Document:

Amended and Restated Warrant to purchase shares of Common Stock

 Exhibit 4.4 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED
OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION OR
QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED PURSUANT TO AN EXEMPTION UNDER SUCH ACT AND
SECURITIES LAWS. 
  

			
	 Warrant No. 8
	  	 Original Issue Date: September 21, 2009

Amendment Date: September 22, 2010

GEVO, INC. 

AMENDED AND RESTATED COMMON STOCK WARRANT 

THIS IS TO CERTIFY that, for value received, CDP
GEVO, LLC, a Texas limited liability company (“CDP”), is entitled to subscribe for and purchase from GEVO, INC., a Delaware corporation (the
“Company”), up to 858,000 shares (as adjusted from time to time pursuant to the terms hereof, the “Warrant Shares”) of the common stock, par value $0.01 per share, of the Company (the
“Common Stock”) at an exercise price equal to $2.70 per share (as adjusted from time to time pursuant to the terms hereof, the “Exercise Price”), payable as provided herein, subject to the provisions
and adjustments and on the terms and conditions hereinafter set forth. 
 1. Definitions. In addition to the terms
defined elsewhere in this Amended and Restated Common Stock Warrant (the “Warrant”), the following terms have the following respective meanings: 

(a) “Business Day” shall mean any day other than a Saturday, Sunday or other day when banking
institutions in Englewood, Colorado are authorized or required by law or executive order to be closed. 
 (b)
“Capital” means all forms of corporate capital, including equity, debt, contributed assets, assumption of liabilities, capitalized leases, and guaranties. 

(c) “Change of Control Event” shall mean a transaction or series of related transactions (including any
merger or consolidation), consummated on or before December 31, 2012, the result of which is (i) the sale, issuance or transfer of 50% or more of the Fully Diluted Company Shares, (ii) a sale or transfer of all or substantially all of
the assets of the Company or 
  

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(iii) a dividend or distribution to the stockholders of the Company the proceeds of which were obtained at least in part from a recapitalization of the Company or its Subsidiaries; provided,
however, that a Change of Control Event shall not include (A) any consolidation or merger effected exclusively to change the domicile of the Company or (B) any transaction or series of transactions for bona fide equity financing purposes
in which cash is received by the Company or any successor or indebtedness of the Company is cancelled or converted or a combination thereof. 

(d) “Equity Interests” means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination, in each such case including all voting rights and economic rights related thereto. 

(e) “Fully Diluted Company Shares” shall mean, as of any particular determination date, all outstanding
shares of Common Stock, together with all shares of Common Stock that are issuable pursuant to (i) rights, options or warrants to subscribe for, purchase, or otherwise acquire shares of Common Stock, and (ii) securities convertible into,
or exchangeable for, shares of Common Stock. 
 (f) “Intellectual
Property” means all technology, patents, copyrights, trade secrets, know-how and other information related to the foregoing, including all improvements, modifications, upgrades, and enhancements
thereto. 
 (g) “Person”
means any individual or entity, including any corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or governmental authority. 

(h) “Production Facility” means any ethanol or
other industrial production facility. 
 (i) “Project Activities” means the
deployment of Capital to (i) acquire all or a portion of the Equity Interests or debt securities of a Person that owns, directly or indirectly, a Production Facility, (ii) acquire the assets comprising a Production Facility,
(iii) enter into a tolling arrangement with a Production Facility, (iv) invest Capital for, or enter into a joint venture or other profit sharing arrangement in connection with, the purchase or retrofit of a Production Facility to
incorporate the Intellectual Property of Gevo, or (v) operate a Production Facility that utilizes the Intellectual Property of Gevo. 

(j) Project Production Facility” means a Production Facility that has been acquired or is
otherwise owned by the Company, Gevo Development, LLC (“Development”) or any of their Subsidiaries pursuant to the consummation of a Project Activities transaction. 

 

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 (k) “Subsidiary” means, with respect to any
Person, any corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or other business entity of which any Equity Interest is at the time beneficially owned, or the
management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by such Person. 

(l) “Termination Date” shall mean the earlier to occur of:
(i) an act of fraud by Michael A. Slaney or David N. Black pursuant to Section 3(d)(ii), and (ii) the date that is seven years from the original issue date of this Warrant. 

2. Exercise of Warrant. 

(a) Mechanics. 

(i) The purchase rights represented by this Warrant are exercisable by CDP, in whole or in part, at any time on or before the
Termination Date, or from time to time, by delivery of the following to the Company at the address set forth in Section 15 below (or at such other address as it may designate by notice in writing to CDP): (A) this Warrant;
(B) the Notice of Exercise attached as EXHIBIT A hereto (the “Notice of Exercise”), completed and executed on behalf of CDP; and (C) payment of the applicable Exercise Price for the Warrant
Shares being purchased in cash or by check; provided, however, that CDP shall only be entitled to exercise the purchase rights represented by this Warrant with respect to those Warrant Shares that are vested and exercisable as of the exercise date
pursuant to Section 3 below. 
 (ii) Notwithstanding any provisions herein to the contrary, if the fair
market value of one share of the Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash or check, CDP may elect to receive shares equal to the value (as
determined below) of those Warrant Shares that are vested and exercisable as of the exercise date pursuant to Section 3 below (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company
together with the properly endorsed Notice of Exercise in which event the Company shall issue to CDP a number of shares of Common Stock computed using the following formula: 

 

					
	 X
	  	=	  	Y (A – B)
        A

  

			
	 Where X =
	  	the number of shares of Common Stock to be issued to CDP
		
	 Y =
	  	the number of Warrant Shares that are vested and exercisable as of the exercise date pursuant to Section 3 below or, if only a portion of such Warrant Shares are being
exercised, the portion of the Warrant Shares being exercised and canceled (at the date of such calculation)
		
	 A =
	  	the fair market value of one share of the Common Stock (at the date of such calculation)
		
	 B =
	  	the Exercise Price (as adjusted to the date of such calculation)

  

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 For purposes of the above calculation, the fair market value of one share of Common Stock
shall be determined by the Company’s Board of Directors in good faith; provided, however, that (A) in the event that this Warrant is exercised pursuant to this Section 2(a)(ii) in connection with the Company’s initial
public offering of its Common Stock, the fair market value per share shall be the per share offering price to the public of the Company’s initial public offering and (B) in the event that the exercise pursuant to this
Section 2(a)(ii) is not in connection with the Company’s initial public offering, but is made at such time as the Common Stock is traded on a national securities exchange, the fair market value per share shall be deemed to be the
average of the closing or last reported sale prices of the Common Stock on such exchange over the five-day trading day period prior to the exercise date. 

(b) Certificates; Partial Exercise. 

