Document:

Purchase and Sale Agreement and Escrow Instructions

 Exhibit 10.2 
 PURCHASE AND SALE AGREEMENT 
 AND ESCROW INSTRUCTIONS 

TAHOE-RENO INDUSTRIAL CENTER 
 SELLER: 
 TAHOE-RENO INDUSTRIAL CENTER, LLC, 

a Nevada limited liability company 
 BUYER: 
 Fulcrum Sierra BioFuels, LLC. 

a Delaware limited liability company 
 or its assignee 

  
 Buyer Initials:
RB /Seller Initials: VG 

 TABLE OF CONTENTS 

 

											
	1.	  	GENERAL	 	 	-1-	  
		  	1.1	  	Tahoe-Reno Industrial Center	 	 	-1-	  
		  	1.2	  	Real Property	 	 	-1-	  
		  		  	A.	  	 Facility
	 	 	-1-	  
		  		  	B.	  	 CC&Rs
	 	 	-1-	  
		  		  	C.	  	 Development Agreement And Handbook
	 	 	-1-	  
		  		  	D.	  	 Utility Purveyors
	 	 	-2-	  
			
	2.	  	PURCHASE OF REAL PROPERTY	 	 	-2-	  
		  	2.1	  	Agreement To Sell And Purchase	 	 	-2-	  
			
	3.	  	PURCHASE PRICE	 	 	-2-	  
		  	3.1	  	Amount	 	 	-2-	  
		  	3.2	  	Earnest Money Deposit	 	 	-2-	  
		  	3.3	  	Balance Of Purchase Price	 	 	-2-	  
		  	3.4	  	Property Exchange Agreement	 	 	-2-	  
			
	4.	  	EASEMENTS	 	 	-3-	  
		  	4.1	  	Reservation Of Easements	 	 	-3-	  
			
	5.	  	WATER RIGHTS	 	 	-3-	  
		  	5.1	  	No Water Rights	 	 	-3-	  
			
	6.	  	ESCROW AND CLOSING	 	 	-3-	  
		  	6.1	  	Escrow Holder	 	 	-3-	  
		  	6.2	  	Terms Of Escrow	 	 	-3-	  
		  	6.3	  	ALTA And Survey	 	 	-4-	  
		  	6.4	  	Preliminary Report	 	 	-4-	  
		  	6.5	  	Title Insurance	 	 	-5-	  
			
	7.	  	ESCROW CHARGES	 	 	-5-	  
		  	7.1	  	Seller’s Charges	 	 	-5-	  
		  	7.2	  	Buyer’s Charges	 	 	-5-	  
		  	7.3	  	Escrow Holder Authorization	 	 	-6-	  
		  	7.4	  	Closing Duties Of Escrow Holder	 	 	-6-	  
			
	8.	  	CLOSE OF ESCROW/EXTENSION	 	 	-6-	  
		  	8.1	  	Closing Date	 	 	-6-	  
			
	9.	  	DUE DILIGENCE	 	 	-6-	  
		  	9.1	  	Due Diligence Period And Document Review	 	 	-6-	  
		  	9.2	  	Termination	 	 	-7-	  
		  	9.3	  	Development Feasibility	 	 	-8-	  

  

					
		 	-i-	 	Buyer Initials: RB /Seller Initials: VG

 TABLE OF CONTENTS (Contd.) 

 

											
	10.	  	REPRESENTATIONS AND WARRANTIES	 	 	-8-	  
		  	10.1	  	Seller	 	 	-8-	  
		  	10.2	  	Buyer	 	 	-9-	  
		  	10.3	  	Buyer Exchange Property	 	 	-10-	  
			
	11.	  	BUYER CONSTRUCTION OBLIGATIONS	 	 	-12-	  
		  	11.1	  	Buyer Requirements	 	 	-12-	  
			
	12.	  	RESPONSIBILITY FOR IMPROVEMENTS	 	 	-12-	  
		  	12.1	  	Buyer Improvements	 	 	-12-	  
		  	12.2	  	Utility Specifications	 	 	-12-	  
		  		  	A.	  	 Water Supply
	 	 	-12-	  
		  		  	B.	  	 Sewer Capacity
	 	 	-13-	  
		  		  	C.	  	 Electric Power
	 	 	-13-	  
		  	12.3	  	Infrastructure Improvements	 	 	-13-	  
		  	12.4	  	Completion of Improvements	 	 	-13-	  
		  	12.5	  	Holdback For Construction Costs	 	 	-13-	  
		  		  	A.	  	 Construction Account
	 	 	-13-	  
		  		  	B.	  	 Payments From Construction Account
	 	 	-14-	  
		  		  	C.	  	 Delays and Extensions Of Time
	 	 	-14-	  
		  		  	D.	  	 Seller Supervision And Coordination
	 	 	-14-	  
			
	13.	  	WATER AND SEWER SERVICE	 	 	-14-	  
		  	13.1	  	TRIGID	 	 	-14-	  
		  	13.2	  	Non-potable Water	 	 	-15-	  
		  	13.3	  	Amount Of Water Allocation	 	 	-15-	  
		  	13.4	  	Purchase And Use Of Water Rights	 	 	-15-	  
			
	14.	  	CREATION OF LEGAL PARCEL	 	 	-16-	  
		  	14.1	  	Map Approval	 	 	-16-	  
			
	15.	  	AGENCY REPRESENTATION AND BROKERAGE FEE HAZARDOUS MATERIALS DISCLOSURE	 	 	-16-	  
		  	15.1	  	Agency	 	 	-16-	  
		  	15.2	  	Seller’s Broker	 	 	-16-	  
			
	16.	  	MISCELLANEOUS PROVISIONS	 	 	-16-	  
		  	16.1	  	Time is of the Essence	 	 	-16-	  
		  	16.2	  	Notice	 	 	-16-	  
		  	16.3	  	Service of Notice	 	 	-17-	  
		  	16.4	  	Waivers	 	 	-17-	  

  

					
		 	-ii-	 	Buyer Initials: RB /Seller Initials: VG

 TABLE OF CONTENTS (Contd.) 

 

											
		  	16.5	  	 Survival
	 	 	-18-	  
		  	16.6	  	 Successors
	 	 	-18-	  
		  	16.7	  	 Professional Fees
	 	 	-18-	  
		  	16.8	  	 Entire Agreement
	 	 	-18-	  
		  	16.9	  	 Governing Law
	 	 	-18-	  
		  	16.10	  	 Counterparts
	 	 	-18-	  
		  	16.11	  	 Days of Week
	 	 	-18-	  
		  	16.12	  	 Partial Invalidity
	 	 	-18-	  
		  	16.13	  	 Assignment
	 	 	-19-	  
		  	16.14	  	 No Recordation
	 	 	-19-	  
		  	16.15	  	 Written Amendments
	 	 	-19-	  
		  	16.16	  	 Future Cooperation
	 	 	-19-	  
		  	16.17	  	 Use of Gender
	 	 	-19-	  
		  	16.18	  	 Access and Possession
	 	 	-19-	  
		  	16.19	  	 No Other Commissions
	 	 	-19-	  
		  	16.20	  	 Interpretation
	 	 	-20-	  
		  	16.21	  	 Mutual Indemnity
	 	 	-20-	  
		  	16.22	  	 Authority
	 	 	-20-	  
		  	16.23	  	 Headings
	 	 	-20-	  
		  	16.24	  	 Not a Partnership
	 	 	-20-	  
		  	16.25	  	 Third Party Beneficiary Rights
	 	 	-20-	  
		  	16.26	  	 Tax Free Exchange
	 	 	-20-	  
		  	16.27	  	 Default; Liquidated Damages
	 	 	-21-	  
		  	16.28	  	 Naming Rights
	 	 	-21-	  
		  	16.29	  	 Further Assurances
	 	 	-21-	  
		  	16.30	  	 Time and Manner of Approval
	 	 	-21-	  
		  	16.31	  	 No One Deemed Drafter
	 	 	-21-	  

 EXHIBITS 

 

			
	 A
	  	TRI Site Plan
	 B
	  	30 ac. Parcel
	 B1
	  	Exchange Parcel
	 C
	  	Note
	 D
	  	Deed of Trust
	 CC
	  	Real Estate Disclosures

  

					
		 	-iii-	 	Buyer Initials: RB /Seller Initials: VG

 PURCHASE AND SALE AGREEMENT 

AND ESCROW INSTRUCTIONS 
 TAHOE-RENO INDUSTRIAL CENTER 
 THIS AGREEMENT is made and entered into by
and between TAHOE-RENO INDUSTRIAL CENTER, LLC, a Nevada limited liability company, hereinafter referred to as “Seller”; and Fulcrum Sierra BioFuels, LLC, a Delaware limited liability company, or their assignee, hereinafter referred
to as “Buyer”. The last day of execution hereof by a party shall be the effective date (the “Effective Date”) of the Agreement. 
  

	1.	GENERAL. 

 1.1
Tahoe-Reno Industrial Center. Seller is the master developer of the Tahoe-Reno Industrial Center (“TRI” or the “Project”), a business park development in Storey County, Nevada conceptually shown on the site plan attached
hereto as Exhibit “A”. 
 1.2 Real Property. Seller wishes to sell to Buyer a portion of TRI consisting of
approximately ± Sixteen and 77/100 (16.77) acres, (the “Real Property”), as more particularly shown on Exhibit “B”, attached hereto. The Real Property is zoned for industrial uses by Storey County. Exhibit
“B” is a conceptual site plan. The exact acreage size and location of the Real Property shall be determined by the mapping process described in Section 14. 

 

	 	A.	Facility. Buyer has informed Seller that its intended use of the Real Property is as a rail served office, manufacturing, warehousing or distribution facility
(the “Facility”) and said use must comply with the industrial zoning allowed by Storey County on the Real Property. Subject to the provisions of this Agreement and Buyer’s compliance with applicable federal, state and local laws,
Seller agrees that Buyer may develop the Real Property for use as the Facility. If Buyer requires a special use permit from Storey County for its intended use, Buyer shall be responsible for preparing, submitting and acquiring said permit, subject
to Seller’s review and approval pursuant to the provisions of Subsection 16.30. 

  

	 	B.	CC&Rs. Buyer acknowledges receipt of copies of the Declaration Of Covenants, Conditions And Restrictions For The Tahoe-Reno Industrial Center (CC&Rs)
recorded on September 25, 1998 as Document No. 83412 in the office of the Recorder of Storey County, Nevada, which allow use of the Real Property as the Facility, subject to compliance with the provisions thereof. Buyer agrees to comply
with the provisions of the CC&Rs. The CC&Rs shall be recorded against the Real Property on or before close of escrow and shall be a permitted exception to title. 

 

	 	C.	Development Agreement And Handbook. Buyer acknowledges receipt of a copy of the Development Agreement (“Development Agreement”) between Seller and
Storey County, which specifies the government entitlements to develop the Real Property and the Project. An exhibit to the Development Agreement is the Development Handbook (“Handbook”), which provides standards and criteria for
construction on the Real Property. Buyer agrees the development of the Real Property shall be subject to the Development Agreement and the Handbook, and Buyer shall comply with their terms. A Memorandum of the Development Agreement has been recorded
against the Real Property on February 8, 2000 as Document No. 86804 and shall be a permitted exception to title. 

  
 Buyer Initials:
RB /Seller Initials: VG 

 Buyer acknowledges and agrees to comply with the provisions of Subsection 6.7(a) of the
Development Agreement, requiring all construction contracts, vendor’s agreements, equipment purchases and other contracts under which sales taxes will arise to state that the location of delivery and situs of property subject to sales taxes
shall be expressly stated to be Storey County, Nevada, and Buyer shall require all contracts and agreements of its contractors, subcontractors, vendors and materialmen to so specify. 

Buyer also acknowledges and agrees to comply with the provisions of Subsection 6.7(c) of the Development Agreement requiring notice to
Storey County, and in some instances the Storey County School District, of state applications for tax abatements or deferrals. 
  

	 	D.	Utility Purveyors. The TRI General Improvement District (“TRIGID”) has been formed to provide water and sewer utility services. Subject to the
provisions of Section 13, Buyer agrees to accept water and sewer services exclusively from TRIGID for the Real Property. Gas and electric service are provided to the Project including the Real Property by Sierra Pacific Power Company
(“SPPC”). Buyer agrees to accept gas and electric service from SPPC, subject to approved tariffs and rules promulgated by the Nevada Public Utility Commission, except energy produced on-site by Buyer for Buyer’s use.

  

	2.	PURCHASE OF REAL PROPERTY. 

 2.1 Agreement To Sell And Purchase. Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell and Buyer hereby agrees to purchase the Real Property together with all of
Seller’s right, title and interest in and to all of the appurtenances thereunto belonging or appertaining, as further specified herein. 
  

	3.	PURCHASE PRICE. 

3.1 Amount. The purchase price shall be an amount equal to the sum of Three Dollars and Fifty Cents ($3.50) multiplied by the
number of square feet within the parcel created for the Real Property as provided in Section 14. 
 3.2 Earnest Money
Deposit. Buyer shall pay the sum of Five Thousand Dollars and 00/100 ($ 5,000.00.) as an earnest money deposit upon execution hereof into escrow to be held in trust in an interest-bearing account held by First American Title Company, and to be
applied together with any interest earned to the purchase price at close of escrow. If Buyer does not terminate this Agreement as specified in Subsections 6.4 or 9.2 or otherwise as provided herein, then the entire earnest money deposit together
with interest accrued shall become non-refundable, and applied to reduce the balance of the purchase price at closing, except in the case of breach by Seller. 
 3.3 Balance Of Purchase Price. The balance of the purchase price shall be paid as follows: 
  

	 	A.	 The Buyer entered and closed a separate agreement for the purchase and sale of an 11.38 are TRI parcel known as Parcel Number 004-152-96 (Exhibit B1),
the “Exchange Property”. Upon close of escrow of the purchase contemplated by this Agreement, the Buyer shall exchange by Deed the “Exchange Property”, for 11.38 acres, acre for acre, for the Real Property. In consideration of
the Seller entering into this acre for acre Exchange, and as an inducement to Seller to sell the Real Property, Buyer makes the Representations and Warranties contained in Section 10.3, each of which is material and is being relied upon by
Seller. The balance of the purchase 

  

					
		 	-2-	 	Buyer Initials: RB /Seller Initials: VG

	 	
price for the Real Property (approximately $821,749.40, to be determined based upon the final acreage contained in the Real Property as provided in Section 14) shall be paid in cash by Buyer
at close of escrow. The earnest money deposit and accrued interest shall be credited against the purchase price for the Real Property. Buyer shall relinquish water commitments made for the Exchange Property in consideration for equivalent water
commitments to be applied to the Real Property 

  

	4.	EASEMENTS. 

 4.1
Reservation Of Easements. Seller reserves to itself after close of escrow, its affiliates, invitees, permittees and utility purveyors reasonable easements for utilities (water, sewer, gas, electric, storm drainage, telephone, cable TV, etc.)
and access to be constructed by Seller or others through the Real Property as are required to serve the Real Property and the Project. However, the location of said easements must be approved in writing by the Buyer, which approval shall not be
unreasonably withheld. The Seller and Buyer further agree that any easement reserved under this Subsection shall not interfere with Buyer’s intended or actual development and use of the Real Property. All easements shall include access for
construction and maintenance and shall be located as mutually agreed by the parties and made subject to easement agreements in recordable form mutually agreed by the parties. 

 

	5.	WATER RIGHTS. 

 5.1
No Water Rights. Except for the right to water service specified in Section 13 below, this Agreement includes no right, title or interest to appropriated or unappropriated groundwater lying underneath the surface of the Real Property nor
any right of Seller to surface water appurtenant or otherwise found on the Real Property or the Project. All such rights are reserved to Seller. 
  

	6.	ESCROW AND CLOSING. 

6.1 Escrow Holder. The consummation of the purchase and sale contemplated by this Agreement shall take place through an escrow at
First American Title Company, 5310 Kietzke Lane Suite 100, Reno, Nevada 89511, hereinafter referred to as “Escrow Holder”. This Agreement shall constitute escrow instructions for Escrow Holder. Close of escrow shall sometimes be referred
to as the “Closing”. 
 6.2 Terms Of Escrow. Consummation of this escrow shall be in accordance with the
following terms and conditions. 
  

	 	A.	A fully executed copy of this Agreement shall be deposited with Escrow Holder as escrow instructions, with any amendments or additional instructions which shall be in
writing and signed by both parties, that may be needed from time to time by Escrow Holder for purposes of performing its functions under this Agreement. Escrow Holder is hereby appointed and designated to act as such and is authorized and instructed
to deliver, pursuant to the terms and conditions of this Agreement, the documents and money to be deposited into escrow as hereinafter provided, with the terms and conditions contained herein to apply to such escrow. Seller and Buyer hereby agree
that each shall, during the escrow period, execute any and all documents and perform any and all acts reasonably necessary or appropriate to consummate the purchase and sale pursuant to the terms set forth in this Agreement. Seller agrees to
cooperate with Buyer to expedite transfer of Buyer’s Special Use Permit from the Exchange Property to the Real Property. 

  

					
		 	-3-	 	Buyer Initials: RB /Seller Initials: VG

	 	B.	Seller shall deposit into escrow, on or before close of escrow: 

  

	 	(i)	Executed Grant, Bargain and Sale Deed (“Deed”) in recordable form for the Real Property conveying the Real Property purchased and sold hereunder;

  

	 	(ii)	The easements and associated documents; and 

  

	 	(iii)	A recorded Parcel map showing the location and acreage of the Real Property. 

 

	 	(iv)	A water Service Agreement mutually acceptable to Buyer and Seller, for the Real Property, executed by TRIGID 

 

	 	(v)	Such other executed documents as may be necessary. 

