Document:

Exhibit 10.2

 

SUPPORT AGREEMENT

 

THIS SUPPORT AGREEMENT
(this “Agreement”), dated as of July 6, 2020, is entered into by and among each of the holders listed
on the signature pages hereto (each, a “Holder” and, collectively, the “Holders”),
Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the “Partnership”), and Calumet
Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Partnership, the “Issuers”).

 

WHEREAS, the Issuers
are commencing (i) an offer to exchange (the “Exchange Offer”) up to $200 million aggregate principal
amount of the Issuers’ outstanding 7.625% Senior Notes due 2022 (the “2022 Notes”) issued under
the Indenture, dated as of November 26, 2013 (as amended or supplemented from time to time, the “2022 Notes Indenture”),
by and among the Issuers, the subsidiary guarantors identified therein and Wilmington Trust, National Association, as trustee (the
“Trustee”), for up to $200 million aggregate principal amount of new first lien exchange notes due July
2024 (the “New First Lien Notes”), on the terms and subject to the conditions more fully set forth in
the Offering Memorandum (as it may be amended and supplemented from time to time in a manner pursuant to the terms and subject
to the conditions set forth herein, the “Offering Memorandum,”
attached hereto as Exhibit A), and (ii) a solicitation of consents (the “Consents”) from holders
of the Issuers’ outstanding 11.00% Senior Notes due 2025 issued under the Indenture, dated as of October 11, 2019 (as amended
or supplemented from time to time, the “2025 Notes Indenture”), by and among the Issuers, the subsidiary
guarantors identified therein and the Trustee, to certain amendments to the 2025 Notes Indenture (the “Consent Solicitation”
and, together with the Exchange Offer and the other transactions contemplated hereby, the “Transactions”),
on the terms and subject to the conditions more fully set forth in the Consent Solicitation Statement (as it may be amended and
supplemented from time to time in a manner pursuant to the terms and subject to the conditions set forth herein, the “Consent
Solicitation Statement,” attached hereto as Exhibit B), to be dated
on or prior to the Required Launch Date (as defined below);

 

WHEREAS, as of the
date hereof, Holders Beneficially Own (as defined below) the Subject Notes (as defined below); and

 

WHEREAS, in order to
induce the Issuers to consummate the Transactions, each Holder has agreed to enter into this Agreement.

 

NOW, THEREFORE, intending
to be legally bound and in consideration of the mutual covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.
Definitions.

 

(a)
“2022 Notes” has the meaning set forth in the introductory
paragraphs herein.

 

(b)
“2022 Notes Indenture” has the meaning set forth in the introductory paragraphs herein.

 

(c)
“2025 Notes Indenture” has the meaning set forth in the introductory paragraphs herein.

 

(d)
“Agreement” has the meaning set forth in the introductory paragraphs herein.

 

     

     

    

 

(e)
“Beneficially Own” or “Beneficial Owner” with respect to any securities
and any Person means that such Person owns such securities or such securities are owned by an investment fund over which such Person
has sole investment and management authority.

 

(f)
“Business Day” means a day other than a Saturday, Sunday or a day on which banking institutions
are not required to be open in the State of New York.

 

(g)
“Collateral Trust Agreement” means, the Amended and Restated Collateral Trust Agreement, dated
as of April 20, 2016, by and among the Partnership, the other obligors from time to time party thereto, Wilmington Trust, National
Association, as trustee and collateral trustee, and the other parity lien representatives from time to time party thereto.

 

(h)
“Commission” means the Securities and Exchange Commission.

 

(i)
“Consents” has the meaning set forth in the introductory paragraphs herein.

 

(j)
“Consent Solicitation” has the meaning set forth in the introductory paragraphs herein.

 

(k)
“Consent Solicitation Statement” has the meaning set forth in the introductory paragraphs herein.

 

(l)
“Consummation” means the successful consummation of the Exchange Offer and Consent Solicitation
on or prior to the End Date, all on the terms and conditions set forth herein and in the Offering Memorandum.

 

(m)
“Consummation Conditions” has the meaning set forth in Section 3 hereto.

 

(n)
“Effective Date” shall mean the date that this Agreement shall become effective and that the obligations
contained herein shall become binding.

 

(o)
“End Date” means August 20, 2020, as such date may be extended pursuant to the terms hereof.

 

(p)
“Enforceability Exceptions” has the meaning set forth in Section 4(c) hereto.

 

(q)
“Exchange Act” has the meaning set forth in Section 5(g) hereto.

 

(r)
“Exchange Consideration” means, as applicable, for each $1,000.00 in principal amount of 2022
Notes, if tendered at or prior to the early tender time for the Exchange Offer, $1,000.00 in principal amount of the New First
Lien Notes, or if tendered after the early tender time and at or prior to the expiration time for the Exchange Offer, $950.00 in
principal amount of the New First Lien Notes.

 

(s)
“Exchange Offer” has the meaning set forth in the introductory paragraphs herein.

 

(t)
“GAAP” has the meaning set forth in Section 5(i) hereto.

 

(u)
“General Partner” means Calumet GP, LLC.

 

(v)
“Governmental Authority” means any federal, state, local or foreign government, political subdivision,
legislature, court, agency, department, bureau, commission or other governmental or quasi-governmental, regulatory or administrative
authority, body or instrumentality, or any other Person lawfully empowered by any of the foregoing.

 

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(w)
“Holder” has the meaning set forth in the introductory paragraphs herein.

 

(x)
“Holder Group” means each Holder, each of such Holder’s successors and assigns, and each
of their respective members, partners, managers, managing members, officers, directors, employees, advisors, principals, attorneys,
professionals, accountants, investment bankers, consultants, agents and other representatives or their respective affiliated entities.

 

(y)
“Issuers” has the meaning set forth in the introductory paragraphs herein.

 

(z)
“Material Adverse Effect” means any event, individually or in the aggregate, that (i) would reasonably
be expected to have a material adverse effect on the consummation of the Transactions or (ii) could reasonably be expected to have
a material adverse effect on the condition (financial or otherwise), prospects, earnings, business or properties of the Partnership
Group as a whole.

 

(aa)
“New First Lien Notes” has the meaning set forth in the introductory paragraphs herein.

 

(bb)
“New First Lien Notes Indenture” means the indenture governing the New First Lien Notes substantially
in accordance with the “Description of Notes” included in the Offering Memorandum.

 

(cc)
“Offering Memorandum” has the meaning set forth in the introductory paragraphs herein.

 

(dd)
“Participant” means each Holder and each other holder of a 2022 Note or 2025 Notes that is a party
now or hereafter to a contract, agreement, commitment or other obligation (written or oral) on substantially identical terms as
this Agreement (each, a “Participant Agreement”).

 

(ee)
“Partnership” has the meaning set forth in the introductory paragraphs herein.

 

(ff)
“Partnership Group” means the General Partner, Partnership and its direct and indirect subsidiaries.

 

(gg)
“Partnership Reports” has the meaning set forth in Section 5(g) hereto.

 

(hh)
“Permitted Modifications” has the meaning set forth in Section 7(c) hereto.

 

(ii)
“Person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust, unincorporated organization or Governmental Authority.

 

(jj)
“Prior Senior Secured Indenture” means the Indenture dated April 20, 2016, among the Issuers,
Wilmington Trust, National Association, as trustee, and the guarantors party thereto.

 

(kk)
“Proposed Amendments” has the meaning set forth in the introductory paragraphs hereto.

 

(ll)
“Required Holders” means Holders who collectively represent at least a majority in aggregate principal
amount of Subject 2022 Notes held by all Holders executing this Agreement.

 

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(mm)
“Required Launch Date” has the meaning set forth in Section 2(a) hereto.

 

(nn)
“Securities Act” has the meaning set forth in Section 4(f) hereto.

 

(oo)
“Subject 2022 Notes” means, with respect to each Holder party to this Agreement, (i) the 2022
Notes Beneficially Owned by such Holder as of the date of this Agreement and listed in Schedule A hereto and (ii) any additional
2022 Notes which such Holder acquires Beneficial Ownership of prior to the End Date.

 

(pp)
“Subject 2025 Notes” means, with respect to each Holder party to this Agreement, (i) the 2025
Notes Beneficially Owned by such Holder as of the date of this Agreement and listed in Schedule A hereto and (ii) any additional
2025 Notes which such Holder acquires Beneficial Ownership of prior to the End Date.