(i) Any shares of Common Stock purchased hereunder shall be deemed to have been issued to CDP as the record owner of such shares
immediately prior to the close of business on the date that this Warrant shall have been surrendered and delivery of payment for such shares shall have been made as required hereby. As soon as practicable after exercise of this Warrant in full or in
part, the Company will cause to be issued in the name of and delivered to CDP, a certificate or certificates for the number of fully paid and non-assessable shares of Common Stock to which CDP shall be entitled upon such exercise. 

(ii) In the event that this Warrant is exercised in part, the Company will execute and deliver to CDP a new warrant of like
tenor, in the name of CDP, which shall be exercisable for a number of shares of Common Stock equal to the number of shares of Common Stock (as adjusted) provided for on the face of this Warrant, minus the number of shares of Common Stock theretofore
purchased pursuant to Section 2(a); provided, however, that this Warrant and all rights and options hereunder shall expire and be void as of the Termination Date. 

(c) Conditional Exercise. Notwithstanding any other provision of this Warrant, if the exercise of all or any portion
of this Warrant is to be made in connection with a Change of Control Event or a registered public offering, such exercise may, at the election of CDP, be conditioned upon consummation of such transaction or event in which case such exercise shall
not be deemed effective until the consummation of such transaction or event. 
 3. Vesting. 

(a) Vesting. The Warrant Shares issued and issuable upon exercise of this Warrant shall vest in accordance with the
following schedule: 
 (i) 429,000 Warrant Shares (as adjusted from time to time pursuant to the terms hereof) shall
vest and become exercisable on September 22, 2010; and 
 (ii) the remaining Warrant Shares
shall vest and become exercisable on a monthly basis at the rate of 17,875 Warrant Shares (as adjusted from time to time pursuant to the terms hereof) per month on the
22nd day of each month beginning October 22, 2010 and
ending September 22, 2012, such that all remaining Warrant Shares shall be fully vested and exercisable on September 22, 2012. 
  

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 (b) Acceleration of Vesting. Notwithstanding the provisions of
Section 3(a), (i) upon the closing of a Change of Control Event, 50% of the Warrant Shares that remain unvested as of such closing date shall immediately vest and become exercisable, (ii) in the event that either Michael A.
Slaney or David N. Black (A) is terminated by the Company without Cause (as defined in their respective Employment Agreements with the Company (the “Employment Agreements”)) or (B) terminates his employment with the
Company for Good Reason (as defined in the Employment Agreements), 50% of any Warrant Shares that remain unvested as of the termination date shall immediately vest and become exercisable, and (iii) if, concurrently or following the termination
of either Michael A. Slaney or David N. Black pursuant to subsection (b)(ii)(A) or (b)(ii)(B) above, the other individual (i.e. Michael A. Slaney or David N. Black) (A) is terminated by the Company without Cause or (B) terminates his
employment with the Company for Good Reason, all Warrant Shares that remain unvested as of the termination date shall immediately vest and become exercisable. 

(c) Termination of Vesting. Notwithstanding the provisions of Sections 3(a) and 3(b),
(i) 50% of the then-remaining unvested Warrant Shares shall terminate as of the date that either Michael A. Slaney or David N. Black (A) is terminated by the Company for Cause or (B) terminates his employment with the Company without
Good Reason if such termination without Good Reason occurs on or before March 31, 2012, and (ii) if, concurrently or following the termination of either Michael A. Slaney or David N. Black pursuant to subsection (c)(i)(A) or (c)(i)(B)
above, the other individual (i.e. Michael A. Slaney or David N. Black) (A) is terminated by the Company for Cause or (B) terminates his employment with the Company without Good Reason on or before March 31, 2012, then all Warrant
Shares that remain unvested as of the termination date shall immediately terminate. 
 (d) Forfeiture of Vested
Shares. Notwithstanding the provisions of Sections 3(a) and 3(b), (i) in the event of fraud by Michael A. Slaney or David N. Black, as a consequence of which the Company or Development suffers damages, then 50% of the
Warrant Shares, whether vested or unvested, shall be immediately forfeited, without consideration, to the Company and (ii) if, concurrently or following the forfeiture of Warrant Shares pursuant to subsection (d)(i) above, in the event of fraud
by the other individual (i.e. Michael A. Slaney or David N. Black), as a consequence of which the Company or Development suffers damages, then the remaining 50% of the Warrant Shares, whether vested or unvested, shall be immediately forfeited,
without consideration, to the Company. 
 4. Reservation of Stock. The Company covenants and agrees that during
the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized, and in reserve, a sufficient number of shares of its Common Stock to provide for the exercise of the Warrant Shares
represented by this Warrant. 
 5. Compliance with Securities Act. 

(a) Acquisition for Personal Account. CDP, by acceptance of this Warrant, agrees that the entire legal and beneficial
interests of the Warrant and the Warrant Shares to be issued upon exercise hereof are being acquired solely for its own account for investment and not with a view to or for sale or distribution. 

 

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 (b) Securities are not Registered. 

(i) CDP understands that this Warrant and the Warrant Shares to be issued upon exercise hereof have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), on the basis that no distribution or public offering of the stock of the Company is to be effected. CDP realizes that the basis for the exemption may not be present
if, notwithstanding its representations, CDP has a present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise
distributing the securities. CDP has no such present intention. 
 (ii) CDP recognizes that this Warrant and the Warrant
Shares to be issued upon exercise hereof must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. CDP recognizes that the Company has no obligation to register
this Warrant or the Warrant Shares to be issued upon exercise hereof, or to comply with any exemption from such registration except as expressly set forth in this Warrant. CDP represents that it is familiar with Rule 144 promulgated under the
Securities Act, and understands the resale limitations imposed thereby and by the Securities Act. 
 (c)
Dispositions. CDP further agrees not to make any disposition of all or any part of this Warrant or the Warrant Shares to be issued upon exercise hereof in any event unless and until: 

(i) The Company shall have received a letter secured by CDP from the Securities and Exchange Commission stating that no action
will be recommended to the Commission with respect to the proposed disposition; 
 (ii) There is then in effect a
registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with said registration statement; or 

(iii) CDP shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, CDP shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, for CDP to the effect that such
disposition will not require registration of such Warrant or Warrant Shares under the Securities Act or any applicable state securities laws. 

(iv) CDP understands and agrees that all certificates evidencing Warrant Shares to be issued to CDP may bear the following
legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

  

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 (d) Receipt of Information; Accredited Investor. By acceptance of this
Warrant, CDP specifically represents and warrants to the Company as follows: 
 (i) CDP believes it has received all the
information it considers necessary or appropriate for deciding whether to acquire this Warrant. CDP further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the
offering of the Warrant and the business, properties and financial condition of the Company. 
 (ii) CDP (A) is an
“accredited investor” as defined in Regulation D under the Securities Act, (B) can bear the economic risk of its investment in the Warrant and the Warrant Shares to be issued upon exercise hereof, and (C) has such knowledge and
experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant and the Warrant Shares to be issued upon exercise hereof. 

