Document:

The Omnibus Amendment and Reaffirmation Agreement

 Exhibit 10.90 
 OMNIBUS AMENDMENT AND REAFFIRMATION AGREEMENT 
 This OMNIBUS AMENDMENT AND
REAFFIRMATION AGREEMENT (this “Agreement”), is entered into as of the 9th day of September, 2011, by and between Clean Coal Solutions, LLC, a Colorado limited liability company, as Borrower (“Borrower”), and
CoBiz Bank, a bank doing business in the State of Colorado as Colorado Business Bank, as Lender (“Lender”). 
 Recitals 
  

	A.	Borrower and Lender are parties to a Credit Agreement dated as of March 30, 2011 (the “Existing Credit Agreement”), providing for a senior secured
revolving line of credit in the maximum principal amount of $10,000,000 (the “Line of Credit”). 

  

	B.	Borrower has requested, and Lender has agreed, to modify the terms and conditions of the Existing Credit Agreement and certain other Loan Documents as provided in (and
subject to the terms and conditions of) this Agreement. Such modifications include an increase in the maximum aggregate amount of the Commitment for the Line of Credit from $10,000,000 to $15,000,000. 

 

	C.	The Line of Credit and all other Obligations are secured by the Collateral. 

 

	D.	Borrower has determined that it is in the best interests of Borrower to execute and deliver this Agreement to Lender and to consummate the transactions contemplated
hereby. 

 Agreement 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto covenant and agree as follows: 
 1. Definitions. Unless otherwise defined herein or the context otherwise
requires, terms used in this Agreement, including its preamble and recitals, have the meanings provided in the Existing Credit Agreement. The term “Credit Agreement,” when used herein, means the Existing Credit Agreement, as amended by
this Agreement and as further amended, restated, replaced, supplemented, substituted or otherwise modified from time to time. The term “Loan Documents,” when used herein, means the Credit Agreement, any present or future promissory notes
(including the Note, as defined in the Credit Agreement), each Loan Notice, each Borrower Pledge Agreement and any and all other certificates, documents or instruments delivered in connection with the this Agreement, the Credit Agreement or the
transactions contemplated herein, as the foregoing may be amended, restated, replaced, supplemented, substituted or otherwise modified from time to time. 
 2. Amendment to Existing Credit Agreement-Commitment Increase. 
 (a) The definition of “Commitment” in Section 1.1 of the Existing Credit Agreement is hereby amended, effective as of the Effective Date (as hereinafter defined), by amending and restating
such definition in its entirety as follows: 

 “Commitment” means the commitment of Lender to make Loans hereunder
in an initial amount of $15,000,000, as such amount shall be reduced from time to time pursuant to Section 2.6(b) or Section 2.8. 
 Accordingly, the Commitment of Lender as of the Effective Date (taking into account the above amendment), is $15,000,000, as such commitment may be reduced from time to time pursuant to applicable terms
and provisions of the Credit Agreement. 
 (b) The definition of “Maturity Date” in Section 1.1 of
the Existing Credit Agreement is hereby amended, effective as of the Effective Date (as hereinafter defined), by amending and restating such definition in its entirety as follows: 

“Maturity Date” means March 30, 2013. 

(c) The definition of “Amortization Date” in Section 1.1 of the Existing Credit Agreement is hereby
amended, effective as of the Effective Date (as hereinafter defined), by amending and restating such definition in its entirety as follows: 
 “Amortization Date” means March 30, 2012. 
 (d) The definition of “Clean Coal Transaction LOI” in Section 1.1 of the Existing Credit Agreement is hereby deleted. 

(e) Section 5 of the Existing Credit Agreement is hereby amended (for corrective purposes) by amending and restating
subsection (c) of such Section 5 in its entirety as follows: 
 “(c) the representations and
warranties of Borrower contained in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing, except to the extent already qualified by materiality, in which case the
relevant representations and warranties shall be true and correct in all respects on and as of the date of such Borrowing (except to the extent that such representations and warranties relate solely to an earlier date, in which case they shall be
true and correct in all material respects as of such earlier date or, to the extent already qualified by materiality, they shall be true and correct in all respects as of such earlier date).” 

3. Other Agreements. 
 (a) Lender and Borrower agree that all of the Loan Documents are hereby amended to reflect the amendments set forth in Section 2 of this Agreement and that, except for the Amended Note described in
Section 4 below, no further amendments to any Loan Documents are required to reflect the foregoing. All references in any document to the “Credit Agreement” or any “Loan Document” shall refer to the Credit Agreement or such
Loan Document, as amended pursuant to this Agreement. All references in any document to the “Note” shall refer to the Note, as amended and restated pursuant to the Amended Note. 

(b) Except as specified in this Agreement or the Amended Note, the provisions of the Existing Credit Agreement and the
other Loan Documents shall remain in full force and effect, and if there is a conflict between the terms of this Agreement and those of the Existing Credit Agreement or any of the other Loan Documents, the terms of this Agreement shall control.

