Taxes of the Corporation (or Energy, but only with respect to Taxes
imposed on Energy and allocable to the Corporation for such Taxable Year), such “actual” liability to be computed with the adjustments described in this Agreement. If all or a portion of the actual liability for Taxes of the Corporation
(or Energy, but only with respect to Taxes imposed on Energy and allocable to the Corporation for such Taxable Year) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included
in determining the Realized Tax Benefit unless and until there has been a Determination. 
 “Realized Tax
Detriment” means, for a Taxable Year and for all Taxes collectively, the net excess, if any, of the “actual” liability for Taxes of the Corporation (or Energy, but only with respect to Taxes imposed on Energy and allocable to the
Corporation for such Taxable Year), such “actual” liability to be computed with the adjustments described in this Agreement, over the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the actual liability for Taxes
of the Corporation (or Energy, but only with respect to Taxes imposed on Energy and allocable to the Corporation for such Taxable Year) for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability
shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Dispute” has the meaning set forth in Section 7.09. 

“Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 

“Schedule” means any Exchange Basis Schedule or Tax Benefit Schedule and the Early Termination Schedule. 

“Senior Obligations” is defined in Section 5.01 of this Agreement. 

  
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 “Share of Liabilities” means, as to any Unit at the time of an Exchange,
the aggregate amount of the liabilities of Energy, for purposes of Section 752 and Section 1001 of the Code, at the time of the Exchange. 
 “Subsidiary” means, with respect to any Person, 

(i) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability
company or similar entity) of which more than 50% of the total voting power of shares of stock or similar interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

(ii) any partnership, joint venture, limited liability company or similar entity of which (x) more than 50% of the
capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 “Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.03 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 
 “Taxable Year” means a taxable year of the Corporation as defined in Section 441(b) of the Code or comparable section of state, local or foreign Tax law, as applicable (and,
therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is prepared), ending on or after the IPO Date. 
 “Taxes” means any and all United States federal, state, local and foreign taxes, assessments or similar charges that are based on or measured with respect to net income or profits,
whether as an exclusive or on an alternative basis, and any interest related to such Tax. 
 “Taxing Authority”
shall mean any domestic, foreign, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other
authority exercising Tax regulatory authority. 
 “Treasury Regulations” means the final, temporary and
proposed regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

  
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 “Units” shall have the meaning ascribed thereto in the LLC Agreement (and
shall include, without limitation, the Reclassified Series B Units (as defined in the LLC Agreement)). 
 “Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that (a) in each Taxable Year ending on or after such Early Termination Date, the Corporation will have taxable income sufficient to fully use the deductions
arising from any Basis Adjustment or Imputed Interest during such Taxable Year; (b) the federal income tax rates and state, local and foreign income tax rates that will be in effect for each such Taxable Year will be those specified for each
such Taxable Year by the Code and other law as in effect on the Early Termination Date; (c) any loss carryovers generated by any Basis Adjustment or Imputed Interest and available as of the date of the Early Termination Schedule will be used by
the Corporation on a pro rata basis from the date of the Early Termination Schedule through the scheduled expiration date of such loss carryovers; (d) any non-amortizable assets will be disposed of on the fifteenth anniversary of the earlier of
the Basis Adjustment and the Early Termination Date; and (e) if, at the Early Termination Date, there are Units that have not been Exchanged, then each such Unit shall be deemed to be Exchanged for the Market Value of the Class A Shares
and the amount of cash that would be transferred if the Exchange occurred on the Early Termination Date. For the avoidance of doubt, in the event of a Change of Control, such assumptions shall not take into account any changes in the
Corporation’s stand alone tax position that might result from the transaction giving rise to the Change of Control. 