6. Protection Against Dilution. In the event of changes in the outstanding Common Stock by reason of stock dividends,
split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, merger, consolidation, reorganizations, liquidations, or the like, the number and class of Warrant Shares available under the Warrant in the aggregate
and the Exercise Price shall be correspondingly adjusted to give CDP, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as CDP would have owned had the Warrant been exercised prior to the event and had
CDP continued to hold such shares until after the event requiring adjustment. The form of this Warrant need not be changed because of any adjustment in the number of Warrant Shares subject to this Warrant or to the Exercise Price specified in this
Warrant. 
 7. Fractional Shares. Fractional shares shall not be issued upon the exercise of this Warrant but in
any case where CDP would, except for the provisions of this Section 7, be entitled under the terms hereof to receive a fractional share upon the complete exercise of this Warrant, the Company shall, upon the exercise of this Warrant for
the largest number of whole shares then called for, pay a sum in cash equal to the excess of the value of such fractional share (as determined by the Company’s Board of Directors in good faith) over the proportional part of the Exercise Price
represented by such fractional share. 
 8. Fully Paid Stock; Taxes. The Company covenants and agrees that the
shares of Common Stock issued upon exercise of this Warrant in accordance with its terms shall, at the time of such delivery, be validly issued and outstanding and be fully paid and nonassessable. CDP covenants and agrees that it shall pay when due
and payable any and all federal and state taxes (other than income taxes) that may be payable in respect of this Warrant or any Common Stock or certificates therefor upon the exercise of this Warrant in accordance with its terms. 

9. Market Stand-Off Agreement. CDP shall not sell, dispose of, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other securities) held 

 

 7 

 
by CDP, for a period of time specified by the managing underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of a registration statement of the Company
filed under the Securities Act, but in no event on terms less favorable than the terms applicable to the Chief Executive Officer of the Company. CDP agrees to execute and deliver such other agreements as may be reasonably requested by the Company
and/or the managing underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such
Common Stock (or other securities) until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 9 and shall have the right, power and authority to enforce the
provisions hereof as though they were a party hereto. 
 10. Restriction on Transferability of Warrant and Unvested
Warrant Shares. In addition to any other limitation on transfer created by applicable securities laws: (a) this Warrant shall not be transferable; and (b) CDP shall not sell, assign, transfer, hypothecate, donate, encumber or otherwise
dispose of any interest in any Warrant Shares that are deemed unvested pursuant to the terms of this Warrant. 
 11.
Representations of the Company. The Company represents and warrants to CDP that: (a) the Company is duly organized, validly existing, and in good standing under the laws of the State of Delaware and has the requisite power and authority
to execute, deliver, and perform this Warrant and the other certificates, documents and instruments to be executed by it pursuant to this Warrant; (b) the Company has taken all corporate action necessary to permit it to execute and deliver this
Warrant and the other certificates, documents, and instruments to be executed by it pursuant to this Warrant and to carry out the terms hereof and thereof; (c) this Warrant and each such certificate, document, and instrument related hereto have
been or will be duly executed and delivered by the Company and, when duly executed and delivered by the Company, will constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to
the extent limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general application related to the enforcement of creditor’s rights generally, and (ii) general principles of equity, and
(d) the Company is not required to obtain any order, consent, approval or authorization of, or to make any declaration or filing with, any third party or governmental authority in connection with the execution and delivery of this Warrant and
the other documents and instruments to be executed by it pursuant hereto or the consummation of the transactions contemplated hereby and thereby, except for such order, consent, approval, authorization, declaration or filing as has been obtained.

 12. Mutilated, Lost, Stolen or Destroyed Warrant. In case this Warrant shall be mutilated, lost, stolen or
destroyed, the Company shall issue a new Warrant of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or in lieu of any Warrant lost, stolen or
destroyed, upon receipt of evidence satisfactory to the Company of the loss, theft or destruction of such Warrant, and upon receipt of indemnity satisfactory to the Company. 

13. Warrant Holder Not Stockholder. This Warrant does not confer upon CDP any right to vote or to consent as a stockholder
of the Company, as such, in respect of any matters whatsoever, or any other rights or liabilities as a stockholder, prior to the exercise hereof as hereinbefore provided. 
  

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 14. Severability. Should any part of this Warrant for any reason be declared
invalid, such decision shall not affect the validity of any remaining portion, which remaining portion shall remain in full force and effect as if this Warrant had been executed with the invalid portion thereof eliminated, and it is hereby declared
the intention of the parties hereto that they would have executed and accepted the remaining portion of this Warrant without including therein any such part, parts or portion which may, for any reason, be hereafter declared invalid. 

15. Notices. Any notice or other communication required or permitted to be delivered to either party shall be in writing
and given by personal delivery, by a nationally recognized overnight delivery service for next day delivery, or by facsimile transmission, as specified below (or to such other address or facsimile number as any party may give in a notice given in
accordance with the provisions hereof). 
  

			
	 (a)
	  	if to the Company:
		
		  	GEVO, INC.
		  	345 INVERNESS DRIVE SOUTH, BUILDING C, SUITE 310
		  	ENGLEWOOD, CO 80112
		  	ATTN: GENERAL COUNSEL
		
		  	with a copy to (which shall not constitute notice):
		
		  	PAUL, HASTINGS, JANOFSKY & WALKER LLP
		  	4747 EXECUTIVE DRIVE, 12TH FLOOR
		  	SAN DIEGO, CA 92121
		  	ATTN: DEYAN Spiridonov

  

			
	 (b)
	  	if to CDP:
		
		  	CDP GEVO, LLC.
		  	3811 TURTLE CREEK BLVD., SUITE 750
		  	DALLAS, TX 75219
		  	ATTN: Managing Partner

All notices, requests, or other communications will be effective and deemed given only (i) if given by personal delivery, upon such
personal delivery, (ii) if sent for next day delivery by overnight delivery service, on the next date of delivery as confirmed by written confirmation of delivery, (iii) if sent by facsimile, upon the transmitter’s confirmation of
receipt of such facsimile transmission, except that if such confirmation is received after 5:00 p.m. (in the recipient’s time zone) on a Business Day, or is received on a day that is not a Business Day, then such notice, request or
communication will not be deemed effective or given until the next succeeding Business Day. Notices, requests and other communications sent in any other manner, including by electronic mail, will not be effective. 

 

 9 

 16. Acceptance. Receipt of this Warrant by CDP shall constitute acceptance of and agreement to
all of the terms and conditions contained herein. 
 17. Governing Law. This Warrant shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provisions. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

 10 

 IN WITNESS WHEREOF, GEVO,
INC. has caused this Amended and Restated Common Stock Warrant to be signed by a duly authorized officer as of September 22, 2010. 