  
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 4. Conditions Precedent. The effectiveness of the amendments set forth in
Section 2 of this Agreement is subject to the satisfaction of the following conditions (the date that all such conditions are satisfied, the “Effective Date”): 

(a) Closing Deliveries. Lender shall have received each of the following documents, instruments and agreements,
each of which shall be in form and substance and executed in such counterparts as shall be acceptable to Lender and each of which shall, unless otherwise indicated, be dated the Effective Date: 

(i) an Amended and Restated Promissory Note payable to the order of Lender in the amount of the Commitment (as increased
pursuant to this Agreement), substantially in the form of Exhibit A attached hereto (the “Amended Note”), duly executed by Borrower; 

(ii) a copy of the articles or certificate of incorporation, articles or certificate of organization, or comparable
charter documents, and all amendments thereto, of Borrower and each Material Subsidiary, accompanied by a certificate of a Manager of Borrower (on behalf of Borrower as to itself and in Borrower’s capacity as the sole manager of each such
Material Subsidiary) that such copy is true, correct and complete on the Effective Date; 
 (iii) a copy of the
operating agreement or comparable charter document, and all amendments thereto, of Borrower and each Material Subsidiary, accompanied by a certificate of a Manager of Borrower (on behalf of Borrower as to itself and in Borrower’s capacity as
the sole manager of each such Material Subsidiary) that such copy is true, correct and complete on the Effective Date; 
 (iv) certain certificates and other documents issued by the appropriate Governmental Authorities of such jurisdictions as Lender has requested relating to the existence of Borrower and each Material
Subsidiary and to the effect that each such Person is in good standing with respect to the payment of franchise and similar Taxes and is duly qualified to transact business in such jurisdictions; 

(v) a certificate of incumbency of all Managers of Borrower who will be authorized to execute or attest to any Loan
Document, dated the Effective Date, executed by an authorized Manager of Borrower; 
 (vi) copies of resolutions
or comparable authorizations approving this Agreement and the other Loan Documents and authorizing the transactions contemplated by this Agreement and the other Loan Documents (including without limitation the Commitment increase contemplated by
this Agreement), duly adopted by the board of managers and, if applicable, members of Borrower accompanied by a certificate of a Manager of Borrower that such copies are true, correct and complete copies of resolutions duly adopted at a meeting of
or (if permitted by applicable Law and, if required by such Law, by the operating agreement or comparable charter documents of Borrower) by the unanimous written consent of the board of managers and, if applicable, members of Borrower, as
applicable, and that such resolutions constitute all the resolutions adopted with respect to such transactions, have not been amended, modified, or rescinded or revoked in any respect, and are in full force and effect as of the Effective Date; and

  
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 (vii) such other documents, certificates and instruments as Lender or its
counsel may have reasonably requested (provided that no legal opinions will be required under this Section 4(a)), such documents, certificates and instruments to be satisfactory to Lender or its counsel in all respects in its or their
reasonable discretion. 
 (b) Governmental and Third Party Approvals. All governmental and third party
approvals necessary in connection with the transactions contemplated hereby and the continuing operations of the Restricted Persons shall have been obtained and be in full force and effect. 

(c) Lien Searches. Lender shall have received (i) results of a recent search of UCC filings in (A) the
jurisdiction of the chief executive office and jurisdiction of organization of Borrower and each Material Subsidiary and (B) to the extent not covered by the foregoing clause (A), each jurisdiction where a filing would need to be made in
order to perfect Lender’s security interest in the Collateral, (ii) copies of the financing statements on file in such jurisdictions and (iii) evidence that no Liens exist other than Liens expressly permitted by the Credit Agreement.

 (d) No Default. As of the Effective Date, no Default or Event of Default has occurred and is continuing
under the Credit Agreement or any other Loan Document. 
 (e) Closing Fees. Borrower shall have paid to
Lender (i) a fully earned and non-refundable amendment fee equal to $75,000.00 and (ii) any and all other unpaid fees or other amounts, including legal fees and expenses, owing to Lender as of the Effective Date. 

5. Representations and Warranties. Borrower represents and warrants to Lender as follows: 

(a) As of the date of this Agreement, all of the outstanding Equity of Borrower is owned by ADA-ES Inc. (42 2/19%),
NexGen Refined Coal, LLC (42 2/19%) and GSFS Investments I Corp. (15 15/19%). 
 (b) Set
forth in Exhibit B attached hereto is a complete and accurate list of all Subsidiaries of Borrower as of the date of this Agreement, including whether each such Subsidiary is or is not a Material Subsidiary as of the date of this Agreement.
The outstanding Equity of all such Subsidiaries owned or held by Borrower is validly issued, fully paid and non-assessable and is owned, free and clear of all Liens (other than Permitted Liens described in clause (a) of the definition of
Permitted Liens set forth in the Credit Agreement) and of all pre-emption rights and restrictions on transfer (other than restrictions on transfer under applicable federal and state securities laws). 

