# EDGAR Filing Document

**Accession Number:** 0001506929
**File Stem:** 0001640334-25-001841
**Filing Date:** 2025-10
**Character Count:** 88616
**Document Hash:** 10d0b3e1b3280a326bbe982a5ff02c16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001640334-25-001841.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001640334-25-001841

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251008

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VERDE RESOURCES, INC.
- **CENTRAL INDEX KEY:** 0001506929
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 272448672
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55276
- **FILM NUMBER:** 251391908

**BUSINESS ADDRESS:**
- **STREET 1:** 8112 MARYLAND AVE
- **STREET 2:** SUITE 400
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** (314) 530-9071

**MAIL ADDRESS:**
- **STREET 1:** 8112 MARYLAND AVE
- **STREET 2:** SUITE 400
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63105

?xml version='1.0' encoding='ASCII'? vrdr_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) **<u>October 14, 2025 (October 8, 2025)</u>**

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| |
|:---|
| **Verde Resources, Inc.** |
| (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| **Nevada** | **000-55276** | **32-0457838** |
| (State or other jurisdiction of | (Commission  | (IRS Employer |
| incorporation) | File Number) | Identification No.) |

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| |
|:---|
| **<u>8112 Maryland Ave, Suite 400, St. Louis, Missouri 63105</u>** |
| (Address of principal executive offices) |

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Registrant's telephone number, including area code **<u>(314) 530-9071</u>**

__________________________________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on** <br>**which registered** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this Chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this Chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement**

*Ergon License Agreement*

On October 10, 2025, Verde Renewables, Inc. ("Verde Renewables"), a wholly owned subsidiary of Verde Resources, Inc. ("Verde", and together with Verde Renewables, "we," "us," "our," or the "Company"), entered into a license agreement with Ergon Asphalt & Emulsions, Inc. ("Ergon") (the "Ergon License"), pursuant to which we have granted Ergon an exclusive, non-transferable license to use, manufacture, commercialize, market, sell and distribute any product that contains or is manufactured or formed by Ergon using our proprietary cold mix biochar asphalt emulsifying agent, which we call "Verde V24", in the United States (including its territories), Canada and Mexico, in exchange for Ergon agreeing to purchase Verde V24 from us at a fixed price (which is inclusive of all fees associated with the license, but subject to consumer price index adjustments) for use in Ergon's asphalt road materials products.

Ergon, the largest asphalt marketer in North America, is a subsidiary of Ergon, Inc., a diversified global organization engaged in multiple industries. The privately held Ergon is an industry pioneer in asphalt innovation and supply, employing more than 4,000 people and serving customers and partners in over 90 countries worldwide.

We have agreed with Ergon to an initial fifteen (15) month "go-to-market period", during which there will be no minimum purchase requirements for Ergon's purchases of Verde V24. For each calendar year beginning January 1, 2027, Ergon has agreed to negotiate with us in good faith towards the establishment of possible minimum purchase amounts based on certain customary factors. We have also agreed with Ergon that if minimum purchase amounts are agreed to for any given calendar year, we and Ergon will agree in good faith to new minimum purchase amounts for each subsequent year, subject to consideration of customary factors.

We have also agreed to provide Ergon with forty percent (40%) of our share of the carbon removal credits generated from the mixing of the final carbon sequestering BioAsphalt™ surface material, so long as (a) the carbon removal credits are generated from bulk mixing or packaged mixed product, and (b) the mixing of the final BioAsphalt™ surface material includes biochar purchased from us. The Ergon License additionally grants Ergon the right to use our trademarks and access to ongoing technical services to facilitate the monitoring, reporting, and verification process of each ton of carbon dioxide sequestered.

The term of the Ergon License is ten (10) years, with an automatic renewal for additional ten (10) year periods, subject to a minimum of six (6) months' notice of cancellation prior to renewal. The Ergon License may be terminated in the event of non-payment of amounts due, initiation of bankruptcy proceedings, or under other customary terms. Additionally, Ergon may terminate the Ergon License upon sixty (60) days' prior written notice in the event that our Chief Executive Officer, Jack Wong, or our Chief Operating Officer, Eric Bava, are removed from their respective positions with the Company for reasons other than termination for cause or voluntary resignation. The Ergon License additionally contains provisions regarding confidentiality, indemnification, and representations and warranties of the parties that are customary for such an agreement.

The foregoing description of the material terms of the Ergon License is not complete and is qualified in its entirety by reference to the full text of the Ergon License, a copy of which is filed as Exhibit 10.1 to this Current Report.

*Addendum to C-Twelve Joint Development Agreement*

As previously disclosed, on May 19, 2025, the Company entered into a Joint Development Agreement (the "Joint Development Agreement") with C-Twelve Pty Ltd ("C-Twelve"), the manufacturer of Verde 24, which, among other things, provided us with the exclusive right to distribute Verde 24 in the United States, either on our own or through sublicensees.

Effective October 8, 2025, we entered into an addendum to the Joint Development Agreement (the "C-Twelve Addendum") with C-Twelve pursuant to which (i) C-Twelve approved our entry into the License Agreement with Ergon, (ii) the exclusive territory granted to Verde under the Joint Development Agreement is expanded to comprise the United States of America (including all states, territories, and regions thereof), Canada and Mexico, (iii) we agreed to pay an additional $1 million in exclusive licensing fees for the expanded territories of Canada and Mexico, which shall be paid concurrently with the $2 million loan previously agreed upon under the Joint Development Agreement (the "C-Twelve Loan") and (iv) we agreed to a potential conditional fee payment to C-Twelve in 2027 based on agreed to minimum amounts of liters of Verde 24 which we may purchase from C-Twelve. We are required to fund the C-Twelve Loan and the additional $1 million fee to C-Twelve (the proceeds of which are expected to be used by C-Twelve in part to enhance its Verde 24 manufacturing capability) within thirty (30) days of closing of a transaction in which our common stock becomes listed on a U.S. national exchange, provided that if such funding is not achieved by July 31, 2026, C-Twelve shall have the right, on ten (10) business days' notice, to hold us in breach of the Joint Development Agreement.

The foregoing description of the material terms of the C-Twelve Addendum is not complete and is qualified in its entirety by reference to the full text of the Ergon License, a copy of which is filed as Exhibit 10.2 to this Current Report.

**Item 8.01 Other Events**

On October 14, 2025, the Company issued a press release announcing the execution of the Ergon License as well as the execution of a non-binding term sheet with Ergon for a $2 million equity financing. A copy of the press release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits.

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| | |
|:---|:---|
| [10.1\*†](vrdr_ex101.htm) | [License Agreement, dated October 10, 2025, by and between Verde Renewables, Inc. and Ergon Asphalt & Emulsions, Inc.](vrdr_ex101.htm) |
| [10.2†](vrdr_ex102.htm) | [Addendum to Joint Development Agreement, effective October 8, 2025, between Verde Resources, Inc. and C-Twelve Pty Ltd.](vrdr_ex102.htm) |
| [99.1](vrdr_ex991.htm) | [Press Release of Verde Resources, Inc., issued on October 14, 2025.](vrdr_ex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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| | |
|:---|:---|
| \* | Certain annexes, schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted attachment to the SEC on a confidential basis upon request. |
| † | Certain Portions of this exhibit (indicated by "[\*]") have been omitted pursuant to Item 601(a)(6) of Regulation S-K. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Verde Resources, Inc.** | **Verde Resources, Inc.** |
|  | By: | /s/ Jack Wong |
|  | Name:  | Jack Wong |
|  | Title: | Chief Executive Officer  |
| Dated: October 14, 2025 |  |  |

---

## Exhibit 10.1

**EXHIBIT 10.1**

**LICENSE AGREEMENT**

**THIS LICENSE AGREEMENT** (this "<u>Agreement</u>") is entered into as of the last date indicated on the signature page hereto and effective as of September 30, 2025 (the "<u>Effective Date</u>") by and between **Ergon Asphalt & Emulsions, Inc.**, a Mississippi corporation whose principal place of business is 2829 Lakeland Drive, Jackson, MS 39232 ("<u>Ergon</u>"), and **Verde Renewables, Inc.** ("<u>Verde</u>"), a Missouri corporation whose principal place of business is 8112 Maryland Ave., Suite 400, St. Louis, MO 63105 (Ergon together with Verde, the "<u>Parties</u>" or each, a "<u>Party</u>").

