Document:

Performance-Based Restricted Stock Unit Award Agreement

 Exhibit 10.3 

 

					
		  		  	Name: Charles J. Neral
		  		  	Number of Stock Units: 75,230
		  		  	Date of Grant: September 12, 2012

 SUNGARD CAPITAL CORP. AND
SUNGARD CAPITAL CORP. II 
 MANAGEMENT
PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT 
 THIS AWARD AND ANY SECURITIES ISSUED UPON THE PAYMENT OF THIS RESTRICTED STOCK UNIT AWARD ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER PROVISIONS AS SET FORTH
IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDING CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF AUGUST 10, 2005 (AS IN EFFECT
FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”). 
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II
STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES. 
 This agreement (the “Agreement”) evidences Restricted Stock Units granted by SunGard Capital Corp., a Delaware corporation (the “Company”), and SunGard Capital Corp. II,
a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the undersigned (the “Grantee”), pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive
Plan (as amended from time to time, the “Plan”) which is incorporated herein by reference and of which the Grantee hereby acknowledges receipt. 
 1. Grant of Restricted Stock Units. The Company and Lowerco (as applicable) grant to the Grantee, as of the above Date of Grant, Restricted Stock Units for the number of Stock Units stated above
(the “Stock Units”), on the terms provided herein and in the Plan. The Stock Units represent a conditional right to receive Units (as defined below) consisting of Class A Common shares, Class L Common shares and Lowerco
Preferred shares (the “Shares”). The Stock Units evidenced by this Agreement are granted to the Grantee in an Employment capacity as an Employee. 
 2. Stock Unit Account. The Company shall establish and maintain a Stock Unit account (the “Account”) as a bookkeeping account on its records for the Grantee and shall record in the
Account the number of Stock Units awarded to the Grantee. No Shares shall be issued to the Grantee at the time the Award is made, and the Grantee shall not be, nor have any of the rights or privileges of, a stockholder of the Companies with respect
to any Stock Units recorded in the Account or amounts credited to the Account pursuant to Section 8. The Grantee shall not have any interest in any fund or specific assets of the Companies by reason of this Award or the Account established for
the Grantee. 

 3. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized
terms used in this Agreement shall have the same meaning as in the Plan. The terms “Change of Control,” “Disability” and “Fair Market Value” shall have the same meaning as set forth in the
Stockholders Agreement and without regard to any subsequent amendment thereof. The terms “Cause,” “Good Reason” and “In Contemplation Termination” shall have the same meaning as set forth in the
Grantee’s employment agreement with SunGard Data Systems Inc., dated July 2, 2012, as it may be amended from time to time (the “Employment Agreement”). The term “Performance Period” is defined in Schedule A. The
following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash
dividends in respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase
(in each case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“CEO” means the Chief Executive Officer of the Company. 

  

	 	(c)	“Date of Termination” means the date that the termination of the Grantee’s Employment with Employer is effective on account of the Grantee’s
death, the Grantee’s Disability, termination by Employer for Cause or without Cause, or by the Grantee, as the case may be; 

  

	 	(d)	“Effective Date” means July 2, 2012, Grantee’s date of hire. 

 

	 	(e)	“Employer” means the Company or, as the case may be, its Affiliate with whom the Grantee has entered into an Employment relationship;

  

	 	(f)	“Investors” means investment funds advised by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis
Roberts, Providence Equity Partners and TPG that own capital stock of the Company; 

  

	 	(g)	“Restrictive Covenant” means the restrictive covenants set forth in the Employment Agreement; 

 

	 	(h)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the Date of
Grant, as it may be adjusted as provided herein; 

  

	 	(i)	 “Vest on a Pro Rata Basis” means, with respect to the Grantee’s termination of Employment described in Section 4(a) during
the Performance Period, that the Grantee’s Stock Units shall continue to be earned through the end of the Year of Termination, provided that only a portion of the Stock Units subject to this Restricted Stock Unit Agreement that otherwise would
have been earned at the end of the Year of Termination shall be earned as of the end of such year, such portion being determined by multiplying (i) the number of Stock Units that otherwise would have been earned at the end of such year based
upon attainment of the pre-determined performance goal, by (ii) (A) the number of days in which the Grantee 

  
 -2-

	 	
was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of Stock Units); and the Stock Units that are earned for the Year of
Termination as described in this paragraph shall vest as of the last day of the Year of Termination pursuant to Section 4(a); and 

  

	 	(j)	“Year of Termination” means the fiscal year during which the Grantee’s Date of Termination occurs. 

As used herein with respect to the Stock Units, the Stock Units shall be earned based on performance and shall vest based on
Section 4 below, and the term “vest” means that the restrictions on the right to receive payment pursuant to the Stock Units lapse in whole or in specified part. 

4. Vesting of Stock Units. The Stock Units shall be subject to forfeiture until the Stock Units vest. The Stock Units shall vest,
in accordance with Schedule A, based on the Grantee’s continued Employment; provided, however, that: 
  

	 	(a)	except as provided in subsections 4(d) and (e) below, if the Grantee’s Employment terminates as a result of (i) termination of the Grantee by Employer
without Cause or (ii) the Grantee’s Disability or death, then the Stock Units shall Vest on a Pro Rata Basis. 

  

	 	(b)	except as provided in subsections 4(d) and (e) below, if the Grantee’s Employment terminates as a result of the Grantee’s resignation, then the Stock
Units shall be deemed to have stopped vesting as of the beginning of the year containing the Date of Termination of such Grantee. 

  

	 	(c)	if the Grantee’s Employment terminates as a result of termination by Employer for Cause, all of the Stock Units will be immediately forfeited by the Grantee and
terminate as of the Date of Termination. 

  

	 	(d)	if a Change of Control occurs after the second anniversary of the Effective Date, the Stock Units will become fully vested (i) on the date of termination of
employment if Grantee’s employment is terminated by Employer without Cause or by Grantee for Good Reason and such termination occurs on or within 18 months following the Change of Control or (ii) on the date of the Change of Control if an
In Contemplation Termination has occurred. 

  

	 	(e)	if a Change of Control occurs prior to the second anniversary of the Effective Date, 50% of the unvested Stock Units will vest upon (A) Grantee’s termination
of employment by Employer without Cause or by Grantee for Good Reason if such termination occurs on or within 18 months following the Change of Control or (B) the date of the Change of Control if an In Contemplation Termination occurred, and
the balance of the unvested Stock Units will be immediately forfeited by the Grantee. 

 5. Payment of Stock
Units. The Grantee’s vested Stock Units shall be paid in Shares upon the first to occur of (i) a Change of Control that meets the requirements of a “change in 

  
 -3-

 
control event” under Section 409A of the Code (a “409A Change of Control”), (ii) the Grantee’s separation from service for any reason other than for Cause, or
(iii) the date that is four years after the Effective Date. If a 409A Change of Control occurs before the Stock Units are fully vested, any Stock Units that subsequently vest shall be paid upon the first to occur of (i) the Grantee’s
separation from service for any reason other than for Cause or (ii) the date that is four years after the Effective Date. Any Stock Units that vest as a result of an In Contemplation Termination under Section 4(d) or 4(e) shall be paid in
Shares upon the Change of Control if the Change of Control is a 409A Change of Control and, if not, in accordance with the other provisions of this Section 5. Notwithstanding the foregoing, all distributions of Shares under this Agreement upon
separation from service shall only be made upon the Grantee’s “separation from service” within the meaning of Section 409A of the Code, and all distributions shall be made at a time and in a manner consistent with
Section 409A. When the vested Stock Units become payable, the Companies will issue to the Grantee Shares representing the Units underlying the vested Stock Units, subject to satisfaction of the Grantee’s tax withholding obligations as
described below, within 30 days after the payment event. 
 6. Certain Calls and Puts. The Stock Units granted hereunder
and the related Shares are subject to the call and put rights contained in Section 6 of the Stockholders Agreement, except that such put rights shall be granted only if and to the extent permitted by the Code (including Section 409A
thereof); provided, however, that the call rights contained in Section 6 of the Stockholders Agreement shall not apply in the event of a termination resulting from Disability or death. 

7. Share Restrictions, etc. Except as expressly provided herein, the Grantee’s rights hereunder and with respect to Shares
received upon payment in accordance with Section 5 herein are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
 8. Distributions, Redemptions, etc. 
  

	 	(a)	Upon the occurrence of an Adjustment Event, there shall be credited to the Account an amount equal to the product of (i) the per-Share amount paid with respect to
Shares underlying the Stock Units in connection with the Adjustment Event, multiplied by (ii) the number of Shares of the class of stock affected by the Adjustment Event that are included in each Unit immediately prior to the Adjustment Event,
multiplied by (iii) the number of Units underlying the Grantee’s Stock Units pursuant to this Award. 

  

	 	(b)	If any other cash dividend or distribution is paid with respect to Shares underlying the Stock Units, there shall be credited to the Account an amount equal to the
product of (i) the per-Share amount paid with respect to Shares underlying the Stock Units, multiplied by (ii) the number of Shares of the applicable class of stock that are included in each Unit, multiplied by (iii) the number of
Units underlying the Grantee’s Stock Units pursuant to this Award. 

  

	 	(c)	 The amount credited to the Account pursuant to this Section 8 with respect to Stock Units is referred to as the “Bonus Value.” The Bonus
Value shall vest on the same terms as the Stock Units to which it relates, as set forth in this Agreement, and the 

  
 -4-

	 	
vested Bonus Value shall be paid to the Grantee, in cash, Shares or such other securities or assets as the Compensation Committee or Board shall determine, at the same time as the vested Stock
Units are paid pursuant to Section 5 herein, consistent with Section 409A of the Code. 

  

	 	(d)	In the case of a redemption or repurchase of Shares, the number of Shares of the class of stock redeemed or repurchased that are subject to outstanding Stock Units will
be automatically reduced by an amount proportionate to the percentage reduction in outstanding Shares of the affected class resulting from the redemption or repurchase. The Grantee shall be entitled to receive any information reasonably requested
regarding the composition of a Unit, as adjusted in accordance with this Section 8. 

 9. Forfeiture.
Upon delivery of Shares pursuant to the Stock Units, the Grantee shall certify on a form acceptable to the Committee that the Grantee is, and at all times during and after Employment has been, in compliance with the Restrictive Covenants, the
Employment Agreement and all other agreements between the Grantee and the Company or any of its Affiliates. If the Company determines that the Grantee is not, or at any time during or after Employment has not been, in compliance with one or more of
the Restrictive Covenants, the Employment Agreement or with the provisions of any agreement between the Grantee and the Company or any of its Affiliates, and such non-compliance has not been authorized in advance in a specific written waiver from
the Company or the applicable party, the Committee may cancel any unpaid Stock Units. The Company shall also have the following (and only the following) additional remedies: 

 

	 	(a)	During the six months after any delivery of Shares pursuant to the Stock Units, such delivery may be rescinded at the Company’s option if the Grantee fails, or at
any time during or after Employment has failed, to comply in any material respect with the terms of the Restrictive Covenants, the Employment Agreement or of any other agreement with the Company or any of its Affiliates or if the Grantee breaches,
or at any time during or after Employment has breached, any duty to the Company or any of its Affiliates. The Company shall notify the Grantee in writing of any such rescission within one year after such delivery. Within ten days after receiving
such a notice from the Company, the Grantee shall remit or deliver to the Company (i) the amount of any gain realized upon the sale of any Shares, (ii) any consideration received upon the exchange of any Shares (or to the extent that such
consideration was not received in the form of cash, the cash equivalent thereof valued at the time of the exchange), and (iii) the number of Shares received in connection with the rescinded delivery. 