ARTICLE II. DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT 

Section 2.01. Basis Adjustment, Imputed Interest. 
 (a) Basis Adjustment. For purposes of this Agreement, as a result of an Exchange, Energy shall be deemed to be entitled to a Basis Adjustment for each Original Asset with respect to the
Corporation, the amount of which Basis Adjustment shall generally be the excess, if any, of (i) the sum of (x) the Amount Realized by the Exchanging Member in the Exchange, to the extent attributable to such Original Asset, plus
(y) the amount of payments made pursuant to this Agreement with respect to such Exchange, to the extent attributable to such Original Asset, over (ii) the Corporation’s share of Energy’s Tax basis for such Original Asset
immediately after the Exchange, attributable to the Units Exchanged, determined as if (x) Energy remains in existence as an entity for tax purposes and (y) Energy had not made the election provided by Section 754 of the Code. For
purposes of this Agreement, in computing the effect of the Basis Adjustment on the Tax liability of the Corporation, the actual basis adjustment to each Original Asset under Section 732 or Section 743(b) of the Code shall be recovered by
the Corporation in accordance with its actual recovery for purposes of the applicable Tax. 
 (b) Imputed Interest. For
the avoidance of doubt, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 
 (c) Treatment of Noncompensatory Warrants; Series B Units. The parties to this Agreement acknowledge and agree that any Exchange by a Member of a Unit acquired through the exercise of a
noncompensatory warrant (a “Post-Exercise Exchange”) may result in a Basis Adjustment, in which case such Member shall be entitled to a Tax Benefit Payment in a 

  
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manner consistent with the rights of other Series A-1 Members and Series A-2 Members Unit holders under this Agreement. In furtherance of the proceeding sentence, the methodology applied in
determining Basis Adjustments and any other calculations or work product pursuant to this Agreement (including, without limitation, the Exchange Basis Schedules, Tax Benefit Schedules, and Tax Benefit Payments) shall be consistent with Proposed
Treasury Regulations Sections 1.704-1 and 1.721-1 (published under REG-103580-02, 68 F.R. 2930-2941 (Jan. 22, 2003), as amended) in order to preserve the right of a holder of a noncompensatory warrant to receive a Tax Benefit Payment by virtue of a
Post-Exercise Exchange in a manner consistent with the rights of other Series A-1 Members and Series A-2 Members Unit holders. The parties to this Agreement further acknowledge and agree that the holders of Series B Units are entitled to the
benefits of this Agreement on account of an Exchange of Reclassified Units deemed owned by the holders of Series B Units in accordance with Section 3.3 of the LLC Agreement. The provisions of this Agreement shall be construed and adjusted in
the appropriate manner so that the fundamental results described in this Section 2.01(c) are achieved. The Corporation shall deliver to each Member a schedule on an annual basis setting forth the aforementioned Basis Adjustments, together with
reasonable supporting documentation, and such schedule shall be subject to Section 2.04 below. 
 Section 2.02.
Exchange Basis Schedule. Within 45 calendar days after the filing of the United States federal income tax return of the Corporation for each Taxable Year, the Corporation shall deliver to each Exchanging Member a schedule (an
“Exchange Basis Schedule”) that shows, in reasonable detail, for purposes of Taxes, (i) the actual unadjusted Tax basis of the Original Assets as of each applicable Exchange Date, (ii) the Basis Adjustment with respect to
the Original Assets as a result of the Exchanges effected in such Taxable Year, calculated in the aggregate, (iii) the period or periods, if any, over which the Original Assets are amortizable and/or depreciable and (iv) the period or
periods, if any, over which each Basis Adjustment is amortizable and/or depreciable (which, for non-amortizable assets shall be based on the Valuation Assumptions). 
 Section 2.03. Tax Benefit Schedule. Within 45 calendar days after the filing of the United States federal income tax return of the Corporation, the Corporation shall provide to each Exchanging
Member a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”). The Schedule will become final as provided in
Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(b)). 
 Section 2.04. Procedures, Amendments. 
 (a) Procedure. Every
time the Corporation delivers to an Exchanging Member an Exchange Basis Schedule, a Tax Benefit Schedule or other applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to Section 2.04(b), but excluding any
Early Termination Schedule or amended Early Termination Schedule, the Corporation shall also (i) deliver to the Exchanging Member schedules and work papers providing reasonable detail regarding the preparation of the Schedule and an Advisory
Firm Letter supporting such Schedule and (ii) allow the Exchanging Member reasonable access at no cost to the appropriate representatives at the Corporation and the Advisory Firm in connection with a review of such Schedule. The applicable
Schedule shall become final and binding on all 

