Document:

Exhibit 10.3

 Exhibit 10.3 
 EXCHANGE AGREEMENT 
 EXCHANGE AGREEMENT (this “Agreement”), dated
as of December 12, 2012 (and effective as set forth in Section 4.15 of this Agreement), among PBF Energy Inc., a Delaware corporation (the “Corporation”), PBF Energy Company LLC, a Delaware limited liability company
(“PBF LLC”), and the Persons from time to time party hereto (the “PBF LLC Unitholders”). 

WHEREAS, the parties hereto desire to provide for the exchange of certain Units for shares of Class A Common Stock (as defined
herein), on the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual
covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

SECTION 1.1 Definitions. 
 Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the PBF LLC Agreement (as defined herein), and the following definitions shall be for all purposes,
unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
 “Class A Common
Stock” means the Class A common stock, par value $0.001 per share, of the Corporation. 
 “Code”
means the Internal Revenue Code of 1986, as amended. 
 “Disregarded Transfer” means any one of the following,
which has been or is occurring, or is otherwise satisfied, as of the date of a particular Exchange: 
 (i) an Exchange that is
part of one or more Exchanges by a PBF LLC Unitholder and any related persons (within the meaning of Section 267(b) or 707(b)(1) of the Code) during any 30 calendar day period of equity interests in PBF LLC representing in the aggregate more
than 2% of the total capital or profits of PBF LLC; 
 (ii) an Exchange that is in connection with a transfer by one or more PBF
LLC Unitholders of equity interests in PBF LLC representing in the aggregate more than 50% of the total capital and profits of PBF LLC; or 
 (iii) the Exchange is permitted by the Corporation or PBF LLC, in the sole discretion of the Board or PBF LLC, as the case may be, in connection with other circumstances not described in clauses
(i) or (ii) above, if the Corporation or PBF LLC determines, after consultation with its outside legal counsel and tax advisor, that PBF LLC would not be treated as a “publicly traded partnership” under Section 7704 of the
Code (or any successor or similar provision) as a result of such Exchange. 

 “Election of Exchange” has the meaning set forth in
Section 2.1(b) of this Agreement. 
 “Exchange” has the meaning set forth in
Section 2.1(a) of this Agreement. 
 “Exchange Date” has the meaning set forth in
Section 2.1(b) of this Agreement. 
 “Exchange Rate” means the number of shares of Class A
Common Stock for which a PBF LLC Unit is entitled to be Exchanged. On the date of this Agreement, the Exchange Rate shall be 1 for 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“IPO” means the closing of the initial public offering and sale by the Corporation of shares of its Class A Common
Stock. 
 “PBF LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of PBF LLC,
dated on or about the date hereof, as such agreement may be amended from time to time. 
 “PBF LLC Unit” means
(i) each of the Units (limited, in the case of the holders of Series B Units, to the Reclassified Units deemed owned on account of the ownership of Series B Units) now or hereafter held by any PBF LLC Unitholder and (ii) any other interest
in PBF LLC that may be issued by PBF LLC in the future that is designated by the Corporation as a “PBF LLC Unit.” 

“Permitted Transferee” has the meaning given to such term in Section 4.1 of this Agreement. 

“Person” means any individual, partnership, joint venture, corporation, limited liability company, trust or other
entity, including any governmental entity. 
 “Requisite Holders” means each PBF LLC Unitholder who, together
with its Affiliates and Permitted Transferees, beneficially owns at least 1% of the then outstanding Series A Units (excluding any Series A Units held by the Corporation or any of its subsidiaries). 

“Tax Receivable Agreement” means the Tax Receivable Agreement, dated on or about the date hereof, as such agreement may
be amended from time to time, among the Corporation, PBF LLC and the Members (as defined therein). 
 “Unvested
Units” means, as of any date of determination, any PBF LLC Unit which is unvested. 

  
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 ARTICLE II 
 SECTION 2.1 Exchange of PBF LLC Units for Class A Common Stock. 
 (a)
Each PBF LLC Unitholder shall be entitled at any time and from time to time, upon the terms and subject to the conditions hereof and the PBF LLC Agreement, to surrender PBF LLC Units (other than Unvested Units) to PBF LLC in exchange for the
delivery to the exchanging PBF LLC Unitholder of a number of shares of Class A Common Stock that is equal to the product of the number of PBF LLC Units surrendered multiplied by the Exchange Rate (such exchange, an
“Exchange”); provided that, without the consent of PBF LLC and the Corporation, (i) a PBF LLC Unitholder shall not be entitled to Exchange PBF LLC Units more frequently than once per calendar quarter unless such Exchange
(x) is a Disregarded Transfer, (y) represents all of the PBF LLC Units (other than Unvested Units) held by such PBF LLC Unitholder or (z) is in connection with the termination of employment or engagement by such PBF LLC Unitholder
with the Corporation or any of its Affiliates, and (ii) each Exchange shall be for a minimum of the lesser of 1,000 PBF LLC Units or all of the PBF LLC Units (other than Unvested Units) held by such PBF LLC Unitholder. 

(b) A PBF LLC Unitholder shall exercise its right to Exchange PBF LLC Units as set forth in Section 2.1(a) above by
delivering to the Corporation and to PBF LLC a written election of exchange in respect of the PBF LLC Units to be Exchanged substantially in the form of Exhibit A hereto (an “Election of Exchange”), duly executed by such
holder or such holder’s duly authorized representative, in each case delivered during normal business hours at the principal executive offices of the Corporation and of PBF LLC. An Election of Exchange, in the sole discretion of the applicable
PBF LLC Unitholder, may specify that (i) the Exchange is to be contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange
offer, an underwritten offering or otherwise) of shares of Class A Common Stock or any merger, consolidation or other business combination or (ii) the aggregate Tax Benefit Payments (as defined under the Tax Receivable Agreement) in
respect of the Exchange (other than amounts accounted for as interest under the Code) are not to exceed a percentage of the amount realized for the Units Exchanged, in accordance with Section 4.01(e) of the Tax Receivable Agreement.
Subject to Section 2.4(b) of this Agreement, an Exchange shall be deemed to have been effected on (i) the Business Day immediately following receipt of the applicable Election of Exchange or (ii) such later date specified in or
pursuant to the applicable Election of Exchange (such date specified in clause (i) or (ii), as applicable, the “Exchange Date”), and as promptly as practicable following the applicable Exchange Date, PBF LLC shall deliver or
cause to be delivered at the offices of the then-acting registrar and transfer agent of the Class A Common Stock or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive offices of
the Corporation, the number of shares of Class A Common Stock deliverable upon such Exchange, registered in the name of the relevant exchanging PBF LLC Unitholder (or its designee). To the extent the Class A Common Stock is settled through
the facilities of The Depository Trust Company, PBF LLC will, subject to Section 2.1(c) below, upon the written instruction of an exchanging PBF LLC Unitholder, use its commercially reasonable efforts to deliver the shares of
Class A Common Stock deliverable to such exchanging PBF LLC Unitholder, through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated by such exchanging PBF LLC Unitholder.
Notwithstanding anything herein to the contrary, any exchanging PBF LLC Unitholder may withdraw or amend an Election of Exchange, in whole or in part, prior to the effectiveness of the Exchange, at any time prior to 5:00 p.m., New York City time, on
the second 