 

(qq)
“Subject Notes” means the Subject 2022 Notes and the Subject 2025 Notes.

 

(rr)
“Termination Date” has the meaning set forth in Section 8(a) hereto.

 

(ss)
“Transactions” has the meaning set forth in the introductory paragraphs herein.

 

(tt)
“Transfer” means, in the case of a Holder, to, directly or indirectly, (i) sell, assign or transfer,
(ii) pledge, encumber, create any participation or grant any proxy or option, in each case, such as would prevent, preclude, hinder
or delay the ability of such Holder from fulfilling its obligations under this Agreement or (iii) enter into any agreement, commitment
or other arrangement to do any of the foregoing.

 

(uu)
“Trustee” has the meaning set forth in the introductory paragraphs herein.

 

(vv)
“Valid Withdrawal Condition” means any amendment, modification, supplement or waiver to or other
alteration is made to any of the terms and conditions of the Exchange Offer, the New First Lien Notes or the Consent Solicitation
(in each case, except for Permitted Modifications (as defined below)).

 

2.
The Exchange Offer, Consent Solicitation and Tender and Consent Agreement.

 

(a)
The Issuers shall, no later than 11:59 p.m., New York City time, on the 5th Business Day after the Effective Date (the “Required
Launch Date”), announce the Issuers’ pursuit of the Exchange Offer and Consent Solicitation and concurrently
launch the Transactions on the terms set forth herein. The announcement of the Exchange Offer and Consent Solicitation shall be
posted to holders of 2022 Notes and 2025 Notes, respectively, on The Depositary Trust Company’s Automated Tender Offer Program.

 

(b)
Subject to the terms and conditions set forth herein and in the Offering Memorandum and Consent Solicitation Statement,
and provided that this Agreement has not been terminated pursuant to Section 8, each Holder agrees that it will (i) accept the
Exchange Offer and cause its Subject 2022 Notes to be validly tendered and deposited in accordance with the terms and conditions
of the Exchange Offer, and (ii) deliver Consents in respect of its Subject 2025 Notes in the Consent Solicitation.

 

(c)
Each Holder shall be deemed to have automatically withdrawn its acceptance of the Exchange Offer and revoked its tender
of its Subject 2022 Notes and revoked its consents in respect of its Subject 2025 Notes, as applicable, without any further action
by such Holder if this Agreement is terminated pursuant to Section 8.

 

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(d)
If a Valid Withdrawal Condition has occurred at any time, each Holder may, at its sole and absolute discretion by providing
written notice to the Partnership, withdraw its tender of its Subject 2022 Notes or revoke its Consent with respect to its Subject
2025 Notes and then (i) elect to participate in the Exchange Offer and/or Consent Solicitation, as applicable, on such modified,
amended or altered terms, (ii) elect not to participate in the Exchange Offer and/or Consent Solicitation, as applicable, or (iii)
elect to participate in the Exchange Offer by tendering or delivering Consents in respect of a lesser or greater aggregate principal
amount of Subject 2022 Notes and/or Subject 2025 Notes, as applicable, in each case, pursuant to the terms of this Agreement and
the Offering Memorandum and/or Consent Solicitation Statement, as applicable.

 

3.
Conditions.

 

The Consummation of
the Transactions is subject to the satisfaction of the conditions precedent set forth herein and in the Offering Memorandum and
Consent Solicitation Statement (collectively, the “Consummation Conditions”), including, among other
things:

 

		(1)	by 11:59 p.m., New York City time, on July 31, 2020,
the Partnership shall have received an amendment to each of (i) the Collateral Trust Agreement and (ii) the Security Agreement
(as defined in the Collateral Trust Agreement), in each case, approved by at least the Required Parity Lien Debtholders (as defined
in the Collateral Trust Agreement), which amendments shall, subject to customary closing conditions for such amendments (including
the execution of the New First Lien Notes Indenture and issuance of the New First Lien Notes) cause references in the Collateral
Trust Agreement and Security Agreement to the Prior Senior Secured Indenture to refer instead to the New First Lien Notes Indenture,
and the Issuers shall take or cause to be taken all such other actions necessary to add the New First Lien Notes as “Parity
Lien Debt” under the Collateral Trust Agreement by such time;

 

		(2)	at the time of Consummation, no action, suit or proceeding
by or before any court of governmental agency, authority or body or any arbitrator involving the Partnership Group or their respective
properties is pending or, to the knowledge of the Partnership, threatened that would reasonably be expected to have a Material
Adverse Effect; and

 

		(3)	no injunctive order or any other statute, law, rule,
regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other
authority having jurisdiction over the Partnership Group or any of their respective properties shall prohibit or otherwise restrict
the Consummation.

 

4.
Representations and Warranties of each Holder.
Each Holder, severally and not jointly, hereby represents and warrants to the Issuers, and acknowledges
that the Issuers are relying on such representations and warranties, as follows:

 

(a)
Such Holder, if not a natural person, is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization.

 

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(b)
As of the date hereof, such Holder (or a fund or account managed by such Holder) Beneficially Owns (free and clear of any
encumbrances or restrictions that would prevent such Holder’s compliance with its obligations hereunder) the Subject Notes
set forth next to such Holder’s name under the column entitled “Principal Amount of 2022 Notes”
and “Principal Amount of 2025 Notes” on Schedule A hereto.

 

(c)
Such Holder has the legal capacity, power and authority to enter into and perform all of its obligations under this Agreement.
This Agreement has been duly executed and delivered by such Holder, and upon its execution and delivery by the Issuers, will constitute
a legal, valid and binding obligation of such Holder, enforceable against such Holder by the other parties hereto in accordance
with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting or relating to creditors rights generally, and the availability of injunctive relief and other equitable remedies
(collectively, the “Enforceability Exceptions”).

 

(d)
No filing with, and no permit, authorization, consent or approval of, any Governmental Authority is necessary for the execution
of this Agreement by such Holder and the consummation by such Holder (or any applicable fund or account managed by such Holder)
of the Transactions.

 

(e)
The execution, delivery and performance of this Agreement by such Holder, and such Holder’s compliance with the provisions
hereof, do not and will not conflict with, require a consent, waiver or approval under, or result in a breach of, default or violation
under (with or without due notice, lapse of time, or both), any of (A) the certificate of incorporation, certificate of formation,
bylaws, limited liability company agreement or other organizational documents of such Holder, (B) any contract, agreement, commitment,
judgment, decree, order or other obligation (written or oral) to which such Holder is a party or by which such Holder may be bound,
or (C) any law, statute, order, rule or regulation applicable to such Holder, except in the case of each of clauses (B) and (C)
above, as would not reasonably be expected to have a material adverse effect on the ability of such Holder to perform its obligations
under this Agreement or the transactions contemplated hereby.

 

(f)
Such Holder is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”).

 

(g)
Such Holder will acquire the New First Lien Notes for its own account or for the account of another for which it acts as
discretionary investment manager, advisor or sub-advisor, for investment and not with a view to the distribution thereof of any
interest therein in violation of the Securities Act or applicable state securities laws.

 

(h)
Such Holder acknowledges for the benefit of the Partnership Group (including for the benefit of any person acting on behalf
of any member of the Partnership Group in connection with this Agreement and the transactions set forth herein, including, without
limitation, any applicable financial or other advisor to a Partnership Group member) that it has the requisite knowledge and experience
in financial and business matters so that it is capable of evaluating the merits and risks of the acquisition of the New First
Lien Notes contemplated hereby and has had such opportunity as it has deemed adequate to obtain such information as is necessary
to permit such Holder to evaluate the merits and risks of the acquisition of the New First Lien Notes contemplated hereby.

 

(i)
Such Holder acknowledges that none of the Issuers nor any other member of the Partnership Group intends to register the
New First Lien Notes, any offer or sale thereof, or the Exchange Offer under the Securities Act or the Exchange Act or any state
securities laws.