  
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parties unless the Exchanging Member, within 30 calendar days after receiving such Schedule or amendment thereto, provides the Corporation with notice of a material objection to such Schedule
(“Objection Notice”) made in good faith. If the parties, for any reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days of receipt by the Corporation of an Objection Notice, if with
respect to an Exchange Basis Schedule or a Tax Benefit Schedule, the Corporation and the Exchanging Member shall employ the reconciliation procedures as described in Section 7.09 of this Agreement (the “Reconciliation
Procedures”). 
 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to
time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable
Year after the date the Schedule was provided to the Exchanging Member, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year, (v) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year
attributable to an amended Tax Return filed for such Taxable Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement (such Schedule, an “Amended Schedule”). The
Corporation shall provide any Amended Schedule to the Exchanging Member within 30 calendar days of the occurrence of an event referred to in clauses (i) through (vi) of the preceding sentence, and any such Amended Schedule shall be subject
to approval procedures similar to those described in Section 2.04(a). 
 ARTICLE III. TAX BENEFIT PAYMENTS

 Section 3.01. Payments. 
 (a) Payments. Within five (5) Business Days of a Tax Benefit Schedule that was delivered to an Exchanging Member becoming final in accordance with Section 2.04(a), the Corporation shall
pay to such Exchanging Member for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.01(b). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank account of the Exchanging
Member previously designated by such Member to the Corporation. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, estimated federal income tax payments. 

(b) A “Tax Benefit Payment” means an amount, not less than zero, equal to the sum of the Net Tax Benefit and the
Interest Amount. The “Net Tax Benefit” for each Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of payments
previously made under this Section 3.01, excluding payments attributable to Interest Amount; provided, however, that for the avoidance of doubt, no Member shall be required to return any portion of any previously made Tax Benefit
Payment. The “Interest Amount” for a given Taxable Year shall equal the interest on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporation Return
with respect to Taxes for the most recently ended Taxable Year until the Payment Date. The Net Tax 

  
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Benefit and the Interest Amount shall be determined separately with respect to each separate Exchange, on a Unit-by-Unit basis by reference to the Amount Realized by the Exchanging Member on the
Exchange of a Unit and the resulting Basis Adjustment to the Corporation. 
 (c) If on any Payment Date the Corporation does not
have sufficient Available Cash to pay the Tax Benefit Payment that is due on such Payment Date as specified in Section 3.01(a), the Corporation may elect by written notice to the affected Members to defer payment of such Tax Benefit Payment
that is in excess of the Available Cash for a period of time not to exceed two (2) years. If the Corporation elects to defer payment of any amount pursuant to this Section 3.01(c), interest shall accrue on such amount at the Deferral Rate
from the Payment Date specified in Section 3.01(a) until such amount is paid. While any amounts are deferred pursuant to this Section 3.01(c), the Corporation shall be required, within ninety (90) calendar days of obtaining Available
Cash, to make payments to Exchanging Members with respect to such deferred amounts to the extent of such Available Cash. Upon a Change of Control, any amounts deferred pursuant to this Section 3.01(c) (including interest) shall become due, and
no further amounts may be deferred pursuant to this Section 3.01(c). 
 (d) The Corporation shall use good faith efforts to
ensure that it has sufficient Available Cash to make all payments due under this Agreement without regard to Section 3.01(c). 
 Section 3.02. No Duplicative Payments. Notwithstanding anything in this Agreement to the contrary, it is intended that the provisions of this Agreement will not result in duplicative payment
of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of the Corporation’s Cumulative Net Realized Tax Benefit, and the Interest Amount thereon, being paid
to the Members pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner so that these fundamental results are achieved. 
 Section 3.03. Pro Rata Payments. For the avoidance of doubt, to the extent that (a) the Corporation’s deductions with respect to any Basis Adjustment is limited in a particular
Taxable Year or (b) the Corporation lacks sufficient funds to satisfy its obligations to make all Tax Benefit Payments due in a particular taxable year, the limitation on the deduction, or the Tax Benefit Payments that may be made, as the case
may be, shall be taken into account or made for the Exchanging Member in the same proportion as Tax Benefit Payments would have been made absent the limitations in clauses (a) and (b) of this paragraph, as applicable. 