 

	 	(b)	 The Company shall have the right to offset, against any Shares and any cash amounts due to the Grantee under or by reason of the Grantee’s holding
the Stock Units, any amounts to which the Company is entitled as a result of the Grantee’s violation of the terms of the Restrictive Covenants, the Employment Agreement or of any other agreement with the Company or any of its Affiliates or the
Grantee’s breach of any duty to the Company or any of its Affiliates; provided, however, that no offset shall accelerate or defer the distribution date of amounts payable under this Agreement in violation of Section 409A of the Code, and
any offset in violation 

  
 -5-

 
of Section 409A shall be null and void. Accordingly, the Grantee acknowledges that (i) the Company may withhold delivery of Shares, (ii) the Company may place the proceeds of any
sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such withholding, or
escrow, subject, however, to compliance with the requirements of Section 409A of the Code. 
 The Grantee acknowledges and agrees that the
calculation of damages from a breach of any of the Restrictive Covenants, the Employment Agreement or of any other agreement with the Company or any of its Affiliates or of any duty to the Company or any of its Affiliates would be difficult to
calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. The Grantee further agrees not to challenge the reasonableness of such provisions even where the Company rescinds, delays,
withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
 10. Legends, etc. Shares issued
upon the lapse of any restrictions on the Stock Units shall bear such legends as may be required or provided for under the terms of the Stockholders Agreement. 
 11. Transfer of Stock Units. The Stock Units may only be transferred by the laws of descent and distribution, or to a legal representative in the event of the Grantee’s incapacity and in
accordance with the terms of the Stockholders Agreement. 
 12. Withholding. The payment of the Shares and other amounts
in accordance with this Agreement will give rise to “wages” or other compensation income subject to withholding. The Grantee expressly acknowledges and agrees that the Grantee’s rights hereunder, including the right to be issued
Shares in accordance with Section 5 herein and paid cash in accordance with Section 8 hereof, are subject to the Grantee promptly paying to the Companies in cash or by Share withholding as described below (or by such other means as may be
acceptable to the Administrator in its discretion) all taxes required to be withheld. The Grantee also authorizes the Companies and their subsidiaries to withhold such amount from any amounts otherwise owed to the Grantee. Unless the Grantee elects
otherwise by providing written notice to the Company not later than 30 days after the payment event, any tax withholding obligation with respect to the payment of Shares shall be satisfied by having Shares withheld up to an amount that does not
exceed the minimum applicable withholding tax rate for federal (including FICA), state, and local tax liabilities. Accordingly, unless the Grantee timely elects to pay the withholding Taxes in cash, the Grantee shall be deemed to have elected to pay
such Taxes through Share withholding as described above. 
 13. Grant Subject to Plan Provisions. This Award is made
pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The Award and payment of the Stock Units are subject to interpretations, regulations and
determinations concerning the Plan established from time to time by the Administrator in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) the registration, qualification or listing of the
shares issued under the Plan, (ii) changes in capitalization and (iii) other requirements of applicable law. The 

  
 -6-

 
Administrator shall have the authority to interpret and construe the Stock Units pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 14. Effect on Employment. Neither the grant of the Stock Units, nor the issuance of Shares or other payments in
accordance with this Agreement, shall give the Grantee any right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the Company, Lowerco or any of their Affiliates to discharge or discipline the
Grantee at any time, or affect any right of the Grantee to terminate his or her Employment at any time. 
 15. Delay in
Payments for Specified Employees. Notwithstanding anything in this Agreement to the contrary, if the Grantee is a “specified employee” of a publicly traded corporation under Section 409A of the Code at the time of separation from
service and if payment of any amount under this Agreement is required to be delayed for a period of six months after the separation from service pursuant to Section 409A of the Code, payment of such amount shall be delayed as required by
Section 409A of the Code, and the accumulated postponed amount shall be paid in a lump sum payment within 10 days after the end of the six-month period. If the Grantee dies during the postponement period prior to the payment of postponed
amount, the accumulated postponed amount shall be paid to the personal representative of the Grantee’s estate within 60 days after the date of the Grantee’s death. 
 16. Section 409A. It is intended that the Stock Units awarded hereunder shall comply with the requirements of Section 409A of the Code (and any regulations and guidelines issued
thereunder), and this Agreement shall be interpreted on a basis consistent with such intent. Payments shall only be made on an event and in a manner permitted by Section 409A of the Code. Each payment under this Agreement is considered a
separate payment for purposes of Section 409A of the Code. As provided under Section 409A, if calculation of the amount of a payment is not administratively practicable due to events beyond the control of the Grantee, the payment will be
treated as made upon the date specified hereunder if the payment is made during the first calendar year in which calculation of the amount of the payment is administratively practicable. This Agreement may be amended without the consent of the
Grantee in any respect deemed by the Committee to be necessary in order to preserve compliance with Section 409A of the Code. 
 17. Nature of Grant; No Entitlement; No Claim for Compensation. Grantee, in accepting the Stock Units, represents and acknowledges that Grantee’s participation in the Plan is voluntary; that
participation in the Plan is discretionary and does not form any part of Grantee’s contract of employment, if any, with the Company or any of its subsidiaries; and that Grantee has not been induced to participate in the Plan by any expectation
of employment or continued employment with the Company or any of its subsidiaries. Grantee furthermore understands and acknowledges that the grant of the Stock Units is discretionary and a one-time occurrence, does not constitute any portion of
Grantee’s regular remuneration and is not intended to be taken into account in calculating service-related benefits, and bears no guarantee or implication that any additional grant will be made in the future. In consideration of the grant of
the Stock Units, no claim or entitlement to compensation or damages shall arise from forfeiture of the Stock Units or diminution in value of the Stock Units or any of the Shares issuable under the Stock Units from termination of Grantee’s
employment by the Company or his or her employer, as applicable (and for any reason whatsoever and whether or not in breach of contract or local labor laws), and Grantee irrevocably release his or her employer, the Company and its subsidiaries, as
applicable, 

  
 -7-

 
from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, Grantee shall
be deemed to have irrevocably waived Grantee’s entitlement to pursue such claim. 
 18. Personal Data. Grantee
understands and acknowledges that in order to perform its obligations under the Plan, the Company and its subsidiaries may process personal data and/or sensitive personal data relating to Grantee. Such data includes but is not limited to the
information provided in this Agreement and any changes thereto, other personal and financial data relating to Grantee (including, without limitation, Grantee’s address and telephone number, date of birth, social insurance number or other
identification number, salary, nationality, job title), and information about Grantee’s participation in the Plan and the Shares acquired from time to time pursuant to the Plan. Grantee, in accepting the Stock Units, gives his or her explicit
and voluntary consent to the Company and its subsidiaries to collect, use and process any such personal data and/or sensitive personal data (in electronic or other form). Grantee also hereby gives his or her explicit and voluntary consent to the
Company and its subsidiaries to transfer any such personal data and/or sensitive personal data (in electronic or other form) outside the country in which Grantee works or is employed. The legal persons for whom Grantee’s personal data are
intended include the Company and any of its subsidiaries, any outside plan administrator or service provider selected by the Company or any of its subsidiaries from time to time, and any other person that the Administrator may find in its
administration of the Plan to be appropriate; such recipients may be located in countries that have different data privacy laws and protections than Grantee’s country. Grantee hereby acknowledges that he or she has been informed of his or her
right of access and correction to his or her personal data by contacting his or her local human resources representative. Grantee understands that the transfer of the information described herein is important to the administration of the Plan and
that failure to consent to the transmission of such information may limit or prohibit his or her participation in the Plan. 

19. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter
hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction. 
 20. Compliance with Laws, Regulations and Policies. The issuance of Shares
pursuant to the vested Stock Units shall be subject to compliance by the Companies and the Grantee with all applicable requirements of law relating thereto (including, without limitation, foreign securities and exchange control requirements). The
inability of the Companies to lawfully issue Shares or the inability of the Companies and/or the Grantee to obtain approval from any regulatory body having authority deemed by the Companies to be necessary to the lawful issuance of any Shares hereby
shall relieve the Companies of any liability with respect to the non-issuance of the Shares. The Stock Units, and all Shares and other amounts payable pursuant to the Stock Units, are subject to the terms of any applicable clawback and other
policies adopted by the Board. 
 21. Amendment. In addition to the authority to make adjustments pursuant to
Section 7(b) of the Plan, the Administrator may modify the terms of the Award as the Administrator deems appropriate, in good faith, to take account of a change in circumstances occasioned by a stock dividend or other similar distribution
(whether in the form of stock, other 

  
 -8-

 
securities or other property), stock split or combination of shares (including a reverse stock split), recapitalization, conversion, reorganization, consolidation, split-up, spin-off,
combination, merger, exchange of stock, redemption or repurchase of all or part of the shares of any class of stock or any change in the capital structure of the Company or an Affiliate or other transaction or event, including the power to adjust
the performance goals that are affected by such a transaction. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -9-

 By acceptance of the Stock Units, the undersigned agrees hereby to become a party to, and be bound by the
terms of, the Stockholders Agreement as a “Manager” as defined therein. 
 Executed as of the Date of Grant.

  

							
	SunGard Capital Corp. and	 		 	SUNGARD CAPITAL CORP.
	SunGard Capital Corp. II	 		 	SUNGARD CAPITAL CORP. II
				
		 		 	By:	 	 /s/ Russell Fradin

 Grantee 

I ACKNOWLEDGE THAT I HAVE RECEIVED A COPY OF
THIS AGREEMENT AND CERTAIN RELATED INFORMATION, AND THAT I HAVE READ AND
UNDERSTOOD THESE DOCUMENTS. I ACCEPT AND AGREE TO ALL OF THE PROVISIONS
OF THIS AGREEMENT. 
  

	
	 /s/ Charles Neral

	Grantee

  
 -10-

 Schedule A 
 Vesting Schedule 
  

	(1)	With respect to each of the calendar years in the Performance Period, the Stock Units shall be exercisable to the extent that the Target is achieved during such period
as follows, and the portion of the Stock Units that is earned for such calendar year shall vest in accordance with the vesting schedule set forth in paragraph (2) below: 

 

	 	(a)	if Actual Internal EBITA for such calendar year is less than or equal to 95% of the Target for that year, none of the Stock Units will be earned at the end of that
year; 

  

	 	(b)	if Actual Internal EBITA for such calendar year is between 95% and 100% of the Target for that year, the number of Stock Units that vest and become exercisable at the
end of that year will be determined by linear interpolation between 95% and 100% of the number of Stock Units; and 

  

	 	(c)	if Actual Internal EBITA for such calendar year is equal to or greater than 100% of the Target for that year, 1/4 of the Stock Units shall be earned (rounded to the
nearest .0001 of a Stock Unit) at the end of that year. 

  

	(2)	The Stock Units shall vest up to 25% annually as of the end of the applicable calendar year, to the extent earned, and subject to the other terms of the Agreement.

