9.

Stipulated Loss Value.  The Stipulated Loss Value of any item of Property shall be an amount equal to the product of (a) the Property Cost of such item of Property and (b) the Stipulated Loss Value Percentage set forth in Exhibit B attached hereto and incorporated herein by reference, which corresponds to the number of full monthly rental payments that have been received pursuant to this Schedule by Lessor prior to the date of loss.

10.

Early Termination Option.  Notwithstanding anything in the Lease to the contrary, upon Lessee’s payment on the sixth (6th) anniversary of the First Rental Payment Due Date (the “Early Termination Date”), and provided Lessee has paid and Lessor has received all rental and any other payments due under the Lease prior to the exercise of the early termination option described in this Section 10, Lessee shall have the right to, upon not less than ninety (90) days’ (or more than one hundred eighty (180) days’) prior written notice to Lessor, purchase all, but not less than all, of the Property by paying a lump sum cash payment to Lessor on the Early Termination Date in an amount equal to 35.02% of the Property Cost indicated above (the “Early Termination Purchase Price”),  plus all applicable sales, use, transfer, property and other similar taxes related to the sale of the Property. Upon receipt by Lessor of the Early Termination Purchase Price on the Early Termination Date, together with any other amounts due and payable under the Lease, all in immediately available funds, Lessor shall transfer to Lessee, without recourse or warranty of any kind, express or implied, all of Lessor’s right, title and interest in and to such Property on an AS-IS, WHERE-IS basis, with all faults, except Lessor will warrant that the Property is free and clear of any liens created by Lessor or any party on its behalf.  Lessee would be obligated to reimburse Lessor for all taxes, charges and expenses relating to the sale, registration, use, possession, and operation of the Property to the extent provided in the MLA.  Lessor shall provide promptly to Lessee following Lessee’s request (a) wire transfer information, (b) a list of all charges and amounts due and owing by Lessee to Lessor at any relevant date in connection with the foregoing, and (c) such other information and calculations as Lessee may reasonably request in order to permit Lessee to exercise and perform the “Early Termination Option” described in this Section 10.

11.

End of Term Options. If Lessee does not exercise the early termination option as described in Section 10 above, the Lease shall continue until the Term Expiration Date, at which time Lessee shall have the end of term options set forth in the MLA.

12.

[Intentionally Omitted.]

13.

Letter of Credit.

14.

Conditions Precedent. On or prior to the date hereof, as a condition precedent to the effectiveness of Lessor’s obligation to fund the Property Cost, Lessor shall have received the following documents, each in form and substance satisfactory to Lessor:

(a)

confirmation that the Property is free and clear of all liens, privileges, claims, mortgages and other encumbrances other than permitted liens described in Section 19 hereof;

(b)

an appraisal of the Property issued by an appraiser, and pursuant to an appraisal plan, selected and engaged by Lessor (and mutually acceptable to Lessee);

(c)

a copy of the most recent existing perimeter survey of the real property on which the Property is located, issued by a surveyor, as mutually agreed by Lessee and Lessor;

(d)

abstract of title evidencing the ownership of the real property on which the Property is located and identifying all encumbrances, with copies of all such encumbrances, together with a “date down” letter from Louisiana counsel for Lessee identifying any encumbrances since the date of such abstract;

(e)

a precautionary mortgage, or an amendment to the existing precautionary mortgage, executed by Lessee in favor of Lessor in form and substance acceptable to Lessor;

(f)

confirmation of insurance covering the Property in amounts and with insurers acceptable to Lessor;

(g)

confirmation to Lessor’s satisfaction that Lessee is the fee simple owner of the real property on which the Property will be located, but subject to liens disclosed in writing to Lessor prior to the date hereof;

(h)

precautionary UCC lease and fixture filings, or amendments to existing UCC lease and fixture filings, as required to perfect the security interest of Lessor granted hereunder;

(i)

Lessee’s corporate and reporting policies for hazardous waste materials in form and substance acceptable to Lessor;

(j)

provision of certain rights with respect to and/or assignment of all easements, deeded rights of access and all other agreements that govern access to and ongoing operation of the Property;

(k)

if applicable, copies of duly executed intercreditor and/or subordination agreements entered into by Lessee and Lessee’s existing lenders in form and substance acceptable to Lessor;

(l)

an officer’s certificate of Lessee (A) certifying that no material adverse change in Lessee’s financial condition has occurred since March 31, 2025 and (B) containing true, correct and complete copies of (i) the charter documents of Lessee, (ii) resolutions of Lessee’s sole member authorizing the execution, delivery and performance by Lessee of the MLA, this Schedule and the other agreements entered into in connection therewith; (iii) an incumbency certificate of Lessee; and (iv) evidence of Lessee’s good standing in the States of Delaware and Louisiana;