ARTICLE IV. TERMINATION 
 Section 4.01. Early Termination; Breach of Agreement; Change of Control. 
 (a) The Corporation may terminate this Agreement with respect to all of the Units held (or previously held and Exchanged) by all Members at any time by paying to the Members the Early Termination Payment;
provided, however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by all Members, and provided further that the Corporation may withdraw any notice to execute its termination
rights under this Section 4.01(a) prior to the time at which any Early Termination Payment has been paid. Upon 

  
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payment of the Early Termination Payments by the Corporation, neither the Members nor the Corporation shall have any further payment obligations under this Agreement, other than for any
(i) Tax Benefit Payment agreed to by the Corporation and the Member as due and payable but unpaid as of the Early Termination Notice and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early
Termination Notice (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment). For the avoidance of doubt, if an Exchange occurs after the Corporation makes the Early Termination Payments with
respect to all Members, the Corporation shall have no obligations under this Agreement with respect to such Exchange, and its only obligations under this Agreement in such case shall be its obligations to all Members under Section 4.03(a).

 (b) In the event of a failure by the Corporation for 30 days after receipt of written notice by one or more of the Members to
comply with any of its material obligations under this Agreement, whether as a result of failure to make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of
this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such failure
and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment agreed to by the Corporation and any
Member as due and payable but unpaid as of the date of a breach, and (iii) any Tax Benefit Payment due for the Taxable Year ending with or including the date of a breach. Notwithstanding the foregoing, in the event that the Corporation fails to
comply as provided in the prior sentence, the Members shall be entitled to elect to receive the amounts set forth in clauses (i), (ii) and (iii) above or to seek specific performance of the terms hereof. The parties agree that the failure
to make any payment due pursuant to this Agreement within ninety (90) calendar days of the date such payment is due (subject to the Corporation’s rights under Section 3.01(c)) shall be deemed to be a breach of a material obligation
under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within ninety (90) calendar days of the
date such payment is due. 
 (c) In the event of a Change of Control, then all obligations hereunder shall be accelerated and
such obligations shall be calculated pursuant to this Article IV as if an Early Termination Notice had been delivered on the closing date of the Change of Control and shall include, but not be limited to, (i) the Early Termination Payment
calculated as if an Early Termination Notice had been delivered on the effective date of a Change of Control, (ii) any Tax Benefit Payment agreed to by the relevant parties as due and payable but unpaid as of the Early Termination Notice and
(iii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the effective date of a Change of Control. In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the Valuation
Assumptions and by substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date.” 
 (d) The Corporation, Energy and each of the Members hereby acknowledge that, as of the date of this Agreement, the aggregate value of the Tax Benefit Payments cannot reasonably be ascertained for United
States federal income tax or other applicable Tax purposes. 

  
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 Section 4.02. Early Termination Notice. If the Corporation chooses to exercise
its right of early termination under Section 4.01(a) above, the Corporation shall deliver to each present or former Member notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the
“Early Termination Schedule”) specifying the Corporation’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for that Member. The Early Termination Schedule shall
become final and binding on all applicable parties unless the Member, within 30 calendar days after receiving the Early Termination Schedule, provides the Corporation with notice of a material objection to such Schedule made in good faith
(“Material Objection Notice”). If the applicable parties, for any reason, are unable to successfully resolve the issues raised in such notice within 30 calendar days after receipt by the Corporation of the Material Objection Notice,
the Corporation and the Member shall employ the Reconciliation Procedures as described in Section 7.09 of this Agreement. 

Section 4.03. Payment upon Early Termination. 
 (a) Within five (5) Business Days after agreement between the Member and the Corporation of the Early Termination Schedule, the Corporation shall pay to the Member an amount equal to the Early
Termination Payment. Such payment shall be made by wire transfer of immediately available funds to a bank account designated by the Member. 
 (b) The “Early Termination Payment” as of the date of the delivery of an Early Termination Schedule shall equal, with respect to any Member, the present value, discounted at the Early
Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by the Corporation to the Member beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. 