  
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 (c) The Borrower hereby certifies to Lender that as of the date of this
Agreement and as of the Effective Date (taking into consideration the transactions contemplated by this Agreement, including without limitation, (i) this Agreement, the Credit Agreement, as amended by this Agreement, and the Amended Note each
constituting a “Loan Document” and (ii) the effectiveness of the Commitment increase contemplated by Section 2) (i) all of the representations and warranties of Borrower contained in the Credit Agreement and each of the
other Loan Documents are or shall be true and correct in all material respects, except to the extent already qualified by materiality, in which case the relevant representations and warranties shall be true and correct in all respects on and as of
the each such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date or, to the extent already qualified by
materiality, they shall be true and correct in all respects as of such earlier date); and (ii) no “Default” or “Event of Default” has occurred and is continuing under (and as defined in) the Credit Agreement or any of the
Loan Documents. 
 (d) Neither Borrower nor any Subsidiary is a party to or bound by any agreement or instrument
(other than the Loan Documents) or subject to any order of any Governmental Authority or any charter or corporate restriction that is prohibited by the terms of Section 8.13 of the Credit Agreement as of the date of this Agreement or as of the
Effective Date. 
 (e) As of the date of this Agreement and as of the Effective Date, none of the Restricted
Persons is in default under or with respect to any Material Agreement that would reasonably be expected to have a Material Adverse Effect, or that would, if such default had occurred after the date of this Agreement or the Effective Date, as
applicable, create an Event of Default under Section 10.1(f) of the Credit Agreement. 
 (f) Immediately
after the consummation of the transactions to occur on the date hereof and immediately following the making of each Loan or any other extension of credit hereunder, if any, made on the date hereof, after giving effect to the application of the
proceeds of such Loans or such extension of credit, Borrower is and will be Solvent. Borrower does not intend to, nor will Borrower permit any Material Subsidiary to, and Borrower does not believe that it, or any Material Subsidiary will, incur
debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any Material Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness
or the Indebtedness of Borrower or any Material Subsidiary. 
 (g) Borrower has no defenses, offsets, claims or
counterclaims to any of its respective undertakings, obligations, agreements, guarantees or indemnities under or with respect to, or to the enforcement of Lender’s rights and/or remedies under or with respect to, any of the Loan Documents to
which Borrower is a party. 
 6. Reaffirmation Agreements. Borrower, with respect to each of the Loan Documents to which
it is a party, hereby: 
 (a) ratifies and confirms in favor of Lender all of Borrower’s respective
“Obligations,” “Secured Obligations,” or other applicable indebtedness, liabilities and obligations under each Loan Document, and acknowledges and agrees that such “Obligations,” “Secured Obligations,” or
other applicable indebtedness, liabilities and obligations remain in full force and effect; and 

  
 5 

 (b) without limitation of Section 6(a) above, ratifies, reaffirms and
reapproves in favor of Lender the terms and provisions of each of the Loan Documents to which Borrower is a party, including (without limitation) Borrower’s respective pledges and other grants of liens and security interests pursuant to each
such Loan Document, which shall continue to secure all “Secured Obligations” under (and as defined in) each such Loan Document, including (without limitation) all additional “Secured Obligations” arising as a result of the
Commitment increase contemplated by this Agreement. 
 7. Miscellaneous. 

(a) This Agreement is a Loan Document and shall be construed, administered and applied in accordance with all of the terms
and provisions of the Credit Agreement. 
 (b) This Agreement, the Credit Agreement and the other Loan Documents,
and all other instruments, documents and agreements executed and delivered in connection with this Agreement, the Credit Agreement and the other Loan Documents, constitute the entire understanding and agreement of the parties hereto with respect to
the subject matter hereof. There are no oral agreements among the parties hereto. This Agreement may not be amended or modified orally, but only by a written agreement executed by Borrower and Lender in accordance with Section 12.5 (or any
successor provision of such Section) of the Credit Agreement. 
 (c) This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their successors and permissible assigns. 
 (d) THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF COLORADO AND THE LAWS OF THE UNITED STATES OF AMERICA, EXCEPT TO THE EXTENT THAT THE LAWS OF ANY STATE IN WHICH ANY PROPERTY INTENDED AS SECURITY FOR THE OBLIGATIONS IS
LOCATED NECESSARILY GOVERN (A) THE PERFECTION AND PRIORITY OF THE LIENS IN FAVOR OF LENDER WITH RESPECT TO SUCH PROPERTY, AND (B) THE EXERCISE OF ANY REMEDIES (INCLUDING FORECLOSURE) WITH RESPECT TO SUCH PROPERTY. 