 

			
	GEVO, INC.
		
	By:	 	 /s/ Patrick Gruber

	Name:	 	Patrick Gruber
	Its:	 	Chief Executive Officer
	
	Acknowledged and Agreed:
	
	CDP GEVO, LLC
		
	By:	 	 /s/ Michael A. Slaney

	Name:	 	Michael A. Slaney
	Its:	 	Managing Partner

 [SIGNATURE PAGE TO
COMMON STOCK WARRANT] 

 EXHIBIT A 

NOTICE OF EXERCISE 

TO: GEVO, INC. 

(1) The undersigned hereby elects to (i) purchase          shares of the Common
Stock of Gevo, Inc. (the “Company”) pursuant to the terms of the attached Warrant, and (ii) pay for such shares as follows: (circle (A) or (B) below): 

(A) payment of the exercise price in full, together with all applicable transfer taxes, if any. 

(B) as a cashless exercise pursuant to Section 2(a)(ii) of the attached Warrant. 

(2) Please issue a certificate or certificates representing said shares of Common Stock in the name of: CDP Gevo, LLC. 

(3) The undersigned represents that (i) the aforesaid shares of Common Stock are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares; (ii) the undersigned is aware of the
Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii) the undersigned is experienced in
making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests;
(iv) the undersigned understands that the shares of Common Stock issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a
specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered
under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is familiar with Rule 144 promulgated under the Securities
Act, and understands the resale limitations imposed thereby and by the Securities Act; and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid shares of Common Stock unless and until there is then in
effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided the Company with an opinion of counsel
satisfactory to the Company, stating that such registration is not required. 
  

					
	  
 (Date)
	 		  	  
 (Signature)

 

			
		 		  	  
 (Print
name)Plain English Warrant Agreement No. 0647-W-01

 Exhibit 4.11 

 

 

 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
AS AMENDED (the “1933 ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO YOU THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 

PLAIN ENGLISH WARRANT AGREEMENT 

This is a PLAIN ENGLISH WARRANT AGREEMENT dated August 5, 2010 by and between GEVO, INC., a Delaware corporation, and TRIPLEPOINT CAPITAL
LLC, a Delaware limited liability company. 
 The words “We”, “Us”, or “Our” refer to the warrant holder, which is
TRIPLEPOINT CAPITAL LLC. The words “You” or “Your” refers to the issuer, which is GEVO, INC., and not to any individual. The words “The Parties” refers to both TRIPLEPOINT CAPITAL LLC and GEVO, INC. This Plain English
Warrant Agreement may be referred to as the “Warrant Agreement”. 
 The Parties have entered into a Plain English Growth Capital Loan
and Security Agreement dated as of August 5, 2010, the “Loan Agreement”. In addition, the Parties have entered into a Plain English Continuing Guaranty dated as of August 5, 2010 in consideration of Us agreeing to extend loans
pursuant to the Plain English Growth Capital Loan and Security Agreement dates as of August 5, 2010 (as amended, modified, or restated from time to time, the “Agri-Energy Loan Agreement”) with Your subsidiary Gevo Development, LLC, a
Delaware limited liability company, and such other borrowers as may be added from time to time (collectively, the “Agri-Energy Borrowers”). 

You are deriving direct and indirect economic benefits from the loans to be extended by Us to Agri-Energy Borrowers under the Agri-Energy Loan Agreement.

 In consideration of such Loan Agreement and the loans being extended by Us to the Agri-Energy Borrowers and the direct and indirect economic
benefits to be derived by You from those loans, the Parties agree to the following mutual agreements and conditions set forth below: 
  

											
	  

WARRANT INFORMATION

 

	 		 
	
Effective Date

 
 August 5,
2010
  
	  	 Warrant Number

 
 0647-W-01

 
	  	 Loan
Facility Number
  
 0647-GC-01

 

	 	 		 
	
Warrant Coverage

 

Up to $1,250,000 (10% of

$12,500,000) as set forth in

Section 1.
	  	 Number of
Shares
  
 Up to 73,014 as set forth in

 Section 1 and subject to

adjustment as set forth in

this Warrant Agreement.
  
	  	 Price Per Share

 
 $17.12, subject to

adjustment as set forth in this

Warrant Agreement.
	  	 Type of Stock

  
 Series D-1 Preferred Stock
or the Next Round Preferred Stock as determined in accordance with Section 1.
  

 

					
	  

OUR CONTACT INFORMATION

 

	 	 	 
	
Name

 
 TriplePoint
Capital LLC
	  	 Address For Notices

 
 2755 Sand Hill Road, Ste. 150

Menlo Park, CA 94025

Tel: (650) 854-2090

Fax: (650) 854-1850
  
	  	 Contact Person

  
 Sajal Srivastava, COO

Tel: (650) 233-2102

Fax: (650) 854-1850

email: legal@triplepointcapital.com
  

	  

YOUR CONTACT INFORMATION

 

  

					
	 	 	 
	
Customer Name

 
 Gevo,
Inc.
	  	 Address For Notices

 
 345 Inverness Dr. South

Building C, Suite 310

Engelwood, CO 80112
  
	  	 Contact Person

  
 Patrick R. Gruber,
CEO

 Equip. Lease Warrant Agreement 
  

 1 

 1. WHAT YOU AGREE TO GRANT US 

Tranche A: As of the Effective Date, You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant
Agreement, to purchase from You, at a price per share equal to the Exercise Price, that number of fully paid and non-assessable shares of Your Warrant Stock equal to Three Hundred Twelve Thousand Five Hundred Dollars ($312,500), divided by the
Exercise Price. 
 Tranche B: In addition, You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in
this Warrant Agreement, to purchase from You, at a price per share equal to the Exercise Price, that number of fully paid and non-assessable shares of Your Warrant Stock equal to Nine Hundred Thirty-Seven Thousand Five Hundred Dollars ($937,500),
divided by the Exercise Price, effective immediately upon the earlier of (a) an initial Advance under the Loan Agreement or (b) the consummation of the Agri-Energy Acquisition as defined in the Loan Agreement. Notwithstanding the
foregoing, in the event (x) the Agri-Energy Acquisition is not consummated and no Advance has been made under the Loan Agreement or (y) in connection with the initial Advance Request under the Loan Document, We fail to make such Advance
based upon a Material Adverse Effect as set forth in Section 5 of the Loan Agreement, then the Tranche B coverage shall not be earned. 

The number of shares of Warrant Stock and the Exercise Price of such Warrant Stock are subject to adjustment as provided in Section 4 hereof.