ARTICLE V. SUBORDINATION AND LATE PAYMENTS 
 Section 5.01. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required to be made by the Corporation
to the Members under this Agreement (an “Exchange Payment”) shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness
for borrowed money of the Corporation and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Corporation that are not Senior Obligations. 

Section 5.02. Late Payments by the Corporation. The amount of all or any portion of any Exchange Payment not made to any
Member when due (subject to the Corporation’s rights under Section 3.01(c)) under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such
Exchange Payment was due and payable. The Corporation shall not effect any repurchases or redemptions of its capital stock at a time when it shall have failed to make any Exchange Payment otherwise due and payable other than (a) repurchases of
capital stock deemed to occur (i) upon the exercise of options or warrants if such capital stock represents all or a portion of the exercise price thereof and (ii) in connection with the withholding of a portion of the capital stock
granted or awarded to any recipients to pay for the taxes payable by such 

  
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recipients upon such grant or award (or the vesting thereof), and (b) repurchases or redemptions of any capital stock held by any director, officer, employee or consultant of the Corporation
or any of its Subsidiaries pursuant to any equity incentive plan or other employee benefit plan or agreement approved by the Board. 
 ARTICLE VI. NO DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.01.
Original Member Participation in the Corporation’s and Energy’s Tax Matters. Except as otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all Tax matters concerning the
Corporation and Energy, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporation shall notify the
applicable Original Members of, and keep the applicable Original Members reasonably informed with respect to, the portion of any audit of the Corporation and Energy by a Taxing Authority the outcome of which is reasonably expected to affect the
applicable Original Members’ rights and obligations under this Agreement, and shall provide to the applicable Original Members reasonable opportunity to provide information and other input to the Corporation, Energy and their respective
advisors concerning the conduct of any such portion of such audit; provided, however, that the Corporation and Energy shall not be required to take any action that is inconsistent with any provision of the LLC Agreement or applicable
law. 
 Section 6.02. Consistency. Except upon the written advice of an Advisory Firm, and except for items that are
explicitly described as “deemed” or in similar manner by the terms of this Agreement, the Corporation and the Exchanging Member agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax
purposes and financial reporting purposes, all Tax-related items (including without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any Schedule required to be provided
by or on behalf of the Corporation under this Agreement. Any dispute concerning such advice shall be subject to the terms of Section 7.09; provided, however, that only an Original Member shall have the right to object to such
advice pursuant to this Section 6.02. In the event that an Advisory Firm is replaced with another firm acceptable to the Corporation and the Exchanging Member, such replacement Advisory Firm shall be required to perform its services under this
Agreement using procedures and methodologies consistent with the previous Advisory Firm, unless otherwise required by law or the Corporation and the Exchanging Member agree to the use of other procedures and methodologies. 

Section 6.03. Cooperation. The Exchanging Member shall (a) furnish to the Corporation in a timely manner such
information, documents and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement (including whether an exchange of units is taxable or
tax-free), preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the Corporation and its representatives to provide explanations of documents and
materials and such other information as the Corporation or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and
the Corporation shall reimburse the Exchanging Member for any reasonable third-party costs and expenses incurred pursuant to this Section. 

  
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 ARTICLE VII. MISCELLANEOUS 

Section 7.01. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent during normal business hours on a Business Day (or otherwise
on the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions
as may be designated in writing by the party to receive such notice: 
 if to the Corporation, to: 

PBF Energy Inc. 

One Sylvan Way 

Parsippany, NJ 07054 
 Attention: General Counsel 
 Fax: (973) 455-7562 

with a copy (which shall not constitute notice) to: 
 Stroock & Stroock & Lavan LLP 
 180 Maiden Lane 

New York, New York 10038 
 Attention: Todd E. Lenson 
 Facsimile: (212) 806-7793 

if to Energy, to: 
 PBF Energy Company LLC 
 One Sylvan Way 

Parsippany, NJ 07054 
 Attention: General Counsel 
 Fax: (973) 455-7562 

with a copy (which shall not constitute notice) to: 
 Stroock & Stroock & Lavan LLP 
 180 Maiden Lane 

New York, New York 10038 
 Attention: Todd E. Lenson 
 Facsimile: (212) 806-7793 

If to the Exchanging Member, to: 
 The address and facsimile number set forth in the records of Energy. 