(e)(i) Borrower hereby irrevocably submits to the jurisdiction of any Colorado State or Federal court sitting in the
District of Colorado over any action or proceeding arising out of or relating to this Agreement and Borrower hereby irrevocably agrees that all claims with respect to such action or proceeding may be heard and determined in such Colorado State or
Federal court. Borrower irrevocably consents to the service of any and all process in any such action or proceeding by the delivery by Federal Express or other nationally recognized overnight delivery service of copies of such process to such Person
at its address specified in Section 12.1 of the Loan Agreement. Borrower agrees that a final judgment on any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by Law. 
 (ii) Nothing in this Section 7(e) shall affect any right of Lender to serve legal
process in any other manner permitted by Law or affect the right of Lender to bring any action or proceeding against Borrower or any of its Subsidiaries or their respective properties in the courts of any other jurisdictions. 

  
 6 

 (iii) To the extent that Borrower has or hereafter may acquire any immunity
from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such Person hereby irrevocably
waives such immunity with respect to its obligations under this Agreement and the other Loan Documents. 
 (f)
Borrower shall pay all of the expenses incurred by the Lender in connection with the transactions contemplated by this Agreement in accordance with Section 12.3 of the Credit Agreement. 

(g) All representations, warranties and covenants made by or on behalf of Borrower (or, if applicable any Subsidiary)
herein or in any of the other Loan Documents or in any certificate or other instrument delivered by it or in its behalf under the Loan Documents shall be considered to have been relied upon by Lender and shall survive the delivery to Lender of such
Loan Documents or the extension of the Loans (or any part thereof), regardless of any investigation made by or on behalf of Lender. 
 (h) Time is of the essence hereof with respect to the dates, terms and conditions of this Agreement and the documents to be delivered pursuant hereto. 

(i) If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future Laws
effective during the term thereof, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part thereof, and the remaining provisions
thereof shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance therefrom. Furthermore, in lieu of such illegal, invalid, or unenforceable provision there shall be added
automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid and enforceable. 

(j) The section headings herein are for convenience only and shall not affect the construction hereof. 

(k) This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. Subject to the terms and conditions herein set forth, this Agreement shall become effective when Lender shall have received counterparts hereof signed by the parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, portable document format (.pdf) transmission or electronic communication in accordance with the terms of Section 12.1(b) of the Credit Agreement shall be
effective as delivery of a manually executed counterpart of this Agreement. 

  
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 (l) Borrower acknowledges and agrees that: (i) the acceptance by Lender
of this Agreement and the Amended Note shall not be construed in any manner to establish (or indicate) any course of dealing on the part of Lender, including (without limitation) the providing of any notice or the requesting of any acknowledgment or
consent not otherwise expressly provided for in any of the Loan Documents with respect to any future amendment, waiver, supplement or other modification to any of the Loan Documents, or any arrangement contemplated by any of the Loan Documents; and
(ii) this Agreement, the Amended Note and the amendments provided for in this Agreement and the Amended Note are not intended to and shall not constitute (A) a waiver by Lender of Borrower’s or any other Restricted Person’s
compliance with any covenants, or a waiver of any other Defaults or Events of Default, under this Agreement, the Credit Agreement or any of the other Loan Documents under any circumstances, or (B) a waiver of any future violations of any
covenants, Defaults, Events of Default or any other provision of the this Agreement, the Credit Agreement or any of the other Loan Documents. Without limiting the foregoing, except as specifically set forth herein, Lender continues to reserve all
rights and remedies available to Lender under the Credit Agreement and the other Loan Documents, under law (including without limitation Article 9 of the Uniform Commercial Code) and at equity. 

[SIGNATURE PAGE FOLLOWS] 

  
 8 

 IN WITNESS WHEREOF, the undersigned have duly executed this Omnibus Amendment and
Reaffirmation Agreement as of the date first written above. 
  

			
	 BORROWER:
  

CLEAN COAL SOLUTIONS, LLC, a Colorado limited liability company

		
	By:	 	 /s/ Charles S. McNeil

		 	Charles S. McNeil, Manager

  

			
	 COBIZ:
  

COBIZ BANK

		
	By:	 	 /s/ Doug Pogge

		 	Doug Pogge, Senior Vice President

 [Signature Page to Omnibus Amendment and Reaffirmation Agreement]

 EXHIBIT A 
 AMENDED AND RESTATED 
 REVOLVING PROMISSORY NOTE 

 

			
	Lender: CoBiz Bank	  	Denver, Colorado
	Principal Amount: $15,000,000	  	September 8, 2011

 For value received, the undersigned, CLEAN COAL SOLUTIONS, LLC, a Colorado limited liability company
(“CCS” or “Borrower”), hereby promises to pay to the order of the Lender set forth above (together with its successors and assigns, “Lender”), the Principal Amount set forth above or, if less, the
aggregate unpaid principal amount of all Loans by Lender to Borrower, payable at such times, and in such amounts, as are specified in the Credit Agreement. Borrower also promises to pay interest on the aggregate unpaid principal amount of the Loans
from the date hereof until this Amended and Restated Revolving Promissory Note (this “Note”) is fully paid, at the rates, at the times and in the manner provided in the Credit Agreement. 