  
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Business Day immediately preceding the Exchange Date (or any such later time as may be required by applicable law) by delivery of a written notice of withdrawal to the Corporation and to PBF LLC,
specifying (1) the number of PBF LLC Units being withdrawn, (2) the number of PBF LLC Units, if any, as to which the Election of Exchange remains in effect and (3) if the PBF LLC Unitholder so determines, a new Exchange Date or any
other new or revised information permitted in an Election of Exchange. On the Exchange Date, all rights of the exchanging PBF LLC Unitholder as a holder of such PBF LLC Units shall cease and such PBF LLC Units shall automatically be extinguished,
and such exchanging PBF LLC Unitholder shall be treated for all purposes as having become the record holder of such shares of Class A Common Stock on such date. The Corporation shall take such actions as may be required to ensure the
performance by PBF LLC of its obligations under this Section 2.1(b) and the foregoing Section 2.1(a), including the issuance and sale of shares of Class A Common Stock to or for the account of PBF LLC in exchange for the
delivery to the Corporation of a number of PBF LLC Units that is equal to the number of PBF LLC Units surrendered by an exchanging PBF LLC Unitholder. 
 (c) PBF LLC, the Corporation and each exchanging PBF LLC Unitholder shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately
consummated, except that the PBF LLC shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class A Common
Stock are to be delivered in a name other than that of the PBF LLC Unitholder that requested the Exchange, then such PBF LLC Unitholder and/or the person in whose name such shares are to be delivered shall pay to PBF LLC the amount of any transfer
taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of PBF LLC that such tax has been paid or is not payable. 

(d) Each of the Corporation and PBF LLC covenants and agrees that, prior to taking or causing to be taken any action that would cause
interests in PBF LLC to not meet the requirements of Treasury Regulation section 1.7704-1(h), including, without limitation, issuing any PBF LLC Units in a transaction required to be registered with the Securities and Exchange Commission pursuant to
the Securities Act of 1933, as amended, it will provide at least seven (7) Business Days advance written notice describing the proposed action in reasonable detail to the PBF LLC Unitholders and provide each PBF LLC Unitholder with the
opportunity to effect an Exchange of all such PBF LLC Unitholder’s PBF LLC Units in accordance with the terms of this Agreement. Provided that the notice and opportunity to Exchange contemplated by the previous sentence has been provided the
PBF LLC Unitholders, then, notwithstanding anything to the contrary herein, if the Board of Directors of the Corporation or PBF LLC, as applicable, after consultation with its outside legal counsel and tax advisor, shall determine in good faith that
interests in PBF LLC do not meet the requirements of Treasury Regulation section 1.7704-1(h), the Corporation or PBF LLC, as applicable, may impose such additional restrictions on Exchanges as the Corporation or PBF LLC, as applicable, may
reasonably determine to be necessary or advisable so that PBF LLC is not treated as a “publicly traded partnership” under Section 7704 of the Code; provided, however, that such additional restrictions shall not prohibit
any Exchange that would constitute a Disregarded Transfer. Notwithstanding anything to the contrary herein, other than with respect to a Disregarded Transfer, no Exchange shall be permitted (and, if attempted, shall be void ab initio)
if, in the good faith determination of the Corporation or of PBF LLC, such an Exchange would pose a material risk that PBF LLC would be a “publicly traded partnership” under Section 7704 of the Code. 

  
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 (e) For the avoidance of doubt, and notwithstanding anything to the contrary herein, a PBF
LLC Unitholder shall not be entitled to Exchange PBF LLC Units to the extent the Corporation or PBF LLC reasonably determines in good faith that such Exchange (i) would be prohibited by applicable law or regulation or (ii) would not be
permitted under any other agreement with the Corporation or its subsidiaries to which such PBF LLC Unitholder is then subject (including, without limitation, the PBF LLC Agreement) or any written policies of the Corporation or PBF LLC relating to
insider trading then applicable to such PBF LLC Unitholder. For the avoidance of doubt, no Exchange shall be deemed to be prohibited by any law or regulation pertaining to the registration of securities if such securities have been so registered or
if any exemption from such registration requirements is reasonably available. 
 SECTION 2.2 Adjustment. The Exchange
Rate shall be adjusted accordingly if there is: (a) any subdivision (by any unit split, unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization,
recapitalization or otherwise) of the Series A Units or Series C Units that is not accompanied by an identical subdivision or combination of the Class A Common Stock; or (b) any subdivision (by any stock split, stock dividend or
distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock that is not accompanied by an
identical subdivision or combination of the Series A Units or Series C Units. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed into another
security, securities or other property, then upon any subsequent Exchange, an exchanging PBF LLC Unitholder shall be entitled to receive the amount of such security, securities or other property that such exchanging PBF LLC Unitholder would have
received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by any split,
distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the
effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the
Class A Common Stock is converted or changed into another security, securities or other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. This Agreement
shall apply to the Series A Units and Series C Units (including the PBF LLC Units) held by the PBF LLC Unitholders and their Permitted Transferees as of the date hereof, as well as any Series A Units and Series C Units (including PBF LLC Units)
hereafter acquired by a PBF LLC Unitholder and his or her or its Permitted Transferees. This Agreement shall apply to, mutatis mutandis, and all references to “PBF LLC Units” shall be deemed to include, any security, securities or other
property of PBF LLC which may be issued in respect of, in exchange for or in substitution of Series A Units or Series C Units by reason of any distribution or dividend, split, reverse split, combination, reclassification, reorganization,
recapitalization, merger, exchange (other than an Exchange) or other transaction. 