 For purposes of this Vesting Schedule: 
 “Performance Period” means the four-year period beginning on January 1 of the year of grant. 
 “Actual Internal EBITA” means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal
EBITA shall not be reduced by costs of the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by
the Compensation Committee in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee
in consultation with the CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based
on a cost of funds used for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in
which case the rate will be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP
promulgated by FASB or the SEC or changes in depreciation methodology. 
 “Target” means the Company’s final
consolidated budgeted Actual Internal EBITA, as approved by the Board or Compensation Committee and as appears in the Company’s operating budget for each of the applicable calendar years in the Performance Period.EX-10.58

 Exhibit 10.58 
 TECHNOLOGY LICENSE AGREEMENT 
 between 

ADA-ES, INC., 
 as Licensor, 
 and 

CLEAN COAL SOLUTIONS, LLC, 
 as Licensee 
 dated as of July 27, 2012 

 

	*	Indicates portions of the exhibit that have been omitted pursuant to a request for confidential treatment. The non-public information will be separately filed with the
Securities and Exchange Commission. 

 TABLE OF CONTENTS 

 

							
		
	 ARTICLE I. DEFINITIONS
	  	 	1	  
		
	 ARTICLE II. GRANT OF LICENSE
	  	 	6	  
		
	 ARTICLE III. ROYALTIES AND PAYMENTS
	  	 	8	  
		
	 ARTICLE IV. TECHNICAL ASSISTANCE; IMPROVEMENTS
	  	 	11	  
		
	 ARTICLE V. TERM AND TERMINATION
	  	 	14	  
		
	 ARTICLE VI. REPRESENTATIONS AND WARRANTIES
	  	 	15	  
		
	 ARTICLE VII. LIMITATION OF LIABILITY
	  	 	17	  
		
	 ARTICLE VIII. MAINTENANCE OF PATENT RIGHTS
	  	 	17	  
		
	 ARTICLE IX. PROTECTION OF LICENSED PROPERTY
	  	 	18	  
		
	 ARTICLE X. CONFIDENTIALITY
	  	 	22	  
		
	 ARTICLE XI. GENERAL
	  	 	23	  
			
	 EXHIBIT A
	 	M-45 TECHNOLOGY	  			
	 EXHIBIT B
	 	FORM OF TECHNOLOGY SUBLICENSE	  			

  
 -i-

 TECHNOLOGY LICENSE AGREEMENT 

This TECHNOLOGY LICENSE AGREEMENT (this “Agreement”), dated as of July 27, 2012 (the “Effective
Date”), is by and between ADA-ES, Inc., a Colorado corporation (“Licensor”), and Clean Coal Solutions, LLC, a Colorado limited liability company (“Licensee”). Licensor and Licensee are referred to herein
individually as a “Party” and together as the “Parties.” 
 RECITALS 

Licensor is the owner of all right, title and interest in and to (a) the technology commonly referred to as the M-45 technology,
which technology includes two separate inorganic chemicals used to reduce emissions of nitrogen oxide (NOx) and mercury emissions and is further described in Exhibit A hereto, which shall be amended on an annual basis to capture Improvements
(as defined below) (the “M-45 Technology”), and (b) the Patents and Know-How (each as defined below); 

The Parties have agreed to expand the current venture between them to produce refined coal that qualifies for Section 45 Tax Credits
or Similar Tax Credits (each as defined below) by utilizing the M-45 Technology; and 
 In connection therewith, Licensor
desires to license the Technology (as defined below) to Licensee, and Licensee desires to receive a license under and to the Technology from Licensor for the sole purpose of making the Licensed Property (as defined below) and producing Refined Coal
(as defined below), all on the terms and conditions set forth in this Agreement. 
 AGREEMENTS 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby
agree as follows: 
 ARTICLE I. 
 DEFINITIONS. 
 Capitalized terms used but not otherwise defined herein
shall have the meanings given to such terms below: 
 “Additional Facility Deposit” has the meaning set forth
in Section 3.3(d). 
 “Affiliate” means, with respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For purposes of this definition and the Agreement, the term “control” (and correlative terms) means (a) the ownership of fifty percent (50%) or more of the equity
interest in a Person, or (b) the power, by contract, equity ownership or otherwise, to direct or cause the direction of the policies or management of a Person. 
 “Agreement” has the meaning set forth in the opening paragraph hereof. 
 “Amortization Reduction Event” has the meaning set forth in Section 3.4. 

 “Applicable Law” means all applicable provisions of all
(a) constitutions, treaties, statutes, laws, rules, regulations, ordinances, codes or orders of any Governmental Authority, (b) any consent, approval, authorization, waiver, permit, grant, franchise, concession, notification, agreement,
license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Governmental Authority, and (c) decisions, injunctions, judgments, awards and decrees of, or agreements with, any Governmental
Authority. 
 “Arch Agreement” has the meaning set forth in Section 2.4. 

“Arch Coal” has the meaning set forth in Section 2.4. 

“Assignment” has the meaning set forth in Section 11.5. 

“Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §§ 101 et. seq., or any similar
federal or state law. 
 “CCSS” has the meaning set forth in Section 4.4. 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder and
guidance issued in conjunction therewith. 
 “Claims Notice” has the meaning set forth in Section 9.4.

 “Deposit” or “Deposits” has the meaning set forth in Section 3.3(e). 

“Effective Date” has the meaning set forth in the opening paragraph of this Agreement. 

“Excluded Licensee Improvements” has the meaning set forth in Section 4.3(b). 

“Facility” has the meaning set forth in Section 3.3(b). 

“Governmental Authority” means a federal, state, or local governmental authority; a state, province, commonwealth,
territory or district thereof; a county or parish; a city, town, township, village or other municipality; a district, ward or other subdivision of any of the foregoing; any executive, legislative or other governing body of any of the foregoing; any
agency, authority, board, department, system, service, office, commission, committee, council or other administrative body of any of the foregoing; any court or other judicial body; and any officer, official or other representative of any of the
foregoing. 
 “Improvements” means those modifications, revisions, derivations, updates, enhancements and
improvements of and to the Technology or the Licensed Property (but excluding New Technology) made during the term of this Agreement. As a point of clarification, so long as both Chemical Reagents (as defined in Exhibit A) are being used in some
form * formulation or purity *, an Improvement could include the development or use of one or more additional additives, or handling equipment, to be used along with both Chemical Reagents to enhance the reduction of NOx and/or mercury emissions (in
the context of the overall intention to reduce both NOx and mercury emissions) or to improve the process related to storage, handling or application of the Chemical Reagents. 

  
 -2-

 “Indemnified Party” means a Party entitled to indemnification by an
Indemnifying Party hereunder. 
 “Indemnifying Party” means a Party obligated to indemnify an Indemnified Party
hereunder. 
 “Initial Deposit” has the meaning set forth in Section 3.3(a). 

“Know-How” means technical information, ideas, concepts, confidential information, trade secrets, know-how, discoveries,
inventions, processes, methods, formulas, source and object codes, data, programs, other works of authorship, improvements, developments, designs and techniques related to the production of Refined Coal or Mercury Only Emission Control (excluding
New Technology) other than as embodied in the Patents, that are owned or controlled by Licensor during the Term and that are necessary or desirable to use the Technology or the Licensed Property for the purpose of the Technology License. 

“Licensed Property” means any products, processes or methods solely related to the production of Refined Coal (excluding
New Technology) and intended (other than in the case of Mercury Only Emission Control) to achieve both nitrogen oxide (NOx) and mercury emission reductions, whether such products, processes or methods are owned or licensed by Licensor now or
hereafter, that are (a) covered by any Valid Claim(s) contained in any of the Patents, (b) based on the Know-How, and/or (c) based on the products, processes or methods developed using the Technology. 

“Licensee” has the meaning set forth in the opening paragraph of this Agreement. 

“Licensee Improvements” has the meaning set forth in Section 4.3(b). 

“Licensee Indemnified Party” has the meaning set forth in Section 9.2. 

“Licensor” has the meaning set forth in the opening paragraph of this Agreement. 

“Licensor Improvements” has the meaning set forth in Section 4.2. 

“Licensor Indemnified Party” has the meaning set forth in Section 9.3(b). 

“Loss” means losses (but expressly excluding any lost or disallowed tax credits), liabilities, demands, assessments,
cleanup, removal, remediation and restoration obligations, judgments, awards, damages, natural resource damages, contribution, cost-recovery and compensation obligations, fines, fees, penalties, costs and expenses (including litigation and
arbitration costs and reasonable attorneys’ and experts’ fees and expenses). 
 “Mercury Only Emission
Control” means the use of the Technology or Licensed Property for the primary purpose of decreasing the emissions of mercury from coal-fired boilers using any type of coal or blend of coals, but without the intention of also decreasing
emissions of nitrogen oxide (NOx) or otherwise for qualifying for Section 45 Tax Credits or a Similar Tax Credit. 

“Mercury Control Royalty” has the meaning set forth in Section 3.1(c). 

  
 -3-

 “Mercury Control Royalty Payment” has the meaning set forth in
Section 3.2. 
 “Mercury Control Royalty Period” has the meaning set forth in Section 3.2.

 “Monetization Condition” has the meaning set forth in Section 3.3(e). 

“Monetization Deposit” has the meaning set forth in Section 3.3(e). 

“Net Deposit Amount” has the meaning set forth in Section 3.5. 

“New Patents” has the meaning set forth in Section 8.1. 

“New Technology” means any know-how, technology, or process (a) that does not include the use of both Chemical
Reagents described in Exhibit A in some form *, formulation or purity * or (b) replaces one or both of the of the Chemical Reagents; or (c) is intended to effect reduction of emissions other than NOx and/or mercury. 

“Non-Coal Application” has the meaning set forth in Section 2.5. 

“Non-Coal Fuel” has the meaning set forth in Section 2.5. 

“Operating Agreement” means the Second Amended and Restated Operating Agreement of Clean Coal Solutions, LLC, dated as of
May 27, 2011, amended effective as of July 31, 2011, and as it may be further amended from time to time. 

“Other Contractual Arrangements” has the meaning set forth in Section 3.4. 

“Party” or “Parties” has the meaning set forth in the opening paragraph of this Agreement. 

“Patents” means: 
 (a) U.S. Patent Application No 13/471,015, entitled “Process to reduce emissions of nitrogen oxides and mercury from coal-fired boilers,” filed May 14, 2012, which Application claims the
benefits of U.S. Provisional Application Serial No. 61/486,217, filed May 13, 2011, and Serial No. 61/543,196, filed October 4, 2011, of the same title, each of which was incorporated into the Application by reference.

 (b) any and all continuations, continuations-in-part, and divisionals, and all patents issuing which are based on such
applications, and all reissues, reexaminations, or extensions thereof, as well as any foreign counterparts, continuations, continuations-in-part or divisions thereof and patents and patent applications on any improvements, advancements,
modifications, revisions or developments to the subject matter claimed in the aforesaid patents that are developed by or for Licensor, together with any other patents (U.S. or foreign and even if not listed herein) that share a common claim of
priority with said patents or that, as mutually agreed upon in good faith by the Parties, cover inventions substantially similar to said patents. 
 “Person” means an individual, corporation, partnership, limited liability company, association, trust, unincorporated organization or other entity. 

  
 -4-

 “PRB” means sub-bituminous coals mined from the Powder River Basin.

 “* Deposit” has the meaning set forth in Section 3.3(c). 

“* Facility” has the meaning set forth in Section 3.3(c). 

“Refined Coal” means a liquid, gaseous or solid fuel produced from coal solely through application of the Technology or
use of the Licensed Property that achieves both nitrogen oxide (NOx) and mercury emission reductions, and that produces valid Section 45 Tax Credits or a Similar Tax Credit. 