 

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(j)
Such Holder acknowledges for the benefit of the Partnership Group (including for the benefit of any person acting on behalf
of any member of the Partnership Group in connection with this Agreement and the transactions set forth herein, including, without
limitation, any applicable financial or other advisor to a Partnership Group Member) that (i) such Holder has independently evaluated
the risks and merits regarding the transactions contemplated by this Agreement, including with respect to the Exchange Offer and
the New First Lien Notes, and wishes to enter into this Agreement and consummate the transactions contemplated hereby in accordance
with its terms, (ii) no member of the Partnership Group or any other person acting on behalf of any member of the Partnership
Group, including, without limitation, any financial advisor of any of the foregoing, has made or is making any representation or
warranty to such Holder or any other person, whether express or implied, of any kind or character (including, without limitation,
as to accuracy or completeness of any information or as to the creditworthiness of the Issuers or the New First Lien Notes or as
to the transactions contemplated by this Agreement), and (iii) such Holder is not relying upon, and has not relied upon, any
representation or warranty made by any person regarding the transactions contemplated by this Agreement or otherwise, except, in
the case of clauses (ii) and (iii), for the representations and warranties of the Issuers contained in this Agreement.

 

(k)
Such Holder acknowledges for the benefit of the Partnership Group (including for the benefit of any person acting on behalf
of any member of the Partnership Group in connection with this Agreement and the transactions set forth herein, including, without
limitation, any applicable financial or other advisor to a Partnership Group member) that it has made its own independent assessment,
to its satisfaction, concerning any and all legal, regulatory, tax, credit, business and financial considerations with respect
to the Partnership Group, the 2022 Notes and the New First Lien Notes in connection with its acquisition of the New First Lien
Notes contemplated hereby.

 

5.
Representations and Warranties of the Issuers.
Each of the Issuers hereby represents and warrants to each Holder, and acknowledges that each Holder
is relying on such representations and warranties, as follows:

 

(a)
Such Issuer is duly organized, validly existing and in good standing under the laws of the State of Delaware and each of
its subsidiaries has been duly incorporated or formed, as applicable, and is validly existing, in good standing under the laws
of the jurisdiction of its incorporation or formation, as applicable.

 

(b)
Such Issuer has the legal capacity, power and authority to enter into and perform all of its obligations under this Agreement.
This Agreement has been duly executed and delivered by the Issuers, and upon its execution and delivery by Holders, will constitute
a legal, valid and binding obligation of the Issuers, enforceable against the Issuers in accordance with its terms, except as enforceability
may be limited by the Enforceability Exceptions.

 

(c)
The execution, delivery and performance by the Issuers of this Agreement and the consummation of the Transactions, including
commencement of the Exchange Offer by the Partnership Group and the Consummation, do not and will not conflict with, require a
consent, waiver or approval under, or result in a breach of, default or violation under (with or without due notice, lapse of time,
or both), any of (A) the certificate of incorporation, certificate of formation, bylaws, limited liability company agreement, or
other organizational documents of such member of the Partnership Group, (B) any contract, agreement, commitment, judgment, decree,
order or other obligation (written or oral) to which such member of the Partnership Group is a party or by which such member’s
or any of its subsidiaries’ assets may be bound, or (C) any law, statute, order, rule or regulation applicable to such member
of the Partnership Group or any of their respective assets, except in the case of each of clauses (B) and (C) above, as otherwise
disclosed in the Offering Memorandum or as would not reasonably be expected to have a Material Adverse Effect.

 

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(d)
The execution, delivery and performance by the Issuers of this Agreement and the consummation of the Transactions, including
commencement of the Exchange Offer by the Partnership Group and the Consummation, do not and will not require any registration
or filing with, the consent or approval of, notice to, or any other action with respect to (with or without due notice, lapse of
time, or both), any Governmental Authority, other than (i) Current Reports on Form 8-K filed or furnished by the Partnership with
respect to the Exchange Offer and the Consent Solicitation, (ii) such as have been made or obtained and are in full force and effect,
(iii) filings of Uniform Commercial Code financing statements and other registrations or filings in connection with the perfection
of security interests granted pursuant to any collateral documents securing the New First Lien Notes or otherwise relating to the
Transactions, (iv) as described in the Offering Memorandum and Consent Solicitation Statement and (v) such registrations, filings,
consents, approvals, notices or other actions that, if not obtained or made, would not reasonably be expected to have a Material
Adverse Effect.

 

(e)
The New First Lien Notes will (A) qualify for and be issued pursuant to and in compliance with an applicable exemption from
registration under the Securities Act, and (B) be issued and granted in compliance with all applicable securities laws and other
applicable laws. The Exchange Offer, including the Offering Memorandum, will comply in all material respects with all applicable
securities laws and other applicable laws, including all applicable rules of the Commission.

 

(f)
The New First Lien Notes have been duly authorized by the Issuers and each other member of the Partnership Group party to
the New First Lien Notes Indenture and, when issued in accordance with the provisions of the New First Lien Notes Indenture pursuant
to the Exchange Offer against delivery of the 2022 Notes in accordance with the terms of this Agreement, the New First Lien Notes
Indenture will constitute valid and legally binding obligations of the Issuers and each other member of the Partnership Group party
thereto, enforceable in accordance with their terms, except that such enforcement may be subject to the Enforceability Exceptions.

 

(g)
There is no action, lawsuit, arbitration, claim or proceeding pending or, to the knowledge of the Partnership, threatened,
against the Partnership Group that would reasonably be expected to impede the consummation of the Transactions.

 

(h)
The Partnership Group has filed or furnished, as applicable, all forms, filings, registrations, submissions, statements,
certifications, reports and documents required to be filed or furnished by it with the Commission under the U.S. Securities Exchange
Act of 1934, as amended (the “Exchange Act”) or the Securities Act (the SEC filings through the date
hereof, including any amendments thereto, the “Partnership Reports”). As of their respective dates (or,
if amended prior to the date hereof, as of the date of such amendment), each of the Partnership Reports complied in all material
respects with the applicable requirements of the Exchange Act and the Securities Act, and any rules and regulations promulgated
thereunder applicable to the Partnership Reports. As of their respective dates (or, if amended prior to the date hereof, as of
the date of such amendment), the Partnership Reports did not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in
which they were made, not misleading.

 

(i)
The Offering Memorandum and any amendments or supplements thereto do not and will not, as of the commencement, expiration
and settlement of the Exchange Offer, contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (except insofar
as such statement or omission was based on, and made in reliance upon, information furnished by any Holder for use therein).

 

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(j)
The Partnership’s consolidated financial statements (including, in each case, any notes thereto) contained in the
Partnership Reports were prepared (i) in accordance with generally accepted accounting principles in the United States of America
(“GAAP”) applied on a consistent basis throughout the periods indicated (except as may be indicated in
the notes thereto or, in the case of interim consolidated financial statements, where information and footnotes contained in such
financial statements are not required under the rules of the SEC to be in compliance with GAAP) and (ii) in compliance, as of their
respective dates of filing with the SEC, in all material respects with applicable accounting requirements with the published rules
and regulations of the SEC with respect thereto, and in each case such consolidated financial statements fairly presented, in all
material respects, the consolidated financial position, results of operations, changes in unitholder’s equity and cash flows
of the Partnership and its subsidiaries as of the respective dates thereof and for the respective periods covered thereby (subject,
in the case of unaudited statements, to normal year-end adjustments).

 

6.
Covenants of each Holder. Each
Holder, severally and not jointly, covenants and agrees for the benefit of the Issuers that, prior to the Termination Date (as
defined below), such Holder will not (and will cause any funds or accounts managed by such Holder, to not):

 

(a)
transfer any of the Subject Notes held by it, in whole or in part, unless such Transfer is to (i) another Participant or
(ii) any other transferee, provided that, in the case of a transfer to any other transferee other than another Participant, as
a condition precedent to such transfer, such transferee agrees to execute and deliver to the Issuers, concurrently with such transfer,
a joinder to this Agreement in the form attached hereto as Exhibit C or a support agreement substantially in the form of
this Agreement (as determined by the Issuers in their sole discretion) with respect to such transferred Subject Notes, which support
agreement the Issuers shall also execute and deliver to the transferee; provided, however, Holders shall be solely responsible
for any fees and expenses, including, but not limited to, legal fees of the Issuers, associated with such Transfer of Subject Notes;

 

(b)
except as required for purposes of validly tendering 2022 Notes or delivering the Consents with respect to 2025 Notes, grant
any powers of attorney or proxies or consents in respect of any of the Subject 2022 Notes or Subject 2025 Notes, deposit any of
such Subject 2022 Notes or Subject 2025 Notes into a voting trust, or enter into an agreement with respect to any of such Subject
2022 Notes or Subject 2025 Notes; or

 

(c)
take any other action with respect to the Subject Notes (other than any action permitted by this Agreement, including a
Transfer pursuant to Section 6(a) above, terminating this Agreement pursuant to Section 8 and withdrawing its acceptance of the
Exchange Offer and revoking its tender of the Subject 2022 Notes or revoking its Consent with respect to its Subject 2025 Notes
in accordance with this Agreement) that would in any way restrict, limit or interfere with the performance of such Holder’s
obligations hereunder or the Transactions.