  
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Consistent with the intent of the parties as otherwise reflected in this Section 2.2, the Corporation shall, and shall cause PBF LLC to, take all actions necessary so that, at all
times for as long as this Agreement is in effect the number of Series C Units outstanding equals the number of shares of Class A Common Stock outstanding. 
 SECTION 2.3 Class A Common Stock to be Issued. 
 (a) The Corporation
covenants and agrees to deliver shares of Class A Common Stock that have been registered under the Securities Act with respect to any Exchange to the extent that a registration statement is effective and available for such shares. In the event
that any Exchange in accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the PBF LLC Unitholder
requesting such Exchange, the Corporation shall use its commercially reasonable efforts to promptly facilitate such Exchange pursuant to any reasonably available exemption from such registration requirements. The Corporation shall use its
commercially reasonable efforts to list the Class A Common Stock required to be delivered upon Exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Class A
Common Stock may be listed or traded at the time of such delivery. 
 (b) The Corporation shall at all times reserve and keep
available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable upon any such Exchange; provided that
nothing contained herein shall be construed to preclude PBF LLC from satisfying its obligations in respect of the Exchange of PBF LLC Units by delivery of Class A Common Stock which is held in the treasury of the Corporation or PBF LLC or any
of their subsidiaries or by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of the Corporation or any subsidiary thereof). 

(c) Prior to the effective date of this Agreement, the Corporation and PBF LLC will take all such steps as may be required to cause to
qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of the Corporation (including
derivative securities with respect thereto) and any securities which may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this Agreement, by each
director or officer of the Corporation who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the Corporation upon the registration of any class of equity security of the
Corporation pursuant to Section 12 of the Exchange Act (with the authorizing resolutions specifying the name of each such officer or director whose acquisition or disposition of securities is to be exempted and the number of securities that may
be acquired and disposed of by each such person pursuant to this Agreement). 
 (d) If any Takeover Law (as defined below) or
other similar law or regulation becomes or is deemed to become applicable to this Agreement or any of the transactions contemplated hereby, the Corporation or PBF LLC shall use its commercially reasonable efforts to render such law or regulation
inapplicable to all of the foregoing. 

  
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 (e) Each of the Corporation and PBF LLC covenants that all Class A Common Stock issued
upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable, will pass to the applicable exchanging PBF LLC Unitholder free and clear of any liens, security interests and other encumbrances other than any such liens,
security interests or other encumbrances imposed by such exchanging PBF LLC Unitholder and will not be subject to any preemptive right of stockholders of the Corporation or to any right of first refusal or other right in favor of any person or
entity. 
 (f) No Exchange shall impair the right of the exchanging PBF LLC Unitholder to receive any distributions payable on
the PBF LLC Units so exchanged in respect of a record date that occurs prior to the Exchange Date for such Exchange. For the avoidance of doubt, no exchanging PBF LLC Unitholder shall be entitled to receive, in respect of a single record date,
distributions or dividends both on PBF LLC Units exchanged by such holder and on Class A Common Stock received by such holder in such Exchange. 
 SECTION 2.4 Withholding; Certification of Non-Foreign Status. 
 (a) If the
Corporation or PBF LLC shall be required to withhold any amounts by reason of any Federal, State, local or foreign tax rules or regulations in respect of any Exchange, the Corporation or PBF LLC, as the case may be, shall be entitled to take such
action as it deems appropriate in order to ensure compliance with such withholding requirements, including, without limitation, at its option withholding shares of Class A Common Stock with a fair market value equal to the minimum amount of any
taxes which the Corporation or PBF LLC, as the case may be, may be required to withhold with respect to such Exchange. To the extent that amounts (or property) are so withheld and paid over to the appropriate taxing authority, such withheld amounts
(or property) shall be treated for all purposes of this Agreement as having been paid (or delivered) to the appropriate PBF LLC Unitholder. 
 (b) Notwithstanding anything to the contrary herein, each of PBF LLC and the Corporation may, at its own discretion, require as a condition to the effectiveness of an Exchange that an exchanging PBF LLC
Unitholder deliver to PBF LLC or the Corporation, as the case may be, a certification of non-foreign status in accordance with Treasury Regulation Section 1.1445-2(b). In the event PBF LLC or the Corporation has required delivery of such
certification but an exchanging PBF LLC Unitholder is unable to do so, PBF LLC shall nevertheless deliver or cause to be delivered to the exchanging PBF LLC Unitholder the Class A Common Stock in accordance with Section 2.1 of this
Agreement, but subject to withholding as provided in Section 2.4(a). 
 ARTICLE III 

SECTION 3.1 Representations and Warranties of the Corporation and of PBF LLC. Each of the Corporation and PBF LLC represents and
warrants that (i) it is a corporation or limited liability company duly incorporated or formed and is existing in good standing under the 