“Refined Coal Royalty” has the meaning set forth in Section 3.1(a). 

“Refined Coal Royalty Payment” has the meaning set forth in Section 3.2. 

“Refined Coal Royalty Period” has the meaning set forth in Section 3.2. 

“Repayment Agreement” means that certain Agreement Regarding Repayment, dated November 3, 2011, by and between
Licensor and Licensee. 
 “Royalty Stoppage” has the meaning set forth in Section 3.5. 

“Secondary Deposit” has the meaning set forth in Section 3.3(b). 

“Section 45 Tax Credits” means the tax credits provided for under Section 45 of the Code and/or under any amendment
or re-codification of Section 45 of the Code for the production and sale of Refined Coal and otherwise meeting all the requirements of Section 45 of the Code. 
 “Side Letter” has the meaning set forth in Section 11.3. 

“Similar Tax Credit” has the meaning set forth in Section 2.1(a). 

“Subject Utility” has the meaning set forth in Section 2.1(b). 

“Sublicensee” has the meaning set forth in Section 2.2. 

“Tax Credit Term” has the meaning set forth in Section 2.1(a). 

“Technology” means the M-45 Technology (which requires both Chemical Reagents described in Exhibit A), the Patents, the
Know-How, and any and all Improvements (excluding Excluded Licensee Improvements and New Technology), as well as any Know-How (excluding Excluded Licensee Improvements and New Technology) developed or acquired after the Effective Date which is
related to the subject matter in any of the Patents, whether or not such Know-How becomes the subject of a patent application during the Term. 
 “Technology License” has the meaning set forth in Section 2.1(c). 
 “Technology Sublicense” has the meaning set forth in Section 2.2. 

  
 -5-

 “Term” means the period commencing on the Effective Date and ending on the
date provided in Section 5.1. 
 “Territory” means the United States of America and its territories and
possessions. 
 “Third Party Claim” has the meaning set forth in Section 9.4. 

“Third Party Rights Holder” has the meaning set forth in Section 9.2. 

“Trade Secrets” has the meaning set forth in Section 9.5. 

“Valid Claim(s)” means any claim contained in an issued and unexpired patent included within the Patents that has not
been held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction, or unappealable or unappealed within the time allowed for appeal, and that has not been admitted to be invalid or
unenforceable through reissue or disclaimer. 
 ARTICLE II. 

GRANT OF LICENSE. 
 2.1 License Grant. Licensor hereby grants to Licensee the following: 

(a) an exclusive (subject to Section 2.3), non-transferable (except as set forth in Section 11.5), royalty-bearing right and
license during the period between the Effective Date of this Agreement until the expiration of the later of (i) the Section 45 Tax Credits for the production of Refined Coal (taking into account any extensions or the pendency of any
proposed extension thereof) (the “Tax Credit Term”), or (ii) any similar tax credit enacted after the Effective Date, but within one (1) year of the expiration of the Section 45 Tax Credits, which tax credit (a
“Similar Tax Credit”) provides for the production of a coal-based fuel (pre-combustion) that emits, when combusted, a lower level of both NOx and mercury emissions, in the Territory, with the right to sublicense through multiple
tiers of Sublicensees (as defined in Section 2.2 below), in, to and under the Technology to make or have made the Licensed Property and to use the Technology and Licensed Property in connection with any rank of coal or blends of one or more
ranks of coal (except to the extent excluded below) and in any type of coal-fired boiler for the sole purpose of the production of Refined Coal; provided, however, that the foregoing license shall not include the right of Licensee to use the
Technology or Licensed Property in connection with the application of additives included in the Technology or Licensed Property (including Improvements) to any PRB at mines and sites (including coal processing sites) in the Powder River Basin or
during transportation of the PRB from such mines and sites to the first delivery point (i.e. during the originating mode of transportation by train, railcar or other methods), and 

(b) subject to Section 2.4, during the Term of this Agreement, a limited, non-exclusive, non-transferable, royalty-bearing right and
license, in the Territory, with the right to sublicense (through multiple tiers of Sublicensees (as defined in Section 2.2. below)) to any utility that (i) burns or has burned Refined Coal produced by (A) one or more of the
twenty-eight (28) Facilities placed in service by Licensee or one or more of its Affiliates on or before December 31, 2011, or (B) a Facility placed in service after December 31, 2011 by Licensee or one or more of its Affiliates,
pursuant to any extensions of the placed in service deadline of the 

  
 -6-

 
Section 45 Tax Credits or the enactment of a Similar Tax Credit; and (ii) generated Section 45 Tax Credits or a Similar Tax Credit thereon pursuant to a long-term agreement for the
use of Refined Coal (each, a “Subject Utility”), in, to and under the Technology to make or have made the Licensed Property and to use the Technology and Licensed Property solely in connection with coal that has been delivered to a
Subject Utility, for use in the same Subject Utility boiler that burns or burned the Refined Coal, for the purpose of Mercury Only Emission Control, and 
 (c) for each of Section 2.1(a) and 2.1(b), the license grant includes without limitation the marketing, distribution, sale, offer for sale, lease, import, or other disposition thereof (subsections
(a), (b), and (c) of this Section 2.1, collectively, the “Technology License”). 
 2.2
Sublicensing. Licensee may, from time to time, sublicense to one or more third parties, including without limitation a Subject Utility (each, a “Sublicensee” and collectively “Sublicensees”), any or all
rights under the license grant specified in Section 2.1(a) and/or Section 2.1(b) above pursuant to a written sublicense agreement, in form substantially similar to the form attached hereto as Exhibit B (each, a “Technology
Sublicense”), except in the event Licensee proposes to enter into a Technology Sublicense under the license grant specified in Section 2.1(b) above, Licensor must give advance written approval of the final version of the Technology
Sublicense (including the pricing and duration) and Licensor shall not indemnify or defend Licensee or any Sublicensee against Third Party Claims by Third Party Rights Holders as defined in Sections 9.2 and 9.4 herein with respect to such
Sublicensee or the Technology Sublicense. Subject to Licensor’s approval, which shall not be unreasonably withheld, conditioned, or delayed, a Sublicensee may, from time to time, sublicense to any third party involved in the production of
Refined Coal or a third party involved in the production of coal on behalf of a Subject Utility, for the purpose of Mercury Only Emissions Control (as described in Section 2.1(b)), any or all rights that said Sublicensee has under a Technology
Sublicense. 
 2.3 Exclusivity. The Technology License specified in Section 2.1(a) above shall be exclusive,
including as to Licensor, except with respect to Licensor’s use of the Technology and Licensed Property to create Improvements and to provide technical assistance to Licensee pursuant to Section 4.1. 

2.4 Clarification to Exclusive License. The Parties acknowledge the existence of that certain license agreement (the
“Arch Agreement”) dated June 25, 2010 by and between Licensor and Arch Coal, Inc. (“Arch Coal”), which has been publicly disclosed, whereby Licensor has granted to Arch Coal an exclusive license to apply
additives to PRB at certain specified locations for the purpose of reducing emissions of mercury from PRB burned in coal-fired boilers. Licensor represents, warrants, and covenants that the Arch Agreement shall not be modified in any manner which
would grant Arch Coal any license or other rights or which would materially infringe or impair the rights that have been exclusively granted to Licensee under this Agreement, without Licensee’s prior written consent, which consent Licensee may
grant or withhold in its sole and absolute discretion. Licensee agrees that the Technology and Licensed Property may be licensed by Licensor to any third party (including Arch Coal) for use on any type of coal, applied in any location, for any type
of coal fired boiler for the purpose of Mercury Only Emissions Control, except that Licensor may not license the Technology and Licensed Property to a Subject Utility that is then sublicensing the Technology and Licensed Property from Licensee in
accordance with Section 2.1(b), above, for use in the same Subject Utility boiler for which such Technology Sublicense was granted for the purpose of Mercury Only Emissions Control. 

  
 -7-

 2.5 Non Coal Fuel. The Parties acknowledge that in connection with
Licensee’s use of the Technology and Licensed Property in accordance with the Technology License, Licensee or one or more Sublicensees may, at one or more Facilities, apply the additives included in the Technology or Licensed Property to
combustible materials or fuels (other than coal) that the operator of the coal-fired boiler has chosen to add along with the coal being used to produce the Refined Coal (such materials or fuels other than coal hereafter referred to as
“Non-Coal Fuel”). Licensor and Licensee acknowledge and agree that with respect to the application of such additives to any Non-Coal Fuel occurring while the additives are added to the coal (“Non-Coal
Application”), by Licensee or any Sublicensee in connection with the Technology License or any Technology Sublicense: (a) such Non-Coal Application shall not constitute or be deemed a breach or violation of the Technology License or
any Technology Sublicense by Licensee, (b) Licensor gives no representations, warranties or other assurance of any type or nature as to the benefit, detriment or any other effect or impact of such Non-Coal Application on the Technology,
Licensed Property, equipment (including the boiler) or physical facilities; and (c) Licensor will not indemnify any Loss for which Licensor has an indemnification obligation under Section 9.2 of this Agreement to the extent such Loss is
based upon a claim that would not have arisen but for the Non-Coal Application. 
 ARTICLE III. 

ROYALTIES AND PAYMENTS. 
 3.1 Subject to all other terms and conditions of this Agreement, Licensee will pay to Licensor: 
 (a) subject to Section 3.4 below and during the Tax Credit Term, a royalty (the “Refined Coal Royalty”) of * on the per-ton, pre-tax margin of Refined Coal that (a) is produced
pursuant to the Technology License or any Technology Sublicense, and (b) produces a valid and verifiable Section 45 Tax Credit; provided, however, that such per-ton, pre-tax margin of Refined Coal shall (i) be net of all directly
allocable operating expenses and all utility payments incurred by Licensee or a Sublicensee, as applicable, in connection with the production and sale of the Refined Coal, and (ii) exclude any and all closing payments of cash or prepayments of
applicable lease rents and any associated non-cash amortization thereof (or similar payments under non-lease structures). For the avoidance of doubt, an example of how the Refined Coal Royalty would be calculated in accordance with
Section 3.1(a) is included in Schedule 3.1(a) hereto. 
 (b) subject to Section 3.4 below and during the Tax
Credit Term, in the event that Licensee (or a Licensee Affiliate) does not monetize a Facility with a third party and instead opts to retain the Section 45 Tax Credits from that Facility for Licensee’s (or Licensee Affiliate’s) own
benefit, such that there is no per-ton, pre-tax margin for the Refined Coal produced by such Facility, the Refined Coal Royalty for the Refined Coal produced by such Facility will be * of the Section 45 Tax Credits claimed by Licensee (or a
Licensee Affiliate), or their respective owners, on the Refined Coal produced by such Facility net of all directly allocable operating expenses and all utility payments incurred by Licensee (or a Licensee

  
 -8-

 
Affiliate) in connection with the production and sale of such Refined Coal. For the avoidance of doubt, an example of how the Refined Coal Royalty would be calculated in accordance with
Section 3.1(b) is included as part of Schedule 3.1(a) hereto. 
 (c) during the Term of this Agreement, a royalty
(the “Mercury Control Royalty”) of * of the revenue, net of all direct expenses, received by Licensee as a direct result of Licensee’s exercise of the license specified in Section 2.1(b) above. For the avoidance of doubt,
an example of how the Mercury Control Royalty would be calculated in accordance with Section 3.1(c) is included in Schedule 3.1(c) hereto. 
 3.2 Subject to Sections 3.3 and 3.4 below, Licensee will pay to Licensor the Refined Coal Royalty (each, a “Refined Coal Royalty Payment”) on a quarterly basis during the Tax
Credit Term within sixty (60) days of the end of each quarter of a calendar year commencing with the calendar quarter ending June 30, 2012 (each such period, a “Refined Coal Royalty Period”) on Refined Coal with respect to
which a Refined Coal Royalty Payment obligation has accrued during the immediately preceding Refined Coal Royalty Period. During the Term of this Agreement, Licensee will pay to Licensor the Mercury Control Royalty (each, a “Mercury Control
Royalty Payment”) on a quarterly basis within sixty (60) days of the end of each quarter of a calendar year (each period, a “Mercury Control Royalty Period”) with respect to Licensee’s exercise of the license
specified in Section 2.1(b) and for which a Mercury Control Royalty Payment obligation has accrued during the immediately preceding Mercury Control Royalty Period. Each Refined Coal Royalty Payment and Mercury Control Royalty Payment will be
accompanied by a report identifying in reasonable detail the calculation of the royalty due for the relevant royalty period. Notwithstanding any provision to the contrary herein, Licensee has the right to offset any amounts that Licensee has the
right to recover pursuant to this Agreement against any Refined Coal Royalty Payments and/or Mercury Control Royalty Payments due and owing under this Agreement, the application of which shall be determined by Licensee in its sole discretion.