 

7.
Covenants of the Partnership.
The Partnership covenants and agrees for the benefit of each Holder that:

 

(a)
it will (and will cause each of its applicable subsidiaries to):

 

		(1)	on or prior to the Required Launch Date, take, or
cause to be taken, all actions reasonably necessary to commence the Transactions including, without limitation, delivering, or
causing to be delivered, the Offering Memorandum and Consent Solicitation Statement to The Depository Trust Company;

 

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		(2)	prior to the Termination Date, use reasonable best
efforts to cause or facilitate satisfaction of all conditions precedent to the Consummation and, upon satisfaction thereof, to
cause the Consummation to occur;

 

		(3)	not disclose the name of any Holder in any press release
or document filed with the Commission without the prior written consent of such Holder; provided that Holders hereby consent to
the Partnership filing a copy of the form of this Agreement, without including the identity of Holders, as an exhibit to, and
summarizing the terms of this Agreement in a current report on Form 8-K filed with the Commission in connection with the Exchange
Offer, to the extent required by the rules of the Commission; provided, however, that if any such disclosure is required, only
such information regarding this Agreement or the Holders as required by applicable law and the rules of the Commission shall be
filed with the Commission and in no event shall the details regarding the Holders’ holdings or amount of Subject Notes be
disclosed or filed.

 

(b)
it will ensure that each other Participant Agreement or any other support agreement with respect to the Transactions shall
provide that no party to such Participant Agreement or such other support agreement, as applicable, may refer to a Holder or any
of its affiliates in any press release or similar public announcement or communication without such Holder’s prior written
consent.

 

(c)
it will ensure that no modifications are made to the terms of the Exchange Offer (including the terms of the New First Lien
Notes) or the Consent Solicitation except, in each case, modifications that (i) are procedural, technical or conforming in nature
or relate to the timeline of the Exchange Offer or Consent Solicitation (for the avoidance of doubt, with respect to the timeline,
not including any extension the End Date) or (ii) to which the Required Holders as provided in Section 9 hereof have consented
to in writing; provided, however, that such prior written approvals shall not be required with respect to any amendment or supplement
of the Offering Memorandum or Consent Solicitation Statement relating solely to the Partnership’s business, financial information
or the markets it serves made pursuant to Section 7(d) so long as the Required Holders under this Agreement shall have been given
two Business Days to review and approve the proposed amendment or supplement (and such modifications not prohibited by this Section
7(c), the “Permitted Modifications”).

 

(d)
if at any time prior to the completion of the Transactions (i) any event shall occur or condition shall exist as a result
of which the Offering Memorandum or Consent Solicitation Statement as then amended or supplemented would include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
existing when the Offering Memorandum or Consent Solicitation Statement is delivered, not misleading, including any necessary updates
to business or financial information presented in the Offering Memorandum or Consent Solicitation Statement or (ii) it is necessary
to amend or supplement the Offering Memorandum or Consent Solicitation Statement to comply with applicable law, as promptly as
reasonably practicable upon learning thereof, it will notify the Holders thereof and forthwith prepare and, subject to clause (i)
of this Section 7(d), furnish to the Holders such amendments or supplements to the Offering Memorandum or Consent Solicitation
Statement as may be necessary so that the statements in the Offering Memorandum or Consent Solicitation Statement as so amended
or supplemented will not, in the light of the circumstances existing when the Offering Memorandum or Consent Solicitation Statement
is delivered, be misleading or so that the Offering Memorandum or Consent Solicitation Statement will comply with applicable law.

 

(e)
it will, on or prior to the Consummation of the Exchange Offer enter into the New First Lien Notes Indenture substantially
and in all material respects in accordance with the “Description of Notes” included in the Offering Memorandum.

 

    10

     

    

 

8.
Termination of Agreement.

 

(a)
This Agreement shall be terminated automatically at any time prior to the Consummation as follows (the date on which this
Agreement is terminated pursuant to this Section 8(a), the “Termination Date”):

 

(1)
if the Issuers withdraw or terminate the Exchange Offer or Consent Solicitation;

 

(2)
in the event of

 

		(A)	the entry of an order, judgment or decree adjudicating
the Partnership or any of its subsidiaries bankrupt or insolvent,

 

		(B)	the entry of any order for relief with respect to
the Partnership or any of its subsidiaries under Title 11 of the United States Code,

 

		(C)	the filing or commencement of any proceeding relating
to the Partnership or any of its subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
dissolution or liquidation law of any jurisdiction,

 

		(D)	the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official of the Partnership or any of its subsidiaries or of
any substantial part of their property,

 

		(E)	the making by the Partnership or any of its subsidiaries
of an assignment for the benefit of creditors or the admission by the Partnership or any of its subsidiaries in writing of its
inability to pay its debts generally as they become due, or

 

		(F)	the taking of any action by the Partnership or any
of its subsidiaries in furtherance of any action described in the foregoing clauses (A)-(E); or

 

(b)
This Agreement may be terminated at any time prior to the Consummation as follows:

 

		(1)	by any Holder, solely as to itself, if the Partnership
has not announced its pursuit of the Transactions and launched the Transactions, on the terms set forth in the Offering Memorandum
and Consent Solicitation Statement, by 11:59 p.m., New York City time on the Required Launch Date;

 

		(2)	by either any Holder, solely as to itself, on the
one hand, or the Issuers, on the other, if the Consummation has not occurred at or prior to 11:59 p.m. on the second Business
Day immediately after the End Date;

 

		(3)	by either any Holder, solely as to itself, on the
one hand, or the Issuers, on the other, in the event of the entry of an order, judgment or decree delaying beyond the End Date,
or prohibiting, the Consummation, in each case, on the terms set forth in the Offering Memorandum or Consent Solicitation;

 

    11

     

    

 

		(4)	by any Holder, solely as to itself in the event of
a Valid Withdrawal Condition;

 

		(5)	by the Issuers and the Holders upon the mutual written
agreement by the Issuers and the Required Holders to terminate this Agreement;

 

		(6)	by any Holder, solely as to itself, in the event of
a Transfer of all of its Subject 2022 Notes or Subject 2025 Notes in compliance with Section 6(a) above; or

 

		(7)	by any Holder, solely as to itself, if the Issuers
have breached this Agreement or any other agreement entered into in connection with the Transactions.

 

(c)
In the event of any termination of this Agreement as provided in Section 8(a), this Agreement shall immediately become void
and of no further force or effect (and, for the avoidance of doubt, each Holder shall be able to withdraw its Subject 2022 Notes
from the Exchange Offer and revoke Consents with respect to its Subject 2025 Notes from the Consent Solicitation as provided in
Section 2(c)) and there shall be no liability pursuant to this Agreement on the part of any party hereto, such party’s successors
and assigns, and each of their respective members, partners, managers, managing members, officers, directors, employees, advisors,
principals, attorneys, professionals, accountants, investment bankers, consultants, agents and other representatives or their respective
affiliated entities following such termination; provided, however, that Sections 8 through 25 shall survive the termination of
this Agreement under Section 8(a) or Section 8(b) in accordance with their terms.

 

9.
Amendments and Waivers, Etc.

 

(a)
Any provision of this Agreement, including the Exhibits attached hereto (which include the terms of the Exchange Offer and
Consent Solicitation embodied in this Agreement, the Offering Memorandum and the Consent Solicitation Statement), may be amended
or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by the Required Holders
unless otherwise set forth in Section 9(b), or, in the case of a waiver, by the party against whom the waiver is to be effective.
No failure or delay by any party in exercising any right or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. To the maximum extent permitted by law, (i) no waiver that may be given by a party shall be applicable except in the
specific instance for which it was given and (ii) no notice to or demand on one party shall be deemed to be a waiver of any obligation
of such party or the right of the party giving such notice or demand to take further action without notice or demand.