  
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laws of the State of Delaware, (ii) it has all requisite corporate or limited liability company power and authority to enter into and perform this Agreement and to consummate the
transactions contemplated hereby and, in the case of the Corporation, to issue the Class A Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement by it and the consummation by it of the
transactions contemplated hereby (including without limitation, in the case of the Corporation, the issuance of the Class A Common Stock) have been duly authorized by all necessary corporate or limited liability company action on its part,
including but not limited to all actions necessary to ensure that the acquisition of shares of Class A Common Stock pursuant to the transactions contemplated hereby, to the fullest extent of the Corporation’s Board of Directors’ or
PBF LLC’s power and authority and to the extent permitted by law, shall not be subject to any “moratorium,” “control share acquisition,” “business combination,” “fair price” or other form of
“anti-takeover laws and regulations” of any jurisdiction that may purport to be applicable to this Agreement or the transactions contemplated hereby (collectively, “Takeover Laws”), (iv) this Agreement constitutes a
legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or
limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by it and the consummation by it of the transactions contemplated hereby will not (A) result in a violation of its Certificate of
Incorporation or Bylaws or other organizational documents or (B) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which it is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the it or by which any property or
asset of it is bound or affected, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations, that would not reasonably be expected to have a material adverse effect on
it or its business, financial condition or results of operations. 
 SECTION 3.2 Representations and Warranties of the PBF
LLC Unitholders. Each PBF LLC Unitholder, severally and not jointly, represents and warrants that (i) if it is not a natural person, that it is duly incorporated or formed and, the extent such concept exists in its jurisdiction of
organization, is in good standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) if it is
not a natural person, the execution and delivery of this Agreement by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such PBF LLC Unitholder, (iv) this
Agreement constitutes a legal, valid and binding obligation of such PBF LLC Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by such PBF LLC Unitholder and the consummation by such PBF LLC Unitholder of the
transactions contemplated hereby will not (A) if it is not a natural person, result in a violation of the Certificate of Incorporation or Bylaws or other organizational documents of such PBF LLC Unitholder or (B) conflict with, or
constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or

  
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instrument to which such PBF LLC Unitholder is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to such PBF LLC Unitholder, except
with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations, that would not in any material respect result in the unenforceability against such PBF LLC Unitholder of this
Agreement. 
 ARTICLE IV 
 SECTION 4.1 Additional PBF LLC Unitholders. To the extent a PBF LLC Unitholder validly transfers any or all of such holder’s PBF LLC Units to another person in a transaction in accordance
with, and not in contravention of, the PBF LLC Agreement, then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this Agreement, in the form of Exhibit B hereto,
whereupon such Permitted Transferee shall become a PBF LLC Unitholder hereunder; provided, however, that such Permitted Transferee shall be subject to any restrictions on Exchange that would have applied to the transferor. To the
extent PBF LLC issues PBF LLC Units in the future (including, without limitation, PBF LLC Units issuable upon exercise of outstanding options and warrants to purchase Series A Units of PBF LLC), then the holder of such PBF LLC Units shall have the
right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such holder shall become a PBF LLC Unitholder hereunder. 

SECTION 4.2 Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing
and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the
following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 4.2): 
 (a) If to the Corporation or to PBF LLC, to: 
 One Sylvan Way, 2nd floor

 Parsippany, NJ 07054-3887 
 Attention: General Counsel 
 Fax: (973) 455-7562 

(b) If to any PBF LLC Unitholder, to the address and other contact information set forth in the records of PBF LLC from time to time.

 SECTION 4.3 Further Action. The parties shall execute and deliver all documents, provide all information and take or
refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 SECTION 4.4
Binding Effect; No Third Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of all of the parties and their successors, executors, administrators, heirs, legal representatives and permitted assigns, including,
without limitation and without the need for an express assignment, any Permitted Transferee, provided that nothing 

  
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herein shall be deemed to permit any assignment, transfer or other disposition of PBF LLC Units in violation of the terms of the PBF LLC Agreement or applicable law. This Agreement shall not be
assignable by the Corporation or PBF LLC without the prior written consent of the Requisite Holders other than in connection with a Liquidation Event, and then only as provided in the immediately succeeding sentence. In the event the Corporation or
PBF LLC or any of its successors or assigns (i) consolidates with or merges into any other person or entity and is not the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially
all of its properties and assets to any person or entity, then and in either case, as a condition to such consolidation, merger or transfer, proper provisions shall be made such that the successors and assigns of the Corporation or PBF LLC, as the
case may be, will assume its obligations set forth in this Agreement, and this Agreement shall be enforceable against such successors and assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon anyone other than
the parties and their respective successors and permitted assigns any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 SECTION 4.5 Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a 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 a mutually acceptable manner
in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 4.6 Integration. This Agreement, together with the PBF LLC Agreement, constitutes the entire agreement among the parties
pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 SECTION
4.7 Amendment. The provisions of this Agreement may be amended, supplemented, waived or modified only by the affirmative vote or written consent of each of the Corporation, PBF LLC and the Requisite Holders; provided, however,
that no such amendment, supplement, waiver or modification shall (i) materially alter or change any rights or obligations of any PBF LLC Unitholders in a manner that is different or prejudicial relative to any other PBF LLC Unitholders, without
the prior written consent of at least two-thirds (2/3) in interest of the PBF LLC Unitholders (based on the number of PBF LLC Units held by such holders) affected in such a different or prejudicial manner, or (ii) alter, supplement or
amend the Exchange Rate as adjusted from time to time pursuant to Section 2.2 hereof (or the adjustments provided therein) without the prior written consent of each affected PBF LLC Unitholder. 

SECTION 4.8 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition. 

  
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 SECTION 4.9 Arbitration; Submission to Jurisdiction; Waiver of Jury Trial.

 (a) Any dispute, controversy or claim 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, PBF LLC and the Requisite Holders). The arbitration shall be conducted by
three neutral, impartial and independent arbitrators, who shall be appointed by the AAA, at least one of whom shall 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 4.9 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 PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 4.9, 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 4.9 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 4.2. 
 SECTION 4.10 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which 

  
 -11-

 
when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy,
by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 4.10. 

SECTION 4.11 Tax Treatment. This Agreement shall be treated as part of the partnership agreement of PBF LLC 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 promulgated thereunder. 
 SECTION 4.12 Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity.

 SECTION 4.13 Independent Nature of PBF LLC Unitholders’ Rights and Obligations. The obligations of each PBF LLC
Unitholder hereunder are several and not joint with the obligations of any other PBF LLC Unitholder, and no PBF LLC Unitholder shall be responsible in any way for the performance of the obligations of any other PBF LLC Unitholder hereunder. The
decision of each PBF LLC Unitholder to enter into to this Agreement has been made by such PBF LLC Unitholder independently of any other PBF LLC Unitholder. Nothing contained herein, and no action taken by any PBF LLC Unitholder pursuant hereto,
shall be deemed to constitute an action of the PBF LLC Unitholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the PBF LLC Unitholders 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 PBF LLC Unitholders 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. 
 SECTION 4.14 Applicable Law. This Agreement shall be governed by,
and construed in accordance with, the law of the State of Delaware. 