(m)

an officer’s certificate of Guarantor (A) certifying that no material adverse change in Guarantor’s financial condition has occurred since March 31, 2025 and (B) containing true, correct and complete copies of (i) the charter documents of Guarantor, (ii) resolutions of the Board of Directors of Guarantor authorizing the execution, delivery and performance by Guarantor of the guaranty by Guarantor in favor of Lessor entered into in connection with the MLA and described in clause (n) below; (iii) an incumbency certificate of Guarantor; and (iv) evidence of Guarantor’s good standing in the State of Delaware;

(n)

a guaranty dated on or about the date hereof issued by the Guarantor in favor of Lessor entered into in connection with the MLA, in form and substance acceptable to Lessor;

(o)

the execution and delivery by all parties thereto of the Multiparty Agreement or a reaffirmation thereof in form and substance satisfactory to Lessor;

(p)

an opinion of Lessee’s and Guarantor’s outside counsel addressing such issues as Lessor may reasonably request with respect to the MLA, this Schedule and the transactions contemplated hereby to include, without limitation, opinions related to (i) due authority, execution and delivery; (ii) enforceability; (iii) no violation of law or other material financing agreements; and (iv) no consents/approvals/authorizations of third parties required; and

(q)

an opinion of Louisiana counsel for Lessee addressing such issues as Lessor may request with respect to this Schedule and the transactions contemplated hereby.

15.

Conditions Subsequent.  Lessee shall deliver to Lessor on or before August 1, 2025, the Letter of Credit in accordance with Section 13.

16.

Addenda.  In addition to those expressly referred to herein, the following Riders, Schedules or other addenda are agreed to by the parties on the effective date hereof and are incorporated in the Lease for all purposes:

(a)

Exhibit A (Property Description);

(b)

Exhibit B (Stipulated Loss Value); and

(c)

Maintenance and Return Rider to Property Schedule No. 2.

17.

Proprietary Additives. For the avoidance of doubt, Lessor and Lessee acknowledge and agree that (a) to the extent that Lessee has custody of any proprietary gasoline additives (“Proprietary Additives”) provided by Lessee’s customers (the “Additive Provider”) and stored in any of the storage tanks constituting Property, Lessor shall have no right, title, claim on or interest in or to any Proprietary Additives, (b) Lessee, and each Additive Provider, shall have the right, using the standard of care customary for prudent refinery operators, to remove from the Property any or all Proprietary Additives at any time or from time to time, without regard to whether or not an Event of Default has occurred or is continuing hereunder, and without any obligation to make any payment of any kind to Lessor, provided that Lessor may require, in connection with its remedies during the continuation of an Event of Default hereunder, that an Additive Provider exercise commercially reasonable efforts to remove from the Property any Proprietary Additives within fifteen (15) days after Lessor provides notice to Additive Provider that the Additive Provider’s Proprietary Additives must be removed because an Event of Default is continuing under this Agreement and, if such Proprietary Additives are not removed within such fifteen (15) day period, the Additive Provider shall be thereafter required to pay rent in an amount to be reasonably determined by Lessor for each day until the Proprietary Additives are removed to Lessor’s satisfaction, (c) Lessee may, if an Additive Provider requires it, sublease the storage tanks (whether one or more) to the Additive Providers (whether one or more) for the sole purpose of permitting the Additive Providers to store and remove therefrom Proprietary Additives therein, (d) each Additive Provider is a third party intended beneficiary of this paragraph, and (e) each Additive Provider may file a financing statement, on Form UCC-1, to evidence its interests in and ownership of any Proprietary Additives in Lessee’s custody; provided, however, that no such financing statement shall contemplate any interest in or ownership of any Property nor identify Lessor as debtor.

18.

Multiparty Agreement. Lessor acknowledges and agrees that the Property may be used by Aron and its successors and assigns and that Lessee may sublease the Property to Aron and its successors and assigns as and to the extent contemplated in the Multiparty Agreement; provided that, any such sublease is subject and subordinate to the MLA and this Schedule.

19.