  

	 	C.	Buyer shall execute and deposit into escrow, on or before close of escrow, the cash and other documents required to consummate the purchase and sale pursuant to the
terms set forth in this Agreement; and 

  

	 	D.	Escrow Holder shall cause to be drafted any other documents to be recorded or signed by the parties. 

 

	 	E.	Buyer shall deposit into escrow, on or before close of escrow 

  

	 	(i)	Executed Grant, Bargain and Sale Deed in recordable form for the Exchange Parcel conveying the Real Property purchased and exchanged hereunder, including, associated
water rights. 

 6.3 ALTA And Survey. In the event Buyer elects to have an ALTA policy of title insurance
issued at close of escrow, and a survey is required by the title company or Buyer, Buyer shall be solely responsible at Buyer’s cost and expense for acquisition of the survey. Buyer and Seller shall mutually cooperate to assure that said survey
is prepared in a timely manner in order to close as specified in Subsection 8.1. If the survey prepared on behalf of Buyer reveals any matters which cause the title to the Real Property not to be marketable or which are not Permitted Title
Exceptions (defined below), then Buyer shall have those rights and remedies with respect thereto as are set forth in Section 6.4. 
 6.4 Preliminary Report. Upon receipt of this Agreement, Seller shall order from Escrow Holder for the approval of Buyer, at Seller’s expense, a preliminary title report on the Real Property.
Within fifteen (15) days of the Effective Date Seller shall deliver to Buyer said preliminary title report including copies of the documents giving rise to the items of exceptions thereto. Within thirty (30) days thereafter such delivery
Buyer shall furnish Seller with a written statement of any and all title matters to which Buyer objects (any such matters to which Buyer objects pursuant to this Section 6.4 are herein referred to as “Title Objections” and any matters
to which it does not object are herein referred to as “Permitted Title Exceptions”). Any monetary liens or encumbrances shall be deemed Title Objections, with or without written notice by Buyer. Seller shall notify Buyer within seven
(7) days of its receipt of written notification hereunder which Title Objections (if any) it agrees to cure, provided Seller must cure all Title Objections that are in the nature of liens or other encumbrances to secure the payment of money,
irrespective of whether such liens or encumbrances arise out of the actions or inactions of the Seller, provided there is an actual sum of money, disputed or undisputed, secured by any lien or encumbrance. Seller agrees to expend such money and take
such other actions as may be necessary to correct or cure any Title Objections Seller has agreed to cure or is 

  

					
		 	-4-	 	Buyer Initials: RB /Seller Initials: VG

 
required to cure and to satisfy and cause to be released of record at the close of escrow any such Title Objections. Seller shall have until the close of escrow to cure all Title Objections it
agrees to cure or is required to cure hereunder. 
 In the event Buyer delivers notice to Seller of Title Objections and Seller
does not agree to cure any Title Objections, or in the event Seller fails to cure any monetary liens or encumbrances, Buyer may terminate this Agreement as specified in Subsection 9.2. If Buyer fails to terminate the Agreement in a timely manner
under Subsection 9.2, Buyer shall be deemed to have waived the Title Objections; provided that Seller shall nevertheless be required to cure any Title Objections that Seller has agreed to cure or that Seller is required to cure under the provisions
of this Subsection. 
 6.5 Title Insurance. Buyer shall cause Escrow Holder to issue at close of escrow a policy of title
insurance of Buyer’s choice insuring title on the Real Property, subject only to the Permitted Title Exceptions and containing endorsements requested by Buyer in its sole discretion. The title policy shall have liability limits of not less than
the purchase price referenced in Section 3. 
  

	7.	ESCROW CHARGES. 

7.1 Seller’s Charges. Escrow Holder shall charge and collect from the Seller at closing the following: 

 

	 	A.	The cost of the title insurance for a CLTA Owner’s policy, however, if Buyer requires an ALTA Extended Owner’s policy of title insurance, any costs in excess
of those set forth in this subsection shall be borne by Buyer; 

  

	 	B.	One-half of the escrow charges; 

  

	 	C.	 One-half
( 1/2) of the tax on the transfer of Real
Property provided for in NRS 375.010 through 375.110, as amended, and any deferred agricultural use taxes under NRS Chapter 361A; and 

  

	 	D.	Any taxes for the current fiscal year, which taxes shall be pro-rated between the Seller and the Buyer as of the date of the close of escrow. 

7.2 Buyer’s Charges. Escrow Holder shall charge and collect from the Buyer at closing the following: 

 

	 	A.	The remaining cost of the owner’s title policy, if any, and Buyer’s Lender’s Policy, if applicable; 

 

	 	B.	One-half of the escrow charges, together with charges, if any, for investing the earnest money deposit; 

 

	 	C.	The cost of recording the Deeds and any other documents to be recorded; 

  

	 	D.	Any taxes for the current fiscal year, which taxes shall be pro-rated between the Seller and the Buyer as of the date of close of escrow; and 

 

	 	E.	 One-half
( 1/2) of the tax on the transfer of Real Property
provided for in NRS 375.010 through 375.110, as amended. 

  

					
		 	-5-	 	Buyer Initials: RB /Seller Initials: VG

	 	F.	That portion of the total Escrow costs and fees attributable to the “Property Exchange” portion of the transaction as calculated by the Escrow Holder.

 7.3 Escrow Holder Authorization. Seller and Buyer hereby authorize Escrow Holder to insert the date of
close of escrow as the execution date of the Deed at closing. The Escrow Holder is further authorized to insert the date of close of escrow and to fill in the blank spaces in any and all documents and instruments delivered to it, so long as it is
done in conformity with this Agreement and any amendments or additional escrow instructions. 
 7.4 Closing Duties Of Escrow
Holder. At close of escrow as hereinafter defined, Escrow Holder shall: 
  

	 	A.	Cause the Deed, all easements and any other appropriate documents to be recorded in the office of the County Recorder of Storey County, Nevada;

  

	 	B.	Deliver to Buyer the title policy as provided herein and other instruments conveying title to the Real Property; and 

 

	 	C.	Deliver to Seller, the payment specified in Section 3 above. 

  

	8.	CLOSE OF ESCROW/EXTENSION. 

 8.1 Closing Date. Escrow shall close for the Real Property on the later to occur of: (i) Ninety (90) days after the Effective Date; or (ii) three (3) business days following the
approval of all utility and government entities which must approve the parcel map or record of survey creating a legal parcels for the Real Property as specified in Section 14 and execution and placement in escrow of all documents described in
Subsection 6.2B. If escrow does not so close in a timely manner as specified in this Subsection, this Agreement shall be terminated the earnest money and accrued interest shall be returned to Buyer, and neither party shall have any liability or
claim against the other party hereunder. 
  

	9.	DUE DILIGENCE PERIOD. 

 9.1 Due Diligence Period And Document Review. Buyer shall have a due diligence investigation period expiring Sixty (60) days from the Effective Date to conduct such due diligence
investigations as Buyer deems necessary to determine the feasibility, economic or otherwise, of its intended development. During such Due Diligence Period, Buyer may enter upon the Real Property with Buyer’s agents, representatives or designees
to inspect, examine, survey and make test borings, soil bearing tests and other engineering, environmental or landscaping tests or surveys which it may deem necessary on the Real Property. Buyer shall pay all costs and expenses incurred to conduct
the investigation and studies. 
 The Seller agrees to make available to Buyer for inspection and, if desired, copying within 3
days of the Effective Date, any relevant soil analysis, transportation studies, air quality studies, environmental studies, and other studies related to the Real Property in the possession of Seller in order to assist Buyer’s evaluation,
including, without limitation, the following: 
  

	 	A.	 Copies of all permits, approvals, maps, agreements, covenants, rules or restrictions relating to the Real Property, its use or developability, and/or
the availability of utilities, including water, electricity, gas, sewer and storm drain and all notices of 

  

					
		 	-6-	 	Buyer Initials: RB /Seller Initials: VG

	 	
violation of any code, statute, ordinance or regulation applicable to the Real Property currently in Seller’s possession or control; 

 

	 	B.	All information available to Seller regarding the fees, dues, assessments or other charges to which the Real Property is or will be subject in connection with the
Project; 

  

	 	C.	Copies in Seller’s possession or control of: 

  

	 	i.	any reports, studies or other written information regarding the environmental, geologic, seismic, biologic or archaeological condition of the Real Property, including,
without limitation, any study, report or other written information relating to the presence of asbestos, polychlorinated biphenyls’s (PCB’s) or other Hazardous Materials; 

 

	 	ii.	any reports, studies or other written material relating to the Real Property prepared by civil engineers; and 

 

	 	iii.	any reports, studies or other written material relating to the feasibility of economic or physical development of the Real Property. 

 

	 	D.	Other relevant documents or written information as may be reasonably requested by Buyer (the request for which shall not extend the due diligence period).

  

	 	E.	Upon the request of Buyer, Seller agrees to meet with governmental authorities and any other entities or individuals working on behalf of Buyer, at any reasonable time
prior to close of escrow agreeable to both Buyer and Seller, in order to facilitate the due diligence and development of the Real Property, and to assist Buyer in obtaining such permits and approvals as Buyer may require or consider advisable to
comply with all regulatory or governmental requirements that affect the Real Property. 

 Seller shall cooperate
with and assist Buyer in obtaining any government permits and approvals necessary to construct Buyer’s improvements. Seller shall not be required to spend any money in fulfilling this obligation. Seller agrees to use its best efforts to assist
Buyer, at Buyer’s expense, in obtaining all necessary licenses, permits and other governmental approvals for construction and operation of the Facility, including specifically execution of any required consents and applications. Except for any
special use permits or any other governmental permits and approvals required for the construction and operation of the Facility, including specifically execution of any required consents and applications. Buyer shall not apply to Storey County for
any modification of the Development Agreement, permit, tentative map, amendment or zoning approval for the Real Property without the prior consent of Seller, in Seller’s sole discretion. 

9.2 Termination. If Buyer, in its sole discretion, determines within this Due Diligence Period that Buyer’s intended
development is not feasible for any reason whatsoever, Buyer shall so notify Seller in writing and this Agreement shall be immediately terminated. If Buyer fails to so notify Seller within this Due Diligence Period, Buyer shall be deemed to have
waived its right to so terminate and the Due Diligence Period shall have expired. If Buyer terminates this Agreement under this Subsection, then Seller shall inform Escrow Holder to immediately return any monies deposited by Buyer with the Escrow
Holder which are refundable to Buyer, as specified in Subsection 3.2 above, and neither Seller nor Buyer shall have any further obligations under this Agreement. Buyer shall have the right to terminate this Agreement as to Parcel A or Parcel B only,
if Buyer so specifies in its termination notice, in which event closing on the other parcel shall proceed pursuant to the terms hereof. 

  

					
		 	-7-	 	Buyer Initials: RB /Seller Initials: VG

 9.3 Development Feasibility. Buyer acknowledges that the development plans for the
Project and the zoning of the Real Property may not meet Buyer’s requirements for development of Buyer’s intended use. Seller makes no representations and warranties in this regard, or with regard to any other issue of the feasibility of
developability of the Real Property for Buyer’s intended use (including Buyer’s ability to acquire any permits required by government entities, or any agreements with government entities, or Buyer’s ability to acquire approval of the
Project’s Architectural Review Committee for construction of improvements on the Real Property). It is the intent of the parties that Buyer shall independently verify and satisfy itself on all issues of development feasibility during the Due
Diligence Period, and that Buyer’s sole remedy in the event any aspect of Buyer’s development feasibility expectations are not satisfied (and not for any breach by Seller hereunder), in Buyer’s sole discretion, is to terminate this
Agreement pursuant to Subsection 9.2. 
  

	10.	REPRESENTATIONS AND WARRANTIES. 

 10.1 Seller. Seller makes the following representations and warranties, and agrees to the following covenants and obligations for the benefit of Buyer, to the best of Seller’s actual
knowledge: 
  

	 	A.	Except as specified herein, Seller shall not cause title to the Real Property to become further encumbered or clouded after the date of this Agreement without
Buyer’s consent in its sole discretion. 

  

	 	B.	Seller warrants that there are no known, threatened or pending annexations, condemnations, or other proceedings or litigation against or affecting Seller or any part of
the Real Property. 

  

	 	C.	Seller represents that neither the execution by it of this Agreement nor the consummation of this sale: will constitute a violation or breach by Seller of any contract
or other instrument to which it is a party, or to which Seller is subject, or by which any of Seller’s assets or properties may be affected, or any judgment, order, writ, injunction or decree issued against or imposed upon Seller; or will
result in a violation of any applicable law, order, rule or regulation of any governmental authority. 

  

	 	D.	Seller represents and warrants that the Real Property will not at the close of any escrow be encumbered by any obligation, written or oral, or recorded mechanic’s
liens, to pay or reimburse any party for the design, analysis, engineering, testing, legal fees, or construction of improvements for the benefit of the Real Property, which Seller has incurred prior to the date of this Agreement and agrees properly
to pay all consultants retained by Seller. 

  

	 	E.	If Buyer so requests, Seller shall terminate all tenancies and complete evictions of any tenants on the Real Property under lease, monthly rental agreements, rights of
possession, or other claims by close of escrow. 

  

	 	F.	Seller has no knowledge of the location and nature of any underground storage activities, buried trash or foreign materials, disposal areas or other sites of this sort
on the Real Property, whether these sites are visible from the surface of the land or not, that have not been disclosed to Buyer prior to execution hereof. 

 

	 	G.	 Seller represents and warrants that it has not used, placed, stored, discharged or released any hazardous or toxic wastes or substances as defined or
regulated under federal, state, or local laws (“Hazardous Substances”) on the Real Property nor, to 

  

					
		 	-8-	 	Buyer Initials: RB /Seller Initials: VG

	 	
the best of Seller’s knowledge, have any Hazardous Substances at any time been used, placed, stored, discharged, or released on the Real Property by any third party. Seller agrees Buyer or
its agents or contractors may make all disclosures and file all reports which are required by law with respect to discovery of Hazardous Substances as a result of investigations conducted by Buyer, its agents or contractors.

  

	 	H.	Seller represents and warrants to Buyer that Seller is not, and will not be at the time of close of escrow, a foreign person as defined in Section 1445 of the
Internal Revenue Code of 1986, as amended, and agrees prior to close of escrow to execute a non-foreign person affidavit. 

  

	 	I.	Seller represents and warrants that at close of escrow all property taxes for assessments due to prior agricultural use pursuant to NRS Chapter 361A shall be paid by
Seller. 

  

	 	J.	Seller warrants and represents that at the close of escrow all fees, costs and expenses then due for permits and assessments required by a state or local government
entity to satisfy requirements of the Project will be paid. 

  

	 	K.	Seller warrants and represents that it is a Nevada limited liability company and has the legal power, right and authority to enter into this Agreement and the
instruments referenced herein, and to consummate the transaction contemplated hereby. 

  

	 	L.	All requisite action has been taken by Seller in connection with the entering into this Agreement, the instruments referenced herein, and the consummation of the
transaction contemplated hereby. No consent of any partner, member, director, officer, shareholder, trustee, trustor, beneficiary, creditor, investor, judicial or administrative body, governmental authority or other party is required.

  

	 	M.	The individuals executing this Agreement and the instruments referenced herein on behalf of Seller have the legal power, right, and actual authority to bind Seller to
the terms and conditions hereof and thereof. 

  

	 	N.	This Agreement and all documents required hereby to be executed by Seller are and shall be valid, legally binding obligations of and enforceable against Seller in
accordance with their terms. 

  

	 	O.	The representations and warranties of Seller set forth in this Agreement shall be true on and as of the close of escrow as if those representations and warranties were
made on and as of such time. 

 10.2 Buyer. In consideration of the Seller entering into this Agreement,
and as an inducement to Seller to sell the Real Property, Buyer makes the following representations and warranties, each of which is material and is being relied upon by Seller: 

 

	 	A.	Buyer has the legal power, right and authority to enter into this Agreement and the instruments referenced herein, and to consummate the transaction contemplated
hereby; 

  

					
		 	-9-	 	Buyer Initials: RB /Seller Initials: VG

	 	B.	All requisite action has been taken by Buyer in connection with the entering into this Agreement, the instruments referenced herein, and the consummation of the
transaction contemplated hereby. No consent of any partner, member, director, officer, shareholder, trustee, trustor, beneficiary, creditor, investor, judicial or administrative body, governmental authority or other party is required;

  

	 	C.	The individuals executing this Agreement and the instruments referenced herein on behalf of Buyer have the legal power, right, and actual authority to bind Buyer to the
terms and conditions hereof and thereof; 

  

	 	D.	This Agreement and all documents required hereby to be executed by Buyer are and shall be valid, legally binding obligations of and enforceable against Buyer in
accordance with their terms; and 

  

	 	E.	The representations and warranties of Buyer set forth in this Agreement shall be true on and as of the close of escrow as if those representations and warranties were
made on and as of such time. 

 10.3 Buyer’s “Property Exchange” Warranties and
Representations. In consideration of the Seller agreeing to accept the “Exchange Property” as partial consideration for the conveyance the Real Property, and as an inducement to Seller to sell the Real Property, the “Buyer”
(for the purposes of this Section, the “Exchange Buyer”) makes the following representations and warranties, each of which is material and is being relied upon by Seller 

 

	 	A.	Except as specified herein, “Exchange Buyer” shall not cause title to the Exchange Property to become further encumbered or clouded after the date of this
Agreement without Seller’s consent in its sole discretion. 

  

	 	B.	“Exchange Buyer” warrants that there are no known, threatened or pending annexations, condemnations, or other proceedings or litigation against or affecting
“Exchange Buyer” or any part of the Exchange Property. 

