Company: VGASW
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001628280-25-020032
Chunk: 53

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 53
---
 by Cottonmouth. As of December 31, 2024, we had received $1.9 million of reimbursements from Cottonmouth under the JDA related to costs incurred in connection with our FEED arrangement with Chemex (discussed below).

<div align='center'>33</div>

#### Relationship with Shaw Group
In June 2024, the Company entered into a contract with Chemex, a Shaw Group company, for a front-end engineering and design (“

#### FEED
”) study related to the Permian Basin Project. Also in June 2024, the parent organization of Holdings, through a separate subsidiary, made an unrelated preferred equity investment in the Shaw Group and, in connection with such investment, Jonathan Siegler, a Company director, was appointed as a director of the Shaw Group. Total FEED study costs incurred as of December 31, 2024, net of reimbursement from Cottonmouth, were $1.0 million. Chemex has continued to provide services to the Company subsequent to December 31, 2024.

#### Relationship with Five Star
A subsidiary of the Company is a party to a letter agreement with Five Star Clean Fuels LLC, formerly Arb Clean Fuels (“

#### Five Star
”), whereby it granted Five Star certain non-exclusive rights to utilize the STG+® technology and agreed to enter into mutually acceptable to be negotiated agreements related to a potential site in Odessa, Texas. As of December 31, 2024, there had been no material developments with respect to this arrangement, nor had the Company received any consideration from Five Star or incurred any expense in connection therewith. Martijn Dekker, a Company director, is an officer and director of Five Star and his affiliate owns a 37.5% equity interest in Five Star.

#### Tax Receivable Agreement
On the Closing Date, in connection with the consummation of the Business Combination, Verde Clean Fuels entered into a tax receivable agreement (the “

#### Tax Receivable Agreement
”) with Holdings (together with its permitted transferees, the “

#### TRA Holders
,” and each a “

#### TRA Holder
”). Pursuant to the Tax Receivable Agreement, Verde Clean Fuels is required to pay each TRA Holder 85% of the amount of net cash savings, if any, in U.S. federal, state and local income and franchise tax that Verde Clean Fuels actually realizes (computed using certain simplifying assumptions) or is deemed to realize