 

(b)
Notwithstanding Section 9(a), none of the following amendments, modifications or waivers shall be enforceable against any
Holders party to this Agreement without the prior written consent of such Holder, and any such non-consenting Holder shall have
the right to terminate this Agreement with respect to itself upon the effectiveness of such amendments, modifications or waivers:

 

(i)
extend the End Date to a period beyond August 20, 2020;

 

(ii)
change the stated maturity of the principal of, the payment date of any installment of principal or interest on, the interest
rate or cash or payment in kind payment amount of the New First Lien Notes;

 

(iii)
reduce the principal amount of, or any interest on, the New First Lien Notes;

 

    12

     

    

 

(iv)
change the place or currency of payment of principal of, or any interest on, the New First Lien Notes;

 

(v)
modify the ranking of the New First Lien Notes in security or in right of payment;

 

(vi)
change the Exchange Consideration;

 

(vii)
reduce the consent fee payable upon the delivery of Consents in the Consent Solicitation;

 

(viii)
reduce the percentage in aggregate principal amount of 2022 Notes or 2025 Notes whose lenders must consent to a modification
to or amendment of any provision of the Exchange Offer documentation or Consent Solicitation documentation, respectively; and

 

(ix)

 

(x)
amend or modify this Agreement in any way that would result in the modification of this Section 9.

 

10.
No Admissions and Reservation of Rights. Nothing herein shall be deemed an admission of any kind. The parties hereto
acknowledge and agree that this Agreement and all negotiations relating thereto shall not be admissible into evidence in any proceeding,
other than a proceeding to enforce the terms of this Agreement. Except as expressly provided in this Agreement, nothing herein
is intended to, or does, in any manner waive, limit, impair, or restrict any rights, remedies and interests of the parties. Without
limiting the foregoing sentence in any way, if the Transactions are not consummated, or if this Agreement is terminated for any
reason, each of the parties fully reserves any and all of its rights, remedies, and interests.

 

11.
Notices. All
notices, requests, demands, claims and other communications hereunder shall be in writing and be (a) transmitted by hand delivery,
(b) mailed by first class, registered or certified mail postage prepaid, (c) transmitted by overnight courier, or (d) transmitted
by facsimile, or by .pdf or other electronic means, and in each case to the address set forth below:

 

if to the Issuers:

 

Calumet Specialty Products Partners,
L.P.

2780 Waterfront Pkwy E. Drive, Suite 200

Indianapolis, Indiana 46214

Attn: Greg Morical

Email: greg.morical@calumetspecialty.com

 

with a copy to (which shall not constitute
notice):

 

Kirkland & Ellis LLP

609 Main Street, Suite 4700

Houston, Texas 77007

Attn: Matthew R. Pacey, P.C.

Email: matt.pacey@kirkland.com

 

if to Holders:

 

At the address set forth on Schedule
A hereto opposite such Holder’s name under the column entitled “Notice Address.”

 

    13

     

    

 

12.
Assignment. This
Agreement may not be assigned by any party hereto without the prior written consent of the other parties hereto and any assignment
or attempted assignment in violation of this Section 11 shall be null and void ab initio. Subject to the foregoing, all of the
terms and provisions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns.

 

13.
Entire Agreement. This
Agreement and the Exhibits, documents, instruments and other agreements specifically referred to herein or delivered pursuant hereto
set forth the entire understanding of the parties hereto with respect to the subject matter hereof. Any and all previous agreements
and understandings between or among the parties hereto regarding the subject matter hereof, whether written or oral, are superseded
by this Agreement.

 

14.
Severability; Enforcement. Any
provision of this Agreement which is invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity
or unenforceability without invalidating or rendering unenforceable the remaining provisions hereof, and any such invalidity or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Notwithstanding
the foregoing, if such provision could be more narrowly drawn so as not to be invalid or unenforceable in such jurisdiction, it
shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

15.
Specific Performance; Injunctive Relief.
Each of the signatories hereto acknowledges that the covenants and agreements contained in this Agreement
are an integral part of the Exchange Offer, and that monetary damages would be an inadequate remedy for any breach by such signatory
of the provisions of this Agreement. Accordingly, each Holder agrees that the Issuers, and the Issuers agree that each Holder,
shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any other means
available to the Issuers at law or in equity to enforce this Agreement.

 

16.
Further Assurances. Subject
to the terms and conditions of this Agreement, each party hereto shall use commercially reasonable efforts to take, or cause to
be taken, all actions, and to do, or cause to be done, all things necessary to fulfill such party’s obligations under this
Agreement.

 

17.
Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page by facsimile or .pdf shall be as effective
as delivery of a manually executed counterpart.

 

18.
Governing Law. This
Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware without
reference to conflicts of laws rules or principles that would require the application of the law of any other jurisdiction.

 

19.
Jurisdiction. By
its delivery of this Agreement, each of the signatories to this Agreement irrevocably and unconditionally agrees, in connection
with any legal action, suit or proceeding with respect to any matter under or arising out of or in connection with this Agreement
or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, it shall submit to the exclusive
jurisdiction of the Court of Chancery of the State of Delaware and appellate courts from any thereof and agrees to venue in such
courts. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    14

     

    

 

20.
Consent to Service of Process.
Each of the signatories to this Agreement irrevocably consents to service of process by mail at the
address set forth in Section 10 above. Each of the signatories to this Agreement agrees that its submission to jurisdiction and
consent to service of process by mail is made for the express benefit of each of the other signatories to this Agreement.

 

21.
No Third-Party Beneficiaries; Affiliated Parties.
Except as set forth in Section 21, this Agreement shall be solely for the benefit of the signatories
to this Agreement, and no other Person or entity shall be a third-party beneficiary hereof.

 

22.
Fiduciary Duties. Notwithstanding
anything to the contrary contained herein, nothing in this Agreement shall create any additional fiduciary duties or obligations
on the part of any member of the Partnership Group, any Holder, or any of their respective members, partners, managers, managing
members, officers, directors, employees, advisors, principals, attorneys, professionals, accountants, investment bankers, consultants,
agents and other representatives or their respective affiliated entities, in each case, in such Person’s capacity as a member,
partner, manager, managing member, officer, director, employee, advisor, principal, attorney, professional, accountant, investment
banker, consultant, agent or other representative of such member of the Partnership Group, such Holder or any of their affiliated
entities, respectively, that such Persons did not have prior to the execution of this Agreement. No Holder has nor shall it have
any fiduciary duties or obligations to any other holder of 2022 Notes, any member of the Partnership Group, or any of their respective
creditors, equity holders, or other stakeholders.

 

23.
Interpretive Provisions; Construction.
Time is of the essence in the performance of the obligations of each of the parties hereto contained
herein. The words “hereof,” “herein” and “hereunder” and words of like import used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are
included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles,
Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. All Exhibits annexed
hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any singular
term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,”
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. The parties hereto confirm that they and their respective counsel have reviewed, negotiated and adopted
this Agreement as the joint agreement and understanding of the parties hereto, and the language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall
be applied against any party.

 

24.
Several Obligations. Each
Holder’s obligations under this Agreement shall be several and not joint. This Agreement shall be interpreted as if each
Holder had entered into a separate agreement with the Issuers. No Holder shall be liable for the obligations or liabilities of
any other Holder that is party to this Agreement.