**Recitals**

**WHEREAS**, Verde possesses knowledge and experience related to proprietary and innovative technologies for road construction applications, including Verde's proprietary V24 Liquid Emulsifying Agent ("<u>Verde V24</u>") (collectively, the "<u>Verde Technologies</u>"), and provides support services to companies desiring to use the Verde Technologies; and

**WHEREAS**, Verde desires to offer Ergon a license to use, manufacture, commercialize, market, sell, and distribute Product (as defined herein) using the Verde Technologies, and to use the Verde Trademarks, as further provided under the terms and conditions of this Agreement; and

**WHEREAS**, Ergon desires to use, manufacture, commercialize, market, sell, and distribute Product under the Verde Trademarks and using the Verde Technologies, and desires Verde to provide services related to the Verde Technologies, all pursuant to the terms and conditions of this Agreement.

**NOW, THEREFORE**, for and in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1. Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "<u>Affiliate</u>" means, with respect to any entity, any other entity or individual controlling, controlled by or under common control with such entity. The term "control" as used in the preceding sentence means the right to exercise, directly or indirectly, more than 50% of the voting rights attributable to the equity interests of an entity or the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "<u>Confidential Information</u>" means all information that is of a non-public, confidential, or proprietary nature and that a Party ("<u>Disclosing Party</u>") provides to the other Party ("<u>Recipient</u>") under this Agreement, including without limitation the Verde Technologies, all technical information, financial and accounting information (including results of operations), business plans, provisional patents or patent applications, trade secrets, Know-How, processes, procedures, compositions, devices, methods, formulas, protocols, techniques, data, and customer and supplier lists. "Confidential Information" shall not include information that Recipient can establish by documentary evidence: (i) was in the public domain at the time of disclosure; (ii) later became part of the public domain through no act or omission of Recipient, its employees, agents, successors, assigns, or Representatives in breach of this Agreement; or (iii) was lawfully disclosed to Recipient by a third party having the right to disclose and was not subject to any obligation of confidentiality.

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "<u>Improvements</u>" means any invention, development, or modification during the Term made by Ergon in the course of making or using Product that relates to the composition, manufacture, or methods of use of the Verde Technologies. For the avoidance of doubt, Improvements do not include any products developed by Ergon that do not include Verde V24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "<u>Initial Term</u>" means the period commencing on the Effective Date and continuing for ten (10) years thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "<u>Know-How</u>" means all non-public technical, scientific and other know-how and information, trade secrets, knowledge, technology, inventions, means, methods, processes, practices, formulas, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer programs, apparatuses, specifications, data, records, results and other material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. "<u>License</u>" has the meaning set forth in Section 3.a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. "<u>Product</u>" means any product that contains or is manufactured or formed by Ergon or its sublicensees using Verde V24. For the avoidance of doubt, neither Ergon nor its sublicensees shall have the right to manufacture Verde V24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. "<u>Product Materials</u>" means biochar and Verde V24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "<u>Renewal Term</u>" means a period of ten (10) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. "<u>Representatives</u>" has the meaning set forth in Section 9.b.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. "<u>Services</u>" has the meaning set forth in Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. "<u>Specifications</u>" means the specifications for the Verde V24, biochar, the Product and the finished end product when combined with biochar, as mutually agreed upon by Ergon and Verde from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. "<u>Term</u>" means the Initial Term together with the Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. "<u>Territory</u>" means Canada, Mexico, and the United States, including all states, territories, and regions of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. "<u>Verde Know-How</u>" means all Know-How owned or controlled by Verde as of the Effective Date or during the Term relating to the development, testing, manufacture, commercialization or other use or exploitation of any Verde Technologies or Improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. "<u>Verde Technologies</u>" means the Improvements, Verde Know-How, and any provisional patents, patents applications or patents that issue therefrom, filed in the U.S. or any other country, region, or territory, related to the composition, manufacture, or methods of use of the Verde Technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. "<u>Verde Trademarks</u>" means those trademarks of Verde set forth in <u>Appendix 1</u>, attached hereto and incorporated herein.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

**2. Verde Services.** Verde shall, at Ergon's request and in coordination with Ergon, use commercially reasonable efforts to perform the services described on <u>Appendix 2</u> attached hereto and incorporated herein (as defined therein, the "<u>Services</u>"). As part of the Services, Verde shall, promptly following the execution of this Agreement, provide to Ergon all of the Verde Know-How reasonably necessary or useful for Ergon to exercise its rights under the License.

**3. License Grant**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **License**. Verde hereby grants to Ergon and its Affiliates a non-transferable license to the Verde Technologies (i) on an exclusive basis to use, manufacture, commercialize, market, sell, and distribute the Product in the Territory, and (ii) on a non-exclusive basis to use solely Verde Trademarks in connection with the promotion, marketing, sale, and use of the Product in the Territory, including the creation and distribution of instructional and promotional materials with respect to the Product (the foregoing clauses (i) and (ii) are collectively, the "<u>License</u>"). Additionally, Verde hereby grants to Ergon and its Affiliates a non-transferrable limited right to sublicense to the extent described in Section 3.d. This grant of the License and the Sublicense (defined below) is subject to the right retained by Verde to market and sell the Product, use Verde Trademarks, and use the Verde Technologies for all purposes outside of the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Know-How, Improvements, and Derivative Works**. Verde shall own at all times the Verde Technologies including all Improvements. Ergon shall disclose to Verde its Improvements. Ergon hereby assigns and shall assign to Verde all of its right, title, and interest in and to any and all Improvements, including the right to seek intellectual property protection therefor in the U.S. and any other country, region, or territory. Upon Verde's request, Ergon agrees to, at Verde's expense, take actions reasonably necessary to secure Verde's rights in Improvements, in order to assign and convey to Verde the sole and exclusive rights, title, and interest in and to Improvements and intellectual property rights appurtenant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Ergon Affiliates**. The rights granted to Ergon under this Agreement may be exercised by its Affiliates, provided that Ergon shall be responsible for ensuring that such Affiliate abides by the terms of this Agreement applicable to the exercise of such rights, including all terms related to the protection of the Verde Technologies and Verde Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Sublicense**. Ergon shall be permitted to sublicense the Verde Technologies and the Verde Trademarks to third parties for the sole purpose of using, manufacturing, commercializing, marketing, selling, and distributing the Product within the Territory (the "<u>Sublicense</u>"). No Sublicense may exceed the scope of rights in the License granted to Ergon hereunder. Ergon shall only grant a Sublicense to purchasers of the Product that have signed a written agreement containing sublicensing and other contractual terms approved by Verde in advance. Ergon warrants and represents that it will enforce any material breach of any such sublicense agreement by a sublicensor. In the event of a material breach by the sublicensor that remains uncured after a reasonable cure period as provided for in such sublicense agreement, Ergon shall terminate the sublicense agreement by written notice to the sublicensor. Notwithstanding the foregoing or any agreement regarding a Sublicense, Ergon shall remain primarily liable to Verde for all of Ergon's duties and obligations contained in this Agreement. Ergon shall deliver to Verde a copy of any sublicense agreement, including modifications thereto, entered into by Ergon and a sublicensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Ergon Customers**. To the extent, after the Effective Date, Ergon enters into written agreements or commitments with customers of Ergon for the sale of Products from Ergon to such customers, such agreements shall include a provision recommending that such customers purchase exclusively from Verde biochar for use in the creation of any surface course material containing Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Further Technologies**. The Parties hereby agree to engage in good faith negotiations of agreements similar in purpose to this agreement for other technologies in the possession or control of Verde, including the proprietary enzyme TerraZyme, that may be complimentary to the Verde Technologies.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

**4. Ergon Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Marketing**

i. Ergon shall use commercially reasonable efforts to use, manufacture, commercialize, market, sell, and distribute the Product in accordance with the License and the terms of this Agreement. For avoidance of doubt, nothing in this Agreement shall prohibit Ergon from using, manufacturing, commercializing, marketing, selling, and distributing products in competition with the Product.