Both principal and interest are payable in lawful money of the United States of America and in immediately available funds to Lender at
the payment office or address specified in the Credit Agreement. 
 This Note is the “Note” referred to in, and is
entitled to the benefits of, the Credit Agreement dated March 30, 2011 by and between CoBiz Bank, as Lender, and CCS, as Borrower, as amended by that certain Omnibus Amendment and Reaffirmation Agreement dated as of September 8, 2011 by
and between CoBiz Bank, as Lender, and CCS, as Borrower (together with any further amendments, restatements, extensions, renewals, replacements, supplements or modifications thereto, the “Credit Agreement”). All capitalized terms
contained in this Note shall possess the same definitions set forth in the Credit Agreement unless specifically defined otherwise herein. 
 The Credit Agreement, among other things, (a) provides for the making of the Loans by Lender to Borrower during the Draw Period in an aggregate amount not to exceed at any time, the outstanding
Principal Amount set forth above, the indebtedness of Borrower resulting from such Loans being evidenced by this Note and (b) contains provisions for acceleration of the maturity of the unpaid principal amount of this Note upon the happening of
certain stated events and also for prepayments on account of the principal hereof prior to the maturity hereof upon the terms and conditions therein specified. 
 This Note is secured, among other things, by the Collateral described in the Credit Agreement and the Collateral Documents. 
 This Note is subject to voluntary and mandatory prepayment, in full or in part, in accordance with, and subject to the terms of, the Credit Agreement. 

In the event this Note is not paid when due, Borrower hereby agrees to pay, in addition to principal and interest, all costs of
collection, including reasonable attorneys’ fees and legal expenses, whether or not legal proceedings are commenced, and Lender shall be entitled to all the rights and remedies set forth in the Credit Agreement and the other applicable Loan
Documents. 

 Presentment or other demand for payment, notice of dishonor and protest are expressly
waived. 
 THIS NOTE HAS BEEN DELIVERED AND ACCEPTED AT, AND SHALL BE DEEMED TO HAVE BEEN MADE AT, DENVER, COLORADO. THIS NOTE
SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF COLORADO (WITHOUT REFERENCE TO COLORADO CONFLICTS OF LAW PRINCIPLES), EXCEPT TO THE EXTENT THE SAME ARE GOVERNED BY APPLICABLE FEDERAL LAW. BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF ANY
COLORADO STATE OR FEDERAL COURT SITTING IN THE DISTRICT OF COLORADO, IN THE EVENT OF ANY LITIGATION PERTAINING TO THE NEGOTIATION, EXECUTION, AND DELIVERY OF THIS NOTE OR THE OTHER LOAN DOCUMENTS, THE ENFORCEMENT OF ANY INDEBTEDNESS, LIABILITY,
OBLIGATION, RIGHT OR REMEDY DESCRIBED HEREIN OR THEREIN, OR ANY CLAIM, DEFENSE, SETOFF OR COUNTERCLAIM IN CONNECTION HEREWITH OR THEREWITH. 
 AS A SPECIFICALLY BARGAINED INDUCEMENT FOR LENDER TO ENTER INTO THE CREDIT AGREEMENT AND EXTEND CREDIT AND OTHER FINANCIAL ACCOMMODATIONS TO BORROWER, BORROWER HEREBY WAIVES ITS RIGHTS TO DEMAND A JURY
TRIAL IN THE EVENT OF ANY LITIGATION PERTAINING TO THE NEGOTIATION, EXECUTION, AND DELIVERY OF THIS NOTE OR THE OTHER LOAN DOCUMENTS, THE ENFORCEMENT OF ANY OBLIGATION, RIGHT OR REMEDY DESCRIBED HEREIN OR THEREIN, OR ANY CLAIM, DEFENSE, SETOFF OR
COUNTERCLAIM IN CONNECTION HEREWITH OR THEREWITH. 
 This Note amends and restates, without novation, the Revolving Promissory
Note dated March 30, 2011 in the original principal amount of $10,000,000, issued by the Borrower in favor of the Lender. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Amended and Restated Revolving Promissory Note on the
date first above written. 
  

			
	CLEAN COAL SOLUTIONS, LLC
		
	By:	 	 /s/ Charles S. McNeil

		 	Charles S. McNeil, Manager

 Acknowledged and Agreed: 
  

			
	COBIZ BANK
		
	By:	 	 /s/ Doug Pogge

		 	Doug Pogge, Senior Vice President

 [Signature Page to Amended and Restated Revolving Promissory Note - CoBiz Bank] 

 Exhibit B 
 Subsidiaries of Borrower 
  

			
	 Existing Subsidiary
	  	 Material Subsidiary as of

September    , 2011?