  

	 	C.	“Exchange Buyer” represents that neither the execution by it of this Agreement nor the consummation of this sale: will constitute a violation or breach by
“Exchange Buyer” of any contract or other instrument to which it is a party, or to which “Exchange Buyer” is subject, or by which any of “Exchange Buyer’s” assets or properties may be affected, or any judgment,
order, writ, injunction or decree issued against or imposed upon “Exchange Buyer”; or will result in a violation of any applicable law, order, rule or regulation of any governmental authority. 

 

	 	D.	“Exchange Buyer” represents and warrants that the Exchange Property will not at the close of any escrow be encumbered by any obligation, written or oral, or
recorded mechanic’s liens, to pay or reimburse any party for the design, analysis, engineering, testing, legal fees, or construction of improvements for the benefit of the Exchange Property, which “Exchange Buyer” has incurred prior
to the date of this Agreement and agrees properly to pay all consultants retained by “Exchange Buyer”. 

  

	 	E.	If Seller so requests, “Exchange Buyer” shall terminate all tenancies and complete evictions of any tenants on the Exchange Property under lease, monthly
rental agreements, rights of possession, or other claims by close of escrow. 

  

					
		 	-10-	 	Buyer Initials: RB /Seller Initials: VG

	 	F.	“Exchange Buyer” has no knowledge of the location and nature of any underground storage activities, buried trash or foreign materials, disposal areas or other
sites of this sort on the Exchange Property, whether these sites are visible from the surface of the land or not, that have not been disclosed to Seller prior to execution hereof. 

 

	 	G.	“Exchange Buyer” represents and warrants that it has not used, placed, stored, discharged or released any hazardous or toxic wastes or substances as defined
or regulated under federal, state, or local laws (“Hazardous Substances”) on the Exchange Property nor, to the best of “Exchange Buyer’s” knowledge, have any Hazardous Substances at any time been used, placed, stored,
discharged, or released on the Exchange Property by any third party. “Exchange Buyer” agrees Seller or its agents or contractors may make all disclosures and file all reports which are required by law with respect to discovery of Hazardous
Substances as a result of investigations conducted by Seller, its agents or contractors. 

  

	 	H.	“Exchange Buyer” represents and warrants to Seller that “Exchange Buyer” is not, and will not be at the time of close of escrow, a foreign person as
defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and agrees prior to close of escrow to execute a non-foreign person affidavit. 

 

	 	I.	“Exchange Buyer” represents and warrants that at close of escrow all property taxes for assessments due to prior agricultural use pursuant to NRS Chapter 361A
shall be paid by “Exchange Buyer”. 

  

	 	J.	“Exchange Buyer” warrants and represents that at the close of escrow all fees, costs and expenses then due for permits and assessments required by a state or
local government entity to satisfy requirements of the Project will be paid. 

  

	 	K.	“Exchange Buyer” warrants and represents that it is a Delaware limited liability company, qualified to do business in Nevada, and has the legal power, right
and authority to enter into this Agreement and the instruments referenced herein, and to consummate the transaction contemplated hereby. 

  

	 	L.	All requisite action has been taken by “Exchange Buyer” in connection with the entering into this Agreement, the instruments referenced herein, and the
consummation of the transaction contemplated hereby. No consent of any partner, member, director, officer, shareholder, trustee, trustor, beneficiary, creditor, investor, judicial or administrative body, governmental authority or other party is
required. 

  

	 	M.	The individuals executing this “Exchange Agreement” and the instruments referenced herein on behalf of “Exchange Buyer” have the legal power, right,
and actual authority to bind “Exchange Buyer” to the terms and conditions hereof and thereof. 

  

	 	N.	This Agreement and all documents required hereby to be executed by “Exchange Buyer” are and shall be valid, legally binding obligations of and enforceable
against “Exchange Buyer” in accordance with their terms. 

  

					
		 	-11-	 	Buyer Initials: RB /Seller Initials: VG

	 	O.	The representations and warranties of “Exchange Buyer” set forth in this Agreement shall be true on and as of the close of escrow as if those representations
and warranties were made on and as of such time. 

  

	 	10.4	Except for the foregoing representations, Seller agrees to accept the condition of the Exchange Property as of the date of execution of this Agreement, and following
the exchange, Exchange Buyer shall have no further obligations of any kind regarding any construction of infrastructure improvements and Rail Track improvements related to the Exchange Property. 

 

	11.	BUYER CONSTRUCTION OBLIGATIONS. 

 11.1 Buyer Requirements. Buyer covenants to indemnify, defend and hold Seller harmless from any liability associated with any construction performed by Buyer before close of escrow on the Real
Property other than to the extent arising from Seller’s own negligence or intentional misconduct. Buyer covenants to keep and maintain the Real Property free of debris and waste (except for normal construction debris), and to remove any
building material delivered to the Real Property and unused for a period in excess of thirty (30) days. The 30-day time period may be extended during the original construction time frame, so long as the method of storage conforms to the
CC&Rs. Buyer agrees that no temporary or prefabricated structure shall be used or erected on the Real Property without Seller’s consent, with the exception of temporary construction offices. Buyer shall be solely responsible, and shall take
any action necessary, to control and suppress dust generated from the Real Property during and following any construction performed by Buyer. 
  

	12.	RESPONSIBILITY FOR IMPROVEMENTS. 

 12.1 Buyer Improvements. Buyer shall be obligated to pay any fees imposed by any governmental agencies related to construction of improvements and to perform all site preparation work for
construction, if applicable, within the Real Property boundaries except as specified in Subsection 12.2. Buyer agrees to pay for all costs of construction on the Real Property, including without limitation grading; excavation of the building pads;
importation or exportation of fill dirt; storm drainage channels and storm drain laterals, sewer lines or pump stations, gas lines, cable TV lines (if any), telephone lines, electrical lines (including transformers), water lines (potable and
non-potable), electric meters, gas meters and water meters; streets; and soils investigation and soils compaction tests on the Real Property. Buyer shall also be responsible for all water and sewer laterals to the Real Property from water and sewer
lines within right-of-ways adjacent to the Real Property. Seller shall cause gas and electric laterals to be extended to Buyer’s Facility on the Real Property pursuant to SPPC’s standard extension rules for the Project; provided Buyer
shall be liable for trenching and backfill of gas and electric laterals on the Real Property. Buyer shall also cause telephone and communication laterals to be extended to the Facility on the Real Property pursuant to the purveyor’s standard
rules for the Project. In addition, Buyer shall be responsible, at its sole cost and expense, for satisfaction of all conditions and restrictions imposed by Storey County or other government agencies, the Project CC&Rs the Handbook and the
Development Agreement for construction of the Facility. 
 12.2 Utility Specifications. Seller’s obligation to
construct off-site utility infrastructure for Buyer’s use at the Facility is limited to the normal and customary service loads planned for typical industrial/commercial parcels within the Project. These specifications are as follows:

  

	 	A.	 Water Supply. For domestic use (not including fire flow and fire demand), not less than one (1) gallon per minute per acre purchased in
distribution supply at 40 psi, with 500 gallons per day of storage, with a peaking factor of 2. Fire flow from 

  

					
		 	-12-	 	Buyer Initials: RB /Seller Initials: VG

	 	
hydrants in the street right-of-way adjacent to the Real Property shall be able to produce not less than 3,000 gallons per minute for three (3) hours. 

 

	 	B.	Sewer Capacity. On a per-acre basis for domestic use, 500 gallons per day average daily capacity, with a peaking factor of 2. 

 

	 	C.	Electric Power. 25 KV/600 amps on the pole. 

 The amount of service capacity reserved and provided from each utility line must be negotiated by Buyer with each utility purveyor in order to acquire a will-serve commitment, for which Seller has no
responsibility, including telephone and cable or fiber optic communications service. Any off-site utility facility capacity or oversizing needed by Buyer for the Facility in excess of the specifications stated in this subsection shall not be
Seller’s responsibility and must be negotiated and acquired by Buyer from each respective utility purveyor. 
 12.3
Infrastructure Improvements. Off-site infrastructure improvements (“Infrastructure Improvements”) have been provided or shall be provided, within the right-of-way of Peru Drive to serve the Real Property, by Seller. Infrastructure
Improvements which shall be completed by Seller at its cost and expense include street improvements for Peru Drive. All Infrastructure Improvements have been completed by Seller except the extension of the power by SPPC, for the purpose of providing
normal and customary distribution service. Underground water, sewer, waste water and gas distribution lines, and underground telephone communication lines have been completed. Power shall be extended to the parcel by SPPC following Buyer’s
application. Buyer must install all utility line laterals from existing locations in the Peru Drive right-of-way into the Real Property, at Buyer’s cost and expense. The main rail track along the North boundary of the Real Property (the
“Rail Track”) has been completed, as shown on Exhibit “B”, from which Buyer can connect a switch, or switches and rail spur(s) for service to the Real Property at Buyer’s expense. 

12.4 Rail Improvements. Seller has completed at Sellers sole cost and expense a rail line from the existing terminus of the rail
track along the North boundary for the Real Property as shown on Exhibit “B” (the Rail Track). Buyer shall construct at it’s sole cost and expense a switch (or switches) and rail spur (the “Rail Spur”) from the Rail Track
into the Real Property. Seller shall provide Buyer any necessary easements for construction of the Rail Spur across Seller’s Real Property, and upon dedication to the Association of the Rail Track improvements, Seller shall grant the TRI Owners
(the “Association”) a Common Area Maintenance Easement for use and repair of the Rail Track. 
 12.5 Completion of
Improvements. Seller shall complete in a good and workmanlike manner and at Seller’s sole cost and expense any remaining offsite Infrastructure Improvements, on or before One Hundred Eighty Days (180) days after the close of escrow.

 12.6 Holdback For Construction Costs. The parties agree that a portion of the purchase price shall be held back and set aside at close
of escrow in order to pay for Seller’s costs of constructing the Infrastructure Improvements and the Rail Track (the “Work”). The parties shall comply with the following provisions regarding the payment for the Work. 

 

	 	A.	 Construction Account. Escrow Holder shall hold back in escrow a sum equal to a mutually agreed estimate by Seller’s engineer of the cost of
the Infrastructure Improvements specified in Subsection 12.3. less any amounts held in a similar infrastructure construction holdback account arising from the previous sale of other real property in the project to third party purchasers for the same
improvements specified in Subsection 12.3 for which the Construction Account is created. Said sum shall be deposited into an interest-bearing account (“Construction Account”)

  

					
		 	-13-	 	Buyer Initials: RB /Seller Initials: VG

	 	
at First Independent Bank of Nevada. The amount actually deposited into the Construction Account shall be referred to as the “Infrastructure Credit”. If, upon completion of the Work by
Seller, any balance remains in the Construction Account, Seller shall be entitled to receive the balance thereof. If the actual costs to design and complete construction of the Work exceed the Infrastructure Credit, Seller shall be responsible for
the payment of all actual costs in excess of the Infrastructure Credit. Any credit and all refunds, reimbursements or other payments from a government entity or third parties pursuant to a infrastructure extension agreement, reimbursement agreement,
or other policies shall be solely the property of Seller, and Buyer shall have no right or claim thereto. 

  

	 	B.	Payments From Construction Account. The parties shall agree to disburse funds from the Construction Account to Seller’s contractors performing the Work
pursuant to progress payment billings submitted by Seller and approved by Buyer. Buyer shall not withhold its consent to disbursement requests to be approved by Buyer so long as the requests solely relate to costs and expenses of engineering,
design, inspection, permitting and construction of the Work. Seller covenants to indemnify, defend and hold Buyer harmless from any liability associated with any construction performed by Seller before or after close of escrow relating to the Work.

 Requests for payment will be submitted for approval, if written approval is not received within 10 days after
submittal, the request is deemed approved by buyer. 
  

	 	C.	Delays and Extensions Of Time. If Seller is delayed at any time in the progress of construction of the Work by an act or omission of Buyer, or by labor disputes,
fire, acts of God, weather delays, unusual delay in deliveries, unavoidable casualties, delays in obtaining all necessary governmental permits and/or approvals in engineering or designing the Work, or other causes beyond the Seller’s control,
or by delay authorized by the Buyer, then the time to complete the Work shall be extended by change order for such reasonable time as said delay has caused. 

 

	 	D.	Seller Supervision And Coordination. Seller shall be responsible for bidding and negotiating contracts for design and construction of the Work, and for all
contract administration, including submittal and approval of government permits and inspections. Seller’s costs therefor may not be deducted from the Infrastructure Credit, except government and inspection fees and charges.

  

	13.	WATER AND SEWER SERVICE. 

 13.1 TRIGID. TRIGID is duly formed and existing for the purposes of owning and maintaining water rights as well as water and sewer facilities for water and sewer service to TRI, including the Real
Property. The provisions of water and sewer service are specified in the following documents (“Utility Rules”): 
  

	 	A.	Water and Sewer Service Application And Agreement; 

  

	 	B.	Rules, Regulations And Rates Of The TRI General Improvement District For Water Service: and 

 

	 	C.	Rules, Regulations And Rates Of The TRI General Improvement District For Sewer Service. 

  

					
		 	-14-	 	Buyer Initials: RB /Seller Initials: VG

 Buyer acknowledges receipt of copies of the Utility Rules. The parties acknowledge that
delivery of water and sewer service to the Real Property shall be subject to the Water and Sewer Service Application and Agreement (“Water Service Agreement”) with TRIGID. A Water Service Agreement acceptable to Buyer and TRIGID shall be
executed and placed in escrow prior to the Closing Date. The Water Service Agreement will specify the amount of water required by the Buyer in addition to the standard allocation of .5 acre feet per acre referred to in Subsection 13.4, and shall set
forth any specifications for the quality of such water, conditions governing the use of non-potable water, and specifications for wastewater discharge. In addition, a Water Supply Agreement, setting forth the terms and conditions of Buyer’s
purchase of water rights from Seller, if approved by Seller, to be dedicated to support the Water Service Agreement, shall be executed and placed in escrow prior to the Closing Date. In the event Buyer is unable to reach an acceptable Water Service
Agreement with TRIGID prior to the Closing Date, this agreement may be terminated as provided in Subsection 9.2. 
 13.2
Non-potable Water. The parties acknowledge that off-site water irrigation lines for use of untreated surface water or sanitary sewer effluent may be installed by Seller, when necessary to supply non-potable water (although neither Seller nor
TRIGID are under any obligation to Buyer to construct off-site water lines for non-potable water). Buyer, at the Buyer’s sole expense, shall be required to construct a separately metered water irrigation system for landscaping, cooling or
industrial applications (and any other use for which non-potable water can be used) which will allow the delivery and use of non-potable water, if available from the TRIGID. The parties intend that, if made available, non-potable water shall be used
for all irrigation purposes (and other non-potable water uses such as cooling, industrial or manufacturing uses) possible on the Real Property. TRIGID shall have the sole discretion to decide when there is a sufficient quantity of non-potable water
in order to deliver non-potable water to any portion of the Real Property for irrigation, cooling, manufacturing, industrial or other uses. Notwithstanding the forgoing, Buyer may reject non-potable water for its process uses if such water does not
meet Buyers water quality specifications, in Buyer’s sole discretion. Notwithstanding the foregoing, Buyer may reject non-potable water for its processuses if such water does not meet Buyer’s water quality specifications, in Buyers sole
discretion. 
 13.3 Amount of Water Allocation and Water Supply Agreement. Except as otherwise specified, Buyer’s right to a water
allocation from Seller under the provisions of the Utility Rules at no extra charge shall not exceed the quantity of .5 acre foot per acre of Real Property purchased by Buyer, for domestic and irrigation purposes. The parties acknowledge, however,
that up to 155 acre feet of water per annum are required by Buyer for Buyer’s project. Seller represents that Seller and/or TRIGID have sufficient uncommitted non-potable reserves of water that may meet Buyer’s water quality requirements
necessary for Buyer’s project needs. Seller agrees to negotiate in good faith a Water Supply Agreement with Buyer, as referenced in sections 6B and 13.1. The parties acknowledge that to the extent possible, project water needs will be met
through the use of non-potable or reclaimed water as set forth in Section 13.2. Seller is not willing to commit to the project potable water beyond the .5 acre foot per parcel acre purchased. 

13.4 Purchase And Use Of Water Rights. Except as provided otherwise herein, Buyer shall be prohibited from purchasing water rights
from any source other than Seller or TRIGID for use on the Real Property or within the Project, without Seller’s prior written consent, in Seller’s sole discretion. 

  

					
		 	-15-	 	Buyer Initials: RB /Seller Initials: VG

	14.	CREATION OF LEGAL PARCEL. 

 14.1 Map Approval. If a legal parcel has not been created for the Real Property and must be created by Seller prior to close of escrow, Buyer, subject to written Parcel Map approval by Seller and
Reno Engineering Corporation, shall prepare the parcel map or record of survey for Buyer’s approval showing the division of the Real Property, and Buyer shall make good faith efforts to cause the parcel maps to be approved by all applicable
governmental entities and utility purveyors in a timely manner so as not to delay close of escrow. Seller may create the legal parcels for the Real Property by parcel map, boundary line adjustment or record of survey, in Seller’s sole
discretion. 
  

	15.	AGENCY REPRESENTATION AND BROKERAGE FEE/ HAZARDOUS MATERIALS DISCLOSURE. 

15.1 Agency. The Seller and Buyer acknowledge that L. Lance Gilman Commercial Real Estate Services represents the Seller in this
transaction. The broker commissions shall be paid by Seller under a separate agreement and Buyer shall have no liability therefor. Exhibit “C” is real estate license disclosure materials, which shall be executed concurrently herewith.

 15.2 Seller’s Broker. Seller and Buyer acknowledge that Seller’s broker (or its agents) has not made any
representations, either expressed nor implied, regarding the existence or nonexistence of Hazardous Substances, or other undesirable soils or substances in or on the Real Property, on which Buyer shall rely, and Buyer may not rely on any such future
representations by Seller’s broker. It is the responsibility of the Seller and Buyer to retain qualified experts to deal with the detection of such matters. 
  