ii. Ergon shall comply with the branding guidelines set forth in <u>Appendix 1</u> for the trademarks, including brand names and product names, identified therein. Such guidelines and the identification of trademarks may be updated by Verde from time to time in its sole discretion with notice to Ergon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Manufacturing** 

i. To implement the Verde Technologies and manufacture Product in accordance with the License, Ergon shall purchase Verde V24 exclusively from Verde.

ii. Ergon shall manufacture the Product in compliance with the Specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Permits**. Ergon shall, at its own expense, obtain all permits, registrations, and approvals required by applicable law to manufacture, market, and sell the Product for the performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Anti-Bribery Compliance**. Ergon shall adopt and implement policies to ensure compliance with the U.S. Foreign Corrupt Practices Act, and any other anti-bribery or anti-corruption laws of any country in which Ergon does business ("<u>Anti-Bribery Laws</u>"), U.S. export control laws and Office of Foreign Asset Control regulations concerning embargoed countries and prohibited parties. Notwithstanding anything in this Agreement to the contrary, Ergon shall not retain any of the payments received from the sale of Product which result from a violation of Anti-Bribery Laws or this Section 4.b.iv.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **No Additional Terms; Prohibited Business Practices**. Verde shall not be obligated to any third parties with whom Ergon may make proposals or agreements contrary to this Agreement. Ergon shall not: (i) engage in any deceptive, misleading or unlawful practices that would reasonably be expected to be detrimental to Verde and its products or services (including, without limitation, any disparagement of Verde and its products or services); (ii) make any knowingly false or misleading representations with regard to Verde or Verde's products and services; (iii) publish or use, or cooperate in the publication or use of, any misleading or deceptive advertising materials relating to Verde or the Product; or (iv) make any representations, warranties or guarantees to any third parties or to the trade press with respect to the specifications, features, or capabilities of the Product that are inconsistent with the specifications and documentation for the Product provided by Verde to Ergon.

**5. Term and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Term**. This Agreement shall be for the Initial Term. Upon the expiration of the Initial Term, this Agreement shall automatically renew for consecutive subsequent Renewal Terms, unless and until at least six (6) months prior to the expiration of the Initial Term or a Renewal Term, either Party provides notice to the other Party that it wishes to terminate this Agreement.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Termination**. Either Party may terminate this Agreement, entirely or with respect to any portion of the Territory, or the exclusive nature of the License grant in any portion of the Territory, upon delivery of written notice to the other Party, if any of the following occur:

i. Ergon fails to make any undisputed payments when due under this Agreement, and Ergon fails to make the required payment within [\*] after receiving notice from Verde; or

ii. Either Party or their Affiliates are in material breach of any non-payment provision of this Agreement, and does not cure such breach within [\*] after receiving notice from the non-breaching Party; or

iii. Verde delivers notice to Ergon of [\*] actual material breaches of this Agreement in any [\*] period, even in the event that Ergon cures such breaches during the applicable cure period; or

iv. Immediately by Verde if Ergon or any Affiliate initiates any proceeding or action to challenge the validity of the Verde Trademarks or Verde Technologies, or assists a third party in pursuing such a proceeding or action; or

v. By Verde, if the Product, as provided by Ergon, fails to perform in accordance with the Specifications on [\*] jobs for which Ergon has supplied the Product and where such failure was not demonstrably caused by something other than the quality of the Product, as determined by a third party inspector with expertise in the field reasonably selected by Verde; or

vi. Immediately, without the necessity of any action being taken by Verde or Ergon, if (i) Ergon or Verde becomes insolvent or the subject of a proceeding under any bankruptcy or re-organization law, (ii) Ergon or Verde elects or takes steps to liquidate its assets or dissolve its business, (iii) Ergon or Verde ceases its business operations, (iv) Ergon or Verde makes an assignment for the benefit of creditors, or (v) the business or assets of Ergon or Verde are otherwise placed in the hands of a receiver, assignee or trustee, whether by voluntary act of Ergon or Verde or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Effect of Termination or Expiration**. Upon expiration or termination of this Agreement:

i. The License and all other rights of Ergon under this Agreement shall terminate immediately;

ii. Ergon shall cease making, having made, distributing, having distributed, using, marketing, offering to sell or selling all Product by the effective date of termination, and no further exercise of the License is permitted, and if this Agreement expires or is terminated for any reason other than pursuant to a breach by Ergon, Verde shall buy back any and all remaining Product Materials that Ergon purchased from Verde, at the same price as that paid by Ergon;

iii. Ergon shall tender payment of all accrued amounts and other payments due to Verde as of the effective date of termination;

 <u>LICENSE AGREEMENT</u> 

**EXECUTION VERSION**

iv. Nothing in this Agreement will be construed to release either Party from any obligation that matured prior to the effective date of termination;

v. Ergon shall cease all display, advertising and use of all Verde Trademarks and immediately discontinue the use of Verde's intellectual property and any stationery, advertising, or anything else that may imply that Ergon is marketing, handling, or selling Product. Thereafter, Ergon shall not use, either directly or indirectly, any name, title, expression, or mark so nearly resembling any of the Verde Trademarks that such use may be likely to cause confusion or uncertainty or to deceive the public;

vi. Ergon will destroy or return to Verde all Verde Confidential Information (including all copies thereof) then in the possession or control of Ergon and certify in writing to Verde the destruction of all copies of any materials provided by Verde; and

vii. Nothing in this Agreement shall be construed to limit Verde's ability to license, supply, or otherwise transact with respect to the Product to any party in or outside of the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Leadership Continuity**.

i. Verde acknowledges and agrees that Ergon considers Mr. Jack Wong, in his capacity as Chief Executive Officer of Verde's parent company, Verde Resources, Inc. (" <u>Verde Resources</u> "), and Mr. Eric Bava, in his capacity as Chief Operating Officer of Verde Resources (together, the " <u>Key Executives</u> "), to be essential to the success of the strategic relationship and the performance of this Agreement. Ergon's willingness to enter into and maintain this Agreement is materially based on the leadership, vision, and expertise of the Key Executives, which Ergon believes are critical to ensuring the productive direction of Verde and the matters contemplated by this Agreement. Accordingly, in the event either Key Executive is removed or otherwise ceases to serve as Chief Executive Officer or Chief Operating Officer of Verde, respectively, for reasons other than (i) voluntary resignation/departure, or (ii) termination for "Cause" (as defined in such executive's employment agreement), including, without limitation, removal or displacement arising from boardroom dynamics, shareholder actions, or other governance matters that, in Ergon's reasonable judgment, could alter the strategic direction of Verde, such occurrence shall constitute a " <u>Leadership Change</u>."

ii. In the event of a Leadership Change, Ergon shall have the right, in its sole discretion, to terminate this Agreement upon sixty (60) days' prior written notice to Verde, without penalty, liability, or damages of any kind, except for obligations accrued prior to the effective date of such termination. For the avoidance of doubt, this provision is intended solely as a commercial safeguard to protect the business relationship between the Parties and does not confer upon Ergon any right to participate in or influence the governance, management, or decision-making of Verde.

iii. During the sixty day period after notice of termination due to a Leadership Change is provided by Ergon, the Parties agree to mutually and in good faith assess the circumstances of the Leadership Change and the then current business relationship between Verde and Ergon, with a view towards either continuing the business relationship on the terms of this Agreement or such other terms as may be mutually agreed upon, or winding down such relationship in an orderly fashion so as to minimize the disruption to the respective business and customers of Verde and Ergon.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The provisions of this Section 5.e and Sections 8 (Infringement by Third Parties), 9 (Confidentiality), 10 (Warranties; Disclaimer of Warranties), 11 (Limitation of Liability), 12 (Indemnification), 13 (Insurance), 14 (Notices), and 16 (General Provisions) shall survive any termination or expiration of this Agreement. In addition, the provisions of Section 6 (Purchase Price and Payment) shall survive with respect to all activities and payment obligations accruing prior to the termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. VERDE SHALL NOT BE LIABLE TO ERGON IN THE EVENT OF ANY TERMINATION THAT IS IN ACCORDANCE WITH THIS AGREEMENT, EXPIRATION OR FAILURE TO AGREE UPON AN EXTENSION OF THE TERM, FOR COMPENSATION, REIMBURSEMENT OR DAMAGES OF ANY KIND RELATED TO SUCH TERMINATION, INCLUDING WITHOUT LIMITATION FOR THE LOSS OF PROSPECTIVE PROFITS, OR ANTICIPATED SALES, ON ACCOUNT OF EXPENDITURES, INVESTMENTS, OR COMMITMENTS IN CONNECTION WITH THE BUSINESS, LOSS OF GOODWILL OF ERGON OR FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, PUNITIVE OR SPECIAL DAMAGES.