  
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 Any party may change its address or fax number by giving the other party written notice of
its new address or fax number in the manner set forth above. 
 Section 7.02. Counterparts. This Agreement may be
executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.03. Entire Agreement. This Agreement, together with the LLC Agreement and the Exchange Agreement, and the exhibits
and schedules referenced herein and therein, constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

Section 7.04. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 
 Section 7.05. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in
order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.06. Successors; Assignment; Amendments; Waivers. 

(a) No Member may assign this Agreement to any person without the prior written consent of the Corporation; provided,
however, that (i) to the extent Units are effectively transferred in accordance with the terms of the LLC Agreement, the transferring Member shall have the option to assign to the transferee of such Units the transferring Member’s
rights under this Agreement with respect to such transferred Units, as long as such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, substantially in the form attached
hereto as Exhibit A, and (ii) once an Exchange has occurred, any and all payments that may become payable to a Member pursuant to this Agreement with respect to the Exchanged Units may be assigned to any Person or Persons, including a
liquidating trust, as long as any such Person has executed and delivered, or, in connection with such assignment, executes and delivers, a joinder to this Agreement, substantially in the form attached hereto as Exhibit A; provided,
further, however, that no such assignment or transfer shall relieve any party hereto of any of its obligations hereunder. If any 

  
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Member proposes to assign any payment as described in clause (ii) of the immediately preceding sentence to any Person or Persons (other than to one of its Affiliates or Permitted
Transferees), then the assigning Member shall give written notice to the Corporation at least thirty (30) days prior to the proposed assignment setting forth the name of the proposed assignee, the price and the other material terms and
conditions of such assignment, and the Corporation shall promptly deliver a copy of such notice to each of the other Members. Each of the other Members shall thereafter have the right exercisable by written notice to the assigning Member within ten
(10) days after receipt of notice from the Corporation to participate in such assignment of payments at the same price and on the same terms and conditions as the assigning Member. The assigning Member shall not assign any such payment to such
prospective assignee unless and until, simultaneously with such assignment, the prospective assignor shall purchase the payments from all Members who decide to sell pursuant to this paragraph. 

For the avoidance of doubt, if a Person transfers Units (regardless of whether the transferee is a “Permitted
Transferee” under the terms of the LLC Agreement) but does not assign to the transferee of such Units such Person’s rights, if any, under this Agreement with respect to such transferred Units, such Person shall be entitled to receive
the Tax Benefit Payments, if any, due hereunder with respect to, including any Tax Benefit Payments arising in respect of a subsequent Exchange of, such Units. 
 Notwithstanding the foregoing provisions of this Section 7.06, no transferee described in clause (i) of the first sentence of this Section 7.06(a) shall have the right to enforce the
provisions of Section 2.04, 4.02, 6.01 or 6.02 of this Agreement, and no assignee described in clause (ii) of the first sentence of this Section 7.06(a) shall have any rights under this Agreement except for the right to enforce its
right to receive payments under this Agreement. 
 (b) No provision of this Agreement may be amended unless such amendment is
approved in writing by (i) the Corporation, (ii) each of the parties to this Agreement affected thereby who would be entitled to receive at least 50% of the Early Termination Payments payable to all parties hereunder if the Corporation had
exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any party pursuant to this Agreement since the date of such most recent
Exchange) and (iii) each of the Original Members affected thereby who would be entitled to receive at least 1% of the Early Termination Payments payable to all Original Members hereunder if the Corporation had exercised its right of early
termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any Original Member pursuant to this Agreement since the date of such most recent Exchange); provided,
that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments certain Members will or may receive under this Agreement unless all such Members disproportionately affected consent in writing to such
amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 (c) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, permitted
assigns, heirs, executors, administrators and legal representatives. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any 

  
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right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. The Corporation shall require and cause any direct or indirect successor (whether by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Corporation or its Subsidiaries, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Corporation would be required to perform if no such succession had taken place. Notwithstanding anything to the contrary herein, in the event an Original Members transfers his Units to a Permitted Transferee (as defined in the LLC Agreement),
excluding any other Original Member, such Original Member shall have the right, on behalf of such transferee, to enforce the provisions of Sections 2.04, 4.02 or 6.01 with respect to such transferred Units. 