  
 -12-

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	PBF ENERGY INC.
		
	By:	 	 
		 	 Name:

Title:

  

			
	PBF ENERGY COMPANY LLC
		
	By:	 	 
		 	 Name:

Title:

	  
 [SIGNATURE BLOCKS FOR OTHER UNIT
HOLDERS]

  
 [Signature
Page to Exchange Agreement] 

 EXHIBIT A 
 [FORM OF] 
 ELECTION OF EXCHANGE 

PBF Energy Inc. 
 One Sylvan Way, 2nd floor

 Parsippany, NJ 07054-3887 

Attention: General Counsel 
 PBF Energy Company
LLC 
 One Sylvan Way, 2nd floor 

Parsippany, NJ 07054-3887 
 Attention: General
Counsel 
 Reference is hereby made to the Exchange Agreement, dated as of December 12, 2012 (as amended, the
“Exchange Agreement”), among PBF Energy Inc., a Delaware corporation, PBF Energy Company LLC, a Delaware limited liability company, and the Persons from time to time party thereto. Capitalized terms used but not defined herein shall
have the meanings given to them in the Exchange Agreement. 
 The undersigned PBF LLC Unitholder hereby
transfers to the Corporation, for the account of PBF LLC, the number of PBF LLC Units set forth below in Exchange for shares of Class A Common Stock to be issued in its name as set forth below, as set forth in the Exchange Agreement. [The
foregoing transfers shall be effective as of                          / conditioned upon the following:
                                         
   .]1 [Pursuant to
Section 4.01(e) of the Tax Receivable Agreement, the aggregate Tax Benefit Payments (as defined under the Tax Receivable Agreement) in respect of this Exchange (other than amounts accounted for as interest under the Code) shall not to
exceed         % of the Amount Realized (as defined under the Tax Receivable Agreement) for the Units Exchanged. For the avoidance of doubt, if no percentage is specified in the previous sentence, there
shall be no limitation under the previous sentence on the aggregate Tax Benefit Payments in respect of this
Exchange.]2 

 

					
	Legal Name of PBF LLC Unitholder:	  	 	  	
			
	Address:	  		  	
			
		  	 	  	

  
  

	1 	 PBF LLC Unitholder to insert any description of Effective Date and/or contingency. 

	2 	 PBF LLC Unitholder to insert as appropriate. 

  
 Exhibit A-1

					
	Number of PBF LLC Units to be Exchanged:	  	 	  	

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of
the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable
remedies; (iii) the PBF LLC Units subject to this Election of Exchange are being transferred free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent, approval, authorization, order,
registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the PBF LLC Units subject to this Election of Exchange is required to be obtained by the undersigned for
the transfer of such PBF LLC Units. 
 The undersigned hereby irrevocably constitutes and appoints any officer of the
Corporation or PBF LLC as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the Corporation, for the
account of PBF LLC, the PBF LLC Units subject to this Election of Exchange and to deliver to the undersigned the shares of Class A Common Stock to be delivered in Exchange therefor. 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by the
undersigned or by its duly authorized attorney. 
  

			
		
	Name:	 	 
		
	 Dated:
	 	 

  
 Exhibit A-2

 EXHIBIT B 
 [FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of December 12, 2012
(as amended, the “Exchange Agreement”), among PBF Energy Inc., a Delaware corporation (the “Corporation”), PBF Energy Company LLC, a Delaware limited liability company (“PBF LLC”), and the Persons
from time to time party thereto. Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given to them in the Exchange Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the
law of the State of Delaware. In the event of any conflict between this Joinder Agreement and the Exchange Agreement, the terms of this Joinder Agreement shall control. 
 The undersigned hereby joins and enters into the Exchange Agreement having acquired PBF LLC Units in PBF LLC. By signing and returning this Joinder Agreement to the Corporation and to PBF LLC, the
undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a PBF LLC Unitholder contained in the Exchange Agreement, with all attendant rights, duties and obligations of a PBF LLC
Unitholder thereunder and (ii) makes each of the representations and warranties of a PBF LLC Unitholder set forth in Section 3.2 of the Exchange Agreement as fully as if such representations and warranties were set forth herein. The
parties to the Exchange Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Exchange Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Corporation and by PBF
LLC, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Exchange Agreement. 

Name: _____________________________________________________________ 
  

					
	Address for Notices	  		  	With copies to:
			
	 	  		  	 
			
	 	  		  	 
			
	 	  		  	 
			
	 Attention:
                                         
                                       

	  		  	 

  
 Exhibit B-1Exhibit 10.4

 Exhibit 10.4 
 STOCKHOLDERS’ AGREEMENT 
 OF 

PBF ENERGY INC. 
 Dated as of December 12, 2012 

 Table of Contents 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 SECTION 1.1. Definitions
	  	 	1	  
	 SECTION 1.2. Construction
	  	 	3	  
	 ARTICLE II CORPORATE GOVERNANCE
	  	 	3	  
	 SECTION 2.1. Board of Directors
	  	 	3	  
	 SECTION 2.2. Agreement to Vote
	  	 	5	  
	 ARTICLE III INFORMATION; VCOC
	  	 	5	  
	 SECTION 3.1. Access
	  	 	5	  
	 SECTION 3.2. Certain Reports
	  	 	6	  
	 SECTION 3.3. VCOC
	  	 	6	  
	 SECTION 3.4. Confidentiality
	  	 	6	  
	 ARTICLE IV GENERAL PROVISIONS
	  	 	7	  
	 SECTION 4.1. Termination
	  	 	7	  
	 SECTION 4.2. Notices
	  	 	7	  
	 SECTION 4.3. Amendment; Waiver
	  	 	8	  
	 SECTION 4.4. Further Assurances
	  	 	8	  
	 SECTION 4.5. Assignment
	  	 	9	  
	 SECTION 4.6. Third Parties
	  	 	9	  
	 SECTION 4.7. Governing Law
	  	 	9	  
	 SECTION 4.8. Jurisdiction
	  	 	9	  
	 SECTION 4.9. Specific Performance
	  	 	9	  
	 SECTION 4.10. Entire Agreement
	  	 	9	  
	 SECTION 4.11. Severability
	  	 	9	  
	 SECTION 4.12. No Waiver
	  	 	10	  
	 SECTION 4.13. Table of Contents, Headings and Captions
	  	 	10	  
	 SECTION 4.14. Grant of Consent
	  	 	10	  
	 SECTION 4.15. Counterparts
	  	 	10	  
	 SECTION 4.16. Effectiveness
	  	 	10	  
	 SECTION 4.17. No Recourse
	  	 	10	  