**6. Purchase Price and Payment; Future Minimums**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Purchase Price**.

i. Ergon shall purchase V24 at a price of USD $[\*] per liter (the " <u>Unit Cost</u> "), on an [\*] basis from Verde's designated manufacturing facility [\*] (or such other facility as Verde may designate in its sole discretion from time to time). Title to, and risk of loss of, the Verde V24 purchased by Ergon shall transfer to Ergon upon [\*]. From and after such point, Ergon shall be solely responsible for, and shall bear all costs and expenses associated with, transportation, freight, insurance, handling, and any other charges.

ii. During the Term, the Unit Cost shall be subject to annual adjustment on each anniversary of the Effective Date, based on [\*]. The first potential adjustment will be based on [\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Payment.** Ergon shall pay the amounts due under this Agreement to Verde at Verde's offices at the address set forth in Section 13.d by check, or by wire transfer or electronic funds transfer to such banking institution as Verde may direct from time to time. Payments shall be made in United States Dollars. If payment is not received by the due date, a late charge may be added at the rate of [\*] or the maximum legal rate, whichever is less, from the due date thereof until paid.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Future Minimum Purchase Obligations.** 

i. The Parties agree that Ergon shall not be subject to any minimum purchase obligations with respect to Verde V24 during the initial fifteen (15) month "go-to-market period" following the Effective Date.

ii. Commencing for the calendar year starting January 1, 2027, and for each calendar year thereafter during the Term of this Agreement, the Parties shall in good faith discuss whether to implement minimum purchase obligations with respect to Ergon's purchase of Verde V24 from Verde (the " <u>Minimum Purchase Amount</u> ") taking into consideration [\*]. The Parties shall endeavor in good faith to agree on any Minimum Purchase Amount for a calendar year [\*].

iii. For the avoidance of doubt, it is agreed that Ergon shall not be obligated to agree to a Minimum Purchase Amount. However, once a Minimum Purchase Amount is agreed to for any year, the Parties will in good faith establish a Minimum Purchase Amount for each subsequent calendar year during the Term, considering [\*]. Verde expressly acknowledges that, following the establishment of a Minimum Purchase Amount, the Minimum Purchase Amount for any given year may be less than the Minimum Purchase Amount for the prior year based on the foregoing factors.

iv. For each calendar year commencing January 1, 2027 in which a Minimum Purchase Amount is in effect, failure by Ergon to purchase the Minimum Purchase Amount in any year shall constitute a material breach of this Agreement. In such event, Ergon may cure such breach by paying the [\*]. If Ergon does not cure such breach with the [\*] period, Verde shall have the right, in its sole discretion and as its sole and exclusive remedy, to convert the exclusivity granted under this Agreement to a non-exclusive license by written notice to Ergon.

**7. Carbon Credits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Verde shall provide to Ergon 40% of Verde's share of the biochar carbon removal credits generated from the mixing of the final bio-asphalt surface material. Biochar carbon removal credits shall be generated from: (1) bulk mixing, and (2) packaged mix. Notwithstanding the foregoing, Verde shall not be required to provide to Ergon any carbon credits generated from the mixing of the final bio-asphalt surface material that includes biochar purchased from a supplier other than Verde.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Verde shall implement a dedicated software system to track biochar sales and distribution, capture and manage life cycle assessment data, and record the generation of all biochar carbon removal credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As soon as is reasonably practicable after the last day of each calendar quarter, Verde shall deliver to Ergon a true and accurate written report, providing details relating to biochar carbon removal credits. This report shall include at least (i) an itemization of biochar sales and distribution, (ii) life cycle assessment data, and (iii) Verde's calculation of biochar carbon removal credits.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

**8. Infringement By Third Parties.** If Ergon becomes aware of any infringement or potential infringement of the Verde Technologies or Verde Trademarks within the Territory, it shall promptly notify Verde of such infringement in writing. The Parties shall thereupon confer together as to what steps are to be taken to stop or prevent such infringement. Verde agrees to use reasonable efforts to stop any such infringement but shall not be obligated to commence proceedings against the infringer. If Verde elects to commence proceedings, then Verde shall be responsible for any legal costs incurred, and if such infringement occurred within the Territory, then [\*] of the proceeds resulting from any proceeding or settlement in connection with such infringement, less the incurred legal costs, shall be paid to Ergon within thirty (30) days of receipt thereof. If Verde does not commence proceedings within [\*] of becoming aware of such actual or potential infringement, Ergon shall be entitled to do so in its own name against the infringer, in which event Ergon shall be responsible for all legal costs incurred, without recourse to Verde; provided, however, that such right to bring an infringement action shall remain in effect only for so long as the License remains exclusive throughout the Territory. Financial recoveries from any such litigation by Ergon will first be applied to reimburse Ergon for its litigation expenditures with additional recoveries being paid to Ergon, subject to payments due to Verde as set forth in this Agreement. To the extent necessary to establish Ergon's standing, Verde shall be required to join any infringement action filed by Ergon pursuant to this Section 8, provided that Ergon shall reimburse Verde for any expenses associated therewith. In any action to enforce the Verde Technologies or Verde Trademarks rights, either Party, at the request and expense of the other Party, including reimbursement for the reasonable external out-of-pocket expenses paid to attorneys and consultants retained in connection with taking such requested actions, shall cooperate to the fullest extent reasonably possible. Notwithstanding the foregoing or any other provision in this Agreement, in order to avoid any detriment to the Verde Technologies or Verde Trademarks, Ergon shall not settle any infringement action arising out of or related to the Verde Technologies or the Verde Trademarks without the express prior written consent of Verde, which consent shall not unreasonably be withheld or delayed.

**9. Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Protection of Confidential Information**. Recipient agrees that all Confidential Information disclosed by Disclosing Party: (i) is to be held in strict confidence by Recipient, (ii) is to be used by and under authority of Recipient only for purposes reasonably in connection to the performance of Recipient's obligations under, and otherwise in fulfillment of the purpose of, this Agreement, and (iii) shall not be disclosed by Recipient, its agents or employees, or modified, reverse engineered or adapted without the prior written consent of Disclosing Party or as authorized in this Agreement. Recipient's obligation of confidentiality includes, without limitation, using at least the same degree of care with Disclosing Party's Confidential Information as it uses to protect its own Confidential Information, but always at least a reasonable degree of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Exclusions**. The obligations of confidentiality set forth in this Agreement shall not apply to any Confidential Information that: (i) is or becomes generally known to the public through no fault of the Recipient; (ii) was in the Recipient's possession prior to disclosure by the Disclosing Party, as evidenced by the Recipient's contemporaneous written records; or (iii) is independently developed by the Recipient without use of or reference to the Confidential Information, as evidenced by the Recipient's contemporaneous written records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Disclosure to Representatives**. Recipient is permitted to disclose Confidential Information of the Disclosing Party to those of its owners, directors, officers, employees, agents, attorneys, accountants or Affiliates (those of the foregoing who receive the Confidential Information of the Disclosing Party, collectively, "<u>Representatives</u>"), on a need-to-know basis who require access to such information for purposes of this Agreement, provided such individuals are bound by terms of confidentiality no less restrictive than those contained herein. Recipient shall retain liability for the breach by its Representatives of the terms of this Agreement applicable to Representatives and shall immediately notify the Disclosing Party of any unauthorized disclosure or other breach.