Permitted Liens. The following shall be considered a permitted Lien: (i) the lien in respect of the real property on which the Property is located created in favor of Wilmington Trust, National Association, as collateral trustee (the “Collateral Trustee”) pursuant to that certain Second Amended and Restated Multiple Indebtedness Mortgage, Pledge of Leases and Rents, Security Agreement and Fixture Filing entered into as of the 20th day of April, 2016 (the “Mortgage”), and covering Lessee’s real property in Caddo Parish, Louisiana, on which the Property is located, including (A) any successor, assign or replacement of the Collateral Trustee or the lenders represented by the Collateral Trustee, and (B) Liens on such real property securing any Authorized Inventory Financing Transaction that replaces the obligations secured by the Mortgage, (ii) the right of Aron (and its successors and assigns, as well as any Authorized Inventory Financing Transaction providers for inventory, such as (by way of example and not limitation, revolving credit lenders and supply and offtake financing) from time to time to use the Property to store therein and remove therefrom (a) inventory of Lessee, and (b) inventory of Aron, or its successors and assigns, acquired from Lessee, or purchased by Aron’s successors and assigns from Aron (or pledged to Aron, or its successors and assigns, or any Authorized Inventory Financing Transaction providers as aforesaid), in each case, as and to the extent set forth in the Multiparty Agreement, (iii) the sublease by Lessee to Aron (and its successors and assigns, or any Authorized Inventory Financing Transaction providers as aforesaid) of the storage tanks constituting Property so as to permit Aron (and its successors and assigns, or any Authorized Inventory Financing Transaction

20.

Louisiana Provisions. Notwithstanding anything to the contrary in the MLA, this Schedule, or the other Riders, the following provisions will apply and be binding on Lessor and Lessee with respect to the Property:

(a)

The MLA, the Riders, and this Schedule create a true lease of the Property as defined in the Louisiana Lease of Movables Act, La. R.S. §9:3301 – 3342.

(b)

Without limiting the provisions of Sections 4 and 6 of the MLA and in addition to those provisions,

(i)

Lessee’s obligation to pay rent shall not be subject to any delay, reduction, set-off, defense, counterclaim, abatement, or recoupment for any breach of warranty or claimed breach of warranty that Lessee may have against Lessor with respect to the Property or any part of the Property, or any defects or deficiencies in the Property or any part of it;

(ii)

Lessee acknowledges and agrees that Lessor did not construct or install the Property; and

(iii)

In addition to and without limiting the waivers and disclaimers set out in Section 6 of the MLA, LESSEE HEREBY EXPRESSLY WAIVES ALL WARRANTIES DISCLAIMED BY LESSOR IN THE MLA, AND ALL OTHER REPRESENTATIONS, WARRANTIES, AND COVENANTS, EXPRESS OR IMPLIED, UNDER LOUISIANA LAW, INCLUDING, WITHOUT LIMITATION, UNDER LA. CIVIL CODE ARTS. 2682(2), 2684, 2691, 2694, AND 2696-2699.

(c)

In addition to the security interest granted in Section 7 of the MLA, and in an abundance of caution, Lessee shall grant Lessor a first priority mortgage on the Property (but not on any real property on which the Property sits) and all cash and non-cash proceeds, including the proceeds of all insurance policies with respect to the Property, and Lessee agrees that with respect to the Property, in addition to all of the other rights and remedies available to Lessor under the MLA, the Riders, and this Schedule, upon the occurrence of an Event of Default, Lessor shall have all of the rights and remedies granted in that mortgage.

(d)

If Lessor sells or otherwise transfers the Property to Lessee under Section 10 of this Schedule or Sections 10 or 13 of the MLA, the sale or transfer will be “AS IS WHERE IS” and simultaneously with the sale or transfer, Lessee shall waive all warranties, express or implied, with respect to the title to and condition of the Property and all other warranties and representations, including, without limitation, a waiver of any and all warranties with respect to the condition of the Property under La. Civ. Code art. 2475, any and all

(e)

In addition to, but without duplication of Lessor’s remedies or recoveries and compensation, set out in Section 21 of the MLA, if Lessor elects to terminate this Lease as provided in Section 21(a) of the MLA, Lessor will have the right, in its sole discretion, to recover the aggregate of the following amounts from Lessee as liquidated and stipulated damages, and not as a penalty;

(i)

all costs and expenses of Lessor reimbursable to it hereunder, including, without limitation, expenses of disposition of the Property, legal fees and all other amounts specified in Section 22 of the MLA; plus

(ii)

an amount equal to the sum of all accrued and unpaid Rent through the later of the date of the termination or the date that Lessor has obtained possession of the Property; plus

(iii)

an amount equal to

(1)

(x) the present value of all future Rent reserved in this Lease that would have been payable had Lessor not terminated this Lease, discounted to present value at two percent (2%) simple interest per annum, plus (y) the expected residual value of the Property as of the original expiration date of the Lease, less

(2)

the price for which Lessor is able to resell the Property; plus

(iv)

all costs and expenses related to (A) Lessor’s repossession of the Property and (B) maintenance, repair and other work required to return the Property to the condition required by the MLA, all Riders and this Schedule; plus

(v)

all indebtedness for Lessee’s indemnity under Sections 15 and 16 of the MLA, plus any then accrued late charges at the rate specified in Section 3 of the MLA (but provided, for the avoidance of doubt, that no such Section 3 late charge shall be charged on account of the liquidated damages payable in accordance with the foregoing).