  
 i 

 STOCKHOLDERS’ AGREEMENT 

OF 
 PBF ENERGY
INC. 
 This STOCKHOLDERS’ AGREEMENT (as the same may be amended, modified or supplemented from time to time, the
“Agreement”), dated as of December 12, 2012, is entered into by and among PBF Energy Inc. (the “Company”), a Delaware corporation, and each of the other parties identified on the signature pages hereto
(together with their Restricted Transferees, the “Investor Parties”). 
 RECITALS: 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (the “IPO”) of shares of its
Class A common stock, par value $0.001 per share (the “Class A Common Stock”), following which the Company will be the sole managing member of PBF Energy Company LLC, a Delaware limited liability company (“PBF
LLC”); 
 WHEREAS, the Investor Parties are holders of Series A-1 Units of PBF LLC, and as part of the transactions
contemplated by the IPO, will enter into an exchange agreement pursuant to which the Investor Parties will have the right to indirectly exchange Series A-1 Units of PBF LLC for shares of Class A Common Stock from time to time as contemplated by
the Amended and Restated Limited Liability Company Agreement of PBF LLC; and 
 WHEREAS, the Investor Parties, in their capacity
as holders of Series A-1 Units of PBF LLC, as part of the transactions contemplated by the IPO, will receive shares of the Company’s Class B common stock, par value $0.001 per share (the “Class B Common Stock”), entitling them
to voting power at the Company at a level that is consistent with their overall equity ownership of PBF LLC. 
 NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.1. Definitions. Capitalized terms used herein shall have the following meanings: 

“Affiliate” shall mean, with respect to any Person, an “affiliate” as defined in Rule 405 of the regulations
promulgated under the Securities Act. 
 “Affiliated Investor” means, with respect to any Investor Party, any
investment fund or holding company that is directly or indirectly managed or advised by the primary manager or advisor of such Investor Party or any of its Affiliates or any other Person who or which is otherwise an Affiliate of such Investor Party
(other than the Company and its Subsidiaries). 

 “Agreement” shall have the meaning set forth in the Preamble. 

“Authorized Recipients” shall have the meaning set forth in Section 3.4. 

“beneficially own” shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act. 

“Blackstone Group” shall mean the entities listed on the signature pages hereto under the heading “Blackstone
Group” and their respective Restricted Transferees and permitted assigns. 
 “Board” shall mean the board
of directors of the Company. 
 “Class A Common Stock” shall have the meaning set forth in the Recitals.

 “Class B Common Stock” shall have the meaning set forth in the Recitals. 

“Closing Date” shall mean the date of completion of the IPO. 

“Confidential Information” shall have the meaning set forth in Section 3.4. 

“Company” shall have the meaning set forth in the Preamble. 

“Director” shall mean any member of the Board. 
 “First Reserve Group” shall mean the entities listed on the signature pages hereto under the heading “First Reserve Group” and their respective Restricted Transferees and
permitted assigns. 
 “Investor Parties” shall have the meaning set forth in the Preamble. 

“IPO” shall have the meaning set forth in the Recitals. 

“Person” shall mean any individual, corporation, partnership, trust, joint stock company, business trust, unincorporated
association, joint venture or other entity of any nature whatsoever. 
 “Qualified Investor Party” shall have
the meaning set forth in Section 3.1. 
 “Representatives” shall mean, with respect to any Qualified
Investor Party, such Qualified Investor Party’s and its Affiliates’ respective directors, managers, officers, partners, members, principals, employees, professional advisors and agents. 

“Restricted Transferee” shall mean, with respect to any Person, an Affiliated Investor of such Person, who or which
agrees to become party to, and to be bound to the same extent as its transferor by the terms of, this Agreement. 

  
 2 

 “Securities Act” shall mean the Securities Act of 1933, as amended from
time to time, and the rules and regulations promulgated pursuant thereto. 
 “Sponsor Group” shall mean the
Blackstone Group or the First Reserve Group. 
 “Subsidiary” means, 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 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. 

“VCOC Investor” shall have the meaning set forth in Section 3.3. 

SECTION 1.2. Construction. Whenever the context requires, the gender of all words used in this Agreement includes the
masculine, feminine and neuter forms and the singular form of words shall include the plural and vice versa. All references to Articles and Sections refer to articles and sections of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting or causing any instrument to be drafted. Any percentage set forth herein shall be deemed to be automatically adjusted without any action on the part of any party hereto to take into account
any stock split, stock dividend or similar transaction occurring after the date of this Agreement so that the rights provided to the Investors shall continue to apply to the same extent such rights would have applied absent such stock split, stock
dividend or similar transaction. 
 ARTICLE II 
 CORPORATE GOVERNANCE 
 SECTION 2.1. Board of Directors. 

(a) Effective as of the Closing Date, the Board shall be comprised of nine Directors, of whom (i) three (3) shall be designees
of the Blackstone Group, (ii) three (3) shall be designees of the First Reserve Group, and (iii) the remaining three (3) shall be Thomas D. O’Malley, Jefferson Allen and Dennis Houston. The three designees of the Blackstone
Group shall initially be Spencer Abraham, Martin J. Brand and David I. Foley, and the three designees 

  
 3 

 
of the First Reserve Group shall initially be Timothy H. Day, Neil A. Wizel and an additional designee to be determined by the First Reserve Group. After the Closing Date, the Board shall include
the applicable designees referred to in clauses (i) and (ii) above, and such other individuals as shall be nominated and elected to the Board from time to time by the Board or the Company stockholders consistent herewith and with
applicable law. 
 (b) Board Designation Rights. 