 For purposes of this Warrant Agreement, the following capitalized terms have the meanings given below: 

“Exercise Price” means the lower of (a) $17.12 and (b) the lowest per share price for which Your preferred stock is
sold in the Next Round. 
 “Next Round” means the next bona fide round of equity financing in which You issue and sell
shares of your preferred stock for aggregate gross cash proceeds of at least $1,000,000 (excluding any amounts received upon conversion or cancellation of indebtedness) subsequent to the Effective Date. 

“Warrant Stock” means (a) the class and series of Your preferred stock issued in the Next Round (the “Next Round
Preferred Stock”), if the lowest per share price for which such preferred stock is sold in the Next Round is less than $17.12, or (b) in all other cases, Your Series D-1 Preferred Stock. For avoidance of doubt, if this Warrant Agreement is
exercised prior to the Next Round then this Warrant Agreement shall be exercisable for Your Series D-1 Preferred Stock. 
 The Parties agree
that this Warrant Agreement to purchase the Warrant Stock has a fair market value equal to $100 and that $100 of the issue price of the investment will be allocable to the Warrant Agreement and the balance shall be allocable to the Loan Agreement
for income tax purposes and the original issue discount on the Loan Agreement shall be considered to be zero. 
 2. WHEN ARE WE ENTITLED TO
PURCHASE YOUR WARRANT STOCK. 
 The term of this Warrant Agreement and our right to purchase Warrant Stock will begin the Effective Date, and
shall be available for the greater of (i) 7 years from the Effective Date or (ii) 5 years from the effective date of Your initial public offering. 

3. HOW WE MAY PURCHASE YOUR WARRANT STOCK. 

We may exercise Our purchase rights, in whole or in part, at any time, or from time to time, prior to the expiration of the term of this Warrant
Agreement, by giving You a completed and executed Notice of Exercise in the form attached as Exhibit I. Promptly upon receipt of the Notice of Exercise and in any event no later than twenty-one (21) days after you have received
Our Notice of Exercise and payment of the aggregate Exercise Price for the shares purchased, You will issue to Us a certificate for the number of shares of Warrant Stock that We have purchased and You will execute the Acknowledgment of
Exercise in the form attached hereto as Exhibit II indicating the number of shares which will be available to Us for future purchases, if any. 
  

 2 

 We may pay for the Warrant Stock by either (i) cash or check, or (ii) if the fair market value of
one share of Warrant Stock is greater than the Exercise Price (at the date of calculation) by the net issuance method as determined below. If We elect the Net Issuance method, You will issue Warrant Stock using the following formula:

  

									
		  		 		  	X =	 	Y(A-B)
    A
				
	             Where:
	  	X	 	=	  	the number of shares of Warrant Stock to be issued to Us.
				
		  	Y	 	=	  	the number of shares of Warrant Stock We request to be exercised under this Warrant Agreement.
				
		  	A	 	=	  	the fair market value of one share of Warrant Stock (at the date of such calculation).
				
		  	B	 	=	  	the Exercise Price (as adjusted to the date of such calculation).

For purposes of the above calculation, current fair market value of Warrant Stock shall mean with respect to each share of Warrant Stock: 

If the exercise is in connection with the initial public offering of Your Common Stock, and if Your registration statement relating to such public
offering has been declared effective by the SEC, then the fair market value per share shall be the product of (x) the initial “Price to Public” specified in the final prospectus of the offering and (y) the number of shares of
Common Stock into which each share of Warrant Stock is convertible at the time of such exercise; 
 If this Warrant Agreement is exercised
after, and not in connection with Your initial public offering, and: 
  

	•	 	 if traded on a securities exchange, the fair market value shall be the product of (x) the average of the closing prices over a five (5) day
period ending three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such
exercise; or 

  

	•	 	 if actively traded over-the-counter, the fair market value shall be the product of (x) the average of the closing bid and asked prices quoted on
the NASDAQ system (or similar system) over the five (5) day period ending three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each
share of Warrant Stock is convertible at the time of such exercise. 

 If this Warrant Agreement is exercised prior to or
after Your initial public offering, and: 
  

	•	 	 Your Common Stock is not listed on any securities exchange or quoted in the NASDAQ System or the over-the-counter market, the current fair market value
of Warrant Stock shall be the product of (x) the fair market value of a share of Your Common Stock as determined in good faith by Your Board of Directors and (y) the number of shares of Common Stock into which each share of Warrant Stock
is convertible at the time of such exercise, unless You shall become subject to a merger, acquisition or other consolidation pursuant to which You are not the surviving party, in which case the fair market value of Warrant Stock shall be deemed to
be the value received by the holders of Your Warrant Stock on a common equivalent basis pursuant to such merger or acquisition or other consolidation. 

During the term of this Warrant Agreement, You will at all times from and after the Effective Date have authorized and reserved a sufficient number of
shares of (a) Warrant Stock to provide for the exercise of our rights to purchase Warrant Stock, and (b) Common Stock to provide for the conversion of the Warrant Stock. 

If We elect to exercise part of the Warrant Agreement, You will promptly issue to Us an amended Warrant Agreement stating the remaining number of shares
that are available. All other terms and conditions of that amended Warrant Agreement shall be identical to those contained in this Warrant Agreement. 

If at the end of the term of this Warrant Agreement, the fair market value of one share of Warrant Stock (or other security issuable upon the exercise
hereof) as determined in accordance herewith is greater than the Exercise Price in effect on such date, then this Warrant Agreement shall automatically exercised via Net Issuance Method and deemed on and as of such date to be converted pursuant
hereto as to all shares of Warrant Stock (or such other securities) for which it shall not previously have been exercised or converted, and You shall promptly deliver a certificate representing the shares of Warrant Stock (or such other securities)
issued upon such conversion to Us. 
  

 3 

 4. WHEN WILL THE NUMBER OF SHARES AND EXERCISE PRICE CHANGE. 

 

	•	 	 If You are Acquired. If at any time: (i) there is a reorganization of Your stock (other than a reclassification, exchange or subdivision of
Your stock otherwise provided for in this Warrant Agreement); (ii) You merge or consolidate with or into another entity, whether or not You are the surviving entity; (iii) You sell or convey, or grant an exclusive license with respect to,
all or substantially all of Your assets to any other person; or (iv) there occurs any transaction or series of related transactions that result in the transfer of fifty percent (50%) or more of the outstanding voting power of the capital
stock of You (each of the foregoing events are referred to as a “Merger Event”), then, as a part of such Merger Event, lawful provision shall be made so that We shall thereafter be entitled to receive, upon exercise of Our rights under
this Warrant Agreement, the number of shares of preferred stock or other securities of the successor or surviving person resulting from such Merger Event, equal in value to that which would have been issuable if We had exercised Our rights under
this Warrant Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by Your Board of Directors) shall be made in the application of the provisions of this Warrant Agreement with respect
to Our rights and interest after the Merger Event so that the provisions of this Warrant Agreement (including adjustments of the Exercise Price and number of shares of Warrant Stock purchasable) shall be applicable to the greatest extent possible.