 3.3 Subject to the conditions set forth in this Section 3.3, Licensee shall pre-pay the Refined Coal Royalty up
to an amount of ten million dollars ($10,000,000) by paying to Licensor the following deposit amounts, of which a total of two million dollars ($2,000,000) has been paid by Licensee as of the Effective Date of this Agreement in accordance with
Section 3.3(a) below, and all of which shall be refundable pursuant to and in accordance with the provisions of Section 3.5 of this Agreement: 
 (a) a deposit in the amount of two million dollars ($2,000,000) (the “Initial Deposit”), which amount was paid by Licensee on or about November 4, 2011; 

(b) subject to Licensee’s receipt of a deposit of at least * in connection with the placing-in-service by Licensee of any facility
producing Refined Coal (each, a “Facility”), a deposit in the amount of * (the “Secondary Deposit”); 
 (c) following completion of successful performance testing of the Technology and Licensed Property in a Facility at the power plant known as the * located near * (the * Facility”) (including
successful completion of CEMS testing no less stringent than that undertaken at the power plant known as the * located near * and the power plant known as the * 

  
 -9-

 
located near * a deposit in the amount of * (the “* Deposit”) upon the first to occur of the following events: (i) the execution of a letter of intent with * or other
authorized entity for the long-term use of the Technology and Licensed Property at the * Facility, or (ii) if Licensee (or one of its Affiliates) elects to operate the * Facility on its own behalf (rather than monetize the Section 45 Tax
Credits that would be produced by the * Facility through a third party), the execution of documentation with any power generating company allowing long-term use of the Technology and Licensed Property at such power generating company’s site;

 (d) since Licensee placed in service, prior to December 31, 2011, an additional five (5) Facilities that use the
Technology and Licensed Property, a deposit in the amount of * (the “Additional Facility Deposit”); and 
 (e)
upon Licensee closing transactions for the monetization of Section 45 Tax Credits no later than December 31, 2012, for an approximate capacity of * tons of Refined Coal per year, generated at Facilities using the Technology and Licensed
Property, at a monetization rate which provides a total economic benefit to Licensee of not less than * per * of Section 45 Tax Credits (the “Monetization Condition”), a deposit in the amount of * (the “Monetization
Deposit,” and collectively with the Initial Deposit, the Secondary Deposit, the * Deposit, and the Additional Facility Deposit, the “Deposits,” and each individually, a “Deposit”). 

The Parties acknowledge and agree that Licensee has paid the Initial Deposit, but owes Licensor the Secondary Deposit and the Additional Facility Deposit
in a total amount of *. Licensee shall be entitled to defer payment of any Deposit, in the event Licensee determines, in its sole discretion, that such deferral is necessary in order to provide Licensee a reasonable amount of capital to continue to
operate its business and to timely pay its obligations to third parties. Pursuant to the foregoing, Licensee has determined to defer payment of the Secondary Deposit and the Additional Facility Deposit pending availability of increased working
capital and will pay interest on such amounts as set forth below. Without limiting the foregoing, and subject to the Operating Agreement (defined in Section 3.4 below), Licensee agrees that it will not make any discretionary distributions to
its Members (as defined in the Operating Agreement) until Licensee pays in full all Deposits due and owing pursuant to this Article III. In the event that Licensee elects to defer payment when a Deposit is due, Licensee shall pay interest on the
deferred Deposit at the rate of * per annum, commencing on January 1, 2012 or on such later date that such Deposit would have become due had Licensee not elected to defer payment of such Deposit, until such Deposit is paid in full. 

3.4 Notwithstanding any other provision in this Article III, until such time as the amount of the Deposits actually paid by
Licensee have been fully amortized, (i) the Refined Coal Royalty shall be reduced by thirty-three and one-third percent (33 1/3%) upon the documented closing of a monetization transaction or commencement of operation by Licensee (or a Licensee
Affiliate) on its own behalf involving Section 45 Tax Credits produced by Facilities utilizing the Technology and the Licensed Property and producing more than * tons of Refined Coal per year (the “Amortization Reduction
Event”), and (ii) until the occurrence of the Amortization Reduction Event, the amount of the Refined Coal Royalty otherwise payable pursuant to this Agreement shall be reduced by fifty percent (50%). Notwithstanding the foregoing, if,
for any reason, Licensee reasonably expects that the reduction in the amount of the Refined Coal Royalty otherwise payable to Licensor pursuant to this Section 3.4 will not fully amortize the

  
 -10-

 
remaining Deposits within the projected remaining cash flows from the active refined coal projects of Licensee or its affiliates utilizing the Technology and the Licensed Property, each of
(a) the Refined Coal Royalty Payments, and (b) any royalties or other payments payable by Licensee to Licensor on and subject to the terms agreed in any agreements that may be entered into between Licensee and Licensor (“Other
Contractual Arrangements”), shall be adjusted as appropriate to ensure that the remaining amount of such Deposits shall fully amortize so as to match the remaining projected payments that would otherwise be due to Licensor under the Refined
Coal Royalty Payments or any Other Contractual Arrangements. If Licensee reasonably expects that adjustments pursuant to the previous sentence (including without limitation increasing the amortization percentages against Refined Coal Royalty
Payments pursuant to this Section 3.4 to an amount equaling 100% of such payments) are insufficient to fully amortize the remaining Deposits, then the Parties will agree the method and amount by which distributions payable to Licensor pursuant
to the Operating Agreement may be adjusted as appropriate to ensure that the remaining amount of such Deposits shall fully amortize within the projected remaining active operation of projects of Licensee or its affiliates utilizing the Technology
and the Licensed Property. 
 3.5 The aggregate amount of all Deposits actually paid by Licensee pursuant to
Section 3.3 above less the amount of such Deposits applied toward Refined Coal Royalty Payments pursuant to the amortization required by Section 3.4 above (the “Net Deposit Amount”) shall be required to be repaid in full by
Licensor upon written notice from Licensee in the event that no Refined Coal Royalties have been accrued or paid for a period of six (6) consecutive months and, in the reasonable opinion of Licensee, no Refined Coal Royalties are expected to be
paid or accrued in the next ninety (90) day period (a “Royalty Stoppage”). Upon the occurrence of a Royalty Stoppage, Licensee shall notify Licensor in writing, together with a calculation of the Net Deposit Amount. Licensor shall
have thirty (30) days to review the calculation of the Net Deposit Amount and if there is no disagreement over the calculated amount, Licensor shall pay the calculated amount within thirty (30) days after completion of Licensor’s
review. In the event that there is a disagreement with regard to the correct calculation of the Net Deposit Amount, the parties agree to work together in good faith to resolve the disagreement and agree as to the Net Deposit Amount. Upon mutual
agreement of the Net Deposit Amount, Licensor shall pay the agreed amount within thirty (30) days. Licensor shall be entitled to defer payment of all or part of the agreed Net Deposit Amount for up to ninety (90) days after the due date in
the event Licensor determines, in its sole discretion, that such deferral is necessary in order to provide Licensor a reasonable amount of capital to continue to operate its business and to timely pay its obligations to third parties. In the event
that Licensor elects to defer payment of all or part of the Net Deposit Amount, Licensor shall pay interest on the deferred Net Deposit Amount at the rate of * per annum, commencing on the date the parties have agreed the Net Deposit Amount until
the Net Deposit Amount is paid in full. 
 ARTICLE IV. 

TECHNICAL ASSISTANCE; IMPROVEMENTS. 
 4.1 Technical Assistance. Licensor’s executive team shall be available and use commercially reasonable efforts to provide any technical assistance to Licensee relating to the use of the
Technology and the development, marketing and deployment of the Licensed Property without charge to Licensee. In the event that Licensee requires additional technical assistance, or 

  
 -11-

 
the assistance of Licensor’s technical services personnel, then Licensor shall provide such assistance at the preferred rates and under the terms mutually agreed by the Parties at the time
such assistance is requested. 
 4.2 Licensor Improvements. All Improvements conceived, discovered, created,
developed or acquired by or on behalf of Licensor (including by Licensee and Licensor jointly) after the Effective Date (collectively, “Licensor Improvements”) shall be owned by Licensor and shall, automatically without any further
action by either Party, be included within the Licensed Property and the Technology and thereby made a part of the Technology License and any Technology Sublicense. Licensee hereby assigns to Licensor all of its right, title and interest in and to
all such Licensor Improvements. Licensor shall promptly and fully advise Licensee in writing of any Licensor Improvements created by Licensor without Licensee, but in no event less frequently than annually. The expenses of filing and prosecuting any
patent application relating to Licensor Improvements will be borne by Licensor. 
 4.3 Licensee Improvements.