	16.	MISCELLANEOUS PROVISIONS. 

 16.1 Time is of the Essence. Time is of the essence of this Agreement. 

16.2 Notice. Any notices, requests of instruction deemed by either Buyer or Seller to be given to the other shall be given in
writing and are to be mailed by certified mail with return receipt requested, as follows: 
  

			
	SELLER:	 	BUYER:
		
	 Tahoe-Reno Industrial Center, LLC
 c/o L. Lance Gilman
 505 USA Parkway
 Sparks, NV 89434
 Phone: (775) 343-1154

Fax: (775) 343-3201
	 	 Jeanne Benedetti
 Senior
Director - Business Development
 Fulcrum Sierra BioFuels, LLC
 4900 Hopyard Road, Suite 220
 Pleasanton, CA 94588

Phone: (925) 730-0150

  

					
		 	-16-	 	Buyer Initials: RB /Seller Initials: VG

 TO ESCROW HOLDER: 

First American Title Company 
 Attn: Lisa Hallmark 
 5310 Kietzke Lane, Suite 100 

Reno, Nevada 89511 

Telephone: (775) 823-6200 
 Tele Facsimile: (775) 823-4261 
 Either party may change its address by prior
written notice to the other party. 
 16.3 Service of Notice. All notices, requests, demands or other communications
required under this Agreement or given pursuant to this Agreement shall be in writing and shall be deemed given: 
  

	 	A.	upon personal delivery; or 

  

	 	B.	if delivered by overnight express carrier, upon the next business day following delivery to said carrier; or 

 

	 	C.	as of the second day following the day deposited in the United States mail with postage prepaid addressed to the appropriate party at its address set forth above, or at
such other place as such party from time to time hereafter designates to each other party in writing. 

 All such
notices, requests demands or other communications may also be given by telecopier, telex, telegram, or cable provided the same shall be confirmed by letter dispatched on the same date in accordance with the requirements described above. In such
event, such notices, requests, demands or other communications shall be deemed given upon actual transmission to the recipient party of the telex, telegram or cable. All notices shall be effective upon receipt, provided, however, that failure or
refusal to accept delivery shall be deemed receipt thereof. 
 16.4 Waivers. No waiver of any breach of any covenant or
provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant or provision herein contained. No extension of time for performance of any obligation or act shall be deemed an extension of
time for performance of any other obligation or act except those of the waiving party, which shall be extended by a period of time equal to the period of the delay. 

  

					
		 	-17-	 	Buyer Initials: RB /Seller Initials: VG

 16.5 Survival. All covenants, indemnities, representations, warranties and
obligations of each party set forth in this Agreement shall survive close of escrow and shall not merge into the Deed. 
 16.6
Successors. This Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the parties hereto. 
 16.7 Professional Fees. If either party commences an action against the other to interpret or enforce any of the terms of this Agreement or because of the breach by the other party of any of the
terms hereof, the losing party shall pay to the prevailing party reasonable attorneys’ fees, costs and expenses incurred in connection with the prosecution or defense of such action. For the purpose of this Agreement, the terms
“attorneys’ fees” or “costs and expenses” shall mean the fees and expenses of counsel to the parties hereto, which may include printing, photostating, duplicating and other expenses, air freight charges, and fees billed for
law clerks, paralegals, librarians and others not admitted to the bar but performing services under the supervision of an attorney. The terms “attorneys’ fees” or “attorneys’ fees and costs” shall also include, without
limitation, all such fees and expenses incurred with respect to appeals, arbitrations and bankruptcy proceedings, and whether or not any action or proceeding is brought with respect to the matter for which said fees and expenses were incurred. The
term “attorney” shall have the same meaning as the term “counsel”. 
 16.8 Entire Agreement. This
Agreement (including all exhibits attached hereto), together with the documents referred to in Sections 1 and 13, is the final expression of, and contains the entire agreement between, the parties with respect to the subject matter hereof and
supersedes all prior understandings with respect thereto. This Agreement may not be modified, changed, supplemented, superseded, canceled or terminated, nor may any obligations hereunder be waived, except by written instrument signed by both parties
or as otherwise expressly permitted herein. The parties do not intend to confer any benefit hereunder on any person, firm or corporation other than the parties hereto and lawful assignees. No oral statements or representations prior or subsequent to
the execution of this Agreement by either party are binding on the other party, and neither party shall have the right to rely on such oral statements or representations. 
 16.9 Governing Law. The parties hereto acknowledge that this Agreement has been negotiated and entered into in the State of Nevada. The parties hereto expressly agree that this Agreement shall be
governed by, interpreted under, and construed and enforced in accordance with the laws of the State of Nevada. Venue for any action shall be in Washoe County, Nevada. 
 16.10 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument.

 16.11 Days of Week. If any date for performance herein falls on a Saturday, Sunday or holiday, pursuant to the laws of
the State, the time for such performance shall be extended to 5:00 p.m. on the next business day. 
 16.12 Partial
Invalidity. If any term or provision of this Agreement or the application 

  

					
		 	-18-	 	Buyer Initials: RB /Seller Initials: VG

 
thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each such term and provision of this Agreement shall be valid, and shall be enforced to the fullest extent permitted by law. 

16.13 Assignment. Buyer shall not, voluntarily, involuntarily, or by operation of law, assign its interest under this Agreement to
any person or entity without the prior written consent of Seller, in Seller’s sole discretion, except an assignment or transfer to an entity which is controlled by Buyer or Buyer’s officers, directors or shareholders, under common control
with Buyer, or at least 50% of the ownership of which is held by Buyer or Buyer’s shareholders, officers or directors. After close of escrow Buyer may assign any outstanding rights and obligations hereunder without the consent of Seller to an
entity which owns or leases the subject real property (or a portion thereof), as to those rights and obligations affecting said subject real property. Any assignee must assume all Buyer’s obligations hereunder. 

16.14 No Recordation. Neither this Agreement nor any notice thereof shall be recorded in the official records of Storey County.

 16.15 Written Amendments. This Agreement may not be modified, amended, altered or changed in any respect whatsoever
except by further agreement in writing, duly executed by both parties. No oral statements or representations subsequent to the execution hereof by either party are binding on the other party, and neither party shall have the right to rely on such
oral statements or representations. 
 16.16 Future Cooperation. Each party shall, at the request of the other, at any
time, execute and deliver to the requesting party all such further instruments as may be reasonably necessary or appropriate in order to effectuate the purpose and intent of this Agreement. Both prior to and after close of escrow, Seller shall
cooperate with Buyer in obtaining Buyer’s permits and licenses necessary to construct and operate the Facility, including signing of applications, attendance at hearings upon request of Buyer, and similar activities. 

16.17 Use of Gender. As used in this Agreement, the masculine, feminine, or neuter gender, or the singular or plural number, shall
each be considered to include the others whenever the context so indicates. 
 16.18 Access and Possession. Possession
shall be given at close of escrow. However, after execution hereof, Buyer may enter upon the Real Property for the purpose of performing any engineering, surveying, environmental investigations, studies, soils testing, or other physical
investigation of the land. Buyer agrees to indemnify and hold Seller harmless from all liability, claims, costs, and expense, except such as might accrue from the mere discovery of Hazardous Substances, resulting from Buyer’s activities on the
Real Property prior to close of escrow. Buyer agrees to re-contour, re-vegetate and otherwise reasonably restore the Real Property after any ground-disturbing activity. 
 16.19 No Other Commissions. Except as specified herein, the parties represent to each other that they have not used the services of any real estate broker or person who may claim a

  

					
		 	-19-	 	Buyer Initials: RB /Seller Initials: VG

 
commission or finder’s fee with respect to this transaction, and each agrees to indemnify, defend and hold the other harmless from broker compensation claims or finder’s fees arising
from allegations of an agreement with the indemnifying party. 
 16.20 Interpretation. The parties hereto acknowledge and
agree that each has been given the opportunity to review this Agreement with legal counsel independently. The parties have equal bargaining power and intend the plain meaning of the provisions herein. In the event of an ambiguity in or dispute
regarding the interpretation of the Agreement, the interpretation of this Agreement shall not be resolved by any rule of interpretation providing for interpretation against the party who causes the uncertainty to exist, or against the draftsmen.

 16.21 Mutual Indemnity. Seller and Buyer hereby agree to indemnify, defend and hold the other party harmless against
any and all liability, claims, costs or expenses of third parties arising directly or indirectly out of a breach of the covenants, representations and warranties by the indemnifying party to the other in this Agreement. 

16.22 Authority. Any corporation signing this Agreement, and each agent, officer, director, or employee signing on behalf of such
a corporation, represents and warrants that said Agreement is duly authorized by and binding upon said corporation. 
 16.23
Headings. Headings used in this Agreement are used for reference purposes only and do not constitute substantive matter to be considered in construing the terms of this Agreement. 

16.24 Not a Partnership. The provisions of this Agreement are not intended to create, nor shall they be in any way interpreted or
construed to create, a joint venture, partnership, or any other similar relationship between the parties. 
 16.25 Third
Party Beneficiary Rights. This Agreement is not intended to create, any third party beneficiary rights in any person not a party hereto. 
 16.26 Tax Free Exchange. Buyer or Seller may wish to use the Real Property as a part of a tax free exchange of property with a third party. If Buyer or Seller have in good faith entered into an
agreement for such exchange, then Buyer or Seller shall have the right to assign its interest in this Agreement to the third party participating in such exchange, provided the assigning party remains fully liable for all obligations under this
Agreement. If Buyer or Seller assigns its interest in this Agreement to effectuate a tax free exchange as aforesaid, then said party shall promptly so notify the other party and shall deliver to other party, a copy of the relevant assignment or
assignments. Either party shall thereafter cooperate with reasonable requests to effectuate such tax free exchange. The exchanging party shall pay any additional transfer taxes, recording fees or similar closing costs resulting from such tax free
exchange at no cost to such party. Buyer and Seller hereby agree to indemnify, defend and save the other party harmless from and against any additional claims or liabilities arising as a result of participation in such tax free exchange. Any
assignee under this Subsection shall be bound by the provisions of this Agreement. Neither party shall be allowed to delay Closing under this Agreement in order to exercise its rights pursuant to this Subsection. 

  

					
		 	-20-	 	Buyer Initials: RB /Seller Initials: VG

 16.27 Default; Liquidated Damages. In the event of any default hereunder by Seller,
Buyer shall have the right to either cancel this Agreement or to enforce this Agreement by an action for damages or specific performance, or both, or to such other appropriate remedy as may be available. In the event of cancellation by Buyer due to
Seller’s breach, the earnest money deposit and all other sums deposited by Buyer with Escrow Holder shall be returned to Buyer within five (5) days without further instruction from Seller, without liability to Escrow Holder, and Buyer
shall have no further obligations under this Agreement. 
 IN THE EVENT OF ANY MATERIAL DEFAULT HEREUNDER BY THE BUYER, SELLER
MAY, AS ITS SOLE REMEDY AT LAW OR IN EQUITY, CANCEL THIS AGREEMENT BY NOTICE TO BUYER AND THE ESCROW HOLDER, AND THE EARNEST MONEY DEPOSIT PAID BY THE BUYER SHALL BE PAID TO SELLER AS LIQUIDATED DAMAGES. SELLER’S REMEDY HEREUNDER SHALL BE
LIMITED TO SUCH CANCELLATION AND PAYMENT, IT BEING EXPRESSLY AGREED THAT SELLER SHALL HAVE NO RIGHT TO ANY OTHER LEGAL OR EQUITABLE RELIEF FROM BUYER. BUYER AND SELLER AGREE THAT THE AMOUNT OF LIQUIDATED DAMAGES ESTABLISHED HEREIN IS A REASONABLE,
PRESENT ESTIMATE OF WHAT SELLER’S DAMAGES WOULD BE IN THE EVENT OF A DEFAULT BY BUYER. 
 VG Initialed by
Seller        RB Initialed by Buyer 
 16.28 Naming Rights. Notwithstanding any
provision herein to the contrary, Buyer shall not have the right to use, and Seller is expressly not conveying to Buyer the right to use in any manner, the name “Asamera”, “Tahoe-Reno Industrial Center” or “TRI” in
connection with the Real Property or any potential development of the Real Property, including the names of entities owning or occupying all or part of the Real Property. 
 16.29 Further Assurances. In addition to the obligations required to be performed hereunder by Seller and Buyer at or prior to close of escrow, each party, from and after close of escrow, shall
execute, acknowledge and/or deliver such other instruments as may be reasonably requested in order to effectuate the purposes of this Agreement without imposing additional liability or obligations on Seller or Buyer beyond that imposed by this
Agreement or the documents delivered at close of escrow. 
 16.30 Time and Manner of Approval. On each occasion when a
party is given the right of approval or consent pursuant to this Agreement, unless specified otherwise, the approving party shall have five (5) business days to approve or disapprove after delivery of the item to be approved, which approval
shall not be unreasonably withheld. Any disapproval must be accompanied by a detailed description of the grounds for disapproval. The parties shall diligently and in good faith work to reach an agreement on any disapproval, and a revised resubmittal
of a disapproved item shall be approved or disapproved in the same manner as the initial submittal. Unless otherwise specified herein, all consents and approvals shall not be unreasonably withheld. 

16.31 No One Deemed Drafter. The Buyer, Seller, or Agents(s)/Broker shall not be deemed to be the drafter of this agreement, nor
shall any court construe this agreement or any provision hereof against the Buyer, Seller, or Agent(s)/Broker as the drafter hereof. 

  

					
		 	-21-	 	Buyer Initials: RB /Seller Initials: VG

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates set
forth below. 
  

											
	BUYER:	 	SELLER:
		
	 Fulcrum Sierra BioFuels, LLC,
 A Delaware limited liability company
	 	 TAHOE-RENO INDUSTRIAL CENTER,
 LLC, a Nevada limited liability company

	 4900 Hopyard Road, Suite 220
 Pleasanton, CA 94588
  
	 		 	By:	 	Norman Properties, Inc.,
		 		 		 		 		 	 a California corporation,

Manager

					
		 		 		 	By:	 	 /s/ VINCENT J. GRIFFITH

		 		 		 		 	VINCENT J. GRIFFITH,
	By:	 	 /s/ Richard D. Barraza
	 		 		 	Project Coordinator
					
		 		 		 	Date:	 	 12/23/08

	Title:	 	 Vice President
	 		 		 		 	
						
	Date:	 	12/19/08	 		 		 		 	

  

					
		 	-22-	 	Buyer Initials: RB /Seller Initials: VG

 

 

	
	

	
	

 DUTIES OWED BY A NEVADA REAL ESTATE LICENSEE 

In Nevada, a real estate licensee can (1) act for only one party to a real estate transaction, (2) act for more than one party
to a real estate transaction with written consent of each party, or (3) if licensed as a broker, assign different licensees affiliated with the broker’s company to separate parties to a real estate transaction. A licensee, acting as an
agent, must act in one of the above capacities in every real estate transaction. If this form is used for a lease, the term Seller shall mean Landlord/Lessor and the term Buyer means Tenant/Lessee. 

LICENSEE: The licensee in the real estate transaction is L. LANCE GILMAN (“Licensee”) whose license number is 19209. The licensee is
acting for TAHOE-RENO INDUSTRIAL CENTER, LLC, a Nevada limited liability company. 
 BROKER: The Broker in the real estate
transaction is L. LANCE GILMAN (“Broker”), whose company is L. LANCE GILMAN COMMERCIAL REAL ESTATE SERVICES (“Company”). 
 A Nevada Real Estate licensee in a real estate transaction shall: 
  

	1.	Disclose to each party to the real estate transaction as soon, as is practicable: 

 

	 	a)	Any material or relevant facts, data or information which Licensee knows, or which by the exercise of reasonable care and diligence licensee should have known, relating
to the property, which is the subject of the real estate transaction. 

  

	 	b)	Each source from which Licensee will receive compensation as a result of the transaction. 

 

	 	c)	hat Licensee is a principal to the transaction or has an interest in a principal to the transaction. 

 

	 	d)	Any changes in Licensee’s relationship to a party to the real estate transaction. 

 

	2.	Disclose, if applicable, that Licensee is acting for more than one party to the transaction. Upon making such a disclosure the Licensee must obtain the written consent
of each party to the transaction for whom Licensee is acting before Licensee may continue to act in Licensee’s capacity as an agent. 

  

	3.	Exercise reasonable skill and care with respect to all parties to the real estate transaction. 

 

	4.	Provide to each party to the real estate transaction this form. 

  

	5.	Not disclose, except to the Broker, confidential information relating to a client. 

 

	6.	Exercise reasonable skill and care to carry out the terms of the brokerage agreement and to carry out Licensee’s duties pursuant to the terms of the brokerage
agreement. 

  

	7.	Not disclose confidential information relating to a client for 1 year after the revocation or termination of the brokerage agreement, unless Licensee is required to do
so by order of the court. Confidential information includes, but is not limited to the client’s motivation to purchase, sell or trade and other information of a personal nature. 

  
 EXHIBIT
“C” 

	8.	Promote the interest of his client by; 

  

	 	a)	Seeking a sale, lease or property at the price and terms stated in the brokerage agreement or at a price acceptable to the client. 

 

	 	b)	Presenting all offers made to or by the client as soon as is practicable. 

  

	 	c)	Disclosing to the client material facts of which the licensee has knowledge concerning the transaction. 

 

	 	d)	Advising the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee. 

 

	 	e)	Accounting for all money and property Licensee receives in which the client may have an interest as soon, as is practicable. 

 

	9.	Not deal with any party to a real estate transaction in a manner, which is deceitful, fraudulent or dishonest. 

 

	10.	Abide by all duties, responsibilities and obligations required of Licensee in Chapters 119, 119A, 119B, 645, 645A, and 645C of the NRS. 