(i) Following the Closing Date, (i) the Blackstone Group shall have the right (but not the obligation) pursuant to
this Agreement to nominate to the Board, (x) three (3) Directors, for so long as the Blackstone Group collectively beneficially owns, directly or indirectly, 25% or more of the voting power of all shares of the Company’s capital stock
entitled to vote generally in the election of directors; (y) two (2) Directors, for so long as the Blackstone Group collectively beneficially owns, directly or indirectly, 15% or more, but less than 25%, of the voting power of all shares
of the Company’s capital stock entitled to vote generally in the election of directors; and (z) one (1) Director, for so long as the Blackstone Group collectively beneficially owns, directly or indirectly, 7.5% or more, but less than
15%, of the voting power of all shares of the Company’s capital stock entitled to vote generally in the election of directors. 
 (ii) Following the Closing Date, (i) the First Reserve Group shall have the right (but not the obligation) pursuant to this Agreement to nominate to the Board, (x) three (3) Directors, for
so long as the First Reserve Group collectively beneficially owns, directly or indirectly, 25% or more of the voting power of all shares of the Company’s capital stock entitled to vote generally in the election of directors; (y) two
(2) Directors, for so long as the First Reserve Group collectively beneficially owns, directly or indirectly, 15% or more, but less than 25%, of the voting power of all shares of the Company’s capital stock entitled to vote generally in
the election of directors; and (z) one (1) Director, for so long as the First Reserve Group collectively beneficially owns, directly or indirectly, 7.5% or more, but less than 15%, of the voting power of all shares of the Company’s
capital stock entitled to vote generally in the election of directors. 
 (c) In the event that any Sponsor Group has nominated
fewer than the total number of designees that such Sponsor Group shall be entitled to nominate pursuant to Section 2.1(b), then such Sponsor Group shall have the right, at any time, to nominate such additional designee(s) to which it is
entitled, in which case, the Directors shall take all necessary corporate action to (x) increase the size of the Board as required to enable such Sponsor Group to so nominate such additional designees, and (y) designate such additional
designees nominated by such Sponsor Group to fill such newly created vacancies. 
 (d) For so long as any Sponsor Group is
entitled to designate any person to the Board pursuant to Section 2.1, the size of the Board shall not be greater than nine members (other than as contemplated by Section 2.1(c) or to the extent necessary to comply with applicable law or
listing standards). 

  
 4 

 (e) Any Director designated by a Sponsor Group pursuant to Section 2.1 may be removed
(with or without cause) from time to time and at any time by the applicable Sponsor Group upon notice to the Company. Any replacement nominee may only be nominated by the Sponsor Group who nominated the Director so removed. 

(f) In the event that a Director designated by Sponsor Group pursuant to this Section 2.1 serves simultaneously on the board of
directors (or similar governing body) of any company (other than the Company or any of its Subsidiaries) that is engaged primarily in the crude oil refining business in North America (a “Competing Business”), unless the Board
otherwise requests or the Director resigns from such board of directors of the Competing Business, such Director shall promptly resign from the Board or such party shall take all action necessary to remove such Director. 

(g) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any Director
designated by a Sponsor Group pursuant to this Section 2.1, subject to the designation rights in Section 2.1(b), the remaining Directors and the Company shall cause the vacancy created thereby to be filled by a new designee of the Sponsor
Group who designated such Director as soon as possible, and the Company hereby agrees to take, at any time and from time to time, all actions necessary to accomplish the same. 
 (h) The Company agrees to include in the slate of nominees recommended by the Board the persons designated pursuant to this Section 2.1 and to use its best efforts to cause the election of each such
designee to the Board, including nominating such individuals to be elected as Directors as provided herein. 
 SECTION
2.2. Agreement to Vote. Each Investor Party agrees to vote, and to cause each of its applicable Restricted Transferees to vote, in person or by proxy, or to act by written consent (if applicable) with respect to, all shares of Series A
Common Stock and Series B Common Stock or other equity securities of the Company having the right to vote for the election of Directors beneficially owned by it to cause the election of the designees of each Sponsor Group for so long as such Sponsor
Group has the right to nominate a Director pursuant to Section 2.1 and to take all other steps within such Person’s power to ensure that the composition of the Board is as set forth in Section 2.1. 

ARTICLE III 

INFORMATION; VCOC 

SECTION 3.1. Access. Subject to applicable law, the Company shall, and shall cause its Subsidiaries to, permit each Investor
Party who, individually or with such Person’s Affiliates and Affiliated Investors, beneficially owns at least 7.5% of the voting power of all shares of the Company’s capital stock entitled to vote generally in the election of directors and
has a designee serving on the Board (a “Qualified Investor Party”) and its designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of
such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that the Company shall not be required to
disclose any privileged information of the Company so long as the Company has used its best efforts to enter into an arrangement pursuant to which it may provide such information to the Qualified Investor Party without the loss of any such
privilege. 

  
 5 

 SECTION 3.2. Certain Reports. Subject to applicable law, the Company shall
deliver or cause to be delivered to each Qualified Investor Party, at its request, copies of operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries
that are provided to the Board or the board of directors of the Company’s Subsidiaries; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used its best
efforts to enter into an arrangement pursuant to which it may provide such information to the Qualified Investor Party without the loss of any such privilege. 
 SECTION 3.3. VCOC. With respect to each Sponsor Group and, at the request of a Sponsor Group, each Affiliate thereof that indirectly has an interest in the Company, in each case that is
intended to qualify as a “venture capital operating company” as defined in 29 C.F.R. Section 2510.3-101 (each, a “VCOC Investor”), the Company shall, and shall cause PBF LLC to, execute a side letter with each VCOC
Investor in the form attached hereto as Annex A and each VCOC Investor shall have the supplemental rights and obligations provided in such side letter. 
 SECTION 3.4. Confidentiality. Each Qualified Investor Party agrees to, and to instruct and use its reasonable best efforts to cause its Authorized Recipients who have been provided with
Confidential Information by the Qualified Investor Party to, (i) hold in confidence and not disclose to any other Persons any confidential information of the Company or any of its Subsidiaries provided in accordance with Sections 3.1 and 3.2
(the “Confidential Information”), and (ii) not use such Confidential Information for any purpose other than in connection with its investment in the Company or any of its Subsidiaries. Notwithstanding anything herein to the
contrary, Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by a Qualified Investor Party or its Authorized Recipients,
(ii) is or becomes available to a Qualified Investor Party or any of its Authorized Recipients on a non-confidential basis from a third party source, which source, to the knowledge of such Qualified Investor Party or its Authorized Recipients,
is not bound by a legal duty of confidentiality to the Company or any of its Subsidiaries in respect of such Confidential Information or (iii) is independently developed by a Qualified Investor Party or its Authorized Recipients.
Notwithstanding anything herein to the contrary, a Qualified Investor Party may disclose Confidential Information to (x) any of its Representatives and (y) any other member of the Sponsor Group of which it is a member (the Persons in
clause (x) and (y), collectively, “Authorized Recipients”). Each Qualified Investor Party shall be responsible for any breach of this Section 3.4 by any of its Authorized Recipients. If a Qualified Investor Party or any of
its Authorized Representatives is required or requested by law, regulation or legal or judicial process to disclose any Confidential Information, or disclosure of Confidential Information is requested by any governmental authority having authority
over such Qualified Investor Party or Authorized Recipient, such Qualified Investor Party or Authorized Recipient, as the case may be, may disclose only such portion of such Confidential Information as may be required or requested without liability
hereunder; provided that such Person (x) provides prior written notice (to the extent reasonably practicable) to the Company stating the basis upon which the disclosure is asserted to be required and (y) takes, at the Company’s
request and expense, all reasonable steps to oppose or mitigate any such disclosure. 