 (a) Any Improvements conceived, discovered, created, developed or acquired by or on behalf of Licensee (except those
Improvements made jointly with Licensor which are addressed in Section 4.2 above), during the Term, and any other ideas or inventions created or discovered by Licensee pursuant to its exercise of the Technology License (collectively,
“Licensee Improvements”) shall be owned by Licensor and shall, automatically without any further action by either Party, be included within the Licensed Property and the Technology and thereby made a part of the Technology License
and any Technology Sublicense. In the event that Licensee intends to pursue or create an Improvement that will be deemed to be a Licensee Improvement if Licensor does not participate in creating the Improvement, Licensee shall provide Licensor with
advance written notice of its intention to create an Improvement, and the Parties will discuss whether or not such Improvement should be developed by Licensor, or by Licensee and Licensor jointly, rather than being a Licensee Improvement, provided
that following such notice and discussion Licensee’s Board (in accordance with the requirements of the Operating Agreement) may in its sole discretion determine to pursue such Improvement as a Licensee Improvement. Licensee’s failure to
inform Licensor of its intention to create an Improvement as stated above, or to inform Licensor of Improvements of which it becomes aware as stated below, will not impact Licensor’s ownership of such Licensee Improvements, but Licensor shall
not indemnify or defend Licensee or any Sublicensee against Third Party Claims by Third Party Rights Holders as defined in Sections 9.2 and 9.4 herein to the extent such Third Party Claim is attributable to Licensee Improvements that Licensee did
not disclose to Licensor in accordance with this Agreement. 
 (b) In the event that Licensee conceives, discovers, creates,
develops or acquires a Licensee Improvement in accordance with this Agreement, Licensee will advise Licensor in writing that it has developed such Licensee Improvement, including reasonable details describing such Licensee Improvement. Thereafter
Licensor has the option to waive its right to require the assignment of any such Licensee Improvement by providing written notice to Licensee of such waiver within one hundred twenty (120) days after receipt of notice and details of such
Licensee Improvement from Licensee. If Licensor does not exercise such option Licensee shall assign to Licensor all of Licensee’s right, title and interest in and to such Licensee 

  
 -12-

 
Improvement. If Licensor exercises such option by transmitting written notice thereof to Licensee, then upon the receipt of such written notice by Licensee of Licensor’s election to waive
title to such Licensee Improvement, such Licensee Improvement shall thereafter be an “Excluded Licensee Improvement” and (i) Licensee shall retain exclusive ownership of the Excluded Licensee Improvement, and Licensee shall have the
unencumbered right to use, sell, license, sublicense, and otherwise exploit such Excluded Licensee Improvement; and (ii) Licensor hereby grants to Licensee a non-exclusive, perpetual, irrevocable, non-transferrable (except as set forth in
Section 11.5) royalty-bearing license to use the Technology and/or Licensed Property in the Territory to the extent necessary for Licensee’s use and exploitation of any Excluded Licensee Improvements solely for the purpose of the
production of Refined Coal by a Facility that (A) uses the Licensed Property, (B) was placed in service by Licensee or one or more of its Affiliates and (C) is eligible to generate Section 45 Tax Credits or a Similar Tax Credit
pursuant to a long-term agreement. 
 (c) Licensee shall promptly and fully advise Licensor in writing of any Licensee
Improvements that are material and of which Licensee becomes aware. The expenses of filing and prosecuting any patent application relating to any Licensor Improvements and any Licensee Improvements (except for Excluded Licensee Improvement) will be
borne by Licensor; provided, however that Licensee shall reasonably assist Licensor, at Licensor’s sole expense, in obtaining Licensor’s full ownership rights, including patent rights, in and to the subject Improvements. The
expenses of filing and prosecuting any patent application relating to any Excluded Licensee Improvement will be borne by Licensee. 
 4.4 Updates Regarding Improvements to M-45 Technology. The Parties agree to use reasonable efforts to keep each other informed with regard to the existence and details around Licensor
Improvements and Licensee Improvements and otherwise update the Exhibit A description of the M-45 Technology on a timely basis to reflect all such Improvements. The Parties acknowledge that Licensor Improvements may be made in connection with
Licensor’s services to Licensee or to Clean Coal Solutions Services, LLC (“CCSS”) and that the standard communication between the Parties and CCSS with regard to such services will serve as notice of Improvements as required by
this Agreement. The Parties further acknowledge that if Licensor receives information with respect to proposed Licensee Improvements during the standard communication between the Parties in connection with Licensor providing services to Licensee or
to CCSS, such discussions will serve as discussion of proposed Licensee Improvements as required by Section 4.3 of this Agreement. Annually or more frequently upon either Party’s written request, either Party may provide the other Party
with a listing of all Improvements conceived, discovered, created, developed or acquired by such Party (whether jointly by Licensor and Licensee or otherwise) or of which such Party is aware since the date of the last such update of Exhibit A. The
receiving Party shall review such submission of Improvements and notify the initial Party in writing within thirty (30) days of receipt if the receiving Party disagrees with any identified Improvement, or details thereof, or proposes to add
additional Improvements or details. Thereafter the Parties will negotiate in good faith to develop an agreed listing of Improvements, which listing will be incorporated into Exhibit A to describe the M-45 Technology. 

  
 -13-

 ARTICLE V. 
 TERM AND TERMINATION. 
 5.1 Term. The Term shall commence on
the Effective Date and terminate upon the latest to occur of (i) (A) the expiration of the Tax Credit Term, or (B) the expiration of any Similar Tax Credit; or (ii) the date on which Licensee and all Sublicensees permanently
cease to provide Mercury Only Emissions Control to all Subject Utilities pursuant to the license grant specified in Section 2.1(b) herein; or (iii) such other date as provided herein. 

5.2 Other Termination. Either Party may terminate this Agreement prior to the end of the Term by providing written notice
to the other Party if such other Party commits a material default or breach of any representation, warranty, covenant or agreement contained herein and fails to remedy any such default or breach within thirty (30) days after receiving written
notice describing in reasonable detail the material default or breach from the non-defaulting or non-breaching Party. 
 5.3
Effect of Termination. 
 (a) Upon termination of the Term pursuant to Section 5.1 or by Licensor pursuant to
Section 5.2, all license rights granted to Licensee under the Technology License will terminate immediately. Upon termination of the Term by Licensee under Section 5.2, all license rights granted to Licensee under the Technology License
will extend for what would have been the remainder of the Term but for such termination, except, however, that (i) Licensee shall continue to pay the Refined Coal Royalty and Mercury Control Royalty for so long as such license rights are used
by Licensee, (ii) no license rights shall be exclusive as set forth in Sections 2.1(a) and 2.3 herein, and (iii) subject to Section 11.10 with regard to claims that arose prior to the date of such termination, Licensor shall have no
obligations to Licensee with regard to the Agreement, the Licensed Property, the Technology, or the Technology License which accrue or arise after the date of such termination. 

(b) Upon the termination of the Term pursuant to Section 5.1, each Technology Sublicense will terminate. Upon the termination of the
Term pursuant to Section 5.2, Licensor will be deemed to have licensed the Technology and Licensed Property to each Sublicensee upon the same terms and conditions and as a continuation of the Technology Sublicense between Licensee and each such
Sublicensee, without any further action on the part of any party and without interruption, and Licensor will execute an agreement memorializing such continuation of the Technology Sublicense upon the request of Licensee or such Sublicensee.

 (c) Upon termination of the Term pursuant to this Article V, and subject to Sections 3.3 and 3.4 of this Agreement, Licensee
will pay to Licensor, within ninety (90) days of the effective date of such termination, any Refined Coal Royalty Payments and Mercury Control Royalty Payments due and owing as of the date of termination. 

5.4 Effect of Bankruptcy of Licensor. Licensor acknowledges and agrees that the intellectual property rights licensed to
Licensee hereunder constitute “intellectual property” as such term is defined in the Bankruptcy Code and that Licensee is entitled to all of the rights of a licensee of intellectual property under Section 365(n) of the Bankruptcy Code
with respect to all of such licensed rights, which rights under the Bankruptcy Code include, without limitation, the right, upon the rejection of this Agreement in any case filed under the Bankruptcy Code with

  
 -14-

 
respect to Licensor, to treat this Agreement as terminated or to retain Licensee’s rights under this Agreement, and under any agreements supplemental to this Agreement, with respect to such
rights (including any embodiment of the rights to the extent protected by applicable non-bankruptcy law), as such rights existed immediately before Licensor’s bankruptcy case commenced. If Licensee elects to retain such licensed rights under
this Agreement, then Licensee may exercise such licensed rights in accordance with the terms and conditions of this Agreement. Nothing contained herein shall limit any other rights provided to Licensee under the Bankruptcy Code, including
Section 365(n) thereof. 
 ARTICLE VI. 
 REPRESENTATIONS AND WARRANTIES. 
 6.1 By Licensee. Licensee
hereby represents and warrants to Licensor that as of the Effective Date: 
 (a) it has the full right, power and authority to
enter into this Agreement and perform its obligations hereunder; 
 (b) it is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its formation and is qualified to conduct its business in those jurisdictions necessary to perform this Agreement; 
 (c) when executed by the Parties, this Agreement constitutes the legal, valid and binding obligation of Licensee enforceable against Licensee in accordance with its terms, subject, however, to the effects
of bankruptcy, insolvency, reorganization, moratorium and similar laws from time to time in effect, as well as to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(d) all necessary limited liability company action has been taken to authorize, and all necessary authorizations, notices and consents of
any third party which are required to authorize, Licensee to execute and deliver, and to perform the transactions contemplated by, this Agreement have been obtained and remain in full force and effect; and 

(e) the execution, delivery and performance of this Agreement are within its powers, have been duly authorized by all necessary action
and do not violate any of the terms or conditions in its limited liability company agreement or other formation or governing documents or any contract to which it is a party or by which any of its properties is bound or any law, rule, regulation,
order, writ, judgment, decree or other legal or regulatory determination of any Governmental Authority applicable to it. 

6.2 By Licensor. Licensor represents and warrants to Licensee that as of the Effective Date: 

(a) it has the full right, power and authority to enter into this Agreement and perform its obligations hereunder; 

  
 -15-

 (b) it is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its formation and is qualified to conduct its business in those jurisdictions necessary to perform this Agreement; 
 (c) when executed by the Parties, this Agreement constitutes the legal, valid and binding obligation of Licensor enforceable against Licensor in accordance with its terms, subject, however, to the effects
of bankruptcy, insolvency, reorganization, moratorium and similar laws from time to time in effect, as well as to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(d) all necessary corporate action has been taken to authorize, and all necessary authorizations, notices and consents of any third party
which are required to authorize, Licensor to execute and deliver, and to perform the transactions contemplated by, this Agreement have been obtained and remain in full force and effect; 

(e) the execution, delivery and performance of this Agreement are within its powers, have been duly authorized by all necessary action
and do not violate any of the terms or conditions in its bylaws or other formation or governing documents or any contract to which it is a party or by which any of its properties is bound (including, without limitation, the Arch Agreement), or any
law, rule, regulation, order, writ, judgment, decree or other legal or regulatory determination of any Governmental Authority applicable to it; 
 (f) Licensor owns all right, title and interest in and to the Technology; 
 (g)
there are no outstanding agreements, assignments or encumbrances inconsistent or in conflict with the provisions of this Agreement; 
 (h) the Patents are in good standing in the United States Patent and Trademark Office and any of its foreign equivalents, and to the knowledge of Licensor, no events or circumstances exist that could have
an adverse effect on the prosecution of the Patents to issuance; 
 (i) the manufacture, use, sale, and offer for sale of the
Licensed Property and Refined Coal and the practice of the Patents and the Know-How do not infringe or misappropriate any patent, trade secret or other intellectual property right of any third party; 

(j) Licensor has not received any notice alleging its noncompliance with any Applicable Law with respect to the Technology or Licensed
Property or alleging that the manufacture, use, sale, and offer for sale of the Licensed Property and Refined Coal and the practice of the Patents and the Know-How infringe or misappropriate the patent, trade secret or other intellectual property
right of any third party; 
 (k) Licensor has not threatened or initiated any claim, suit or proceeding against any third party
alleging that such third party has infringed or misappropriated any rights under, in or to the Technology or the Licensed Property and, to the knowledge of Licensor, no third party is infringing or misappropriating any such rights; and 

  
 -16-

 (l) the Patents and Know-How, along with know-how generally available in the coal-fired
power generation industry, are all the intellectual property rights necessary for the manufacture of the Licensed Property and the production of Refined Coal. 
 ARTICLE VII. 
 LIMITATION OF LIABILITY. 