 

    15

     

    

 

25.
Indemnification. Whether or not the Transactions are consummated or this Agreement is terminated, the Issuers (in such
capacity, the “Indemnifying Party”) will indemnify and hold harmless each of the Holders and its investment adviser,
their respective affiliates and their respective officers, directors, employees, agents and controlling persons (each an “Indemnified
Person”) from and against any and all losses, claims, damages, liabilities and reasonable expenses, joint or several, to
which any such Indemnified Person may become subject arising out of or in connection with any claim, challenge, litigation, investigation
or proceeding with respect to this Agreement, the Transactions, or the transactions contemplated hereby and thereby, and to reimburse
such Indemnified Persons for any reasonable legal or other reasonable out-of-pocket expenses as they are incurred in connection
with investigating, responding to or defending any of the foregoing, provided that the foregoing indemnification will not, as to
any Indemnified Person, apply to losses, claims, damages, liabilities or expenses to the extent (i) that they are finally judicially
determined to have resulted from bad faith, gross negligence or willful misconduct on the part of such Indemnified Person or (ii)
they have resulted from a material breach of the obligations of such Indemnified Person under this Agreement, the Transactions
or the transactions contemplated hereby or thereby. The Indemnifying Party also agrees that no Indemnified Person shall have any
liability based on their negligence or otherwise to the Indemnifying Party, any person asserting claims on behalf of or in right
of any of the Indemnifying Party, or any other person in connection with or as a result of this Agreement, the Transactions, or
the transactions contemplated hereby and thereby, except as to any Indemnified Person to the extent (i) that any losses, claims,
damages, liability or expenses incurred by the Issuers are finally judicially determined to have resulted from bad faith, gross
negligence or willful misconduct of such Indemnified Person in performing the services that are the subject of this Agreement or
(ii) they have resulted from a material breach of the obligations of such Indemnified Person under this Agreement, the Transactions,
or the transactions contemplated hereby or thereby; provided, however, that in no event shall an Indemnified Person or such other
parties have any liability for any indirect, consequential or punitive damages in connection with or as a result of any of their
activities related to the foregoing. The indemnity, reimbursement and contribution obligations of the Indemnifying Party under
this Section 25 shall be in addition to any liability that the Indemnifying Party may otherwise have to an Indemnified Person and
shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Indemnifying
Party and any Indemnified Person.

 

[Remainder of this page intentionally
left blank]

 

    16

     

    

 

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

 

	 	CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
	 	 	 
	 	By:	Calumet GP, LLC, its general partner
	 	 	 
	 	By:	/s/ H. Keith Jennings
	 	Name:	H. Keith Jennings
	 	Title: 	Executive Vice President and 

Chief Financial Officer
	 	 	 
	 	CALUMET FINANCE CORP.
	 	 	 
	 	By:	/s/ H. Keith Jennings
	 	Name:	H. Keith Jennings
	 	Title: 	Executive Vice President and 

Chief Financial Officer

 

     

     

    

 

Exhibit A

 

Offering Memorandum

 

Omitted pursuant to Item 601(a)(5) of Regulation
S-K.

 

     

     

    

 

Exhibit B

 

Consent Solicitation Statement 

 

Omitted pursuant to Item 601(a)(5) of Regulation
S-K.

 

     

     

    

 

Exhibit C

 

Form of Joinder

 

[•], 2020 

Reference is made
to that Support Agreement, dated as of 6, 2020 (as it may be amended in accordance with its terms, the “Support Agreement”),
Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the “Partnership”), Calumet
Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Partnership, the “Issuers”),
and each Holder (as defined therein), regarding (i) an offer to exchange (the “Exchange Offer”) up to
$200 million aggregate principal amount of the Issuers’ outstanding 7.625% Senior Notes due 2022 (the “2022 Notes”)
issued under the Indenture, dated as of November 26, 2013 (as amended or supplemented from time to time, the “2022
Notes Indenture”), by and among the Issuers, the subsidiary guarantors identified therein and Wilmington Trust, National
Association (the “Trustee”), for $200 million aggregate principal amount of new first lien exchange notes
due July 2024 (the “New First Lien Notes”), and (ii) a solicitation of consents (the “Consents”)
from holders of the Issuers’ outstanding 11.00% Senior Notes due 2025 issued under the Indenture, dated as of October 11,
2019 (as amended or supplemented from time to time, the “2025 Notes Indenture”), by and among the Issuers,
the subsidiary guarantors identified therein and the Trustee, to certain proposed amendments to the 2025 Notes Indenture (the “Consent
Solicitation” and, together with the Exchange Offer and the other transactions contemplated hereby, the “Transactions”),
in each case, on the terms and subject to the conditions more fully set forth in the Offering Memorandum. Capitalized terms used
and not defined herein shall have the meanings ascribed thereto in the Support Agreement.

The undersigned
(“Transferee”) hereby acknowledges that it has read and understands the Support Agreement, agrees to
be bound by the terms and conditions of the Support Agreement and shall be deemed a “Holder” under the
terms of the Support Agreement, subject to the obligations of a Holder thereunder, including without limitation the undertaking
to tender all of its Subject 2022 Notes in the Exchange Offer and to deliver Consents with respect to all of its Subject 2025 Notes
in the Consent Solicitation.

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Joinder as of the date first set forth above.

[HOLDER]

Name of Institution:___________________________

By: ______________________________________

Name:

Title:

Address:___________________________________

2022 Notes: $_______________________________

2025 Notes: $_______________________________

     

     

    

 

Schedule A

 

Holder Information

 

Omitted pursuant to Item 601(a)(5) of Regulation
S-K.Exhibit
4.5

 

EXHIBIT
A

W-[__]

 

THIS
WARRANT AND THE WARRANT SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, HYPOTHECATED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS SO REGISTERED
OR AN EXEMPTION THEREFROM IS AVAILABLE.

 

WARRANT
TO PURCHASE COMMON STOCK

OF
FACEBANK GROUP, INC.

 

Date
of Issuance: May [●], 2020

 

In
consideration for the payment by ___________________________ to Facebank Group, Inc., a Florida corporation (the “Company”),
of $[●] in cash, by certified check, or by wire transfer (the “Purchase Price”), the Company agrees to the provisions
set forth herein. The Company certifies that ___________________________ and its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, up to [●] fully-paid and nonassessable
shares of Common Stock (the “Warrant Shares”) at a purchase price per share equal to the Warrant Price (defined below).
The number of shares of Common Stock purchasable upon exercise of this Warrant and the Warrant Price shall be subject to adjustment
from time to time as provided herein. The initial Warrant Price (the “Warrant Price”) per share of Common Stock shall
equal $7.00.

 

For
the purpose of this Warrant, the term “Common Stock” shall mean (i) the Common Stock, par value $0.0001 per share,
of the Company as of the Date of Issuance, or (ii) any other class or classes of stock resulting from successive changes or reclassifications
of such class of stock, and the term “Business Day” shall mean any day other than a Saturday or Sunday or a day on
which commercial banks in New York, New York are required or authorized to be closed.

 

Section
1. Term of Warrant, Exercise of Warrant. (a) Subject to the terms of this Warrant, the Holder shall have the right, at
its option, which may be exercised in whole or in part, at any time, and from time to time, commencing at the time immediately
following the time the Purchase Price has been paid and until the earlier of (x) 5:00 p.m. Eastern Time on the eighteen-month
anniversary of the Date of Issuance and (y) the closing of a Change of Control (as defined below) (the “Warrant Expiration
Date”) to purchase from the Company the Warrant Shares. “Change of Control” shall mean the sale, conveyance
or disposal of all or substantially all of the Company’s property or business or the Company’s merger with or into
or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company) or any other transaction or
series of related transactions in which the stockholders of the Company immediately prior to the transaction or transactions own
less than a majority of the voting power of the surviving corporation following the transaction or transactions.

 

    	 

     

    

 

(b)
The purchase rights evidenced by this Warrant shall be exercised by the Holder surrendering this Warrant, with the form of subscription
at the end hereof duly executed by the Holder, to the Company at its office in New York, New York (or, in the event the Company’s
principal office is no longer in New York, New York, its then principal office in the United States (the “Principal Office”)),
accompanied by payment, of an amount (the “Exercise Payment”) equal to the Warrant Price multiplied by the number
of Warrant Shares being purchased pursuant to such exercise, payable as follows: (i) by payment to the Company in cash, by certified
check, or by wire transfer of the Exercise Payment, (ii) by surrender to the Company for cancellation of securities of the Company
having a Market Price (as hereinafter defined) on the date of exercise equal to the Exercise Payment; or (iii) by a combination
of the methods described in clauses (i) and (ii) above. In lieu of exercising the Warrant as set forth in the foregoing sentence,
the Holder may elect to perform a net exercise and receive a payment equal to the difference between (i) the Market Price on the
date of exercise multiplied by the number of Warrant Shares as to which the payment is then being elected and (ii) the aggregate
Warrant Price with respect to such Warrant Shares, payable by the Company to the Holder only in shares of Common Stock valued
at the Market Price on the date of exercise. For purposes hereof, the term “Market Price” shall mean, with respect
to any day, the average closing price of a share of Common Stock or other security for the five consecutive trading days preceding
such day on the principal national securities exchange on which the shares of Common Stock or securities are listed or admitted
to trading or, if not listed or admitted to trading on any national securities exchange, the average of the reported high and
low prices during such five trading day period on the OTCQB Venture Market, if the shares of Common Stock or securities are not
publicly traded, the Market Price for such day shall be the fair market value thereof determined in good faith by the Board of
Directors of the Company.