  

	•	 	 If You Reclassify Your Stock. If at any time You combine, reclassify, exchange or subdivide Your securities or otherwise, change any of the
securities as to which purchase rights under this Warrant Agreement exist into the same or a different number of securities of any other class or classes, this Warrant Agreement will thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Warrant Agreement immediately prior to such combination, reclassification, exchange, subdivision
or other change. 

  

	•	 	 If You Effect an Initial Public Offering. If Your Preferred Stock is converted into Common Stock in connection with an Initial Public Offering
of Your Common Stock then, effective upon such conversion, this Warrant shall change from the right to purchase shares of Warrant Stock to the right to purchase shares of Common Stock, and We shall thereupon have the right to purchase, at a total
price equal to that payable upon the exercise of this Warrant in full, the number of shares of Common Stock which would have been receivable by Us as a result of such conversion had we exercised Our rights under this Warrant Agreement immediately
prior to the conversion. 

  

	•	 	 If You Subdivide or Combine Your Shares. If at any time You combine or subdivide the Warrant Stock, the Exercise Price will be proportionately
decreased in the case of a subdivision, or proportionately increased in the case of a combination. 

  

	•	 	 If You Pay Stock Dividends. If at any time You pay a dividend payable in, or make any other distribution (except any distribution specifically
provided for in the above paragraphs) of the Warrant Stock, then the Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately
prior to such record date by a fraction (i) the numerator of which shall be the total number of all shares of the Warrant Stock outstanding immediately prior to such dividend or distribution, and (ii) the denominator of which shall be the
total number of all shares of the Warrant Stock outstanding immediately after such dividend or distribution. We will thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares of Warrant Stock
(calculated to the nearest whole share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock issuable upon the exercise hereof immediately prior to such adjustment and
dividing the product thereof by the Exercise Price resulting from such adjustment. 

  

	•	 	 No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto.
All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result
in the issuance of a fractional share, You shall, in lieu of issuance of any fractional share, pay Us a sum in cash equal to the product resulting from multiplying the then current fair market value of a Warrant Share by such fraction.

  

	•	 	 If You Change the Antidilution Rights of the Warrant Stock or Issue New Preferred or Convertible Stock. All antidilution rights applicable to
the Warrant Stock purchasable under this Warrant Agreement are as set forth in Your Certificate of Incorporation, as amended through the Effective Date. You will promptly provide Us with any restatement, amendment, modification of or waiver of any
right under Your Certificate of Incorporation. 

  

 4 

 5. WE CAN TRANSFER THIS PLAIN ENGLISH WARRANT AGREEMENT. 

Subject to the terms and conditions contained in Section 7 and Our compliance with any applicable Federal and state securities laws, We (or any
successor transferee) may transfer in whole or in part this Warrant Agreement and all its rights. You will record the transfer on Your books when You receive Our Notice of Transfer in the form attached hereto as Exhibit III, and Our payment of all
transfer taxes and other governmental charges involved in such transfer. 
 6. REPRESENTATIONS, WARRANTIES, AND COVENANTS FROM YOU.

  

	•	 	 Reservation of Warrant Stock. The Warrant Stock issuable upon exercise of Our rights under this Warrant Agreement will be duly and validly
reserved and when issued in accordance with the provisions of this Warrant Agreement will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or encumbrances of any nature whatsoever imposed by You;
provided, however, that the Warrant Stock issuable pursuant to this Warrant Agreement may be subject to restrictions on transfer under state and/or Federal securities laws. Upon Our exercise, You will issue to Us certificates for shares of Warrant
Stock without charging Us any tax, or other cost incurred by You in connection with such exercise and the related issuance of shares of Warrant Stock. You will not be required to pay any tax, which may be payable in respect of any transfer involved
and the issuance and delivery of any certificate in a name other than TriplePoint Capital LLC. 

  

	•	 	 Due Authority. Your execution and delivery of this Warrant Agreement and the performance of Your obligations hereunder, including the issuance
to Us of the right to acquire the shares of Warrant Stock, have been duly authorized by all necessary corporate action on Your part and this Warrant Agreement is not inconsistent with Your Certificate of Incorporation or Bylaws, does not contravene
any law or governmental rule, regulation or order applicable to it, do not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which You are a party or by which You are
bound, and this Warrant Agreement constitutes a legal, valid and binding agreement, enforceable against You in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the
rules of law or principles at equity governing specific performance, injunctive relief and other equitable remedies. 

  

	•	 	 Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any
state, Federal or other governmental authority or agency is required with respect to execution, delivery and Your performance of Your obligations under this Warrant Agreement, except for the filing of any required notices pursuant to Federal and
state securities laws, which filings will be effective by the times required thereby. 

  

	•	 	 Issued Securities. All of Your issued and outstanding shares of Common Stock, Warrant Stock or any other securities have been duly authorized
and validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock and Warrant Stock were issued in full compliance with all Federal and state securities laws. In addition as of the Effective Date:

 Your authorized capital consists of (A) 3,000,000 shares of Common Stock, of which 1,160,657 shares of Common Stock
are issued and outstanding, and (B) 15,246,000 shares of preferred stock, of which 14,505,526 shares are issued and outstanding. You have reserved 3,254,853 shares of Common Stock for issuance under Your Stock Incentive Plan, under which
3,259,516 options have been granted. 
  

	•	 	 Other Commitments to Register Securities. Except as set forth in this Warrant Agreement and the Investors’ Rights’ Agreement, You are
not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the 1933 Act any of Your presently outstanding securities or any of Your securities which may hereafter be issued.

  

	•	 	 Exempt Transaction. Subject to the accuracy of Our representations in Section 7 hereof, the issuance of the Warrant Stock upon exercise of
this Warrant Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the 1933 Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable
state securities laws. 

  

 5 

	•	 	 Compliance with Rule 144. We may sell the Warrant Stock issuable hereunder in compliance with Rule 144 promulgated by the Securities and
Exchange Commission. Within ten (10) days of Our request, You agree to furnish Us, a written statement confirming Your compliance with the filing requirements of the Securities and Exchange Commission as set forth in such Rule 144, as may be
amended. 

  

	•	 	 No Impairment. You agree not to, by amendment of Your [Certificate of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by You, but shall at all times in
good faith assist in carrying out of all the provisions of this Warrant and in taking all such action as may be necessary or appropriate to protect Our rights under this Warrant against impairment. However, You shall not be deemed to have impaired
Our rights if You amend Your Certificate of Incorporation, or the holders of Your preferred stock waive their rights thereunder, in a manner that does not (individually or when considered in the context of any other actions being taken in connection
with such amendments or waivers) affect Us in a manner different from the effect that such amendments or waivers have on the rights of other holders of the same series and class as the Warrant Stock. 