	 AEC-NM, LLC, a Colorado limited liability company
	  	YES
		
	 AEC-TH, LLC, a Colorado limited liability company
	  	YES
		
	 AEP-CC, LLC, a Colorado limited liability company
	  	NO
		
	 AEP-TC, LLC, a Colorado limited liability company
	  	NO
		
	 AEP-KC, LLC, a Colorado limited liability company
	  	NO
		
	 AEP-Kam, LLC, a Colorado limited liability company
	  	NO
		
	 Am-C, LLC, a Colorado limited liability company
	  	YES
		
	 Am-S, LLC, a Colorado limited liability company
	  	NO
		
	 Aq-S, LLC, a Colorado limited liability company
	  	NO
		
	 Con-C, LLC, a Colorado limited liability company
	  	YES
		
	 Dy-B, LLC, a Colorado limited liability company
	  	YES
		
	 Dom-K, LLC, a Colorado limited liability company
	  	NO
		
	 KCP-La, LLC, a Colorado limited liability company
	  	NO
		
	 KCP-S, LLC (formerly known as Dom-S, LLC, a Colorado limited liability company)
	  	YES
		
	 MWG-J, LLC, a Colorado limited liability company
	  	NO
		
	 MWG-P, LLC, a Colorado limited liability company
	  	NO
		
	 MWG-WC, LLC, a Colorado limited liability company
	  	NO
		
	 NIP-MC, LLC, a Colorado limited liability company
	  	NO
		
	 NIP-S, LLC, a Colorado limited liability company
	  	NO
		
	 TVA-A, LLC, a Colorado limited liability company
	  	YES
		
	 X-K, LLC, a Colorado limited liability company
	  	NO

  
 Exhibit B-1Third Loan Modification Agreement

 Exhibit 10.1 
 THIRD LOAN MODIFICATION AGREEMENT 
 This Third Loan Modification Agreement (this
“Loan Modification Agreement”) is entered into as of September 30, 2011, by and among (i) MIDCAP FUNDING V, LLC, a Delaware limited liability company, as assignee of MIDCAP FUNDING III, LLC
(“MidCap”) in its capacity as agent for Lenders (as defined below) (the “Agent”), the Lenders identified on the signature pages hereto (each a “Lender” and collectively, the
“Lenders”), and ENDOCYTE, INC., a Delaware corporation (“Borrower”). 
 1. DESCRIPTION OF EXISTING
INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to the Lenders, Borrower is indebted to the Lenders pursuant to a loan arrangement dated as of August 27, 2010, evidenced by, among other
documents, a certain Loan and Security Agreement dated as of August 27, 2010, a certain Consent and First Loan Modification Agreement dated as of December 14, 2010 and a Second Loan Modification Agreement dated as of July 19, 2011,
each among Borrower, Agent and the Lenders (the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement (together with any
other document pursuant to which collateral security is granted to Agent for the ratable benefit of the Lenders, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or
securing the Obligations shall be referred to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS.

 Modifications to Loan Agreement. 
  

	 	1.	The Loan Agreement shall be amended by deleting the following text appearing as Sections 2.3(b) and (c) thereof: 

“(b) Payments of Principal and Interest. 

(i) With respect to the Term A Loans, Borrower shall make monthly payments of interest only, in
arrears, commencing on the first (1st) Payment Date
following the date on which the Term A Loans are funded, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date occurring on March 1, 2011. Commencing on April 1, 2011, and continuing
on the Payment Date of each month thereafter, Borrower shall make consecutive equal monthly payments of principal and interest in respect of the Term A Loans, as calculated by Agent (which calculations shall be deemed correct absent manifest error)
based upon: (1) the principal amount of Term A Loans, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to thirty (30) months. All unpaid principal and accrued interest
with respect to the Term A Loans is due and payable in full on the Maturity Date. The Term A Loans may only be prepaid in accordance with Sections 2.4. 

 (ii) With respect to the Term B Loans, Borrower shall
make monthly payments of interest only, in arrears, commencing on the first (1st) Payment Date following the date on which the Term B Loans are funded, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date occurring on
March 1, 2011. Commencing on April 1, 2011, and continuing on the Payment Date of each month thereafter, Borrower shall make consecutive equal monthly payments of principal and interest in respect of the Term B Loans, as calculated by
Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the principal amount of Term B Loans, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule
equal to thirty (30) months. All unpaid principal and accrued interest with respect to the Term B Loans is due and payable in full on the Maturity Date. The Term B Loans may only be prepaid in accordance with Sections 2.4. 

(c) As used herein, (i) “Payment Date” means the first day of each calendar month, (ii) “Maturity
Date” shall mean September 1, 2013; provided, however, that if the Subsequent Equity Event does not occur on or prior to January 31, 2011, the “Maturity Date” for the Term B Loans shall be February 10, 2011,
(iii) “Scheduled Payment” means each payment in respect of the Term Loans required pursuant to Section 2.3(b) above, and (iv) “Subsequent Equity Event” means during the period commencing on
December 14, 2010 through and including January 31, 2011, the issuance and sale of Borrower’s unsecured convertible Indebtedness that is subordinated to the obligations of the Lenders under this Agreement on terms and conditions
satisfactory to the Lenders whereby Borrower shall receive net proceeds of not less than $2,900,000 (in excess of the $8,100,000 in net proceeds received as a condition precedent to the loan modification made on December 14, 2010) which shall
be deposited into a deposit account or securities account subject to a deposit account control agreement or securities account control agreement (as applicable) in favor of Agent and deliver to Agent of evidence reasonably satisfactory to Agent of
the closing of such transaction(s) and the deposit of such proceeds.” 
 and inserting in lieu thereof the following:

 “(b) Payments of Principal and Interest. 