<u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Disclosure Required by Court Order or Law**. If Recipient is required to disclose Confidential Information of the Disclosing Party pursuant to the order or requirement of a court, administrative agency, or other governmental body or applicable law, Recipient may disclose such Confidential Information to the extent required, provided that Recipient shall provide Disclosing Party with reasonable advance notice to enable Disclosing Party to seek a protective order and otherwise seek to prevent such disclosure. To the extent that Confidential Information of the Disclosing Party so disclosed does not become part of the public domain by virtue of such disclosure, it shall remain Confidential Information of the Disclosing Party protected pursuant to this Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Copies**. Recipient agrees not to copy or record any of the Confidential Information, except as reasonably necessary to exercise its rights or perform its obligations under this Agreement and for archival purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Return or Destruction of Confidential Information.** Upon the expiration or termination of this Agreement, Recipient shall promptly return to the Disclosing Party all Confidential Information, samples, and copies of the Disclosing Party's Confidential Information, or destroy all such copies and certify such destruction in writing to the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Continuing Obligations**. The Parties' confidentiality obligations under this Agreement will survive termination of this Agreement and will continue until the information is no longer Confidential Information due in no way to the fault of Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **Copyright Notice**. The placement of a copyright notice on any Confidential Information will not be construed to mean that such information has been published and will not release the other Party from its obligation of confidentiality under this Agreement.

**10. Warranties; Disclaimer of Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Party represents and warrants to the other Party as follows: (i) it is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation, with full corporate power and authority to operate its properties and to carry on its business as presently conducted; (ii) it has full power and authority to execute, deliver and perform this Agreement; (iii) this Agreement constitutes a legally binding and valid obligation of the Party, enforceable in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, moratorium and other laws affecting creditors' rights generally; (iv) the execution, delivery and performance of this Agreement by a Party and the consummation of the transactions contemplated hereby will not result in any violation of, conflict with, result in a breach of or constitute a default under any contract or agreement to which a Party thereof is a party; (v) to a Party's knowledge, there is no action, suit, litigation, claim, administrative action, or investigation or proceeding by a governmental authority or other person pending or currently threatened in writing against or affecting a Party or its Affiliates that questions the validity of this Agreement or the right of a Party to enter into this Agreement or consummate the transactions contemplated hereby and, to a Party's knowledge, there is no basis for the foregoing; (vi) no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, or local governmental authority, or any third party, on the part of a Party or any Affiliate thereof is required in connection with the execution, delivery and performance of this Agreement.

<u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Verde represents and warrants that (i) it shall perform the Services in compliance with all applicable laws, regulations, and ordinances; (ii) it has not granted to any third party any licenses or other rights that are in conflict with the terms and conditions of this Agreement; (iii) there are no third party intellectual property rights (including any patent rights) that were or would be infringed, misappropriated, or otherwise violated by the manufacture, use, or sale of Product or Product Materials; (iv) the Verde V24 and the biochar sold by Verde shall conform to the Specifications; (v) neither the Verde V24, the Product (if manufactured by Ergon in accordance with the Specifications), nor the finished end product (when combined with the biochar) will be toxic as defined in applicable federal, state or local or laws relating to pollution or protection of human health or the environment; and (vi) the Material Safety Data Sheet ("<u>MSDS</u>") for the Verde V24 attached to this Agreement as <u>Appendix 3</u> is the operative MSDS for the Verde V24. Except for the representations and warranties made in this Agreement, Verde makes no representations, warranties, or guarantees of any kind whatsoever with respect to the Services, the License, or any information provided to Ergon, whether express, implied, oral, written, or otherwise, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Ergon represents and warrants that (i) it shall comply with the Specifications; (ii) it shall not take any action to challenge, diminish, or interfere with Verde's rights, title, and interest in and to Verde Trademarks, Verde Technologies, Verde Know-How, and any other Verde intellectual property rights; and (iii) it shall perform under this Agreement in compliance with all applicable laws, regulations, and ordinances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Ergon's sole and exclusive remedy for Verde's failure to perform the Services in compliance with this Agreement shall be to terminate this Agreement upon written notice to Verde; provided that Verde shall have a reasonable opportunity to cure such failure following notice of such failure by Ergon.

**11. Limitation of Liability.** EXCEPT FOR OBLIGATIONS TO MAKE PAYMENT UNDER THIS AGREEMENT, LIABILITY FOR INDEMNIFICATION, OR LIABILITY FOR BREACH OF CONFIDENTIALITY, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR CONSEQUENTIAL, INDIRECT, INCIDENTAL, EXEMPLARY, PUNITIVE, OR SPECIAL DAMAGES, OR LOST PROFITS OR REVENUES OR BUSINESS INTERRUPTION, ARISING OUT OF OR RELATING TO THIS AGREEMENT, REGARDLESS OF (A) WHETHER SUCH DAMAGES WERE FORESEEABLE, (B) WHETHER A PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND (C) THE LEGAL OR EQUITABLE THEORY (CONTRACT, TORT, OR OTHERWISE) UPON WHICH THE CLAIM IS BASED.

**12. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Indemnification by Ergon**. Ergon agrees to defend, hold harmless, and indemnify Verde, its Affiliates, and each of their owners, directors, officers, employees, contractors, agents, and Representatives (the "<u>Verde Indemnified Parties</u>") from and against any liabilities, damages, causes of action, suits, judgments, liens, penalties, fines, losses, costs, and expenses (including, without limitation, reasonable attorneys' fees and other expenses of litigation) (collectively "<u>Liabilities</u>") resulting from claims or demands of third parties ("<u>Third Party Claims</u>") brought against Verde Indemnified Parties resulting from (i) the exercise or practice of the License granted hereunder; (ii) the performance or suitability of any surface course material product of Ergon that was not manufactured with Verde V24 or biochar purchased from Verde; (iii) a material breach of this Agreement by Ergon, its Affiliates, or their directors, officers, employees, agents, or Representatives; or (iv) the negligence or willful misconduct of Ergon, its Affiliates, or their directors, officers, employees, agents, or Representatives, provided, however, that Ergon shall have no obligations under this Section with respect to Third Party Claims to the extent arising out of or resulting from (a) a breach of this Agreement by the Verde Indemnified Parties, or (b) the negligence or willful misconduct of the Verde Indemnified Parties.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Indemnification by Verde**. Verde agrees to defend, hold harmless, and indemnify Ergon, its Affiliates, and each of their directors, officers, employees, and agents (the "<u>Ergon Indemnified Parties</u>") from and against any Liabilities resulting from Third Party Claims brought against Ergon Indemnified Parties to the extent arising out of or resulting from (i) a breach of any of the terms or provisions of this Agreement by Verde, its Affiliates, or their directors, officers, employees, agents, or Representatives; or (ii) the negligence or willful misconduct of Verde, its Affiliates, or their directors, officers, employees, agents, or Representatives in the performance of this Agreement; provided, however, that Verde shall have no obligations under this Section with respect to Third Party Claims arising out of (a) a breach of this Agreement by the Ergon Indemnified Parties, or (b) the negligence or willful misconduct of the Ergon Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Conditions of Indemnification**. Neither Party may enter into any settlement that would admit any wrongdoing by or impose any liability on the part of the other Party, or impose any obligation on the other Party, without the other Party's prior written consent. Each Party's agreement to indemnify, defend, and hold harmless hereunder is conditioned upon the indemnified Party (i) providing written notice to the indemnifying Party of any claim, demand, or action arising out of the indemnified matter as soon as reasonably possible, and in any event no later than within thirty (30) calendar days after the indemnified Party has actual knowledge of such claim, demand, or action; (ii) responding to such claim, demand, or action within thirty (30) calendar days after such notice, and if no response is pursued then permitting the indemnifying Party to assume control over the investigation of, preparation and defense against, and settlement or voluntary disposition of any such claim, demand or action; (iii) assisting the indemnifying Party, at the indemnifying Party's reasonable expense, in the investigation, preparation, defense, and settlement or voluntary disposition of any such claim, demand or action; and (iv) not compromising, settling, or entering into any voluntary disposition of any such claim, demand or action without the indemnifying Party's prior written consent, which consent shall not be unreasonably withheld; provided, however, that, if the Party entitled to indemnification fails to promptly notify the indemnifying Party pursuant to the foregoing clause (i), the indemnifying Party will only be relieved of its indemnification obligation to the extent materially prejudiced by such failure.