Section 7.07. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 
 Section 7.08. Resolution of Disputes.

 (a) Any dispute, controversy or claim which is not governed by Section 7.09 arising out of, relating to or in connection
with this Agreement or the transactions contemplated hereby (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration. The arbitration shall take place in Wilmington, Delaware and be
conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”) then in effect (except as they may be modified by mutual agreement of the Corporation, Energy and each of the affected
Members). The arbitration shall be conducted by (i) a single arbitrator if the total amount in controversy is less than $5,000,000 (exclusive of interest and expenses) and (ii) a panel of three arbitrators if the total amount in
controversy is $5,000,000 or more or an unspecified or non-monetary amount. The arbitrator(s) shall be neutral, impartial and independent arbitrators appointed by the AAA, at least one of whom must be a retired judge or a senior partner at one of
the nationally recognized Delaware-based law firms. The arbitration award shall be final and binding on the parties. Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or
its assets. The costs of the arbitration shall be borne by the Corporation. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a), the parties hereto may bring an action or special proceeding in any court of
competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each party
hereto (i) expressly consents to the application of paragraph (c) of this Section 7.08 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of
this Agreement would be difficult to calculate and that remedies at law would be inadequate. 
 (c) EACH PARTY HERETO
IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR ANY DELAWARE STATE COURT, IN EACH CASE, SITTING IN THE CITY OF WILMINGTON, DELAWARE FOR THE PURPOSE OF ANY JUDICIAL

  
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PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 7.08, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO
OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties
acknowledge that the forum designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (d) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary
suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 7.08 and such parties agree not to plead or claim the same, and agree that service of process upon such party in any such action,
suit, demand or proceeding shall be effective if notice is given in accordance with Section 7.01. 

Section 7.09. Reconciliation. In the event that the Corporation and the Exchanging Member are unable to resolve a
disagreement with respect to the matters governed by Sections 2.01(c), 2.04, 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for
determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm (other
than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with either the Corporation or the Exchanging Member or other actual or potential conflict of interest. If the parties
are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the AAA. The Expert shall resolve any matter relating to the
Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within 15 calendar days or as
soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a
disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid on such date and such Tax Return may be filed as prepared by the Corporation,
subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporation except as provided in the next sentence. The Corporation and each
Exchanging Member shall bear their own costs and expenses of such proceeding, unless an Exchanging Member has a prevailing position that is more than 10% of the payment at issue, in which case the Corporation shall reimburse such Exchanging Member
for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.09 shall be decided by the Expert. The Expert shall finally determine
any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporation and the Exchanging Member and may be entered and enforced in any court having jurisdiction. 

  
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 Section 7.10. Withholding. The Corporation shall be entitled to deduct and
withhold from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local or foreign tax law. To the
extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Exchanging Member. 

Section 7.11. Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets. 

(a) If the Corporation becomes a member of an affiliated or consolidated group of corporations that files a consolidated income tax return
pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state, local or foreign law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments,
Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 
 (b) If any entity that is obligated to make an Exchange Payment hereunder transfers one or more assets to a corporation with which such entity does not file a consolidated tax return pursuant to
Section 1501 of the Code, such entity, for purposes of calculating the amount of any Exchange Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as
having disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset, plus (i) the amount of debt
to which such asset is subject, in the case of a contribution of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a contribution of a partnership interest. 

Section 7.12. Confidentiality. Each Member and assignee acknowledges and agrees that the information of the Corporation is
confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall keep and retain in the strictest
confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporation and its Affiliates and successors, concerning Energy and its Affiliates and successors or the other Members, learned by the
Member heretofore or hereafter. This Section 7.12 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its Affiliates, becomes public knowledge (except as a result of an act of such
Member in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information to the extent necessary for a Member to prepare and file his or her Tax returns, to respond to any inquiries regarding
the same from any taxing authority or to prosecute or defend any action, proceeding or audit by any taxing authority with respect to such returns. Notwithstanding anything to the contrary herein, each Member and assignee (and each employee,
representative or other agent of such Member or assignee, as applicable) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the Corporation, Energy, the Members and their Affiliates, and any
of their transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the Members relating to such tax treatment and tax structure. 