(f)

In addition to its waivers set out in Section 23 of the MLA and elsewhere in this Lease, as to the Property, Lessee hereby waives any and all rights and remedies conferred on a lessee by the Louisiana Lease of Movables Act, La. R.S. §9:3301 – 3342 and also waives any and all notice to vacate that may be required by law.

(g)

Notwithstanding the provisions of Section 28 of the MLA, (i) to the extent required by Louisiana law, matters with respect to the Property or the land on which it is located will be governed by Louisiana law, and (ii) any action or proceeding arising out of or relating to the Property may, at Lessor’s option, also be commenced in any federal or state court sitting in the Western District of Louisiana, and if Lessor elects to commence an action or proceeding in that jurisdiction, Lessee irrevocably submits to the jurisdiction of that court and agrees not to assert, by way of motion, as a defense or otherwise, in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of such suit, action or proceeding is improper, or that the Lease or the subject matter thereof or the transaction contemplated hereby or thereby may not be enforced in or by such court.

(h)

Lessor and Lessee acknowledge and agree that in accordance with Louisiana Civil Code Article 468, the Property described in this Schedule has been deimmobilized prior to the consummation of the applicable

(i)

With respect to the Property, for purposes of Louisiana law and usage, the following terms will have the following meanings: (i) the term “lien” will also mean a privilege, mortgage, or security interest; (ii) the terms “land,” “real property,” “real estate,” and the like will mean “immovable property”; (iii) the term “personal property,” “personalty,” or the like, will mean “movable property”; (iv) the term “easement” will include “servitude”; (v) the term “fee simple” will mean “full undivided ownership”; (vi) the term “condemnation” will mean “expropriation”; (vii) the term “joint and several” will mean “solidary”; and (viii) the term “Uniform Commercial Code” will mean the Louisiana Commercial Laws, La. R.S. Section 10:9-101 et seq.

21.

Master Lease Agreement. Except as expressly provided or modified hereby, all the terms and provisions of the MLA shall remain in full force and effect. In the event of any conflict between the MLA and this Property Schedule No. 2, this Property Schedule No. 2 shall control.

22.

Amendments to the Master Lease Agreement. The MLA shall be amended as follows:

(c)

Section 25 (Notices; Administration) of the MLA shall be deleted in its entirety and replaced with Section 23 (Notices; Administration) hereto.

23.

Notices; Administration. Except as otherwise provided herein, all notices, approvals, consents, correspondence or other communications required or desired to be given hereunder shall be given in writing and shall be delivered by overnight courier, hand delivery or certified or registered mail, postage prepaid (with confirmation of receipt):

i.

1060 N Capitol Ave, Suite 6-401, Indianapolis, IN 46204-1044, Attention: Chief Executive Officer; email: todd.borgmann@calumetspecialty.com and

ii.

1060 N Capitol Ave, Suite 6-401, Indianapolis, IN 46204-1044, Attention: General Counsel; email: greg.morical@calumetspecialty.com,

24.

Counterparts. This Schedule may be signed in counterparts, manually or electronically, and each such counterpart shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

25.

Additional Rent. The maximum aggregate amount of all Additional Rent claimed by Lessor under Section 16 of the MLA will be Six Hundred Ninety-Three Thousand Dollars ($693,000).

26.

Improvements. (a) Notwithstanding the foregoing, all Improvements (other than any Improvement that is required to comply with applicable law, constituting a repair or maintenance event, or replacement property following casualty events pursuant to Section 10 of the MLA) that are readily removable without materially impairing the current or residual value or utility of the Property (each, a “Severable Improvement”) shall remain the property of Lessee. Upon the expiration of the Term, unless Lessee has removed the applicable Severable Improvement (and in the case of storage tanks, “removal” may be by means of disconnection of the applicable storage tank from the truck rack), Lessor will have the option to purchase Severable Improvements (if the Lessee does not purchase the Property pursuant to the Lease) at their then fair market value (determined in accordance with the procedure in Section 13(a) of the MLA). If Lessor does not elect to purchase a Severable Improvement, Lessee shall remove such Severable Improvement from the Property on or prior to the expiration of the Term at Lessee’s sole cost and expense. Lessee shall repair any damage to the Property caused by any removal of Severable Improvements. If Lessee fails to remove any Severable Improvement prior to the end of the Term and returns the Property to the Lessor, title to such Severable Improvement shall vest in the Lessor. Lessor shall cooperate, at Lessee’s cost, with Lessee so as to modify any financing statements (whether one or more) filed by Lessor in connection herewith, and execute any acknowledgments or releases reasonably requested by Lessee, so as to reflect any financing obtained by Lessee from any third party with respect to, and so thereby to evidence Lessor’s disclaimer of any ownership interest in, any Severable Improvements.