WITH THE EXCEPTION OF THE PARTIES’ OBLIGATIONS UNDER ARTICLE IX OR ANY FRAUD, WILLFUL MISCONDUCT OR GROSS NEGLIGENCE BY EITHER
PARTY, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT OR INCIDENTAL DAMAGES, HOWEVER CAUSED, ON ANY THEORY OF LIABILITY WHETHER OR NOT THE PARTY HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES, ARISING IN ANY WAY OUT OF THIS AGREEMENT. 
 ARTICLE VIII. 

MAINTENANCE OF PATENT RIGHTS. 
 At all times hereunder, Licensor shall be solely responsible for and shall pay all fees, costs or expenses of any nature required to prosecute, defend or maintain the Patents as follows: 

8.1 Prosecution and Maintenance. Licensor will, at its sole expense, continue to diligently prosecute any and all patent
applications in the Patents and, with respect to any Patents that issue during the Term, maintain such Patents in good standing. In connection with the prosecution of such patent applications and maintenance of the Patents, Licensor will provide to
Licensee copies of all filings and material correspondence sent and received by Licensor related thereto. In addition, Licensor will, throughout the Term, use reasonable commercial efforts to maintain and enhance the scope of the Valid Claim(s) and,
if any claim contained in an issued and unexpired patent included within the Patents is held unenforceable, unpatentable or invalid by a decision of a tribunal, court, or other governmental agency of competent jurisdiction, then Licensor will, at
its sole expense, use reasonable commercial efforts to create, develop and/or secure functionally equivalent workarounds and, where commercially appropriate, prosecute patent applications and/or patents for the same, which patent applications and/or
patents will automatically be included within the Patents. Upon Licensee’s request and at Licensee’s expense, Licensor shall file, prosecute and maintain new patent applications and/or new patents (“New Patents”) on the
Technology and any Licensed Property, including any Improvements thereto, except for any Excluded Licensee Improvements. Such New Patents shall be owned by Licensor and will be deemed Patents, as defined herein, for all purposes hereof. 

8.2 Failure to Prosecute or Maintain. If Licensor determines, for any reason, not to diligently prosecute or maintain any
Patent(s), then Licensor shall (a) promptly give Licensee written notification of such determination at least ninety (90) days before any due date related to such prosecution or maintenance, and (b) upon Licensee’s request,
prosecute or maintain such Patent(s) at Licensee’s expense. If Licensee believes that Licensor, for any reason, is not diligently prosecuting or maintaining any Patent(s), as required hereunder, then Licensee may exercise its right as
Licensor’s attorney in fact, and Licensor hereby appoints Licensee as its attorney in fact for purposes of this Section 8.2, to make any filing, pay any fee (including filing 

  
 -17-

 
and maintenance fees), and take any other actions, in Licensor’s name, to prosecute or maintain such Patent(s), and, except as relates to any New Patent(s), Licensor will promptly reimburse
Licensee for all costs and expenses associated with any such actions. 
 ARTICLE IX. 

PROTECTION OF LICENSED PROPERTY. 
 9.1 Enforcement of Patents. 
 (a) It shall be the obligation of
Licensor, at its sole cost and expense, in Licensor’s name, to protect and enforce the Patents and to prosecute or settle any third party infringement of the Patents during the Term of this Agreement. At no cost to Licensee, Licensee shall join
any proceeding as necessary for Licensor to protect and enforce the Patents as described above. Any recovery obtained in an action brought by Licensor shall be distributed as follows: (i) Licensor shall first be reimbursed for any and all
expenses and attorneys’ fees incurred by Licensor in connection with the action; and (ii) Licensor shall be entitled to any award, whether it be for ordinary, special or punitive damages. Notwithstanding any language to the contrary, in
the event that Licensee is a party to the proceeding described above, Licensee shall be entitled to the portion of any award attributable to losses or damages suffered by Licensee as a result of the third party infringement. 

(b) If Licensor determines not to diligently enforce the Patents (in which case Licensor shall promptly notify Licensee in writing of the
same) or if it comes to the attention of Licensee that Licensor is not diligently enforcing the Patents then, subject to the rights of Licensor and any Sublicensees of the Patents (i) Licensee will have the right to enforce the Patents and to
prosecute or settle any third party infringement of the Patents during the Term of this Agreement, at Licensee’s sole expense, (ii) if requested by Licensee, Licensor will cooperate in Licensee’s prosecution or defense of any dispute
resolution, litigation or settlement activities hereunder, provided that Licensee will reimburse Licensor for all reasonable costs incurred by Licensor as a result of such cooperation, and (iii) Licensee shall be entitled to the portion of any
recovery obtained in an action brought by Licensee hereunder, which portion shall be distributed as follows: (A) Licensee shall first be reimbursed for any and all expenses and attorneys’ fees incurred by Licensee in connection with such
action; and (B) Licensee shall be entitled to the portion of the recovery that is attributable to losses or damages suffered by Licensee as a result of the third party infringement. 

9.2 Indemnity by Licensor. Licensor shall defend, indemnify and hold harmless Licensee, its Affiliates, and each of their
respective members, managers, stockholders, officers, employees, agents, representatives and attorneys (each, a “Licensee Indemnified Party”) against any Loss (including without limitation any Loss first suffered by a customer of a
Licensee Indemnified Party for which the Licensee Indemnified Party becomes responsible) arising from or in connection with (i) any claim that the Technology, including any Improvements (other than Excluded Licensee Improvements), the Licensed
Property, the Know-How, or the manufacture, sale or use of Refined Coal produced using the Technology or the Licensed Property, in accordance with the exercise of the license specified in Section 2.1(a), infringes or misappropriates, directly
or indirectly, a patent, trade secret, copyright, trademark or other intellectual property right of any third party (a “Third Party Rights Holder”); (ii) any challenge to

  
 -18-

 
the validity of any of the Patents or the rights granted to Licensee in Section 2.1(a); and (ii) any breach by Licensor of the representations and warranties in Sections 2.4 or 6.2 or
any covenant by Licensor in this Agreement. 
 (a) Notwithstanding the foregoing, Licensor will not indemnify any Loss to the
extent based upon an infringement or misappropriation of an intellectual property right of a Third Party Rights Holder that would not exist but for: 
 (1) with regard to the operation of the boiler: the addition, use, or presence of any material, chemical, or other type of additives that is not (i) included as an element of the Refined Coal
produced using the Technology or the Licensed Property as introduced into the boiler (excluding any element present in the coal prior to such coal being converted to Refined Coal, such as bromine); or (ii) present and inherent as the result of
the conventional combustion of the Refined Coal in a boiler (e.g., oxygen or other constituents inherently produced in the combustion process) being operated in a manner typical of operations prior to the date Refined Coal is first combusted in such
boiler; or (iii) the use of a process step or equipment in conjunction with the operation of the boiler that is unconventional or unique to the operator of the boiler; or 

(2) with regard to the production of the Refined Coal, operation of the Refined Coal Facility, or post-combustion operations, processes
or activities which occur after the Refined Coal has been combusted in the boiler: the addition, use, or presence of any material, chemical, additive, product, service, equipment, component, process, design, specification, or information that is not
included as an element of the Licensed Property, Know-How or Technology (including any instructions, drawings, or specifications provided by Licensor to Licensee) whether used alone or in combination with the Licensed Property, Know-How or
Technology; or 
 (3) the addition, use, or presence of an Excluded Licensee Improvement. 

(b) Licensor will also not indemnify any Loss to the extent based upon the use of the Licensed Property, Know-How or Technology after
Licensor has provided the Licensee Indemnified Party with replacement for or a modification of the Licensed Property, Know-How or Technology if the alleged infringement or misappropriation would have been avoided by implementation of such
replacement or modification and such replacement or modification does not adversely affect the emissions control functionality of the Refined Coal in a boiler. 
 (c) If any portion of the Licensed Property, Know-How or Technology becomes, or in Licensor’s opinion is likely to become, the subject of a Loss arising from this Section 9.2, then Licensor may,
at its sole option and expense, either procure the right to continue using the Licensed Property, Know-How or Technology or replace or modify the Licensed Property, Know-How or Technology so it becomes non-infringing. 

9.3 Indemnity by Licensee. 
 (a) Licensee shall defend, indemnify and hold harmless Licensor, its Affiliates and their respective members, managers, stockholders, officers, directors, employees,

  
 -19-

 
agents, representatives and attorneys (each, a “Licensor Indemnified Party”) against any Loss arising from or in connection with (i) any breach by Licensee of the
representations and warranties in Section 6.1, or (ii) Licensee’s failure to comply with the terms of the grant of license specified in Article II herein. 
 (b) Licensee shall defend, indemnify and hold harmless each Licensor Indemnified Party against any Loss (including without limitation any Loss first suffered by a customer of a Licensor Indemnified Party
for which the Licensor Indemnified Party becomes responsible) arising from or in connection with any claim that the Excluded Licensee Improvements, used alone or in combination with the Licensed Property, Technology, or Know-How infringes or
misappropriates, directly or indirectly, a patent, trade secret, copyright, trademark or other intellectual property right of Third Party Rights Holder. Notwithstanding the foregoing, Licensee will not indemnify any Loss to the extent based upon:
(1) an infringement or misappropriation of an intellectual property right of a Third Party Rights Holder that would not exist but for the addition, use, or presence of any material, chemical, or other type of additives that is not included as
part of the Excluded Licensee Improvements used alone or in combination with the Licensed Property, Technology, or Know-How ; or (2) the use of the Excluded Licensee Improvements after Licensee has provided the Licensor Indemnified Party with
replacement for or a modification of the Excluded Licensee Improvements if the alleged infringement or misappropriation would have been avoided by implementation of such replacement or modification and such replacement or modification does not
adversely affect the efficacy or functionality of the Excluded Licensee Improvements. If any portion of the Excluded Licensee Improvements becomes, or in Licensee’s opinion is likely to become, the subject of a Loss arising from this
Section 9.3, then Licensee may, at its sole option and expense, either procure the right to continue using the Excluded Licensee Improvements or replace or modify the Excluded Licensee Improvements so it becomes non-infringing. 