  
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 If a Member or assignee commits a breach, or threatens to commit a breach, of any of the
provisions of this Section 7.12, the Corporation shall have the right and remedy to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to
post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Subsidiaries or the other Members and the accounts and funds managed by the
Corporation and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.13. LLC Agreement. This Agreement shall be treated as part of the partnership agreement of Energy as described in
Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

Section 7.14. Partnerships. The Corporation hereby agrees that, to the extent it acquires a general partnership interest,
managing member interest or similar interest in any Person after the date hereof, it shall cause such Person to execute and deliver a joinder to this Agreement and such Person shall be treated as a “partnership” for all purposes of this
Agreement. 
 Section 7.15. Independent Nature of Members’ Rights and Obligations. The obligations of each
Member hereunder are several and not joint with the obligations of any other Member, and no Member shall be responsible in any way for the performance of the obligations of any other Member under hereunder. The decision of each Member to enter into
to this Agreement has been made by such Member independently of any other Member. Nothing contained herein, and no action taken by any Member pursuant hereto, shall be deemed to constitute the Members as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Members are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporation acknowledges that the Members
are not acting in concert or as a group, and the Corporation will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 
 [Remainder of page intentionally left blank] 

  
 -22-

 IN WITNESS WHEREOF, the Corporation, Energy and each Member have duly executed this
Agreement as of the date first written above. 
  

			
	PBF ENERGY INC.
		
	By:	 	  

	 Name:
 Title:
	 	
	
	PBF ENERGY COMPANY LLC
	By its Managing Member, PBF Energy Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MEMBERS:
	
	Each Member set forth on Annex A hereto
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature
Page to Tax Receivable Agreement] 

 EXHIBIT A 

[FORM FOR PURCHASES FROM MEMBERS] 
 JOINDER 
 This JOINDER (this “Joinder”) to the Tax
Receivable Agreement, dated as of             , 20    , by and between PBF Energy Inc., a Delaware corporation (the
“Corporation”), PBF Energy Company LLC, a Delaware limited liability company (“Energy”), and              (“Permitted Transferee”).

 WHEREAS, Permitted Transferee has acquired (the “Acquisition”)
[            ] Units in Energy and corresponding shares of Class B common stock of the Corporation (collectively, “Interests” and, together with all other Interests
hereinafter acquired by Permitted Transferee from Transferor and its Permitted Transferees (as defined in the Tax Receivable Agreement), the “Acquired Interests,” as set forth on Schedule A attached hereto)1 from
             (“Transferor”); and 
 WHEREAS,
Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.06 of the Tax Receivable Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, Permitted Transferee hereby agrees as follows:

 Section 1.1. Definitions. To the extent capitalized words used in this Joinder are not defined in this Joinder,
such words shall have the meaning set forth in the Tax Receivable Agreement. 
 Section 1.2. Joinder. Permitted
Transferee hereby acknowledges and agrees to become a “Member” (as defined in the Tax Receivable Agreement) for all purposes of the Tax Receivable Agreement, including but not limited to, being bound by Sections 7.12, 2.04, 4.02, 6.01 and
6.02 of the Tax Receivable Agreement, with respect to the Acquired Interests, and any other Interests Permitted Transferee acquires hereafter. 
 Section 1.3. Notice. All notices, requests, consents and other communications hereunder to Permitted Transferee shall be deemed to be sufficient if contained in a written instrument delivered
in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 1.3) or nationally recognized overnight courier, addressed to Permitted Transferee at the address or facsimile number set forth on the
signature page hereof or such other address or facsimile number as may hereafter be designated in writing by Permitted Transferee. 
  

 

	1 	 [The schedule for certain non-Sponsor Unit holders will show zero Class B shares.] 

 Section 1.4. Governing Law. THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF. 
 IN WITNESS
WHEREOF, this Joinder has been duly executed and delivered by Permitted Transferee as of the date first above written. 
  

			
	  

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address:

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