In the event any party to the real estate transaction is also represented by a licensee who is affiliated with the same Company, the
Broker may assign another licensee to act for that party. The above Licensee will continue to act for you. As set forth above, no confidential information will be disclosed. 
 I/We acknowledge receipt of a copy of this list of licensee duties, and have real and understand this disclosure. 
  

									
	Fulcrum Sierra BioFuels. LLC,	 		 		 	
	a Delaware limited liability company	 		 		 	
					
	By:	 	 /s/ Richard D. Barraza
	 		 	Title:	 	 Vice President

					
	Time	 	3:00 am/pm	 		 	Date:	 	12/19/08
	
	TAHOE-RENO INDUSTRIAL CENTER, LLC, a Nevada limited liability company
					
	    By:	 	 Norman Properties, Inc.,
 a
California corporation, Manager
	 		 		 	
					
	Seller	 	 /s/ VINCENT J. GRIFFITH
	 		 	Date	 	12/23/08
		 	VINCENT J. GRIFFITH, Project Coordinator	 		 		 	
					
	Time	 	                    am/pm	 		 		 	

  
 -2-

 Page Intentionally left Blank 

  
 -3-

 CONFIRMATION REGARDING REAL ESTATE AGENT RELATIONSHIP 

Property Address: vacant land within the Tahoe-Reno Industrial Center. 
 I/We confirm the duties of a real estate licensee of which has been presented and explained to me/us. My/our representative’s relationship is: 

 

			
	L. Lance Gilman      is the Agent of	 	     is the Buyer Exclusively***
	X Seller Exclusively **      Both Buyer & Seller*	 	     Seller Exclusively      Both Buyer and Seller

  

	*	IF LICENSEE IS ACTING FOR MORE THAN ONE PARTY IN THIS TRANSACTION, you will be provided a Consent to Act form for your review, consideration and approval or rejection.
A licensee can legally represent both the Seller and Buyer in a transaction, but ONLY with the knowledge and written consent of BOTH the Seller and Buyer. 

	**	A Licensee who is acting for the Seller exclusively, is not representing the Buyer and has no duty to advocate or negotiate for the Buyer. 

	***	A licensee who is acting for the Buyer exclusively, is not representing the Seller and has no duty to advocate or negotiate for the Seller. 

 

													
	L. Lance Gilman Commercial Real Estate	 		 		 	 Fulcrum Sierra BioFuel, LLC,
 a Delaware limited liability company
	 	
					
	Listing Company	 		 		 	Buyer’s Company	 	    Date
						
	By:	 	  
	 		 	By	 	 /s/ Richard D. Barraza
	 	12/19/08
		 	Licensed Real Estate Agent	 		 		 		 		 	
	Date:	 		 		 		 		 		 	
						
	 Tahoe-Reno Industrial Center, LLC, a
 Nevada limited liability company
	 		 		 		 		 	
							
	By:	 	 Norman Properties, Inc.,
 a
California corporation, Manager
	 		 		 		 		 	
							
	By:	 	 /s/ VINCENT J. GRIFFITH
	 		 		 	Title:	 	 Vice President
	 	
		 	 VINCENT J. GRIFFITH,
 Project
Coordinator,
	 		 		 		 		 	
							
	Date:	 	12/23/8	 		 		 	Date:	 	12/19/08	 	

  
 -4-

 DISCLOSURE STATEMENT 

DUTIES OWED BY A NEVADA REAL ESTATE BROKER 
 The Buyer/Tenant hereby acknowledges that L. Lance Gilman Commercial Real Estate Services, as broker in the referenced transaction, has disclosed the following items. Buyer/Tenant
understands the following disclosures and elects to proceed with the transaction releasing L. Lance Gilman Comm. Real Estate, and its broker, sales associates, employees, and contractors from any liability arising from a possible
conflict of interest involved in the referenced transaction. 
 Disclosure by Real Estate Licensee. In compliance
with NAC 645, L. Lance Gilman Commercial Real Estate (LLG), and L. Lance Gilman, individually, hereby make the following disclosures of the various roles that they may serve: 
 1. Participation as Principal. L. Lance Gilman and/or L. Lance Gilman Commercial Real Estate Services hereby disclose that L. Lance Gilman is serving as a principal, as well as an agent, in
transactions involving Tahoe-Reno Industrial Center, a Nevada limited liability company, which is the development entity for the Tahoe-Reno Industrial Center (“TRI”). L. Lance Gilman, individually, is a member in said company and
participates as a principal/owner as well as marketing agent. L. Lance Gilman may also participate as a principal in the leasing of improved property which may be constructed and leased within the TRI, either through the Tahoe-Reno Industrial
Center, LLC, or through other ownership entities. 
 2. Disclosure of Sources of Compensation. L. Lance Gilman
(“Gilman”)] and/or L. Lance Gilman Commercial Real Estate Services (“LLG”) and/or employees or associates of LLG (“Associates”), receive compensation for various activities and roles performed by them. Forms of
compensation received by Gilman, LLG or Associates in or related to real estate transactions handled by the firm are disclosed below. 
 3. Brokerage Commissions. Fees and commissions for serving as broker in the sale and/or leasing of real estate. 
 4. Profits from Sales/Leases. Gilman participates as a principal in many transactions in the TRI and receives a share of the profits as a principal. 

5. Construction Fees/Profits. Gilman is an officer and shareholder of Gilman-Wall Constructors. As such he receives a
portion of the net profits of any construction projects which may accrue to the Construction Company if Gilman-Wall Constructors is involved in the construction or remodeling of the premises. 

By execution below, I/we acknowledge the receipt of a copy of this disclosure and confirm my/our understanding of the disclosed
documents, roles and compensation. 
  

					
	Owner Signature	 		 	Buyer Signature: Fulcrum Sierra BioFuels, LLC,
		 		 	A Delaware limited liability company
			
	 /s/ Vincent J. Griffith
	 		 	 /s/ Richard D. Barraza

  
 -5-

 FIRST AMENDMENT TO 
 PURCHASE AND SALE AGREEMENT AND ESCROW 
 INSTRUCTIONS 

This Amendment (“First Amendment”) modifies that certain Purchase and Sale Agreement and Escrow Instructions (the “Agreement”)
between Tahoe-Reno Industrial Center, LLC (“Seller”), and Fulcrum Sierra BioFuels, LLC (“Buyer”), entered on or about December 23, 2008. 
 Whereas the parties have determined that it is in their mutual interest to extend Buyer’s due diligence period set forth in the Agreement; 
 Now Therefore the Parties agree as follows: 
 The first sentence of
Section 9.1 of the Agreement shall be amended to read as follows: 
 Buyer shall have a due diligence investigation period
expiring on May 1, 2009, to conduct such due diligence investigations as Buyer deems necessary to determine the feasibility, economic or otherwise, of its intended development. 
 In Witness Whereof, the parties hereto have executed this Amendment as of the dates set forth below: 
  

			
	Buyer:
	
	Fulcrum Sierra BioFuels, LLC
		
	By:	 	 /s/ Richard D. Barraza

		
	Title:	 	 Vice President & Corporate Secretary

		
	Date:	 	Feb. 23, 2009
		
	Seller:	 	
	
	Tahoe-Reno Industrial Center, LLC
		
	By:	 	 /s/ Vincent J. Griffith

		
	Title:	 	 Proj Coordinator

		
	Date:	 	2-25-09

 SECOND AMENDMENT TO 
 PURCHASE AND SALE AGREEMENT AND ESCROW 
 INSTRUCTIONS 

This Amendment (“Second Amendment”) modifies that certain Purchase and Sale Agreement and Escrow Instructions (the “Agreement”)
between Tahoe-Reno Industrial Center, LLC (“Seller”), and Fulcrum Sierra BioFuels, LLC (“Buyer”), entered on or about December 23, 2008 and amended by the First Amendment on February 25, 2009. 

Whereas the parties have determined that it is in their mutual interest to modify the provisions pertaining to the supply of water to the project as set
forth in Paragraph 13.3 of the Agreement, 
 Now Therefore the Parties agree as follows: 

Paragraph 13.3 shall be replaced in its entirely by the following: 
 Except as otherwise specified, Buyer’s right to a water allocation from Seller under the provisions of the Utility Rules at no extra charge shall not exceed the quantity of .5 acre foot per acre of
Real Property purchased by Buyer, for domestic and irrigation purposes. In addition to this initial quantity, in exchange for a one time charge of the sum of Ten Thousand Dollars ($10,000) per acre foot, Developer agrees to provide to Fulcrum under
the provisions of the Water Supply Agreement referenced in Paragraph 6.B and 13.1 and the provisions of the TRIGID Rules, 155 acre feet per annum of potable water for use on the Real Property for any permitted purpose (the “Process Water
Allocation”), for a total purchase price of One Million Five Hundred Fifty-five Thousand dollars ($1,550,000). The Process Water Allocation shall be supplied from TRIGID’s water rights as authorized by Seller to support the service
commitment to Fulcrum. Payment for the Process Water Allocation shall be made in accordance with Section 1 of the Water Supply Agreement. 

In Witness Whereof, the parties hereto have executed this Second Amendment as of the dates set forth below: 

 

									
	Buyer:	 		 	Seller:
			
	Fulcrum Sierra BioFuels, LLC	 		 	Tahoe-Reno Industrial Center, LLC
					
	By:	 	 /s/ Richard D. Barraza
	 		 	By:	 	 /s/ Vincent J. Griffith

					
	Title:	 	 Secretary
	 		 	Title:	 	PC
					
	Date:	 	June 29, 2009	 		 	Date:	 	7/1/09

  

			
	Page 1 of 1	 	Buyer Initials: RB /Seller Initials: VGEthanol Purchase and Sale Agreement

 Exhibit 10.10 
 [Execution Version] 
  

 
  

 
 ETHANOL PURCHASE AND SALE
AGREEMENT 
 BETWEEN 
 TENASKA BIOFUELS, LLC 
 AND 

FULCRUM SIERRA BIOFUELS, LLC 
 April 16, 2010 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
			
	 Section 1.1
	 	 Definitions
	  	 	1	  
	 Section 1.2
	 	 Rules of Interpretation
	  	 	3	  
			
	 ARTICLE II
	 	 DATE OF FIRST DELIVERY NOTICE; PRODUCT AVAILABLE FOR SALES FORECAST
	  	 	4	  
			
	 Section 2.1
	 	 Notice Dates
	  	 	4	  
	 Section 2.2
	 	 Production Estimates
	  	 	4	  
	 Section 2.3
	 	 Ethanol Available for Sales Forecast
	  	 	4	  
			
	 ARTICLE III
	 	 TERM; TERMINATION
	  	 	4	  
			
	 Section 3.1
	 	 Initial Term; Renewal
	  	 	4	  
	 Section 3.2
	 	 Termination During Initial Term
	  	 	4	  
	 Section 3.3
	 	 Termination By Seller Due To Buyer Insolvency
	  	 	4	  
	 Section 3.4
	 	 Termination By Buyer Due to Seller Insolvency
	  	 	5	  
			
	 ARTICLE IV
	 	 PURCHASE AND DELIVERY OBLIGATIONS
	  	 	5	  
			
	 Section 4.1
	 	 Purchase of Ethanol Production
	  	 	5	  
	 Section 4.2
	 	 Access To Delivery Point
	  	 	5	  
	 Section 4.3
	 	 Purchase Exclusivity
	  	 	5	  
			
	 ARTICLE V
	 	 REGULATORY CREDITS AND GREEN ATTRIBUTES
	  	 	5	  
			
	 Section 5.1
	 	 Regulatory Credit Protocol
	  	 	5	  
	 Section 5.2
	 	 RINs
	  	 	6	  
	 Section 5.3
	 	 Separate RINs
	  	 	6	  
	 Section 5.4
	 	 LCFS Credits
	  	 	6	  
	 Section 5.5
	 	 Registration
	  	 	6	  
	 Section 5.6
	 	 Administration
	  	 	7	  
	 Section 5.7
	 	 Documentation and Reports
	  	 	7	  
	 Section 5.8
	 	 Other Environmental Attributes
	  	 	7	  
			
	 ARTICLE VI
	 	 QUANTITY
	  	 	8	  
			
	 Section 6.1
	 	 Uniform Weekly Deliveries
	  	 	8	  
	 Section 6.2
	 	 Quantity Measurement
	  	 	8	  
			
	 ARTICLE VII
	 	 QUALITY
	  	 	8	  
			
	 Section 7.1
	 	 Specification Requirement
	  	 	8	  

  

					
	Ethanol Purchase and Sale Agreement	 	-i-	 	

							
	 Section 7.2
	 	 Responsibility For Off-Specification Ethanol
	  	 	8	  
	 Section 7.3
	 	 Maintenance of Samples
	  	 	9	  
			
	 ARTICLE VIII
	 	 TRANSACTION SPECIFICATION, APPROVAL AND CONFIRMATION
	  	 	9	  
			
	 Section 8.1
	 	 Specification and Approval of Transactions; Pricing and Commissions
	  	 	9	  
	 Section 8.2
	 	 Payment of Taxes
	  	 	10	  
	 Section 8.3
	 	 Inability to Produce
	  	 	10	  
	 Section 8.4
	 	 Cooperation on Hedging Transactions
	  	 	10	  
			
	 ARTICLE IX
	 	 TRANSPORTATION AND DEMURRAGE CHARGES
	  	 	11	  
			
	 Section 9.1
	 	 Transportation of Ethanol
	  	 	11	  
	 Section 9.2
	 	 Demurrage Charges
	  	 	11	  
			
	 ARTICLE X
	 	 STORAGE
	  	 	11	  
			
	 Section 10.1
	 	 Storage Capacity
	  	 	11	  
			
	 ARTICLE XI
	 	 PAYMENTS
	  	 	12	  
			
	 Section 11.1
	 	 Purchase Price
	  	 	12	  
	 Section 11.2
	 	 Interest
	  	 	12	  
	 Section 11.3
	 	 Audits
	  	 	12	  
			
	 ARTICLE XII
	 	 TITLE, RISK OF LOSS AND INSURANCE
	  	 	12	  
			
	 Section 12.1
	 	 Transfer of Title and Risk of Loss
	  	 	12	  
	 Section 12.2
	 	 Liability Allocation and Indemnification
	  	 	12	  
	 Section 12.3
	 	 Insurance
	  	 	13	  
			
	 ARTICLE XIII
	 	 REPRESENTATIONS, COVENANTS AND WARRANTIES
	  	 	13	  
			
	 Section 13.1
	 	 Seller’s Representation, Warranties and Covenants
	  	 	13	  
	 Section 13.2
	 	 Buyers Representations, Warranties and Covenants
	  	 	13	  
			
	 ARTICLE XIV
	 	 FORCE MAJEURE
	  	 	14	  
			
	 Section 14.1
	 	 Force Majeure
	  	 	14	  
	 Section 14.2
	 	 Definition
	  	 	14	  
	 Section 14.3
	 	 Labor Disputes
	  	 	15	  
	 Section 14.4
	 	 Exclusions
	  	 	15	  
	 Section 14.5
	 	 Claiming Relief
	  	 	15	  
	 Section 14.6
	 	 Notice
	  	 	15	  
	 Section 14.7
	 	 Termination for Force Majeure
	  	 	15	  

  

					
	Ethanol Purchase and Sale Agreement	 	-ii-	 	

							
	 ARTICLE XV
	 	 LIMITATION OF LIABILITY
	  	 	16	  
			
	 Section 15.1
	 	 LIMITATION OF LIABILITY
	  	 
	16
	  

			
	 ARTICLE XVI
	 	 AUDIT RIGHTS
	  	 
	16
	  

			
	 Section 16.1
	 	 Records
	  	 	16	  
	 Section 16.2
	 	 Audit
	  	 	16	  
			
	 ARTICLE XVII
	 	 NOTICES
	  	 	16	  
			
	 Section 17.1
	 	 Notices
	  	 	16	  
			
	 ARTICLE XVIII
	 	 ADDITIONAL PROVISIONS
	  	 	17	  
			
	 Section 18.1
	 	 Default
	  	 	17	  
	 Section 18.2
	 	 Non-Waiver of Future Default
	  	 	17	  
	 Section 18.3
	 	 Assignment
	  	 	18	  
	 Section 18.4
	 	 Documents
	  	 	18	  
	 Section 18.5
	 	 Time
	  	 	18	  
	 Section 18.6
	 	 Inurement
	  	 	18	  
	 Section 18.7
	 	 Entire Agreement
	  	 	18	  
	 Section 18.8
	 	 Modification
	  	 	18	  
	 Section 18.9
	 	 Governing Law
	  	 	18	  
	 Section 18.10
	 	 Severability
	  	 	18	  
	 Section 18.11
	 	 Cumulative Remedies
	  	 	18	  
	 Section 18.12
	 	 Good Faith Performance
	  	 	18	  
	 Section 18.13
	 	 No Partnership
	  	 	19	  
	 Section 18.14
	 	 Counterparts; Interpretation
	  	 	19	  
	 Section 18.15
	 	 Confidentiality
	  	 	19	  
	 Section 18.16
	 	 Cooperation with Financing
	  	 	19	  

 Exhibits 
  

			
	 Exhibit A
	    	Product Specification Requirements (ASTM D 4806)
	 Exhibit B
	    	Insurance

  

					
	Ethanol Purchase and Sale Agreement	 	-iii-	 	

 ETHANOL PURCHASE AND SALE AGREEMENT 

BETWEEN 
 TENASKA
BIOFUELS, LLC 
 AND 
 FULCRUM SIERRA BIOFUELS, LLC 
 This Ethanol Purchase and Sale Agreement
(“Agreement”) is made effective as of April 16, 2010, (the “Effective Date”), by and between Tenaska BioFuels, LLC, a Delaware limited liability company (“Buyer”), and Fulcrum Sierra BioFuels,
LLC, a Delaware limited liability company (“Seller”). 
 RECITALS: 

WHEREAS, Seller and/or one or more of its affiliates intends to build an Ethanol (defined below) production facility in McCarran, Storey
County, Nevada, which will be owned and operated by Seller and is anticipated to produce approximately 10.5 million gallons of Ethanol per year (the “Plant”). 