**13. Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Insurance Requirements**. Throughout the Term, each Party shall, at its sole cost and expense, procure and maintain [\*]. Each Party shall have the other Party named as an additional insured under such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Evidence of Insurance and Notice of Changes**. Within [\*] after the Effective Date, and thereafter upon request by either Party, the other Party shall provide the requesting Party with written evidence of such insurance. Additionally, a Party shall provide the other Party with written notice at least fifteen (15) days prior to a Party cancelling, not renewing, or materially changing such insurance and further cause the issuing insurance company to provide to the other Party, at least [\*] advance written notice of cancellation, non-renewal, or reduction in coverage, terms, or limits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Waiver**. To the fullest extent permitted by law, each Party and its insurers waive its right of recovery against any indemnitees hereunder for any claims, losses, or damages covered by any insurance policy required under this Agreement, including any self-insured retentions, deductibles, and/or self-insurance. Each Party is solely responsible for (a) all deductibles, self-insured retentions, and payment of insurance policy premiums; and (b) for agreements entered into after the Effective Date, ensuring its buyers of all tiers to maintain insurance in accordance with the insurance requirements in this Agreement.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Certificate of Insurance**. Each Party shall provide the other Party with Certificates of Insurance and copies of all endorsements and evidence of the insurance required herein. Each Party shall name the other Party as an additional insured. Each Party shall have the right, but not the obligation, to examine any insurance policy required of the other Party hereunder. Neither (a) a Party's procurement and maintenance of insurance under this Agreement nor (b) the failure of any insurance company to pay claims, shall relieve such Party of its obligations under the Agreement. Each Party shall reimburse the other Party for any amounts that should have been paid by such insurance company. Nothing shall relieve a Party from, nor be deemed a waiver of, the other Party's right to enforce the requirements herein. The types and amounts of insurance (including endorsements thereto) carried in compliance with or in addition to these Insurance Requirements are not to be construed as a limitation of a Party's liability. The indemnification and Insurance Requirements required by this Agreement shall survive the expiration or termination of this Agreement and must be of sufficient type, scope, and duration to ensure the Parties are protected from any indemnification, ongoing or completed operations, or losses which may arise out of the performance of this Agreement.

**14. Notices.** Any notice under this Agreement must be given in writing and shall be deemed delivered when delivered personally or delivered by recognized carrier service (e.g., FedEx) or delivered by email transmission to the address set forth below or such other address of which a Party may notify the other Party in writing from time to time:

---

| | |
|:---|:---|
| If to Ergon: | Ergon Asphalt & Emulsions, Inc.<br> 2829 Lakeland Drive<br> Jackson, MS 39232<br> Email: [\*]<br> Attn: [\*] |
| If to Ergon, copy (which shall not constitute notice) to: | If to Ergon, copy (which shall not constitute notice) to: |
|  | Watson Jones PLLC<br> 2829 Lakeland Dr., Suite 1502<br> Mirror Lake Plaza<br> Flowood, MS 39232<br> Email: <u>rjones@wjpllc.com</u><br> Attn: Robert Jones, Esq |
| If to Verde:  | Verde Renewables, Inc.<br> 8112 Maryland Ave., Suite 400<br> St. Louis, MO 63105<br> Email: [\*]<br> Attn: Jack Wong, Chief Executive Officer |
| If to Verde, copy (which shall not constitute notice) to:  | If to Verde, copy (which shall not constitute notice) to:  |
|  | Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11<sup>th</sup> Floor<br> New York, NY 10105<br> Email: <u>ranslow@egsllp.com</u><br> Attn: Richard I. Anslow, Esq. |

---

**15. Force Majeure**. Neither Party shall be liable or responsible to the other Party, nor be deemed to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement (except for any obligations of Ergon to make payments to Verde hereunder), if such failure or delay is caused by or results from acts beyond the reasonable control of the impacted Party ("<u>Impacted Party</u>"), including the following force majeure events (each, a "<u>Force Majeure Event</u>"): (a) acts of nature; (b) fire, flood, freeze, explosion, pandemic, or epidemic; (c) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot, or other civil unrest; (d) changes in requirements of laws, regulations, or ordinances; (e) actions, embargoes, or blockades in effect on or after the date of this Agreement; (f) governmental action or order; (g) national or regional emergency; (h) strikes, labor stoppages or slowdowns, or other industrial disturbances; (i) shortages of or delays in receiving raw materials; (j) breakdown of machinery or equipment; or (k) shortage of adequate power or transportation facilities. The Impacted Party shall give notice to the other Party of the Force Majeure Event within ten (10) days of the Force Majeure Event, and such notice shall state the period of time the Force Majeure Event is expected to continue. The Impacted Party shall use diligent efforts to end the failure or delay and ensure the effects of such Force Majeure Event are minimized. The Impacted Party shall resume the performance of its obligations as soon as reasonably practicable. In the event that the Impacted Party's failure or delay remains uncured for a period of ninety (90) consecutive days following written notice given by it under this Section, either Party may thereafter terminate this Agreement upon thirty (30) days' written notice.

<u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

**16. General Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Construction of Agreement**. Headings are included for convenience only and shall not be used to construe this Agreement. The Parties acknowledge and agree that both Parties substantially participated in negotiating the provisions of this Agreement; therefore, the Parties agree that any ambiguity in this Agreement shall not be construed more favorably toward one Party than the other Party, regardless of which Party primarily drafted this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Compliance with Laws**. The Parties shall at all times comply with all laws, statutes, rules, regulations, orders, and ordinances ("<u>Laws</u>") applicable to this Agreement, each Party's performance of its obligations hereunder, and Verde's provision of the Services. Without limiting the generality of the foregoing, each Party shall (a) at its own expense, maintain all certifications, credentials, licenses, and permits necessary to conduct its business relating to the Services and (b) not engage in any activity or transaction involving the Services that violates any Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Governing Law; Jurisdiction and Venue**. This Agreement, including all exhibits, schedules, attachments and appendices attached hereto and thereto, and all matters arising out of or relating to this Agreement, are governed by, and construed in accordance with, the Laws of the State of Delaware, without regard to the conflict of laws provisions thereof. The United Nations Convention on Contracts for the International Sale of Goods shall not apply to this Agreement in whole or in part. Regardless of what venue would otherwise be permissive or required, the Parties stipulate that all actions arising under or related to this Agreement shall be brought in the state or federal courts located in Wilmington, Delaware. The Parties agree that either of such forums is mutually convenient and bears a reasonable relationship to this Agreement, and the Parties waive objection to any venue laid therein. The Parties irrevocably submit to the jurisdiction of such courts for the purpose of any suit, action or other proceeding arising under or related to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Attorneys' Fees**. If either Party breaches any of its obligations under this Agreement, the breaching Party shall pay all actual costs, expenses, and fees, including all attorneys' and other professionals' fees, incurred by the non-breaching Party in protecting, enforcing, or interpreting its rights under this Agreement. In addition, the non-prevailing Party in any suit or action relating to this Agreement shall pay all actual costs, expenses, and fees incurred by the prevailing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Modification**. Any modification of this Agreement will be effective only if it is in writing and signed by duly authorized representatives of both Parties hereto. No modification of this Agreement will be made as a result of email message, text message, or phone communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Severability**. If any provision of this Agreement is held to be invalid, illegal, or unenforceable in any jurisdiction, in whole or in part, the Parties shall negotiate in good faith a valid, legal, and enforceable substitute provision that most nearly reflects the original intent of the Parties, and all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be construed in order to carry out the intentions of the Parties as nearly as may be possible. Should the Parties be unable to agree, the Parties hereby request the court to reform the otherwise illegal, invalid, or unenforceable provision with a legal, valid, and enforceable provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible. Such invalidity, illegality, or unenforceability shall not affect the validity, legality, or enforceability of such other provisions in any other jurisdiction, so long as the essential essence of this Agreement remains enforceable.