(i) With respect to the Term A Loans, Borrower shall make monthly payments of interest only, in arrears,

  
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commencing on the first (1st) Payment Date following the date on which the Term A Loans are funded, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date occurring on
March 1, 2011. Commencing on April 1, 2011, and continuing on the Payment Date of each month thereafter to and including September 1, 2011, Borrower shall make consecutive equal monthly payments of principal and interest in respect of
the Term A Loans, as calculated by Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the principal amount of Term A Loans, (2) the effective rate of interest, as determined in Section 2.3(a), and
(3) a repayment schedule equal to thirty (30) months. Commencing on Payment Date occurring on October 1, 2011, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date occurring on
December 1, 2012, Borrower shall make monthly payments with respect to the Term A Loans of interest only, in arrears. Commencing on January 1, 2013, and continuing on the Payment Date of each month thereafter to and including
December 1, 2015, Borrower shall make consecutive equal monthly payments of principal in respect of the Term A Loans, as calculated by Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the principal
amount of Term A Loans, and (2) a repayment schedule equal to thirty-six (36) months, plus accrued interest calculated at the effective rate of interest as determined in Section 2.3(a). All unpaid principal and accrued interest
with respect to the Term A Loans is due and payable in full on the Maturity Date. The Term A Loans may only be prepaid in accordance with Sections 2.4. 

(ii) With respect to the Term B Loans, Borrower shall make monthly payments of interest only, in
arrears, commencing on the first (1st) Payment Date
following the date on which the Term B Loans are funded, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date occurring on March 1, 2011. Commencing on April 1, 2011, and continuing
on the Payment Date of each month thereafter to and including September 1, 2011, Borrower shall make consecutive equal monthly payments of principal and interest in respect of the Term B Loans, as calculated by Agent (which calculations shall
be deemed correct absent manifest error) based upon: (1) the principal amount of Term B Loans, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule equal to thirty (30) months.
Commencing on Payment Date occurring on October 1, 2011, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date occurring on December 1, 2012, Borrower shall make monthly payments with
respect to the Term B Loans of interest only, in 

  
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arrears. Commencing on January 1, 2013, and continuing on the Payment Date of each month thereafter to and including December 1, 2015, Borrower shall make consecutive equal monthly
payments of principal in respect of the Term B Loans, as calculated by Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the principal amount of Term B Loans, and (2) a repayment schedule equal to
thirty-six (36) months, plus accrued interest calculated at the effective rate of interest as determined in Section 2.3(a). All unpaid principal and accrued interest with respect to the Term B Loans is due and payable in full on the
Maturity Date. The Term B Loans may only be prepaid in accordance with Sections 2.4. 
 (c) As used herein,
(i) “Payment Date” means the first day of each calendar month, (ii) “Maturity Date” shall mean December 1, 2015 and (iii) “Scheduled Payment” means each payment in respect of the
Term Loans required pursuant to Section 2.3(b) above.” 
  

	 	2.	The Loan Agreement shall be amended by deleting the following text appearing as Sections 2.4 thereof: 

“2.4 Prepayments. Borrower can voluntarily prepay, upon five (5) Business Days’ prior written notice to Agent, the
Term Loans in full, but not in part. Upon the date of (a) any voluntary prepayment of the Term Loans in accordance with the immediately preceding sentence or (b) any mandatory prepayment of the Term Loans required under this Agreement
(whether by acceleration of the Obligations pursuant to Section 8.2 or otherwise), Borrower shall pay to Agent, for the ratable benefit of the Lenders, a sum equal to (i) all outstanding principal plus accrued interest with respect to the
Term Loans, and (ii) a prepayment premium (as yield maintenance for the loss of a bargain and not as a penalty) equal to: (i) 5% of the outstanding principal amount of the Term Loans as of the date of such prepayment (without giving effect
to such proposed prepayment), if such prepayment is made at any time on or before the first anniversary of the funding of the Term A Loans, (ii) 3% of the outstanding principal amount of the Term Loans as of the date of as of such prepayment
(without giving effect to such proposed prepayment), if such prepayment is made at any time after the first anniversary of the funding of the Term A Loans but on or before the second anniversary of the funding of the Term A Loans and (iii) 1%
of the outstanding principal amount of the Term Loans as of the date of such prepayment (without giving effect to such proposed prepayment), if such prepayment is made at any time after the second anniversary of the funding of the Term A Loans but
before the Maturity Date.” 