WHEREAS, Seller has agreed to sell to Buyer, and Buyer has agreed to buy from Seller, all (100%) of the Ethanol to be produced from
the Plant on the terms and conditions of this Agreement. 
 WHEREAS, the production of Ethanol and the distribution of Ethanol
into commerce may result in the creation of renewable energy identification numbers or tradable low-carbon fuel credits. 
 NOW
THEREFORE, in consideration of the promises and mutual covenants and conditions contained herein, Seller and Buyer agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. The definitions in this Article apply to the capitalized terms used in this Agreement. Any
word, phrase or expression that is not defined in this Agreement and that has a generally accepted meaning in the custom and usage in the ethanol industry in the United States shall have that meaning in this Agreement. 

“Agreement” means this Ethanol Purchase and Sale Agreement, including all Exhibits hereto, as amended from time to time.

 “Approved Transaction” has the meaning given in Section 8.1. 

“ASTM D 4806” means the specification requirements set forth on Exhibit A. 

“Bid” has the meaning given in Section 8.1. 

“Buyer” has the meaning given in the Preamble. 
 “Buyer Taxes” has the meaning given in Section 8.2. 

“CARB” has the meaning given to it in Section 5.1. 

  
 -1-

 “Commission” means for each Approved Transaction, 1.50% of the Transaction
Gross Purchase Price for Approved Transactions. 
 “Contract Year” means a period of twelve
(12) consecutive months during the Term starting on the Date of First Delivery and ending on the day prior to the first anniversary of the Date of First Delivery and each successive twelve (12) month period during the Term starting on the
anniversary of the Date of First Delivery and ending on the day prior to the next succeeding anniversary thereof. 

“Central Time” means the prevailing time in Omaha, Nebraska, 

“Date of First Delivery” means the date that the first delivery of Ethanol occurs pursuant to this Agreement.

 “Delivered” and “Delivery” means the transfer of Ethanol from Seller to the transportation
vehicle contracted by Buyer at the Delivery Point, with a corresponding issuance of an applicable bill of lading. 

“Delivery Point” is the interface where Ethanol is loaded onto trucks at the intake flange on the receiving truck when
located at the Plant’s loading equipment. 
 “Dollars” means United States currency. All calculations of
monetary sums to be paid hereunder shall be made in US currency. 
 “Effective Date” means the effective date
of this Agreement as set forth in the Preamble. 
 “EPA” has the meaning given in Section 5.1. 

“Ethanol” means ethanol meeting the ASTM D 4806 specification described on Exhibit A. 

“Exhibit” means each of Exhibits A and B attached to this Agreement, as they may be amended and revised
from time to time, which shall constitute part of, and shall be included in this Agreement. 
 “Force Majeure”
has the meaning given in Section 14.2. 
 “Initial Term” has the meaning given in Section 3.1.

 “LCFS Credit” has the meaning given to it in Section 5.1. 

“LCFS Program” has the meaning given to it in Section 5.1. 

“Lenders” has the meaning given in Section 18.16. 

“Net Gallon” means each U.S. gross gallon of Ethanol (temperature corrected to 60° degrees F) Delivered under this
Agreement. 
 “Other Environmental Attributes” means any and all credits, benefits, emissions reductions,
offsets, allowances or similar benefits of any type arising under any federal, state, local or other law as now in effect, or as subsequently amended, enacted or adopted, in any way arising out of or relating to the production of Ethanol or
electricity or Seller’s other operations or activities at or relating to the Plant, excluding only RINs and LCFS Credits conveyed to Buyer under this Agreement. 
 “Payment” has the meaning given in Section 11.1. 

“Plant” has the meaning given in the Recitals. 

  

					
	Ethanol Purchase and Sale Agreement	 	-2-	 	

 “Primary Storage Tank” means the primary Ethanol storage tank at the Plant,
with an expected storage capacity of 380,000 gallons. 
 “Prime Commercial Lending Rate” means the rate of
interest most recently published in the Money Rate Table of the Wall Street Journal as the prime annual rate of interest. 

“Renewal Term” has the meaning given in Section 3.1. 

“RFS2 Rule” has the meaning given in Section 5.1. 

“RINs” has the meaning given in Section 5.1. 

“Regulatory Credit Protocol” has the meaning given in Section 5.1. 

“Seller” has the meaning given in the Preamble. 

“Transaction” has the meaning given in Section 8.1. 

“Transaction Costs” means transportation and related costs associated with the transactions under Section 8.1
hereof for the sale and Delivery of Ethanol or the sale and transfer of RINs or LCFS Credits, as applicable, and in the case of Delivery of Ethanol shall specifically include all freight, taxes, and storage, but for the avoidance of doubt shall
specifically exclude all of Buyer’s costs associated with salaries, overhead, travel and insurance. 
 “Transaction
Gross Purchase Price” means, for each Approved Transaction, (1) the product of the applicable per-gallon sales price for Ethanol multiplied by the Net Gallons of Ethanol Delivered in such Transaction, plus any separate amounts payable
for each RIN or LCFS Credit times the number of any RINs or LCFS Credits included in the accepted Bid, as applicable, in such Transaction, less (2) the sum of the Transaction Costs and Buyer Taxes applicable to such Approved Transaction.

 “Transaction Net Purchase Price” means, for each Approved Transaction, the Transaction Gross Purchase Price
less the Commissions applicable to such Approved Transaction. 
 “Transaction Reports” has the meaning given in
Section 5.7. 
 “Term” has the meaning given in Section 3.1. 

Section 1.2 Rules of Interpretation. As used in this Agreement, the terms “herein,” “herewith” and
“hereof” are references to this Agreement, taken as a whole, the term “includes” or “including” shall mean “including, without limitation,” and references to a “Section,” “subsection,”
“clause,” “Article” or “Exhibit” shall mean a Section, subsection, clause, Article or Exhibit of this Agreement, as the case may be, unless in any such case the context requires otherwise. All references to a given
agreement, instrument or other document, or to any law, regulation, standard or code, shall be a reference to such agreement, instrument or other document, or to such law, regulation, standard or code, as modified, amended, supplemented and/or
restated from time to time. Reference to a person or party includes its successors and permitted assigns. The singular shall include the plural and the masculine shall include the feminine and neuter, and vice versa. 

  

					
	Ethanol Purchase and Sale Agreement	 	-3-	 	

 ARTICLE II 
 DATE OF FIRST DELIVERY NOTICE; 
 PRODUCT AVAILABLE FOR SALES FORECAST 

Section 2.1 Notice Dates. Seller shall provide Buyer notice at least one hundred eighty (180) days prior to
Seller’s projected Date of First Delivery, setting forth Seller’s best estimate of the range of potential dates for Date of First Delivery covering a forty-five (45) day period. Approximately sixty (60) days prior to
Seller’s projected Date of First Delivery, Seller shall provide Buyer with Seller’s best estimate of the projected Date of First Delivery covering a range of ten (10) days, and shall update such estimate on a weekly basis. 

Section 2.2 Production Estimates. With each notification in Section 2.1, Seller shall provide
Buyer with Seller’s best estimate of the Plant’s weekly Ethanol production for the six (6) month period following the estimated Date of First Delivery. After the Date of First Delivery, Seller shall provide monthly notices to Buyer,
by the 20th of each month, estimating the daily production
for the next six (6) month period beginning the first full calendar month following the date of the last estimate. Seller shall promptly notify Buyer of any adjustments to the Ethanol production schedule that has been most recently given to
Buyer. 
 Section 2.3 Ethanol Available for Sales Forecast. Following the Date of First Delivery, Seller
shall provide Buyer with a daily Plant operations report by 9:00 AM Central Time that provides the Buyer with the following information regarding Ethanol production at the Plant: (i) total current Ethanol inventory, (ii) current Ethanol
inventory available for sale, (iii) the Plant’s previous day’s Ethanol production numbers, and (iv) a rolling Ethanol production forecast for the following sixty (60) days. 

ARTICLE III 

TERM; TERMINATION 

Section 3.1 Initial Term; Renewal. Unless terminated earlier in accordance with this Agreement, the initial term of
the Agreement (the “Initial Term”) shall be for a term, beginning on the Effective Date, and ending on the third (3rd) anniversary of the Date of First Delivery. The Initial Term shall be followed by renewal terms (the
“Renewal Terms”) of one (1) year each, that renew automatically unless notice is given by either party at least ninety (90) days prior to the end of the Initial Term or each Renewal Term. The Initial Term and any Renewal
Terms are herein referred to collectively as the “Term”. 
 Section 3.2 Termination During
Initial Term. This Agreement may not be terminated during the Initial Term unless pursuant to the provisions of Section 3.3, Section 3.4, Section 14.7 or Section 18.1, and shall otherwise continue after the Initial Term
unless terminated pursuant to Section 3.3, Section 3.4, Section 14.7, or Section 18.1, or not renewed pursuant to Section 3.1. 
 Section 3.3 Termination By Seller Due To Buyer Insolvency. If Buyer (i) becomes insolvent or suffers the filing of a petition of bankruptcy, executes an assignment for the benefit
of creditors, or becomes the subject of any insolvency proceedings of any nature, or (ii) fails to take and pay for Ethanol as prescribed in this Agreement, then, in addition to any other rights and remedies Seller may have, Seller shall have
the right to immediately terminate this Agreement by written notice. 

  

					
	Ethanol Purchase and Sale Agreement	 	-4-	 	

 Section 3.4 Termination By Buyer Due to Seller Insolvency. If Seller
becomes insolvent or suffers the filing of a petition of bankruptcy, executes an assignment for the benefit of creditors, or becomes the subject of any insolvency proceeding of any nature, then, in addition to any other rights and remedies Buyer may
have, Buyer shall have the right to immediately terminate this Agreement by written notice. 
 ARTICLE IV 

PURCHASE AND DELIVERY OBLIGATIONS 
 Section 4.1 Purchase of Ethanol Production. Subject to the provisions of this Agreement, Seller shall sell and make available for Delivery and Buyer shall purchase and take Delivery in
accordance with Section 6.1 of one hundred percent (100%) of the Ethanol produced by the Plant, it being acknowledged that Seller makes no guarantees as to the actual output of the Plant. 

Section 4.2 Access To Delivery Point. Buyer shall be given reasonable access to the Plant for purposes of taking
Delivery of Ethanol during normal business hours upon reasonable prior notice; provided that Buyer’s access shall be without disruption to Seller’s business operations at the Plant. Buyer will provide Seller with Delivery schedules
and will make all arrangements for transportation of the Ethanol. Seller shall be responsible for and supervise the loading and Delivery of Ethanol, and prepare Delivery documentation. All equipment necessary to load trucks at the Delivery Point
shall be supplied by Seller without charge to Buyer. 
 Section 4.3 Purchase Exclusivity. Except as otherwise
set forth herein, Buyer is obligated, and shall have the exclusive right, to purchase from Seller all Ethanol produced at the Plant. 
 ARTICLE V 
 REGULATORY CREDITS AND GREEN ATTRIBUTES 

Section 5.1 Regulatory Credit Protocol. Each Net Gallon of Ethanol delivered under this Agreement may be eligible to
generate, or required to generate, regulatory attributes called (a) Renewable Identification Numbers (“RINs”) under the Renewable Fuel Standard program (the “RFS2 Rule”) administered by the US Environmental
Protection Agency (“EPA”) and/or (b) “credits” under the Low-Carbon Fuel Standard program (the “LCFS Program”) administered by the California Air Resources Board (“CARB”) with respect
to fuels imported into California (“LCFS Credits”). No later than one-hundred eighty (180) days prior to Seller’s projected Date of First Delivery, Buyer shall present to Seller a proposed operating protocol (the
“Regulatory Credit Protocol”) setting forth proposed administrative procedures consistent with this Article V to be followed by the parties for the implementation of the terms and conditions of this ARTICLE V and compliance with the
relevant laws and regulations governing RINs and LCFS Credits. The parties shall work in good faith to finalize and mutually agree upon the Regulatory Procedures Protocol and the final agreed version thereof shall become part of and be incorporated
into this Agreement on or before the Date of First Delivery. 
 Section 5.2 RINs. RINs that are required by
law or regulation to be conveyed with Ethanol in connection with the sale to Buyer shall be considered to be included in the 

  

					
	Ethanol Purchase and Sale Agreement	 	-5-	 	

 
conveyance of Ethanol under this Agreement, regardless of whether such RIN is specifically identified in the Transaction proposed or Bid delivered to Seller under Section 8.1, and any price
offered or paid in connection with Ethanol shall be deemed to include the acquisition of such required RINs. Seller is required to sell and convey to Buyer such required RINs contemporaneously with the Delivery of Ethanol and to record or execute
such changes in applicable registry accounts as are necessary to convey such RINs with the Ethanol. RINs conveyed in a sale of Ethanol to Buyer under this paragraph may not be separately retained, sold or conveyed by Buyer (or obtained as rebates
from third-party customers in connection with a sale of Ethanol) without prior notice to and compensation of Seller as specified in a Bid. 
 Section 5.3 Separate RINs. If, under current law or regulations or modified law or regulations, it is possible for Seller to register or generate RINs separately from the Ethanol sold
to Buyer, or to sell or convey such RINs separately from the Ethanol, then any sale of Ethanol hereunder to Buyer shall be deemed to exclude the transfer of such optional RINs, unless such RINs are expressly included in a Transaction proposed by
Buyer and approved by Seller under Section 8.1. RINs intended to be separated from the Ethanol in a transaction to a third party, or otherwise to be retained, sold or conveyed separately by Buyer (or obtained as rebates from third-party
customers in connection with a sale of Ethanol) shall be identified in the Transaction and Bid under Section 8.1. 

Section 5.4 LCFS Credits. LCFS Credits may be generated with respect to Ethanol imported into California through a
process requiring the importer to be a regulated party under the LCFS Program. Buyer may act as the regulated party for the sale of Ethanol and creation of LCFS Credits in connection with Ethanol, if Buyer and Seller agree to provisions in the
Regulatory Credit Protocol for tracking the value of LCFS Credits associated with Ethanol sold by Seller to Buyer hereunder and conveying to Seller the value of LCFS Credits so generated. If Buyer is the regulated party under the LCFS Program, Buyer
may sell or resell LCFS Credits together with or separately from the Ethanol, provided that any such sales or resales of LCFS Credits are disclosed to Seller and included in the Bid for a Transaction under Section 8.1(b). Buyer shall be liable
to Seller for all value received by Buyer (less payment of Commissions on such value) with respect to LCFS Credits created by the sale or resale of Ethanol sold into California markets, directly or indirectly, if such value is not included in the
Bid for a Transaction under Section 8.1(b). If (i) Seller delivers written notice to Buyer under Section 10.1(b) and suspends Buyer’s purchasing exclusivity, thus entitling Seller to market and sell the Ethanol by any means
Seller chooses; (ii) Buyer is unable to perform because of a reason of Force Majeure pursuant to Section 14.1; (iii) Buyer’s failure to perform results in a default pursuant to Section 18.1; or (iv) as the parties
otherwise agree in the Regulatory Credit Protocol, Seller may notify Buyer that Seller will become the regulated party under the LCFS Program. If Seller is the regulated party under the LCFS Program for purposes of administering this Agreement,
Seller shall be entitled to sell or convey LCFS Credits to third parties for value, separately from any purchase or sale of Ethanol under this Agreement. 
 Section 5.5 Registration. Seller and Buyer shall register at their own expense with EPA or CARB or other administrative entity as necessary to fulfill each of their responsibilities
under this Agreement. Seller shall register the production of Ethanol in a manner required by the RFS2 Rule and other EPA requirements, and in accordance with the Regulatory Credit Protocol, so as to permit transfer of RINs to Buyer or third
parties. Seller or Buyer, as the regulated party under the LCFS Program, shall take such actions and submit such documentation as to be able to 

  

					
	Ethanol Purchase and Sale Agreement	 	-6-	 	

 
create, record, generate and document LCFS Credits for their own accounts, as applicable hereunder. Seller and Buyer will cooperate with one another, as agreed in the Regulatory Credit Protocol
and otherwise, to permit the registration, transfer, management and reporting of RINs and LCFS Credits and otherwise comply with the requirements of the LCFS Program and RFS2 Rule efficiently and with the lowest overall administrative costs
practicable. 
 Section 5.6 Administration. The parties acknowledge that RINs may be registered or generated
by either Seller or Buyer (by registration or some other election), Seller may become the generator, registrant or owner of optional RINs or LCFS Credits, and Seller may take such actions as are permitted or required to establish the Seller as the
generator, registrant or owner of such optional RINs or LCFS Credits. In such event, Buyer shall cooperate with Seller’s efforts, including by filing or executing such notices, consents or other documents requested by Seller for such purpose.

 Section 5.7 Documentation and Reports. Buyer shall be responsible for and shall create on behalf of
Seller, for submission by Seller, all necessary and required reports for purposes of compliance with the RFS2 Rule and the LCFS Program with respect to any RINs conveyed to Buyer or LCFS Credits generated by Buyer with respect to Ethanol Delivered
to Buyer by Seller under this Agreement, including specific transaction reports, periodic compliance and progress reports, and pathway demonstrations (the “Transaction Reports”), all as further provided in the Regulatory Credit
Protocol. The Transaction Reports include any periodic reports required to be submitted by Seller or Buyer. Seller shall provide all information about transactions relating to optional RINs and LCFS Credits retained or sold to third parties at least
thirty (30) days prior to the deadline for submitting such Transaction Reports. The Transaction Reports shall be provided to Seller by Buyer at least ten (10) days prior to any applicable submission deadline. 