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. **Third Party Beneficiaries**. Nothing in this Agreement, express or implied, is intended to confer any benefits, rights, or remedies on any entity, other than the Parties and their permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. **Waiver**. Neither Party will be deemed to have waived any of its rights under this Agreement unless the waiver is in writing and signed by such Party. No delay or omission of a Party in exercising or enforcing a right or remedy under this Agreement shall operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Relationship of the Parties**. Neither Party nor any of its directors, officers, partners, employees, agents, contract or temporary employees, consultants, or any other person or entity acting on its behalf shall be deemed to be an employee, agent, partner, owner, or joint venturer of the other Party for any purpose whatsoever. Each Party shall act as an independent contractor, and nothing contained herein shall be construed to be inconsistent with this relationship. Neither Party shall have nor shall be deemed to have any interest whatsoever in any tangible or intangible property belonging to the other Party, including, without limitation, proprietary property or property rights or intellectual property or intellectual property rights, or any license agreement associated therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **Assignment; Successors and Assigns**. Neither Party may assign or delegate this Agreement or any of its rights or obligations hereunder, except to an Affiliate, without the prior written consent of the other Party, which consent shall not be unreasonably withheld, delayed, or conditioned. Any assignment or delegation to an Affiliate shall require prompt written notice to the other Party. Any purported assignment or delegation in violation of this Section is null and void. No assignment or delegation relieves the assigning or delegating Party of any of its obligations under this Agreement. Notwithstanding the foregoing, the rights and obligations of the Parties, as set forth in this Agreement, shall be binding on and inure to the benefit of the Parties' permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. **No Other Promises and Agreements; Represented by Counsel**. Each Party acknowledges and agrees that no promise or agreement which is not expressly set forth in this Agreement has been made to the other Party prior to executing this Agreement, and that such Party is not relying upon any statement or representation of the other Party or its representatives. Each Party is relying on its own judgment and has had the opportunity to be represented by legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. **Counterparts**. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement. Any counterparts which are executed or delivered by electronic means shall be legal and binding on all Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. **Entire Agreement**. This Agreement, along with all appendices, exhibits, agreements, and documents attached hereto or incorporated by reference herein, constitutes the entire agreement between the Parties regarding the subject matter of this Agreement, and supersedes all prior written or verbal agreements, representations and understandings relative to such matters.

<u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

(Signature Page Follows)

<u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

The Parties have caused this License Agreement to be executed by their respective duly authorized representatives as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ergon Asphalt & Emulsions, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ergon Asphalt & Emulsions, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Verde Renewables, Inc.**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Verde Renewables, Inc.**  |
| **Signature** | /s/ Patrick Nation | **Signature** | /s/ Jack Wong |
| **Name** | Patrick Nation | **Name** | Jack Wong |
| **Title** | President | **Title** | Chief Executive Officer |
| **Date**  | October 10, 2025 | **Date** | October 10, 2025 |

---

 <u>LICENSE AGREEMENT</u>

**EXECUTION VERSION**

**<u>Appendix 1</u>**

**Trademarks and Branding Guidelines**

**<u>Verde Trademarks</u>**

· #TransitiontoZero

· Verde

· V24

**<u>Verde Branding Guidelines</u>**

[\*]

License Agreement

**EXECUTION VERSION**

**<u>Appendix 2</u>**

**Verde Services**

**"Services"** shall mean the following core areas of support, together with any additional services provided under this Agreement or as may be mutually agreed upon by the Parties from time to time to ensure effective performance:

**1. Carbon Accounting, Biochar Sales, and Distribution**

Verde shall manage the carbon sales and distribution of biochar to Ergon's customers, ensuring continuity of supply to support commercialization. Verde shall:

· Confirm that biochar supplied meets the Specifications necessary for final mix performance.

· Track, monitor, and validate application volumes and associated carbon-sequestering outcomes.

· Ensure carbon removal credits are generated in accordance with recognized standards and registries.

· Administer data collection, reporting, and verification processes relating to carbon accounting.

· Coordinate with Ergon on reporting and revenue-sharing processes to maintain transparency, compliance, and mutual benefit.

**2. Construction Services**

Verde shall provide technical and field support services to facilitate adoption of the licensed technology, including:

· Development and delivery of training programs for Ergon's customers, covering the proper materials characterization, design, handling, production, placement, and monitoring of final mixes.

· Participation in demonstration projects and pilot installations, including collaboration with Ergon and its customers in real-world environments to showcase construction and performance.

· Provision of on-site supervision, technical guidance, and data collection to validate field results.

· Support in analyzing and disseminating project outcomes to accelerate commercial adoption.

License Agreement

**EXECUTION VERSION**

**<u>Appendix 3</u>**

**MSDS**

[\*]

License Agreement

## Exhibit 10.2

**EXHIBIT 10.2**

**ADDENDUM NO. 1 TO JOINT DEVELOPMENT AGREEMENT**

This Addendum No. 1 ("Addendum") is made and entered into effective as of October 8<sup>th</sup>, 2025 ("Effective Date of Addendum") by and between:

**Verde Resources, Inc.** ("Verde" or "VRDR"), a corporation organized under the laws of Nevada, USA,

and

**C-Twelve Pty Ltd.** ("C-Twelve" or "C12"), a corporation organized under the laws of Western Australia.

Collectively referred to as the "Parties."

**1. Purpose**

This Addendum modifies the Joint Development Agreement executed between the Parties on May 19, 2025 (the "Agreement") to expand the Licensed Territory and define additional financial and performance obligations relating to such expansion.

**2. Expansion of Licensed Territory**

**Clause 1.1 (Definitions)**

Under the definition of 'Territory', the amended territories will include the United States of America (including all states, territories, and regions thereof), Mexico, and Canada.

**3. Additional Consideration for Expanded Territory**

As additional consideration for the inclusion of Mexico and Canada, Verde shall pay C-Twelve an additional US $1,000,000 (one million U.S. dollars) ("Expansion Payment, Fee 1"), which shall be transacted under the same terms as the US $2,000,000 Loan described in Clause 9.2.1 and Clause 14.2.1 of the Agreement.

Accordingly:

· The Expansion Payment shall be paid within 30 days following Verde's successful uplisting from OTC to a National Exchange,

· Failure by Verde to remit the funds to C-Twelve by 31 July 2026 shall be deemed a material breach of this Agreement, unless otherwise remedied within ten (10) business days following written notice from C-Twelve.

**4. Revised Minimum Annual Purchase Requirement for 2027**

Notwithstanding Appendix A of the Agreement, the Parties agree that beginning with the 2027 calendar year, the minimum combined purchase requirement for the Territory (United States, Mexico, and Canada) shall be:

Minimum Quantity (2027): [\*].

This replaces any prior minimum for 2027 under Appendix A.

**5. Conditional 2027 Performance Payment**

In 2027, Verde shall pay to C-Twelve an additional payment of US $[\*] ("Fee 2"), subject to adjustment based on the minimums set for 2027, as follows:

1. If Verde sets a minimum of [\*] purchased in 2027, Fee 2 = US $[\*].

2. If Verde sets a minimum less than [\*], Fee 2 = US $[\*].

3. If Verde sets a minimum more than [\*] but less than [\*], Fee 2 shall be reduced proportionally according to the following formula:

[\*]

\**If Fee 2 applies, the amount shall become due and payable on or before March 31, 2027.*

**7. Sublicense Consent**

In accordance with Clause 2.2.2 of the Agreement, C-Twelve hereby consents to Verde's sublicense of the Licensed Technologies to Ergon Asphalt & Emulsions, Inc. or its affiliates.

**6. Effect of Addendum**

Except as expressly amended herein, all other terms, conditions, rights, and obligations contained in the Agreement remain unchanged and in full force and effect. In the event of any inconsistency between this Addendum and the Agreement, this Addendum shall prevail.

**7. Execution**

This Addendum may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Electronic or scanned signatures shall be deemed valid and binding.