7. OUR REPRESENTATIONS AND COVENANTS TO YOU. 
  

	•	 	 Investment Purpose. The right to acquire Warrant Stock or the Warrant Stock issuable upon exercise of Our rights contained herein and the Common
Stock issuable upon conversion will be acquired for investment purposes and not with a view to the sale or distribution of any part thereof, and We have no present intention of selling or engaging in any public distribution of the same in violation
of the 1933 Act. 

  

	•	 	 Private Issue. We understand (i) that this Warrant Agreement, the Warrant Stock issuable upon exercise of this Warrant Agreement and the
Common Stock issuable upon conversion of the Warrant Stock are not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant Agreement will be exempt from the
registration and qualifications requirements thereof, and (ii) that Your reliance on such exemption is predicated on the representations set forth in this Section 7. We further understand that all certificates evidencing the shares to be
issued to Us will bear appropriate legends. 

  

	•	 	 Disposition of Our Rights. In no event will We make a disposition of any of Our rights to acquire Warrant Stock or Warrant Stock issuable upon
exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock unless and until (i) We shall have notified You in writing of the proposed disposition, and (ii) the transferee agrees to be bound in writing to the
applicable terms and conditions of this Warrant Agreement, and (iii) if You request, We shall have furnished You with an opinion of counsel satisfactory to You and Your counsel to the effect that (A) appropriate action necessary for
compliance with the 1933 Act has been taken, or (B) an exemption from the registration requirements of the 1933 Act is available. Notwithstanding the foregoing, the restrictions imposed upon the transferability of any of Our rights to acquire
Warrant Stock or Warrant Stock issuable on the exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock do not apply to transfers from the beneficial owner of any of the aforementioned securities to its nominee or
from such nominee to its beneficial owner, and shall terminate as to any particular share of Warrant Stock when (1) such security shall have been effectively registered under the 1933 Act and sold by the holder thereof in accordance with such
registration or (2) such security shall have been sold without registration in compliance with Rule 144 under the 1933 Act, or (3) a letter shall have been issued to You at Our request by the staff of the Securities and Exchange Commission
or a ruling shall have been issued to You at Our request by the Commission stating that no action shall be recommended by such staff or taken by the Commission, as the case may be, if such security is transferred without registration under the 1933
Act in accordance with the conditions set forth in such letter or ruling and such letter or ruling specifies that no subsequent restrictions on transfer are required. Whenever the restrictions imposed hereunder shall terminate, as hereinabove
provided, the holder of a share of Warrant Stock then outstanding as to which such restrictions have terminated shall be entitled to receive from You, without expense to such holder, one or more new certificates for the Warrant or for such shares of
Warrant Stock not bearing any restrictive legend referring to 1933 Act registration or exemption. 

  

 6 

	•	 	 Financial Risk. We have such knowledge and experience in financial and business matters and knowledge of Your business affairs and financial
condition as to be capable of evaluating the merits and risks of Our investment, and have the ability to bear the economic risks of Our investment. 

  

	•	 	 Risk of No Registration. We understand that if You do not register with the Securities and Exchange Commission pursuant to Section 12 of
the 1934 Act (the “1934 Act”), or file reports pursuant to Section 15(d), of the 1934 Act, or if a registration statement covering the securities under the 1933 Act is not in effect when We desire to sell (i) the rights to
purchase Warrant Stock pursuant to this Warrant Agreement, or (ii) the Warrant Stock issuable upon exercise of the right to purchase, or (iii) the Common Stock issuable upon conversion of the Warrant Stock, We may be required to hold such
securities for an indefinite period. We also understand that any sale of Our right to purchase Warrant Stock or Warrant Stock or Common Stock issuable upon conversion of the Warrant Stock, which might be made by Us in reliance upon Rule 144 under
the 1933 Act may be made only in accordance with the terms and conditions of that Rule. 

  

	•	 	 Accredited Investor. We are an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D of the
1933 Act, as presently in effect. 

 8. NOTICES YOU AGREE TO PROVIDE US. 

You agree to give Us at least ten (10) days prior written notice of the following events: 

 

	•	 	 If You Pay a Dividend or distribution declaration upon your stock. 

 

	•	 	 If You offer for subscription pro-rata to the all existing shareholders additional stock or other rights. 

 

	•	 	 If You consummate a Merger Event. 

  

	•	 	 If You have an IPO. 

  

	•	 	 If You dissolve or liquidate. 

All notices in this Section must set forth details of the event, how the event adjusts either Our number of shares or Our Exercise Price and the method
used for such adjustment. 
 Timely Notice. Your failure to timely provide such notice required above shall entitle Us to retain the
benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Us. 
 9.
DOCUMENTS YOU WILL PROVIDE US. 
 Upon signing this Agreement You will provide Us with: 

 

	•	 	 Executed originals of this Agreement, and all other documents and instruments that We may reasonably require 

 

	•	 	 Secretary’s certificate of incumbency and authority 

 

	•	 	 Certified copy of resolutions of Your board of directors approving this Agreement 

 

	•	 	 Certified copy of Articles/Certificate of Incorporation and By-Laws as amended through the Effective Date 

 

	•	 	 Current Investor’s Rights Agreement 

So long as this Warrant Agreement is in effect, You shall provide Us with the following: 

 

	•	 	 Within a reasonable time after the closing of any equity financing, or extension of an existing round of equity financing, occurring after the
Effective Date, in which You issue preferred stock or other securities You will provide Us with copies of the fully executed equity financing documents, including without limitation the related stock purchase agreement, investors rights agreement,
voting agreement, amended or restated articles/certificates of incorporation, current capitalization table and other related documents. 

  

 7 

	•	 	 You shall submit to Us any documents and other information that We may reasonably request from time to time and are necessary to implement the
provisions and purposes of this Warrant Agreement. 

 10. REGISTRATION RIGHTS UNDER THE 1933 ACT. 

The shares of Your common stock into which the Warrant Stock is convertible shall have registration rights as set forth in the Investors’ Rights
Agreement, dated as of March 26, 2010 (as amended, the “Investors’ Rights Agreement”). 
 11. OTHER LEGAL PROVISIONS THE
PARTIES WILL ABIDE BY. 
 Effective Date. This Warrant Agreement shall be construed and shall be given effect in all respects as if it
had been executed and delivered by the Parties on the date hereof. This Warrant Agreement shall be binding upon any of the successors or assigns of the Parties. 