  
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 and inserting in lieu thereof the following: 

“2.4 Prepayments. Borrower can voluntarily prepay, upon five (5) Business Days’ prior written notice to Agent, the
Term Loans in full, but not in part. Upon the date of (a) any voluntary prepayment of the Term Loans in accordance with the immediately preceding sentence or (b) any mandatory prepayment of the Term Loans required under this Agreement
(whether by acceleration of the Obligations pursuant to Section 8.2 or otherwise), Borrower shall pay to Agent, for the ratable benefit of the Lenders, a sum equal to (i) all outstanding principal plus accrued interest with respect to the
Term Loans, and (ii) a prepayment premium (as yield maintenance for the loss of a bargain and not as a penalty) equal to: (i) 5% of the outstanding principal amount of the Term Loans as of the date of such prepayment (without giving effect
to such proposed prepayment), if such prepayment is made at any time on or before September 30, 2012, (ii) 3% of the outstanding principal amount of the Term Loans as of the date of such prepayment (without giving effect to such proposed
prepayment), if such prepayment is made at any time after September 30, 2012 but on or before September 30, 2013 and (iii) 1% of the outstanding principal amount of the Term Loans as of the date of such prepayment (without giving
effect to such proposed prepayment), if such prepayment is made at any time after September 30, 2013 but before the Maturity Date.” 

4. EXPENSES. Borrower shall reimburse Agent and the Lenders for all legal fees and out-of pocket expenses incurred in connection with this Loan
Modification Agreement. 
 5. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions
of all security or other collateral granted to Agent for the ratable benefit of the Lenders, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 6. PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in Borrower’s Perfection Certificate dated as of
July 19, 2011, and acknowledges, confirms and agrees the disclosures and information Borrower provided to Agent and the Lenders in such Perfection Certificate have not changed, as of the date hereof (other than Borrower has created a
wholly-owned Dutch subsidiary, Endocyte Europe B.V.) 
 7. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower
has no offsets, defenses, claims, or counterclaims against Agent and/or the Lenders with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Agent and/or
the Lenders, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Agent and/or the Lenders from any liability thereunder. 
 8. REPRESENTATIONS AND WARRANTIES. To induce Agent and Lenders to enter into this Loan Modification Agreement Borrower does hereby warrant, represent and covenant to Agent and Lenders that after
giving effect to this Loan Modification Agreement (i) each representation or warranty of Borrower set forth in the Loan Agreement is hereby restated and reaffirmed as true and correct in all material respects on and as of the date of this Loan
Modification Agreement as if such representation or 

  
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warranty were made on and as of the date of this Loan Modification Agreement (except to the extent that any such representation or warranty expressly relates to a prior specific date or period),
(ii) no Default or Event of Default has occurred and is continuing as of the date hereof and (iii) Borrower has the power and is duly authorized to enter into, deliver and perform this Loan Modification Agreement and this Loan Modification
Agreement is the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms. 
 9. CONTINUING
VALIDITY. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. The Lenders’ agreement to modifications to the existing Obligations
pursuant to this Loan Modification Agreement in no way shall obligate Agent or the Lenders to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the
intention of Agent, the Lenders and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by the Lenders in writing. No maker will be released by virtue of this Loan Modification
Agreement. 
 10. CONDITION PRECEDENT TO EFFECTIVENESS OF THIS LOAN MODIFICATION AGREEMENT. This Loan Modification Agreement shall become
effective as of date referred to above upon the receipt by Agent, in form and substance satisfactory to Agent and Lenders, of one or more counterparts of this Loan Modification Agreement duly executed and delivered by the Borrower, Agent and
Lenders. 
 11. COUNTERPARTS. This Loan Modification Agreement may be executed in multiple counterparts, each of which shall be deemed to
be an original and all of which when taken together shall constitute one and the same instrument. 
 12. GOVERNING LAW. THIS LOAN
MODIFICATION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS.

 13. ENTIRE AGREEMENT. The Existing Loan Documents as and when amended through this Loan Modification Agreement embody the entire
agreement between the parties hereto relating to the subject matter thereof and supersede all prior agreements, representations and understandings, if any, relating to the subject matter thereof. 

[Remainder of Page Intentionally Left Blank – 
 Signature Page(s) to Follow.] 

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

			
	
	BORROWER:
	
	ENDOCYTE, INC.
		
	By	 	 /s/ Michael A. Sherman

	Name:	 	Michael A. Sherman
	Title:	 	CFO

  

			
	
	LENDERS:
	
	MIDCAP FUNDING V, LLC, as Agent and as a Lender
		
	By	 	 /s/ Luis Viera

	Name:	 	Luis Viera
	Title:	 	Managing Director

  

			
	
	SILICON VALLEY BANK, as a Lender
		
	By	 	 /s/ Nicholas Hanigman

	Name:	 	Nicholas Hanigman
	Title:	 	Relationship Manager

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