  
 6 

 ARTICLE IV 
 GENERAL PROVISIONS 
 SECTION 4.1. Termination. This Agreement shall
terminate on such date that no Sponsor Group is entitled to designate any person to the Board pursuant to Section 2.1. 

SECTION 4.2. Notices (a) All notices, requests or consents provided for or required to be given hereunder shall be in writing
and shall be deemed to be duly given if personally delivered, faxed and confirmed, or mailed by certified mail, return receipt requested, or nationally recognized overnight delivery service with proof of receipt maintained, at the following
addresses (or any other address that any such party may designate by written notice to the other parties): 
  

	 	(i)	if to the Company: 

 PBF Energy
Inc. 
 One Sylvan Way, 2nd floor 
 Parsippany, NJ 07054-3887 
 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 Lenson 

Facsimile: (212) 806-7793 
  

	 	(ii)	if to the Blackstone Group: 

c/o The Blackstone Group 
 345 Park Avenue 
 New York, NY 10154 

Attention: David I. Foley 
 Facsimile: (646) 253-8921 
 with a copy (which shall not constitute notice)
to: 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, New York 

Attention: William E. Curbow 
 Fax: (212) 455-2502 

  
 7 

	 	(iii)	if to the First Reserve Group: 

c/o First Reserve Corporation 
 One Lafayette Place 
 Greenwich, CT 06830 

Attention: General Counsel 
 Fax: (203) 661-6729 
 with a copy (which shall not constitute notice) to:

 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, New York 

Attention: William E. Curbow 
 Fax: (212) 455-2502 
 Any such notice shall, if delivered personally, be deemed received upon
delivery; shall, if delivered by fax, be deemed received on the date of receipt of the confirmation of transmission, if such transmission was made prior to 5:00 p.m., local time, on a business day or if after such time, on the next business day;
shall, if delivered by nationally recognized overnight delivery service, be deemed received the first business day after being sent; and shall, if delivered by mail, be deemed received upon the actual receipt thereof. 

(b) Whenever any notice is required to be given by law or this Agreement, a written waiver thereof, signed by the Person entitled to
notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. 
 SECTION
4.3. Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and each of the Sponsor Groups then party hereto (with the consent of the Sponsor Groups being
determined in accordance with Section 4.14). No waiver by any party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by any party hereto of a breach of any
provision of this Agreement will not operate or be construed as a waiver of any subsequent breach. 
 SECTION
4.4. Further Assurances. The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper
or advisable in order to give full effect to this Agreement and every provision hereof. The Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, any Investor Party being deprived
of the rights contemplated by this Agreement. 

  
 8 

 SECTION 4.5. Assignment. This Agreement will inure to the benefit of and be
binding on the parties hereto and their respective successors, Restricted Transferees and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment,
without such consents, will be null and void; provided, however, that each Sponsor Group shall be entitled to assign, in whole or in part, to any of its Restricted Transferees without such prior written consent any of its rights
hereunder. 
 SECTION 4.6. Third Parties. This Agreement does not create any rights, claims or benefits inuring to
any person that is not a party hereto nor create or establish any third party beneficiary hereto. 
 SECTION
4.7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
 SECTION 4.8. Jurisdiction. In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the
non-exclusive jurisdiction and venue of any United States District Court located in the State of Delaware, or of the Court of Chancery of the State of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any
such judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the
directions in Section 4.2. EACH OF THE PARTIES HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

SECTION 4.9. Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this
Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be
adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

SECTION 4.10. Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the
subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement supersedes all
other prior agreements and understandings between the parties with respect to such subject matter. 
 SECTION
4.11. Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this
Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to
be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

  
 9 

 SECTION 4.12. No Waiver. Neither the failure nor delay on the part of any party
hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or
of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No
waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 SECTION
4.13. Table of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of
this Agreement or the intent of any provision hereof. 
 SECTION 4.14. Grant of Consent. Any vote, consent or
approval of a Sponsor Group hereunder shall be deemed to be given with respect to all members of a Sponsor Group if such vote, consent or approval is given by members of such Sponsor Group having record ownership of a majority of the shares of
Common Stock over which all members of such Sponsor Group have record ownership. 
 SECTION 4.15. Counterparts. This
Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

SECTION 4.16. Effectiveness. This Agreement shall become effective upon the Closing Date. 

SECTION 4.17. No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based
upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director,
officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in
respect of, or by reason of, the transactions contemplated hereby. 
 [Remainder of Page Intentionally Left Blank] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Stockholders’ Agreement to be
duly executed as of the date first above written. 
  

			
	PBF ENERGY INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	INVESTOR PARTIES:
	
	BLACKSTONE GROUP
	
	[                           
           ]
	
	FIRST RESERVE GROUP
	
	[                           
           ]

 Signature Page to Stockholders’ Agreement

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