 

(c)
Upon any exercise of this Warrant, the Company shall issue and cause to be delivered with all reasonable dispatch, but in any
event within five Business Days, to or upon the written order of the Holder and, subject to Section 3, in such name or names as
the Holder may designate (provided that such names other than the Holder may include only affiliates of the Holder), written confirmation
(including via email) from the Company’s transfer agent that it has issued a book entry position for the number of full
Warrant Shares issuable upon such exercise together with such other property, including cash (if necessary pursuant to Section
5.3 hereof), which may be deliverable upon such exercise. If fewer than all of the Warrant Shares represented by this Warrant
are purchased, a new Warrant of the same tenor as this Warrant, evidencing the Warrant Shares not purchased will be issued and
delivered by the Company at the Company’s expense, to the Holder together with the issue of the written confirmation from
the Company’s transfer agent that it has issued a book entry position representing the Warrant Shares then being purchased.
The Warrant certificate, when surrendered upon exercise of the Warrant, shall be canceled by the Company.

 

(d)
The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision
hereof, the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company
or any violation or alleged violation of law by the Holder or any other person, and irrespective of any other circumstance which
might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver written confirmation from the Company’s transfer agent that it has issued a book entry position representing shares
of Common Stock upon exercise of this Warrant or to credit such shares to the Holder’s DTC account (as the case may be)
as required pursuant to the terms hereof.

 

    	 	- 2 -	 

    	 	 	 

    

 

Section
2. Warrant Register, Registration of Transfers.

 

Section
2.1. Warrant Register. The Company shall keep at its Principal Office, a register (the “Warrant Register”)
in which the Company shall record the name and address of the Holder from time to time and all transfers and exchanges of this
Warrant. The Company shall give the Holder prior written notice of any change of the address at which such register is kept.

 

Section
2.2. Registration of Transfers, Exchanges or Assignment of the Warrant. The Holder shall be entitled to assign its interest
in this Warrant in whole or in part to any affiliate of Holder upon surrender thereof accompanied by a written instrument or instruments
of transfer in the form of assignment at the end hereof duly executed by the Holder. Except as set forth in the preceding sentence,
this Warrant may not be assigned by the Holder. This Warrant may also be exchanged or combined with warrants of like tenor at
the option of the Holder for another Warrant or Warrants of like tenor and representing in the aggregate the right to purchase
a like number of Warrant Shares upon presentation thereof to the Company at its Principal Office together with a written notice
signed by the Holder specifying the denominations in which the new Warrant is or the new Warrants are to be issued.

 

Upon
surrender for transfer or exchange of this Warrant to the Company at its Principal Office for transfer or exchange, in accordance
with this Section 2, the Company shall, without charge (subject to Section 3), execute and deliver a new Warrant or Warrants of
like tenor and of a like aggregate amount of Warrant Shares in the name of the assignee named in such instrument of assignment
and, if the Holder’s entire interest is not being assigned, in the name of the Holder with respect to that portion not transferred,
and this Warrant shall promptly be canceled.

 

Notwithstanding
the foregoing, the Holder acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities
Act of 1933, as amended (the “Act”), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise
dispose of this Warrant and Warrant Shares in the absence of (i) registration or qualification of this Warrant and such Warrant
Shares under any applicable U.S. federal or state securities law then in effect, or (ii) an opinion of counsel, satisfactory to
the Company, that such registration and qualification are not required.

 

Section
3. Payment of Taxes. The Company shall pay all documentary stamp taxes, if any, attributable to the initial issuance of
any Warrant Shares upon the exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax
or taxes which may be payable in respect of any transfer involved in the issue or delivery of any Warrant or book entry position
for Warrant Shares in a name other than that of the Holder as such name is then shown on the books of the Company.

 

    	 	- 3 -	 

    	 	 	 

    

 

Section
4. Certain Covenants.

 

Section
4.1. Reservation of Warrant Shares. There have been reserved and the Company shall at all times keep reserved, out of its
authorized but unissued Common Stock, free from any preemptive rights, rights of first refusal or other restrictions (other than
pursuant to the Act and applicable state securities laws) a number of shares of Common Stock sufficient to provide for the exercise
of the rights of purchase represented by this Warrant.

 

Section
4.2. No Impairment. The Company shall not by any action including, without limitation, amending its Certificate of Incorporation,
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but shall at all times in good
faith assist in the carrying out of all such terms and in the taking of all such action, as may be necessary or appropriate to
protect the rights of the Holder against impairment. Without limiting the generality of the foregoing, the Company shall take
all such action as may be necessary or appropriate in order that the Company may validly issue fully paid and nonassessable shares
of Common Stock upon the exercise of this Warrant at the then Warrant Price therefor.

 

Section
4.3. Notice of Certain Corporate Action. In case the Company shall propose (a) to offer to the holders of its Common Stock
rights to subscribe for or to purchase any shares of Common Stock or shares of stock of any class or any other securities, rights
or options, or (b) to effect any reclassification of its Common Stock (other than a reclassification involving only the subdivision,
or combination, of outstanding shares of Common Stock), or (c) to effect any capital reorganization, or (d) to effect any Change
of Control, or (e) to effect the liquidation, dissolution or winding up of the Company or (f) to offer to the holders of its Common
Stock the right to have their shares of Common Stock repurchased or redeemed or otherwise acquired by the Company, or (g) to take
any other action which would require the adjustment of the Warrant Price and/or the number of Warrant Shares issuable upon exercise
of this Warrant, then in each such case (but without limiting the provisions of Section 5), the Company shall give to the Holder,
a notice of such proposed action, which shall specify the date on which a record is to be taken for purposes of such dividend,
distribution or offer of rights, or the date on which such reclassification, reorganization, Change of Control, liquidation, dissolution,
or winding up is to take place and the date of participation therein by the holders of Common Stock, if any such date is to be
fixed and shall also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such
action on the Common Stock. Such notice shall be so given at least ten (10) Business Days prior to the record date for determining
holders of the Common Stock for purposes of participating in or voting on such action, or at least ten (10) Business Days prior
to the date of the taking of such proposed action or the date of participation therein by the holders of Common Stock, whichever
shall be the earlier. Such notice shall specify, in the case of any subscription or repurchase rights, the date on which the holders
of Common Stock shall be entitled thereto, or the date on which the holders of Common Stock shall be entitled to exchange their
Common Stock for securities or other property deliverable upon any reorganization, reclassification, Change of Control or other
action, as the case may be. Such notice shall also state whether the action in question or the record date is subject to the effectiveness
of a registration statement under the Act or to a favorable vote of security holders, if either is required, and the adjustment
in Warrant Price and/or number of Warrant Shares issuable upon exercise of this Warrant as a result of such reorganization, reclassification,
Change of Control or other action, to the extent then determinable. No such notice shall be given if the Company reasonably determines
that the giving of such notice would require disclosure of material information which the Company has a bona fide purpose for
preserving as confidential or the disclosure of which would not be in the best interests of the Company.

 

    	 	- 4 -	 

    	 	 	 

    

 

Section
4.4. Purchase Entirely for Own Account. The Holder acknowledges that this Warrant is given to the Holder in reliance upon
the Holder’s representation to the Company, which by its acceptance of this Warrant the Holder hereby confirms, that the
Warrant and the Warrant Shares (collectively, the “Securities”) being acquired by the Holder are being acquired for
investment for the Holder’s own account, not as a nominee or agent, and not with a view to the resale or distribution of
any part thereof, and that the Holder has no present intention of selling, granting any participation in, or otherwise distributing
the same. By executing this Warrant, the Holder further represents that the Holder does not presently have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to any of the Securities. The Holder represents that it has full power and authority to enter into this Warrant. The Holder
has not been formed for the specific purpose of acquiring any of the Securities.

 

Section
4.5. Disclosure of Information. The Holder has had an opportunity to discuss the Company’s business, management,
financial affairs and the terms and conditions of the offering of the Securities with the Company’s management and has had
an opportunity to review the Company’s facilities, and has had an opportunity to read all of the Company’s filings
with the Securities and Exchange Commission.