Market Stand-Off Agreement. We shall not sell, dispose of, transfer, make any short sale of, or grant any option for the purchase of any of Your
Common Stock (or other securities), or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any of Your Common Stock (or other securities), for a period of time specified by the managing
underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of a registration statement filed by You under the 1933 Act. We agree to execute and deliver such other agreements as may be reasonably requested by You
and/or the managing 
underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto. Such agreement shall only apply for the first such registration agreement and so long as all officers and directors
of You then holding Common Stock. In order to enforce the foregoing covenant, You may impose stop-transfer instructions with respect to Your Common Stock (or other securities) until the end of such period. The underwriters of Your stock are intended
third party beneficiaries of this provision and shall have the right, power and authority to enforce the provisions hereof as through they were a party hereto. 

Attorney’s Fees. In any litigation, arbitration or court proceeding between the Parties relating to this Warrant Agreement, the prevailing
party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant Agreement. 

Governing Law. This Warrant Agreement shall be governed by and construed for all purposes under and in accordance with the laws of the State of
California without giving effect to that body of law pertaining to conflicts of laws. 
 Consent to Jurisdiction and Venue. All judicial
proceedings arising in or under or related to this Warrant Agreement may be brought in any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this agreement, each party hereto generally
and unconditionally: (a) consents to personal jurisdiction in San Mateo County, State of California; (b) waives any objection as to jurisdiction or venue in San Mateo County, State of California; (c) agrees not to assert any defense
based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Plain English Warrant Agreement. Service of process on any party hereto in any
action arising out of or relating to this agreement shall be effective if given in accordance with the requirements for notice set forth in this Section, and shall be deemed effective and received as set forth therein. Nothing herein shall affect
the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

Mutual Waiver of Jury Trial; Judicial Reference. Because disputes arising in connection with complex financial transactions are most quickly and
economically resolved by an experienced and expert person and The Parties wish applicable state and federal laws to apply (rather than arbitration rules), The Parties desire that their disputes be resolved by a judge applying such applicable laws.
EACH OF THE PARTIES SPECIFICALLY WAIVES ANY RIGHT THEY MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY YOU AGAINST US OR
OUR ASSIGNEE OR BY US OR OUR ASSIGNEE AGAINST YOU. IN THE EVENT THAT THE FOREGOING JURY TRIAL WAIVER IS NOT ENFORCEABLE, ALL CLAIMS, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL, AT THE WRITTEN REQUEST OF ANY PARTY, BE
DETERMINED BY JUDICIAL REFERENCE PURSUANT TO THE CALIFORNIA CODE OF CIVIL PROCEDURE (“REFERENCE”). THE 
  

 8 

 
PARTIES SHALL SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A RETIRED STATE OR FEDERAL JUDGE. IN THE EVENT THAT THE PARTIES CANNOT AGREE UPON A REFEREE, THE REFEREE SHALL BE APPOINTED BY THE
COURT. THE REFEREE SHALL REPORT A STATEMENT OF DECISION TO THE COURT. NOTHING IN THIS SECTION SHALL LIMIT THE RIGHT OF ANY PARTY AT ANY TIME TO EXERCISE LAWFUL SELF-HELP REMEDIES, FORECLOSE AGAINST COLLATERAL OR OBTAIN PROVISIONAL REMEDIES. THE
PARTIES SHALL BEAR THE FEES AND EXPENSES OF THE REFEREE EQUALLY UNLESS THE REFEREE ORDERS OTHERWISE. THE REFEREE SHALL ALSO DETERMINE ALL ISSUES RELATING TO THE APPLICABILITY, INTERPRETATION, AND ENFORCEABILITY OF THIS SECTION. THE PARTIES
ACKNOWLEDGE THAT THE CLAIMS WILL NOT BE ADJUDICATED BY A JURY. This waiver extends to all such Claims, including Claims that involve Persons other than You and Us; Claims that arise out of or are in any way connected to the relationship between You
and Us; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind, arising out of this Warrant Agreement. 

Counterparts. This Warrant Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
 Notices. Any notice required or permitted under this Warrant Agreement shall be
given in writing and shall be deemed effectively given upon the earlier of (1) actual receipt or 3 days after mailing if mailed postage prepaid by regular or airmail to Us or You or (2) one day after it is sent by overnight mail via
nationally recognized courier or (3) on the same day as sent via confirmed facsimile transmission, if during normal business hours, or the next business day, if sent after normal business hours, provided that the original is sent by personal
delivery or mail by the sending party. 
 Remedies. In the event of any default hereunder, the non-defaulting party may proceed to
protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where such party will not
have an adequate remedy at law and where damages will not be readily ascertainable. Each party expressly acknowledges and agrees that there is no adequate remedy at law for any breach of this Warrant Agreement and that in the event of any breach of
this Agreement, the injured party shall be entitled to specific performance of any or all provisions hereof or an injunction prohibiting the other party from continuing to commit any such breach of this Agreement. 

Survival. The representations, warranties, covenants, and conditions of the Parties contained herein or made pursuant to this Warrant Agreement
shall survive the execution and delivery of this Warrant Agreement. 
 Severability. In the event any one or more of the provisions of
this Warrant Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Warrant Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually
acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 

Entire Agreement. This Warrant Agreement constitutes the entire agreement between the Parties pertaining to the subject matter contained in it and
supersedes all prior and contemporaneous agreements, representations and undertakings of the Parties, whether oral or written, with respect to such subject matter. 

Amendments. Any provision of this Warrant Agreement may only be amended by a written instrument signed by the Parties. 

Lost Warrants or Stock Certificates. You covenant to Us that, upon receipt of evidence reasonably satisfactory to Us of the loss, theft,
destruction or mutilation of this Warrant Agreement or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to You, or in the case of any such mutilation upon surrender
and cancellation of such Warrant Agreement or stock certificate, You will make and deliver a new Warrant Agreement or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant Agreement or stock certificate.

  

 9 

 Rights as Stockholders. We shall not, as a party to this Warrant Agreement, be entitled to vote or
receive dividends or be deemed the holder of shares of Warrant Stock or any of Your other securities which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon Us any
of the rights of one of Your stockholders or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive dividends or subscription rights or otherwise until this Warrant
Agreement is exercised and the shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. 
 Facsimile
Signatures. This Warrant Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

(Signature Page to Follow) 
  

 10 

 IN WITNESS WHEREOF, each of the Parties have caused this Warrant Agreement to be executed by its
officers who are duly authorized as of the Effective Date. 
  

									
		 		 	You:	 	GEVO, INC.	  	
					
		 		 	Signature:	 	 /s/ Patrick Gruber
	  	
		 		 	Print Name:	 	Patrick Gruber	  	
		 		 	Title:	 	CEO	  	
					
		 		 	Us:	 	TRIPLEPOINT CAPITAL LLC	  	
					
		 		 	Signature:	 	 /s/ Sajal Srivastava
	  	
		 		 	Print Name:	 	Sajal Srivastava	  	
		 		 	Title:	 	Chief Operating Officer	  	

 [SIGNATURE PAGE TO WARRANT AGREEMENT 0647-W-01] 

 

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