Section 5.8 Other Environmental Attributes. For the avoidance of doubt, this Agreement does not contemplate
Seller’s sale or transfer to Buyer of any Other Environmental Attributes, all of which Other Environmental Attributes (as between Seller and Buyer) shall remain the sole and exclusive property of Seller to hold or convey in its sole and
absolute discretion. Should RINs and LCFS Credits be terminated and replaced by Other Environmental Attributes, the parties intend that this Agreement shall be interpreted to the extent possible to refer to and give effect to the transactions
contemplated under this Agreement by substituting such Other Environmental Attributes for RINs and/or LCFS Credits, as applicable. If Other Environmental Attributes are created subsequent to the Effective Date that are issued or generated in
proportion to the production of Ethanol by Seller, Seller and Buyer may amend this Agreement to incorporate such Other Environmental Attributes into this Agreement, but shall have no obligation to do so. 

ARTICLE VI 

QUANTITY 
 Section 6.1 Uniform Weekly Deliveries. Seller shall deliver the Ethanol and Buyer shall take Delivery of Ethanol at the Delivery Point(s) at uniform weekly rates, as nearly as
practicable such that the Ethanol delivered in any one month shall approximately equal one twelfth (1/12th) of Seller’s estimated annual Ethanol production; provided that the parties 

  

					
	Ethanol Purchase and Sale Agreement	 	-7-	 	

 
acknowledge that the Plant shall use new technology and it may have an extended “break-in period” before it achieves uniform production rates. Buyer shall be obligated to take Delivery
of, and to pay for in accordance with ARTICLE XI, all quantities of Ethanol tendered for Delivery by Seller. 

Section 6.2 Quantity Measurement. The quantity of Ethanol Delivered to Buyer by Seller from the Plant shall be
established by outbound meter tickets expressed in temperature-corrected Net Gallons in accordance with standards commonly used within the industry in the United States of America. The meter tickets shall be obtained from meters which are certified
as of the time of loading and which comply with all applicable laws, rules and regulations. The outbound meter tickets shall be determinative in the absence of manifest error (greater than 0.5% variation) of the quantity of Ethanol for which Buyer
is obligated to pay pursuant to Section 11.1. Seller shall provide copies of meter tickets when requested by Buyer. 

ARTICLE VII 

QUALITY 

Section 7.1 Specification Requirement. Seller shall deliver Ethanol to Buyer under this Agreement that meets the
specification set forth in Exhibit A. If any government entity requires a change in the specifications set forth in Exhibit A, Buyer shall notify Seller of the change in specification. Upon such a government-ordered change, Seller and
Buyer agree to change the specifications of Ethanol in this Agreement within a reasonable time as agreed to by Buyer and Seller, subject to the provisions of ARTICLE XIV, and provided that if Seller is unable or unwilling (in its discretion) to make
any such change after good faith discussions with Buyer, then Buyer’s sole right and remedy shall be to terminate this Agreement pursuant to Section 14.7. 
 Section 7.2 Responsibility For Off-Specification Ethanol. If the Ethanol Delivered by Seller does not meet the specifications set forth in Exhibit A when Delivered by Seller at
the Delivery Point, and quality claims arise as a result thereof, such quality claims will be administered by Buyer with the input and consent of Seller. Such claims shall be solely for Seller’s account and Buyer shall not be responsible in any
manner whatsoever for such claims; provided that, in all of Buyer’s sales contract forms under which Buyer is the “seller” and relating to the sale or re-sale of Ethanol Delivered hereunder, Buyer shall include clear and
conspicuous provisions by which (i) Buyer makes no representations or warranties (and expressly disclaims any and all representations and warranties) as to the quality or merchantability of any Ethanol Delivered hereunder other than that such
Ethanol complies with the specification included in Exhibit A of this Agreement and (ii) Buyer’s liability thereunder, and the rights and remedies of any purchaser of Ethanol thereunder, arising out of or relating to the failure of
any Ethanol to meet the specification included in Exhibit A of this Agreement are expressly limited to the refund of the purchase price for any non-conforming Ethanol and/or the replacement of any non-conforming Ethanol (including shipping
costs), in either case upon return of the non-conforming Ethanol to Buyer. Any such returned Ethanol shall be returned to and be the property of Seller. 
 Section 7.3 Maintenance of Samples. Seller shall maintain original sealed numbered samples of all Ethanol after Delivery into transportation vehicles before it leaves the Delivery Point
premises. Seller will label these samples to indicate date of shipment and the truck or rail 

  

					
	Ethanol Purchase and Sale Agreement	 	-8-	 	

 
car number will be included. Seller will retain these samples for three (3) months and shall send one such sample to Buyer immediately upon Buyer’s request. 

ARTICLE VIII 

TRANSACTION SPECIFICATION, APPROVAL AND CONFIRMATION 
 Section 8.1 Specification and Approval of Transactions; Pricing and Commissions. 
 (a) Overview. The parties acknowledge and agree that (i) Buyer shall resell to third-party purchasers all of the Ethanol that Buyer purchases from Seller hereunder, along with any associated
RINs or LCFS Credits made available to Buyer under this Agreement, (ii) the amounts payable hereunder by Buyer to Seller for Ethanol, RINs and LCFS Credits shall be a function of the amounts that Buyer is able to obtain in such resale
transactions, (iii) Buyer shall have a duty, acting in good faith and with commercially reasonable efforts, to attempt to obtain the maximum aggregate value in such resale transactions (taking into account the resale prices of Ethanol, RINs and
LCFS Credits), and (iv) Buyer shall receive a commission in the manner calculated below in connection with its purchase and resale of Ethanol, RINs or LCFS Credits hereunder. 

(b) Specification and Approval of Ordinary Course Transactions. Buyer will present alternative transactions to Seller for
(i) the sale of Ethanol, which will vary in delivery location, volume, price and delivery time, and (ii) for the sale of RINs or LCFS Credits, which sales are subject to specification in terms of price, time of delivery and other factors
(each proposed transaction, being a “Transaction”). For each Transaction (and for multiple Transactions where permitted or required by the Regulatory Credit Protocol), Buyer shall present Seller with a written bid in a format
mutually agreed by the parties (a “Bid”) setting forth following information as applicable (and any other information that may reasonably be requested from time to time by Seller): 

 

	 	(i)	name/identity of the proposed purchaser; 

  

	 	(ii)	number of Net Gallons, RINs and/or LCFS Credits proposed for sale; 

  

	 	(iii)	proposed Delivery date(s) and or Transaction term, as applicable; 

  

	 	(iv)	proposed sales price per Net Gallon (and if applicable proposed price per RIN and/or LCFS Credit); 

 

	 	(v)	a listing and the amount of all applicable Transaction Costs; 

  

	 	(vi)	a listing and the amount of all applicable Buyer Taxes; 

  

	 	(vii)	the Transaction Gross Purchase Price; 

  

	 	(viii)	the applicable Commissions; 

  

	 	(ix)	the Transaction Net Purchase Price; 

  

	 	(x)	the point of transfer of title to Ethanol, if not the Delivery Point (required with respect to LCFS Credits to be in California); 

 

	 	(xi)	such other Transaction information as may be relevant; and 

  

	 	(xii)	the time by which the Seller must accept the bid. 

 Seller shall communicate its acceptance or rejection of the Bid within the timeframe communicated at the receipt of the Bid. Upon the acceptance of a Bid, Buyer shall deliver by facsimile, electronic
communication, or other means of delivery to Seller a written Transaction 

  

					
	Ethanol Purchase and Sale Agreement	 	-9-	 	

 
confirmation evidencing the parties’ agreement as to the applicable Transaction. Each Transaction so confirmed is herein referred to as an “Approved Transaction.” Seller may
grant Buyer pre-approval to engage in certain Transactions (whether within pre-agreed price ranges or otherwise) to the extent the specifics related to such pre-approved Transactions are set forth in writing. 

(c) Payments and Commissions. For each Approved Transaction under Section 8.1(b) Buyer shall pay to Seller the Transaction
Net Purchase Price in accordance with Section 11.1, and shall retain from the proceeds from the third party in such Approved Transaction an amount equal to the applicable Commission. No other cash consideration or items of value shall be
received by Seller from any third party in connection with an approved transaction, unless such consideration or items are identified as part of the Transaction Gross Purchase Price and paid to Seller, subject to the payment of Commissions, under
this Agreement. 
 Section 8.2 Payment of Taxes. Seller shall pay or cause to be paid all valid levies,
assessments, duties, rates and other taxes assessed on Ethanol prior to the Delivery of the Ethanol at the Delivery Point. Buyer shall pay or cause to be paid all valid levies, assessments, duties, rates and other taxes assessed on the Ethanol or
sale of Ethanol after the Delivery of the Ethanol at the Delivery Point. All of such taxes payable by Buyer are herein referred to as “Buyer Taxes”. 
 Section 8.3 Inability to Produce. In the event Seller’s Plant is unable to produce sufficient Ethanol quantities to satisfy Approved Transactions, and such inability to produce is
not the result of Force Majeure, then in such case Buyer may purchase or arrange for the purchase of such shortfall from other sources, and shall use commercially reasonable efforts to minimize any such cover costs. If Buyer’s direct cover
costs for an Approved Transaction for supply of Ethanol to a third party exceed the amounts that Buyer would have paid to Seller hereunder (all as determined on a net basis), then the amount of such excess shall be deducted from the weekly payment
described in Section 11.1. Buyer will provide Seller written substantiation of such costs reasonably satisfactory to Seller as soon as practicable. 
 Section 8.4 Cooperation on Hedging Transactions. The parties acknowledge that, during the Term hereof, Seller may desire to enter into one or more hedging transactions to protect
against commodity or other market price fluctuations. Buyer agrees to reasonably cooperate with Seller to implement any such transactions, provided that Seller provide sufficient credit support required in order for Buyer to enter into such
transaction. If Seller requests Buyer’s cooperation with any hedging transactions, Seller and Buyer agree to modify the definition of “Transaction Costs” to include Buyer’s reasonable costs that it incurred assisting with
Seller’s implementation of hedging transactions. 
 ARTICLE IX 

TRANSPORTATION AND DEMURRAGE CHARGES 
 Section 9.1 Transportation of Ethanol. Buyer agrees to diligently pursue, secure and maintain all necessary agreements to receive and transport the Ethanol from the Delivery Point, in
all cases subject to Seller’s prior approval in accordance with procedures and protocols to be mutually agreed by Seller and Buyer from time to time. Such procedures shall include details for Buyer’s arrangement of transportation and the
processing of all truck transportation invoices. If 

  

					
	Ethanol Purchase and Sale Agreement	 	-10-	 	

 
inadequate transportation assets or arrangements are the result of any breach or failure hereunder of Seller, Buyer will not be liable for damages for failure to accept Delivery of Ethanol. If
the Ethanol is being transported by rail, the Transaction Costs will include, but not be limited to, all tank car lease agreements, freight from Delivery Point to destination, accessorial charges, fuel surcharges and excess empty mileage charges.

 Section 9.2 Demurrage Charges. Both parties shall use reasonable efforts to coordinate transportation and
all other Delivery logistics to minimize demurrage charges and costs. Seller shall be responsible for all demurrage charges and costs, except that Buyer shall be responsible therefor to the extent arising out of Buyer’s failure to implement or
comply with reasonably prudent Delivery scheduling procedures, or breach of this Agreement. 
 ARTICLE X 

STORAGE 

Section 10.1 Storage Capacity. 
 (a) Seller shall maintain the Primary Storage Tank at the Plant site. 
 (b) If at
any time the Ethanol stored in Seller’s Primary Storage Tank uses more than 75% of the storage capacity thereof, then Seller shall be entitled by written notice to Buyer to suspend Buyer’s purchasing exclusivity as set forth in
Section 4.3 and Seller shall be entitled to market and sell the Ethanol by any means Seller chooses until such time as the Ethanol in such Primary Storage Tank occupies less than 25% of the storage capacity thereof, at which time the
Buyer’s purchasing exclusivity shall be restored with respect to all unsold Ethanol produced by Seller; provided the foregoing shall not apply (i) at the beginning of the Term hereof until Seller provides written notice to Buyer
that the “break-in period” referred to in Section 6.1 has ended, or (ii) during any period that Seller has caused the accumulation of Ethanol in Seller’s storage by unreasonably declining to approve transactions presented by
Buyer to Seller as set forth in Section 8.1. To the extent Seller elects directly to market and sell Ethanol as contemplated in this Section 10.1(b), Seller shall in good faith consider effecting (but shall have no obligations to effect)
such sales through Buyer at a fee that is equal to one-half of its Commission. 
 ARTICLE XI 

PAYMENTS 

Section 11.1 Purchase Price. Buyer shall pay to Seller for the Approved Transactions the Transaction Net Purchase
Price provided in Section 8.1 by direct wire transfer or electronic transfer to Seller’s designated bank account. The direct wire transfer or electronic transfer to Seller’s designated bank account (“Payment”) shall
be made no later than Wednesday of each week for all Delivery of Ethanol sold hereunder from Seller to Buyer, together with the proceeds of sales of RINs or LCFS Credits to Buyer, during the week ending on the Saturday eleven (11) days prior to
such Wednesday. For purposes hereof, a “week” shall mean each period of seven (7) consecutive calendar days from and including Sunday through and including Saturday. At the time of each Payment, Buyer shall forward a statement
to Seller setting forth for the applicable week the total quantity of Ethanol Delivered, the number of RINs or LCFS Credits sold, the applicable Transaction Net Purchase Price for each Approved Transaction, and a

  

					
	Ethanol Purchase and Sale Agreement	 	-11-	 	

 
summary of Transaction Costs, Buyer Taxes and Commissions directly relating to such Approved Transactions, and other related information (or supporting documentation) reasonably requested by
Seller from time to time. 
 Section 11.2 Interest. Subject to ARTICLE XIV, if any party to this Agreement
fails to pay all or any portion of the amount owing by that party when due, such unpaid amount will bear interest at a rate equal to one per cent (1%) per annum above the Prime Commercial Lending Rate as reported in the Wall Street Journal
calculated daily from the date such amount is due hereunder until the date it is actually paid. Upon failure of a party to pay the unpaid amount including interest thereon within ten (10) days after the due date set out in this Agreement, the
party to whom sums are due may upon giving seven (7) days’ notice suspend in whole or in part its delivery or acceptance of Ethanol hereunder until such outstanding amount has been paid in full. 

Section 11.3 Audits. Any payment made pursuant to this Article will not preclude a party from subsequently auditing
the accounts of the other on a once per year basis at the end of a calendar year or at any time upon the occurrence of a default by such other party hereunder, as permitted in ARTICLE XVI of this Agreement. 

ARTICLE XII 

TITLE, RISK OF LOSS AND INSURANCE 
 Section 12.1 Transfer of Title and Risk of Loss. Title and risk of loss or damage to Ethanol shall pass from Seller to Buyer at the Delivery Point. Until transfer at the Delivery Point,
Seller shall be deemed to be in control of and in possession of and shall bear the risk of loss of Ethanol. 

Section 12.2 Liability Allocation and Indemnification. Buyer will have no responsibility, or liability with respect to
the Ethanol until Delivery to Buyer as described in Section 12.1, and Seller shall fully defend, indemnify and hold Buyer harmless from any and all liability, costs, claims or damages of any type arising out of accidents, incidents or other
matters involving the Ethanol prior to Delivery to Buyer. Except as otherwise expressly set forth in this Agreement, Seller will have no responsibility or liability with respect to the Ethanol after Delivery to Buyer as described in
Section 12.1 or on account of anything which may be done or happen to arise with respect to the Ethanol after such Delivery, and Buyer shall fully defend, indemnify and hold Seller harmless from any and all liability, costs, claims or damages
of any type arising out of accidents, incidents or other matters involving the Ethanol after Delivery to Buyer. 

Section 12.3 Insurance. During the Term, each party shall carry the insurances listed on Exhibit B, subject to
and in accordance with the provisions set forth on Exhibit B. 
 ARTICLE XIII 

REPRESENTATIONS, COVENANTS AND WARRANTIES 
 Section 13.1 Seller’s Representation, Warranties and Covenants. Acknowledging that Buyer is relying upon such representations, warranties and covenants in connection with the
purchase of Ethanol under this Agreement, Seller represents and warrants to Buyer, as of the 

  

					
	Ethanol Purchase and Sale Agreement	 	-12-	 	

 
Effective Date hereof, and covenants to Buyer at all times during the Term of this Agreement the following: 
 (a) SELLER HAS TITLE TO ALL ETHANOL DELIVERED HEREUNDER, IT HAS THE RIGHT TO SELL THE SAME TO BUYER, AND THE ETHANOL IS FREE FROM ANY LIENS OR ENCUMBRANCES; PROVIDED THAT, EXCEPT AS
PROVIDED IN THIS SECTION 13.1 AND AS PROVIDED IN ARTICLE VI WITH RESPECT TO THE QUALITY OF ETHANOL TO BE DELIVERED, THERE ARE NO WARRANTIES EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR AN
EXPRESS PURPOSE EXCEPT THAT THE ETHANOL WILL CONFORM WITH THE SPECIFICATIONS SET FORTH IN EXHIBIT A, AS MAY BE AMENDED FROM TIME TO TIME BY WRITTEN AGREEMENT BETWEEN THE PARTIES HERETO. 

(b) Seller covenants that it shall procure and maintain in force all licenses, consents and approvals required for its operation of the
Plant and manufacture and sale to Buyer of the Ethanol under this Agreement and shall be solely responsible for and indemnify Buyer against requirements of such licenses, consents and approvals. 