[Signature Page Follows]

**IN WITNESS WHEREOF**, the Parties have executed this Addendum as of the Effective Date of Addendum.

---

| | |
|:---|:---|
| **VERDE RESOURCES, INC.** | **VERDE RESOURCES, INC.** |
| By: | /s/ Jack-Wong |
| Name:  | Jack Wong |
| Title: | CEO |
| Date:  | October 8, 2025 |
| **C-TWELVE PTY LTD.** | **C-TWELVE PTY LTD.** |
| By: | /s/ Jason Lee |
| Name: | Jason Lee |
| Title:  | CEO |
| Date: | October 8, 2025 |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Verde and Ergon Enter Exclusive North American Agreement to** 

**Commercialize Next Generation of Carbon Sequestering Road Materials**

***Industry leader Ergon to manufacture and distribute products incorporating Verde's***

***proprietary technologies across the multibillion dollar North American asphalt market***

***Verde and Ergon also sign term sheet for $2 million strategic investment,***

***expected to close later this month***

**ST. LOUIS, Oct 14, 2025 /PRNewswire/ -- Verde Resources Inc. (OTCQB: VRDR)** (Verde), a road materials company offering proprietary, environmentally sustainable solutions, is pleased to announce the signing of a 10-year definitive license agreement between its wholly owned subsidiary, Verde Renewables Inc., and **Ergon Asphalt & Emulsions, Inc.**, the largest asphalt marketer in North America.

This agreement formalizes a long-term strategic alliance to commercialize Verde's specialized emulsion and carbon sequestering **BioAsphalt™** road construction surface materials across the United States, Mexico, and Canada. The agreement has a 10-year term with an option to extend for an additional 10 years.

Ergon Asphalt & Emulsions is a subsidiary of **Ergon, Inc.**, a diversified global organization engaged in multiple industries. The privately held Ergon is an industry pioneer in asphalt innovation and supply and employs more than 4,000 people and serves customers and partners in over 90 countries worldwide.

Building on the successful collaboration that began with a <u>Memorandum of Understanding</u> earlier this year, Verde and Ergon will advance the deployment of innovative low-carbon technologies that integrate Verde's proprietary emulsifying agent with Ergon's high-performance asphalt, RAP (Reclaimed Asphalt Pavement), and biochar to produce and commercialize a carbon-sequestering road surfacing material across North America.

Under the terms of the agreement, Verde is licensing its proprietary technologies to Ergon for use in the manufacturing, marketing, and distribution of advanced road construction products. The agreement also grants Ergon the right to use Verde's trademarks and access ongoing technical services to ensure integrity and transparency, verifying that every ton of carbon dioxide sequestered is accurately quantified, tracked, and validated.

In addition to the commercial agreement, both companies have executed a term sheet for a $2 million investment by Ergon in Verde. The investment underscores Ergon's confidence in the long-term growth of Verde's technologies and further solidifies the true strategic nature of the alliance. The transaction is expected to close during October 2025.

"Our milestone commercial collaboration with industry leader Ergon marks a major achievement in our mission to bring innovative solutions to market and accelerate decarbonization across emission-intensive infrastructure," said **Jack Wong, CEO of Verde Resources**. "Together with Ergon, we will deliver transformative, common-sense solutions that will redefine the roads of the future for the benefit of both the environment and the economy. Ergon's deep industry expertise and extensive North American footprint make them not only the best in the business, but also the ideal commercial partner for us to scale the impact of Verde's technologies."

Verde's BioAsphalt™ can be produced burnerless and placed year-round, even during winter, without requiring heat or solvents during installation. This extends production and paving seasons, unlocking additional economic benefits while dramatically reducing greenhouse gas emissions. It is also odorless, making it safer for frontline workers and more sustainable for Ergon's customers.

"Our agreement with Verde strengthens Ergon's ability to deliver sustainable, next-generation technologies to the road construction industry," said **Patrick Nation, President of Ergon Asphalt & Emulsions**. "We are excited to integrate Verde's solutions and work to accelerate the adoption and commercialization of the end product over the next year, with the goal of enhancing how roads are built in a sustainable way without compromising quality or reliability. Verde's technologies align seamlessly with our ongoing commitment to sustainable solutions and long-term growth strategy, and we are excited to bring these solutions to our customers and partners efficiently, effectively, and with strong business discipline across North America."

BioAsphalt™ is also the <u>first in the world to generate verified Carbon Removal Credits</u>, certified through Puro.earth and purchased by one of the world's largest financial institutions earlier this year. This breakthrough positions Verde as a pioneer in transforming asphalt from a traditional emitter into a climate-positive material, actively mitigating Scope 1, 2, and 3 emissions across the construction value chain—turning roads, streets, and pathways into carbon sinks. To align incentives with sustainability metrics, Verde will share 40% of its future Carbon Removal Credits with Ergon, linking commercial success directly to measurable environmental impact.

Verde's technologies, including its carbon sequestering BioAsphalt™, have recently <u>earned early validation from the National Center for Asphalt Technology (NCAT),</u> positioning the company at the forefront of low-emission construction innovation. According to recent data published by Global Growth Insights, the global asphalt market is valued at more than $175 billion, with a significant portion concentrated in North America. This represents an immense opportunity to scale low-carbon solutions across the continent. As infrastructure investment and carbon markets converge, the alliance between Verde and Ergon is poised to lead a generational transformation of the road-building industry, turning a critical source of emissions into a powerful engine for carbon removal and long-term value creation.

Additional information regarding the license agreement between Verde and Ergon will be disclosed in a Current Report on Form 8-K, to be filed by Verde with the U.S. Securities and Exchange Commission in the coming days.

**About Verde Resources Inc.:**

**Verde Resources Inc. (OTCQB: VRDR)** is an emerging leader in sustainable infrastructure, specializing in innovative and cost-effective solutions to help the industry seamlessly **#TransitionToZero™**. By integrating proprietary technologies with sustainable practices, Verde is at the forefront of creating low-carbon materials for infrastructure worldwide.

The company is driving transformation in a sector long overdue for change. Its approach reduces greenhouse gas emissions, sequesters carbon dioxide, optimizes the use of native soils and recycled materials, accelerates installation, and improves overall efficiency, all while lowering costs.

For more information, please visit <u>https://www.verderesources.com</u>

**About Ergon Asphalt & Emulsions, Inc.:**

Ergon Asphalt & Emulsions, Inc., a subsidiary of Ergon, Inc., is a leading provider of high-performance asphalt products and technologies. With decades of experience, Ergon specializes in delivering advanced emulsions, polymer modified asphalts, and other solutions that enhance pavement performance and sustainability. Through its state-of-the-art facilities and dedicated technical expertise, Ergon is committed to driving innovation in the asphalt industry.

For more information, please visit <u>https://www.ergonasphalt.com</u>

**Cautionary Note Regarding Forward Looking Statements**

This press release and statements of Verde's and Ergon's management made in connection with the matters addressed by this press release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, projections, and potential future developments. These statements are subject to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

Forward-looking statements involve significant known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially and adversely from those expressed or implied. In some cases, forward-looking statements can be identified by words such as "may," "will," "expect," "plan," "believe," "estimate," "anticipate," "project," "intend," or similar expressions. In this press release, forward looking statements include those related to (i) the anticipated benefits to Verde of the license agreement with Ergon, (ii) the proposed $2 million investment by Ergon into Verde, which is not currently subject to definitive documentation, (iii) the anticipated attributes and advantages of Verde's products and (iv) Verde and Ergon's future commercial plans in general. These and other statements are based on current expectations and speak only as of the date of this release.

A non-exclusive list of risks and uncertainties that could cause the forward-looking statements herein to differ from future results include, without limitation: (i) the risk that Ergon will be unable to sell Verde-enabled products in the marketplace in sufficient volume so as to generate meaningful revenue for Verde, (ii) risks resulting from Verde's dependence on Ergon as Verde's exclusive North American distributor, (iii) the risk that the contemplated $2 million investment by Ergon into Verde may not be consummated on terms beneficial to Verde, or at all and (iv) the risk that the commercial relationship between Verde and Ergon may face challenges that result in material adverse effects on Verde. Other Important factors that could cause actual results to differ materially from those in the forward-looking statements include those contained in the Verde's filings with the SEC, which can be accessed <u>here</u>.

Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements contained herein. Except as required by applicable law, Verde does not plan to publicly update or revise any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise.

For Media and Investors:

<u>info@verderesources.com</u>

Crocker Coulson, AUM Media

<u>Crocker.coulson@aummedia.org</u>

(646) 652-7185© 2025 Verde Resources, Inc. All rights reserved.