 

Section
4.6. Restricted Securities. The Holder understands that the Securities have not been, and will not be, registered under
the Act, by reason of a specific exemption from the registration provisions of the Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein. The
Holder understands that the Securities are “restricted securities” under applicable U.S. federal and state securities
laws and that, pursuant to these laws, the Holder must hold the Securities indefinitely unless they are registered with the Securities
and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Holder further acknowledges that if an exemption from registration or qualification is available, it may be
conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Securities,
and on requirements relating to the Company which are outside of the Holder’s control, and which the Company is under no
obligation and may not be able to satisfy.

 

Section
4.7. Accredited Investor. The Holder is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the Act.

 

    	 	- 5 -	 

    	 	 	 

    

 

Section
5. Adjustment of Warrant Price.

 

Section
5.1. Subdivision or Combination of Stock. In case the Company shall at any time (i) issue a dividend payable in Common
Stock or any rights to subscribe for or to purchase, or any options for the purchase of, Common Stock or (ii) subdivide its outstanding
shares of Common Stock into a greater number of shares or combine its outstanding shares of Common Stock into a smaller number
of shares, then (x) in the case of a dividend or subdivision, the Warrant Price in effect immediately prior to such dividend or
subdivision shall be proportionately decreased and the number of shares of Common Stock purchasable upon the exercise of the Warrant
immediately prior to such adjustment shall be proportionately increased, and (y) in the case of a combination, the Warrant Price
in effect immediately prior to such combination shall be proportionately increased and the number of shares of Common Stock purchasable
upon the exercise of the Warrant immediately prior to such adjustment shall be proportionately decreased.

 

Section
5.2. Reorganization, Reclassification, Consolidation, Merger or Sale. If any capital reorganization or reclassification
of the capital stock of the Company or any consolidation or merger of the Company with another corporation, other than a Change
of Control, shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities or assets
with respect to or in exchange for Common Stock, then, as a condition of such reorganization, reclassification, consolidation,
exercise, merger or sale, lawful and adequate provision shall be made whereby the Holder shall thereafter have the right to receive
upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore
receivable upon the exercise of this Warrant, that number of shares of stock, securities or assets (including cash) as may be
issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of
Warrant Shares for which this Warrant could have been exercised immediately prior to such reorganization, reclassification, consolidation,
merger or sale, and in any such case appropriate provision shall be made with respect to the rights and interests of such Holder
to the end that the provisions hereof shall thereafter be applicable, as nearly as may be, in relation to any shares of stock,
securities or assets (including cash) thereafter deliverable upon the exercise of this Warrant. The Company will not effect any
such consolidation, merger or sale, unless prior to the consummation thereof the successor corporation (if other than the Company)
resulting from such consolidation or merger or the corporation purchasing such assets shall assume, by written instrument executed
and mailed or delivered to the Holder at the last address of such Holder appearing on the books of the Company, the obligation
to deliver to such Holder such shares of stock, securities or assets (including cash) as, in accordance with the foregoing provisions,
the Holder may be entitled to receive.

 

Section
5.3. Fractional Shares. The Company shall not issue fractions of shares of Common Stock upon exercise of this Warrant or
scrip in lieu thereof. If any fraction of a share of Common Stock would, except for the provisions of this Section 5.3, be issuable
upon exercise of this Warrant, the Company shall in lieu thereof pay to the person entitled thereto an amount in cash equal to
the current value of such fraction, calculated to the nearest one-hundredth (1/100) of a share, to be computed on the basis of
the Market Price for a share of Common Stock as of the date of exercise.

 

    	 	- 6 -	 

    	 	 	 

    

 

Section
5.4. Notice of Adjustment. Upon any adjustment of the Warrant Price, and from time to time upon the request of the Holder,
the Company shall furnish to the Holder the Warrant Price resulting from such adjustment or otherwise in effect and the number
of Warrant Shares then available for purchase under this Warrant, setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based.

 

Section
5.5. Certain Events. If any event occurs as to which, in the good faith judgment of the Board of Directors of the Company
the other provisions of this Section 5 are not strictly applicable or if strictly applicable would not fairly protect the exercise
rights of the Holder in accordance with the essential intent and principles of such provisions, then the Board of Directors of
the Company in the good faith, reasonable exercise of its business judgment shall make an adjustment in the application of such
provisions, in accordance with such essential intent and principles so as to protect such exercise rights as aforesaid.

 

Section
6. No Rights as a Stockholder; Notice to Holder. Nothing contained in this Warrant shall be construed as conferring upon
the Holder the right to vote or to consent or to receive notice as a stockholder in respect of any meeting of stockholders for
the election of directors of the Company or any other matter, or any rights whatsoever as a stockholder of the Company.

 

Section
7. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with, in
the case of a Holder which is not a qualified institutional buyer within the meaning of Rule 144A under the Act, surety) in an
amount reasonably satisfactory to it, or (in the case of mutilation) upon surrender and cancellation thereof, the Company will
issue, in lieu thereof, a new Warrant of like tenor.

 

Section
8. Notices. All notices and other written communications provided for hereunder shall be given in writing and delivered
in person or sent by overnight delivery service (with charges prepaid), and (i) if to the Holder addressed to it at the address
specified for such Holder in the Warrant Register or at such other address as the Holder shall have specified to the Company in
writing in accordance with this Section 8, and (ii) if to the Company, addressed to it at 1115 Broadway, 12th Floor, New York,
NY 10010 or at such other address as the Company shall have specified to the Holder in writing in accordance with this Section
8. Notice given in accordance with this Section 8 shall be effective upon the earlier of the date of delivery or the second Business
Day at the place of delivery after dispatch.

 

Section
9. Applicable Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York
without giving effect to principles of conflict of laws.

 

Section
10. Warrant Share Legend. The Warrant Shares, until such Warrant Shares have been distributed pursuant to a registration
statement effective under the Act or sold to the public through a broker, dealer or market maker in compliance with Rule 144 under
the Act (or any similar rule then in force) shall bear one or all of the following legends:

 

“THE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW
TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

Any
legend required by the Blue Sky laws of any state to the extent such laws are applicable to the Warrant Shares.

 

Section
11. Captions. The captions of the Sections and subsections of this Warrant have been inserted for convenience only and
shall have no substantive effect.

 

Section
12. Amendment or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by the
Company and the Holder.

 

    	 	- 7 -	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Warrant as of the [●] day of May, 2020.

 

	 	FACEBANK
    GROUP, INC.
	 	 
	 	By:	 
	 	Name:	David
    Gandler
	 	Title:	Chief
    Executive Officer

 

	 	[NAME
    OF WARRANT HOLDER]
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

    	 	- 8 -	 

    	 	 	 

    

 

[To
be signed only upon exercise of Warrant]

 

TO
Facebank Group, Inc.:

 

The
undersigned, the holder of the within Warrant (the “Holder”), hereby irrevocably elects to exercise the purchase right
represented by such Warrant for, and to purchase thereunder, ______ shares of Common Stock of Facebank Group, Inc. and herewith
[makes payment of $______ therefor in full payment of the Exercise Payment][tenders securities having a Market Price of $_____
in full payment of the Exercise Payment] or [elects to receive a payment equal to the difference between (i) the Market Price
(as defined in the Warrant) multiplied by ________ (the number of Warrant Shares as to which the payment is being elected) and
(ii) ___________, which is the exercise price with respect to such Warrant Shares, in full payment of the Exercise Payment, payable
by the Company to the Holder only in shares of Common Stock valued at the Market Price in accordance with the terms of the Warrant],
and requests that the book entry position for such shares be issued in the name of ______.

 

	Dated:	 	 
	 	 	 
		 	 
	 	 	 
	 	 	
	 	 	(Signature
                                         must conform in all respects to name of

        Holder
        as specified on the face of the Warrant)

	 	 	 
	 	 	
	 	 	Address

 

    	 

     

    

 

[To
be signed only upon transfer of Warrant]

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _____________ the right represented by the within Warrant
to purchase _____ shares of the Common Stock of Facebank Group, Inc. to which the within Warrant relates, and appoints _______
attorney to transfer said right on the books of Facebank Group, Inc. with full power of substitution in the premises.

 

	Dated:	 	 
	 	 	 
	 	 	 
	(Signature
    must conform in all respects to	 	
	name
    of Holder as specified on the face of the Warrant)	 	
	 	 	 
	 	 	
	 	 	Address
	 	 	 
	In
    the presence of:

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