(c) Seller covenants that it will promptly notify Buyer of any actual or anticipated production downtime or disruption to Ethanol
availability from the Plant. 
 (d) Seller is a U.S. entity for purposes of state and federal income and excise taxes.

 (e) This Agreement has been duly and validly executed and delivered by Seller; this Agreement constitutes a legal, valid and
binding obligation of Seller, enforceable in accordance with its terms, except to the extent its enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the rights of creditors generally
or by general principles of equity. 
 Section 13.2 Buyers Representations, Warranties and Covenants.
Acknowledging that Seller is relying upon such representations, warranties and covenants in connection with the sale of Ethanol to Buyer under this Agreement, Buyer represents and warrants to Seller, as of the Effective Date hereof, and covenants to
Seller at all times during the Term of this Agreement the following: 
 (a) Buyer is a U.S. entity for purposes of state and
federal income and excise taxes. 
 (b) This Agreement has been duly and validly executed and delivered by Buyer; this Agreement
constitutes a legal, valid and binding obligation of Buyer, enforceable in accordance with its terms, except to the extent its enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
rights of creditors generally or by general principles of equity. 
 (c) Buyer covenants that it will maintain or cause to be
maintained accurate and complete records in a prudent and businesslike manner in accordance with sound commercial practices, of the selling prices described in ARTICLE VIII hereof and the associated

  

					
	Ethanol Purchase and Sale Agreement	 	-13-	 	

 
transportation and other costs in respect of Ethanol, RINs and LCFS Credits purchased by Buyer hereunder. 
 (d) Buyer covenants that it shall procure and maintain in force all licenses, consents and approvals required for its purchase from Seller and resale of Ethanol, RINs and LCFS Credits hereunder and all
its other obligations under this Agreement except for the licenses for which Seller is responsible under Section 13.1(b), and shall be solely responsible for and indemnify Seller against any costs, liabilities or fines arising out of
Buyer’s failure to comply with the applicable requirements of such licenses, comments and approvals. 
 ARTICLE XIV

 FORCE MAJEURE 
 Section 14.1 Force Majeure. Subject to the other provisions of this Section, if either party is unable by reason of Force Majeure, as hereinafter described, to perform in whole or in
part any obligation or covenant set forth hereunder, the obligations of both parties under this Agreement will be suspended or curtailed to the extent necessary for the period such Force Majeure condition continues. Where the Agreement is suspended
or curtailed the amount of time the Force Majeure is in effect will be added on to the Term. 
 Section 14.2
Definition. For the purposes of this Agreement, Force Majeure will include any event or circumstance arising or occurring beyond the reasonable control of Seller or Buyer, including without limiting the generality of the foregoing:

 (a) Any acts of God, including, but without restricting the generality thereof, lightning, earthquakes, storms, epidemics,
landslides, floods, fires, explosions or washouts. 
 (b) Any strikes, lockouts or other industrial disturbances of a regional
or national character. 
 (c) Any acts of the enemies of the state, sabotage, wars, blockades, insurrections, riots, civil
disturbances, arrests or restraints. 
 (d) Any orders of any court or government authority, which physically limit the
production, transportation or sale of Ethanol or alter the specifications of Ethanol from that described in Exhibit A; provided, however, that with respect to the altering of the specifications of Ethanol, such Force Majeure shall only last
for the period of time from the inception thereof until such time as the parties change the specifications on Exhibit A pursuant to Section 7.1, or either party terminates this Agreement pursuant to Section 14.7. 

(e) Any acts or omissions (including failure to take Ethanol) of a transporter or carrier of Ethanol, which are caused by any event or
occurrence of the nature described in this Section 14.2. 
 (f) Any other reasonable causes, whether of the kind herein
enumerated or otherwise not within the reasonable control of the party claiming suspension and which, by the exercise of due diligence, such party could not have prevented or is unable to overcome. 

  

					
	Ethanol Purchase and Sale Agreement	 	-14-	 	

 Section 14.3 Labor Disputes. Notwithstanding anything to the contrary in
this ARTICLE XIV, the settlement of strikes, lockouts and other industrial disturbances will be entirely within the discretion of the party involved therein and such party may make settlement thereof at such time and on such terms and conditions as
it may deem advisable and no delay in making such settlement will deprive such party of the benefit of Section 14.1. 

Section 14.4 Exclusions. Force Majeure shall not include failure caused by lack of funds. 

Section 14.5 Claiming Relief. A Party claiming relief under this Article will not be entitled to the benefit of the
provisions of this ARTICLE XIV hereof unless, as soon as reasonably possible after the happening of the occurrence relied upon, or as soon as possible after determining that the occurrence was in the nature of Force Majeure and would affect the
claiming party’s ability to observe or perform any of its covenants or obligations hereunder, the party claiming suspension gives to the other party notice to the effect that such party is unable, by reason of Force Majeure, to perform the
particular covenants or obligations. 
 Section 14.6 Notice. The party claiming suspension will give notice
as soon as reasonably possible when the Force Majeure condition has been or will be remedied and that such party has resumed, or is then in a position to resume, the performance of the suspended covenants or obligations. 

Section 14.7 Termination for Force Majeure. In the event that Force Majeure shall continue for a period of nine
(9) months from the date the party claiming relief under this Article gives the other party notice, either party hereto shall have the right to terminate this Agreement by furnishing written notice to the other, with termination effective upon
the expiration date of such nine (9)-month period. Upon such termination, each party shall be relieved from its respective obligations, except for obligations for payment of monetary sums which arose prior to the event of Force Majeure.
Additionally, and without affecting the parties rights and liabilities hereunder, the parties acknowledge the possibility that forward sales contracts entered into by Buyer for the sale of Ethanol from the Plant may contain provisions under which
the Ethanol purchaser thereunder may have the right to terminate such a contract if the Plant suffers a Force Majeure for a period of less than nine (9) months. 
 ARTICLE XV 
 LIMITATION OF LIABILITY 

Section 15.1 LIMITATION OF LIABILITY. IN NO EVENT SHALL BUYER OR SELLER BE LIABLE TO THE OTHER FOR ANY INDIRECT,
CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES, LOSS OF BUSINESS EXPECTATIONS OR BUSINESS INTERRUPTIONS ARISING IN ANY WAY OUT OF THIS AGREEMENT OR ANY BREACH THEREOF. 
 ARTICLE XVI 
 AUDIT RIGHTS 

Section 16.1 Records. Seller and Buyer will establish and maintain at all times, true and accurate books, records and
accounts in accordance with generally accepted accounting 

  

					
	Ethanol Purchase and Sale Agreement	 	-15-	 	

 
principles applied consistently from year to year consistent with good industry practices, distinguishable from all other books and records, in respect of all transactions undertaken by such
party pursuant to this Agreement. 
 Section 16.2 Audit. 

(a) During normal business hours, each party shall have the right to audit such books, records and accounts of the other party in respect
of all transactions undertaken pursuant to this Agreement once per year at the end of the calendar year or at any time upon the occurrence of a default by such other party or if a party has a good faith belief the other party is in default.

 (b) Subject to paragraph (a) of this Section, through to the expiration of one (1) year following the expiration or
termination of this Agreement, each party shall have the right to have a third-party auditor undertake an audit of any statement that the party requesting the audit believes to be in error. 

(c) If any error is discovered in any statement rendered hereunder, such error will be adjusted within seven (7) days from the date
of discovery, but no adjustment will be made for any error discovered more than one year after delivery and receipt of such statements. 
 (d) If a material difference from a statement rendered under this Agreement by any party is discovered by any audit, the party which rendered such statement will pay the costs of such audit. If no such
material difference appears, the party requesting the audit of such statement will pay such costs. 
 ARTICLE XVII 

NOTICES 

Section 17.1 Notices. Except as herein otherwise provided, each notice, request, demand, statement, report and bill
which must or may be given pursuant hereto will be in writing and may be mailed by prepaid first class mail (or equivalent), delivered by hand or sent by fax to the address or number indicated below: 

 

					
	(1)	  	if to Seller:	  	Fulcrum Sierra BioFuels, LLC
		  		  	c/o Fulcrum BioEnergy, Inc.
		  		  	4900 Hopyard Road, Suite 220
		  		  	Pleasanton, CA 94588
		  		  	Attn: Rick Barraza
		  		  	Fax: (925) 730-0157
			
	(2)	  	if to Buyer:	  	Tenaska BioFuels, LLC
		  		  	1045 North 115th Street, Suite 200
		  		  	Omaha, NE 68154
		  		  	Attn: Natalie E. Mason
		  		  	Fax: (402) 938-6900

 (a) Copies shall be provided to such other person or address as shall be indicated by written notice in
the case of a notice of default of termination. 

  

					
	Ethanol Purchase and Sale Agreement	 	-16-	 	

 (b) The date of receipt of each such notice, demand or other
communication will be the date of delivery thereof if hand delivered, or delivered by fax, or, if given by mail as provided herein, will be deemed conclusively to be the (5th) business day after the same is so mailed. 

ARTICLE XVIII 

ADDITIONAL PROVISIONS 
 Section 18.1 Default. Except as otherwise set forth in this Agreement, and subject to ARTICLE XIV, if either party defaults in the performance of any term, covenant, or condition under
this Agreement, the other party may provide written notice to the defaulting party stating the nature of the default. If such default is not remedied with thirty (30) days after receipt of such notice except in the case of payment defaults
(which must be remedied within ten (10) days) the non-defaulting party shall have the remedies available under applicable law, and may terminate this Agreement. This Section shall not limit the ability of the parties to terminate this Agreement
pursuant to other provisions of this Agreement to the extent permitted by such provisions. Further, if a party defaults in any material provision of this Agreement, unless and until such party cures such default in accordance with this Agreement,
such defaulting party shall not be entitled to the benefits accorded it under this Agreement, and the non-defaulting party’s obligations shall be suspended, during the pendency of such material default. Notwithstanding a party’s ability to
cure a default or breach hereunder, to the extent a Buyer fails to make a Payment pursuant to ARTICLE XI more than twice during a twelve-month period during the Term, the occurrence of the third breach shall be deemed an event of default, incapable
of cure for purposes of this Section 18.1, whereby Seller shall be entitled to terminate this Agreement upon thirty (30) days’ prior written notice to Buyer of its intent to exercise its termination rights. 

Section 18.2 Non-Waiver of Future Default. No waiver by either party of any default by the other party in the
performance of any of the provisions of the Agreement will operate or be construed as a waiver of any other or future default or defaults, whether of a like or of a different character. 

Section 18.3 Assignment. Neither party may assign this Agreement or any of its rights hereunder without the prior
written consent of the other, except that Seller may upon notice to Buyer (but without the consent of Buyer) assign this Agreement or any of its rights hereunder to (a) any affiliated entities which own or control, directly or indirectly, the
Plant, or any entity that purchases all or substantially all of the assets comprising the Plant or otherwise merges with or into Seller, provided that such entity assumes all of the obligations of Seller hereunder or (b) any Lender in
accordance with Section 18.16. 
 Section 18.4 Documents. Each party to this Agreement shall perform any
and all acts and execute and deliver any and all documents as may be necessary and proper under the circumstances in order to accomplish the intents and purposes of this Agreement and to carry out its provisions. 

Section 18.5 Time. Time is of the essence with respect to the performance of each of the covenants and agreements
herein set forth. 

  

					
	Ethanol Purchase and Sale Agreement	 	-17-	 	

 Section 18.6 Inurement. This Agreement will inure to the benefit of and
be binding upon the respective successors and permitted assigns of the parties. 
 Section 18.7 Entire
Agreement. This Agreement constitutes the entire Agreement between the parties with respect to the subject matter contained herein and any and all previous agreements, written or oral, express or implied, between the parties or on the behalf
relating to the matters contained herein are hereby terminated and canceled. 
 Section 18.8 Modification.
There will be no modification of the term and provisions hereof except by the mutual agreement in writing signed by the parties. 
 Section 18.9 Governing Law. The Agreement will be interpreted, construed and enforced in accordance with the procedural, substantive and other laws of the State of New York, without
giving effect to principles and provisions thereof relating to conflict or choice of law which would have the affect of applying the law of any other jurisdiction, and even though one or more of the parties is now or may do business in or become a
resident of a different state. 
 Section 18.10 Severability. If any provision of this Agreement shall be
held to be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other provision of this Agreement. 

Section 18.11 Cumulative Remedies. Unless otherwise specifically provided herein, the rights, powers, and remedies of
each of the parties provided herein are cumulative and the exercise of any right, power or remedy hereunder does not affect any other right power or remedy that may be available to either party hereunder or otherwise at law or in equity. 

Section 18.12 Good Faith Performance. The parties shall faithfully perform and discharge their respective obligations
in the Agreement and endeavor in good faith to negotiate and settle all matters arising during the performance of this Agreement not specifically provided for. 
 Section 18.13 No Partnership. The relationship between the parties established under this Agreement is that of independent contractors, and nothing contained in this Agreement shall be
construed or constitute any party as the employee, agent, partner, joint venturer or contractor of any other party. This Agreement is made and entered into for the sole protection and legal benefit of the parties hereto, and their permitted
successors and assigns and, except for Lenders, as contemplated by Section 18.16, no other person or entity shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with this
Agreement. 
 Section 18.14 Counterparts; Interpretation. This Agreement may be executed in any number of
counterparts with the same effect as if all parties to this Agreement had signed the same document and all counterparts will be construed together and constitute one and the same instrument. The parties acknowledge that each party and its counsel
have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be used in interpretation of this Agreement. 

  

					
	Ethanol Purchase and Sale Agreement	 	-18-	 	

 Section 18.15 Confidentiality. During the term of this Agreement, the
parties may furnish to each other information of a confidential and proprietary nature in connection with the operation of the Plant. The party furnishing the proprietary information shall have the exclusive right and interest in and to such
proprietary information and the goodwill associated therewith. The party receiving such information shall maintain its confidentiality. 
 Section 18.16 Cooperation with Financing. The parties acknowledge that the Plant may be financed with project related debt and or equity or tax equity provided by one or more lenders or
other investors (collectively, “Lenders”). If Seller assigns this Agreement to the Lenders as collateral to support any financing, Buyer agrees to enter into an agreement directly with the Lenders under which Buyer shall consent to
such assignment and shall agree to other customary and reasonable provisions for the benefit of the Lenders (including reasonable provisions under which the Lenders or their designees (a) may assume the rights of Seller under this Agreement,
(b) shall be entitled to receive copies of certain notices hereunder relating to defaults and other similar matters that Buyer might provide to Seller, (c) shall have reasonable extended cure periods to cure any defaults by Seller
hereunder and (d) shall be provided other similar or related benefits or protections as reasonably requested by the Lenders and accepted by Buyer to support the financing). Without limiting the generality of the foregoing, in connection with
any collateral assignment by Seller of this Agreement to a Lender as set forth above, Buyer further agrees to furnish the Lenders with such other documents as may be reasonably requested by the Lenders. 

The remainder of this page is intentionally left blank. The signature page follows. 

  

					
	Ethanol Purchase and Sale Agreement	 	-19-	 	

 IN WITNESS WHEREOF the parties have executed this Agreement by their respective proper
signing officers as of the date first above written. 
  

			
	 Seller: Fulcrum Sierra BioFuels, LLC

		
	By:	 	 /s/ Richard D.
Barraza

			
	Name:	 	 Richard D.
Barraza

			
	Title:	 	 Vice
President

			
		
	Buyer:	 	Tenaska BioFuels, LLC

			
		
	By:	 	 /s/ David M.
Neubauer

			
	Name:	 	David M. Neubauer
	Title:	 	Vice President and General Manager

  

					
	Ethanol Purchase and Sale Agreement	 	-20-	 	

 Exhibit A 
 PRODUCT SPECIFICATIONS REQUIREMENTS 
 ASTM D 4806 

 

							
	 Specification
	  	Limit	 	 	ASTM Test Method
			
	 Ethanol volume %, min
	  	 	92.1	  	 	D 5501
			
	 Methanol, volume %, max
	  	 	0.5	  	 	
			
	 Solvent-washed gum, mg/100 ml max
	  	 	5.0	  	 	D 381
			
	 Water content, volume %, max
	  	 	1.0	  	 	E 203
			
	 Denaturant content, volume %, min

    volume %, max
	  	 
 	1.96
4.76	  
  	 	
			
	 Inorganic Chloride content, mass

   ppm (mg/L) max
	  	 	40	 (32) 	 	D 512
			
	 Copper content, mg/kg, max
	  	 	0.1	  	 	D 1688
			
	 Acidity (as acetic acid CH3COOH),
   mass % (mg/L), max
	  	 	0.007	 (56) 	 	D 1613
			
	 pHe
	  	 	6.5-9.0	  	 	D 6423
			
	 Appearance – visibly free of suspended or

precipitated contaminants (clear & bright)
	  				 	

 Note: This Exhibit shall be updated from time to time in accordance with Section 7.1 of the Agreement.

  

					
	 Exhibit A to Ethanol Purchase

and Sale Agreement
	 	A-1	 	

 Exhibit B 
 INSURANCE 
 The parties shall cooperate in good faith to finalize this Exhibit at least one
hundred eighty (180) days prior to the expected Date of First Delivery, it being agreed that each Party shall carry insurance coverages customary and reasonable for transactions and agreements similar to the transactions hereunder and this
Agreement. In addition, Seller will be required to at a minimum maintain commercial general liability insurance in an agreed upon amount. Notwithstanding any other provision of the Agreement, neither party shall be obligated to commence Delivery and
acceptance of Ethanol under the Agreement until this Exhibit is finalized and all required insurances are obtained and effective. 

  

					
	 Exhibit B to Ethanol Purchase

and Sale Agreement
	 	B-1

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