9.4 Defense of Third-Party Claims. If an Indemnified Party’s claim for indemnification under Section 9.2 or
Section 9.3 is based on a claim brought by a third party (including without limitation a customer of the Indemnified Party with respect to a claim brought against such customer by a Third Party Rights Holder) (a “Third Party
Claim”), the Indemnifying Party shall have the right, at its sole cost and expense, to defend such Third Party Claim in the name or on behalf of the Indemnified Party. The Indemnified Party will give the Indemnifying Party prompt written
notice of any such Third Party Claim (a “Claims Notice”) and reasonably cooperate with the Indemnifying Party in the defense and settlement of the Third Party Claim. The Indemnified Party’s failure to so notify the Indemnifying
Party shall not relieve the Indemnifying Party from any obligation which Licensor would otherwise have pursuant to this Agreement except to the extent that the Indemnifying Party has been materially prejudiced by such failure to so notify.
Notwithstanding the foregoing, an Indemnified Party shall have the right (following notice to the Indemnifying Party) to retain its own counsel (which counsel is reasonably acceptable to the Indemnifying Party) and control its defense of any such
Third Party Claim, with the reasonable fees and expenses to be paid by the Indemnifying Party if the Indemnifying Party shall have failed promptly to employ counsel to defend such proceeding or otherwise failed to prosecute such defense with
reasonable diligence. The Indemnified Party and Indemnifying Party will enter into a joint representation agreement with counsel reasonably acceptable to both parties, specifying that the Indemnifying Party shall at all times control the defense,
unless the Indemnified Party agrees otherwise, in writing, that the Indemnifying Party 

  
 -20-

 
shall have sole authority to settle or compromise the Third Party Claim, and the reasonable fees and expenses for such counsel to be paid by the Indemnifying Party; provided, however, in the
event it is not legally possible for the same counsel to represent both the Indemnified Party and the Indemnifying Party because of conflicts of interest (e.g., the conflict of interest is non-waivable), then the Indemnifying Party shall pay the
reasonable fees and expenses of both counsels to the extent such fees and expenses are directly related to defending the claims for which the Indemnifying Party is responsible. The Indemnified Party shall have the right to employ separate counsel at
its own cost and expense in the proceeding and, in such event, shall and shall have the right to, consult with the Indemnifying Party regarding the defense thereof; provided that, except as otherwise provided herein, the Indemnifying Party shall at
all times control such defense of such proceeding. The Indemnifying Party may not settle or compromise the claim without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed),
unless the settlement or compromise includes a full release of all of the Indemnified Parties. The Indemnifying Party shall pay to or for the benefit of the Indemnified Parties in cash the amount for which such Indemnified Parties are entitled to be
indemnified within thirty (30) days after the settlement or compromise of such Third Party Claim or the final nonappealable judgment of a court of competent jurisdiction. An Indemnifying Party shall not be liable for any settlement or
compromise of any Third Party Claim without its consent. 
 9.5 Protection and Enforcement of Know-How and Trade
Secrets. Licensor and Licensee will at all times during the Term use commercially reasonable efforts to preserve and protect the confidentiality of all portions of the Know-How and any other information that constitutes “trade secrets”
as that term is defined in the Uniform Trade Secrets Act (the “Trade Secrets”). Furthermore, if it comes to the attention of Licensor that any Trade Secret has been misappropriated by any third party, then Licensor will use all
reasonable efforts, including legal actions, to preserve and protect the confidentiality of the Trade Secret and to prevent such third party from any and all uses of the Trade Secret, so long as doing so is commercially reasonable to benefit either
Licensor or Licensee. 
 9.6 Licensee’s Obligation to Notify Licensor of Possible Infringement or
Misappropriation. Licensee shall promptly notify Licensor, in writing, if it comes to the attention of Licensee that any of the Patents is being infringed or any Trade Secret has been or is in danger of being misappropriated by any third party.
Any such notice shall include a summary of relevant facts underlying Licensee’s belief as to such infringement or misappropriation. 
 9.7 Customers. If a customer of Licensee or a Sublicensee is contacted or sued by a Third Party Rights Holder with regard to an allegation of intellectual property infringement or
misappropriation attributable to the use of the Licensed Property in accordance with the license granted in Section 2.1(a) herein (but not an Excluded Licensee Improvement), Licensee shall give Licensor prompt written notice that its customer
has been so contacted or sued. Licensor shall promptly discuss with the Licensee’s or Sublicensee’s customer the nature and purpose of the claim or contact and negotiate with Licensee’s or Sublicensee’s customer, in good faith,
the terms under which Licensor would undertake the defense and indemnity of the matter on Licensee’s or Sublicensee’s customer’s behalf, including, but not limited to, terms similar to those set forth in Section 9.2 and 9.4 of
this Agreement. 

  
 -21-

 ARTICLE X. 
 CONFIDENTIALITY. 
 10.1 Each Party shall maintain the terms of this
Agreement in confidence and shall not disclose any information concerning the terms, performance or administration of this Agreement to any other Person; provided that either Party may disclose such information: (a) to any of such
Party’s Affiliates or to such Party’s officers, directors, employees and contractors to the extent such Persons need to know such information for the purposes of performing this Agreement, (b) to any prospective member of such
Party’s Affiliates, and (c) to any Person providing or evaluating a proposal to provide financing to the recipient Party or any direct or indirect owner of such Party; provided in each case that the recipient Party shall provide to
each Person to which disclosure is made a copy of this Article X and direct such Person to treat such information confidentially in accordance with this Article X, and the recipient Party shall be liable for any breach of the terms of this Article X
by such Persons to which it makes any such disclosure. The foregoing restrictions will not apply (i) to information that is or becomes generally available to the public otherwise than as a result of disclosure by the recipient Party in
violation of this Agreement, (ii) to information that is already in, or subsequently comes into, the recipient Party’s possession, provided that the source of such information was not, to the recipient Party’s knowledge, obligated to
keep such information confidential and the information was not received solely pursuant to a previous agreement between the Parties, (iii) to information that is required to be disclosed pursuant to Law or stock exchange rules and regulations
or is otherwise subject to legal, judicial, regulatory or self-regulatory requests for information or documents, or (iv) subject to Section 10.2 below, to the tax treatment or tax structure of the transactions contemplated by this
Agreement. 
 10.2 Notwithstanding anything to the contrary herein, either Party may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement, provided, however, that any such information is required to be kept confidential to the extent necessary to comply with
any applicable securities laws. The tax structure and tax treatment of the transactions contemplated by this Agreement includes only those facts that may be relevant to understanding the purported or claimed U.S. federal and state income tax
treatment or tax structure of the transaction and, to eliminate any doubt, therefore specifically does not include information that either reveals or standing alone or in the aggregate with other information so disclosed tends of itself to reveal or
allow the recipient of the information to ascertain the identity of any parties involved in any of the transactions contemplated by this Agreement or any of the documents to be delivered in connection herewith. 

10.3 If either Party is required to disclose any information required by this Article X to be maintained as confidential in a
judicial, administrative or governmental proceeding, such Party shall give the other Party at least ten (10) days’ prior written notice (unless less time is permitted by the applicable proceeding) before disclosing any such information in
any said proceeding and, in making such disclosure, the Party required to disclose the information shall disclose only that portion thereof required to be disclosed and shall cooperate with the other Party in such Party’s attempts to seek to
preserve the confidentiality thereof, including if such other Party seeks to obtain protective orders and/or any intervention. 

  
 -22-

 ARTICLE XI. 
 GENERAL. 
 11.1 Notices. All notices and other communications
hereunder shall be in writing and shall be deemed given if delivered personally, by a nationally recognized overnight courier, by facsimile or electronic mail, or mailed by registered or certified mail (return receipt requested) to the Parties at
the following addresses (or at such other address for either Party as shall be specified by like notice): 
 If to Licensor:

 ADA-ES, Inc. 
 9135 S. Ridgeline Blvd., Ste 200 
 Highlands Ranch, CO 80129 

Attn: Mike Durham 
 Fax: (303) 734-0330 
 Email: miked@adaes.com 

If to Licensee: 
 Clean Coal Solutions, LLC 
 3300 South Parker Road, Suite 615 

Aurora, CO 80014 
 Attn: Jim Zerefos 
 Fax: (303) 751-4777 

Email: jzerefos@cleancoalsolutions.com 
 With a copy (which shall not constitute notice) to: 
 Hogan Lovells US LLP

 1200 Seventeenth Street, Suite 1500 
 Denver, CO 80202 
 Attention: Tyler Harvey 

Fax: (303) 899-7333 
 Email: tyler.harvey@hoganlovells.com 
 All notices and other communications given
in accordance herewith shall be deemed given (i) on the date of delivery, if hand delivered, (ii) on the date of receipt, if faxed or e-mailed (provided a hard copy of such transmission is dispatched by first class mail within 48 hours),
(iii) three (3) business days after the date of mailing, if mailed by registered or certified mail, return receipt requested, and (iv) one (1) business day after the date of sending, if sent by a nationally recognized overnight
courier; provided, however, that a notice given in accordance with this Section 11.1 but received on any day other than a business day or after business hours in the place of receipt will be deemed given on the next business day in that
place. 
 11.2 Governing Law; Choice of Forum; Waiver of Jury Trial. This Agreement shall be construed in
accordance with and governed by the internal laws of the State of Colorado, without 

  
 -23-

 
regard to conflicts of law principles. THE PARTIES HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN THE COUNTY OF ARAPAHOE IN THE STATE OF COLORADO, OR THE
FEDERAL COURT LOCATED NEAREST THERETO, WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND CONSENT TO THE SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING RELATING TO A DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM WITH RESPECT THERETO. 

11.3 Integration. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof
and supersedes all prior representations, assurances, courses of dealing, agreements, and undertakings, whether written or oral, between the Parties concerning such subject matter. Notwithstanding any provision to the contrary in that certain Side
Letter Agreement Regarding License of M-45 Technology, dated November 7, 2011, between the Parties (the “Side Letter”) or the Repayment Agreement, the Parties agree and acknowledge that this Agreement supersedes and replaces
the Side Letter in its entirety, subject to the survival provisions specified in paragraph 1 thereof, and supersedes and replaces the Repayment Agreement in its entirety. 
 11.4 Titles and Headings. Titles and headings as used in this Agreement are for convenience and reference only, and the words contained therein shall in no way be held to explain, modify,
amplify or aid in the interpretation, construction or meaning of any provision. 
 11.5 Assignment. Neither Party
shall assign, sublease or otherwise transfer (collectively, an “Assignment”) this Agreement or any of its rights or obligations hereunder without the prior written consent of the other Party, and any purported Assignment made
without such prior written consent shall be void. Notwithstanding the foregoing: 
 (a) either Party may, without the need for
consent from the other Party, make an Assignment of this Agreement to an Affiliate of such Party provided that such Affiliate assumes in writing all of the obligations of the Party making the Assignment, and in such event the assigning Party shall
be released from its obligations under this Agreement, except for those obligations that arose prior to such Assignment; and 

(b) Licensee may, without the need for consent from Licensor, make an Assignment of this Agreement to any Person succeeding to the
business of Licensee (whether by merger, equity purchase, or similar transaction) or to all or substantially all of Licensee’s assets. 
 11.6 Amendment; Modification, and Waiver. This Agreement may not be amended or modified except by an instrument in writing signed by both Parties. Any failure of either Party to comply with
any obligation, covenant, agreement, or condition contained herein may be waived only if set forth in an instrument in writing signed by the Party to be bound thereby, but such waiver or failure to insist upon strict compliance with such obligation,
covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any other failure. 

  
 -24-

 11.7 Severability of Provisions. If any term or other provision of this
Agreement is invalid, illegal, or incapable of being enforced by any rule of Applicable Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated herein are not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the Parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated herein are consummated as originally contemplated
to the fullest extent possible. 
 11.8 Binding Effect; Third Parties. The terms and provisions of this Agreement
shall be binding upon and shall inure to the benefit of the Parties and their successors and permitted assigns. Except with respect to the rights granted to Sublicensees pursuant to Section 5.3(b), nothing in this Agreement shall be deemed to
grant any third party beneficiary or similar rights to any Person not a signatory to this Agreement. 
 11.9
Counterparts. This Agreement may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when
such counterparts have been signed by each Party and delivered to the other Party, it being understood that the Parties need not sign the same counterpart. 
 11.10 Survivability on Termination. The provisions of Sections 9.2, 9.3, 9.4, and 9.7, and Articles V (Term and Termination), VI (Representations and Warranties), VII (Limitation of
Liability), X (Confidentiality), and XI (General) shall survive the termination of the Term for any reason. 
 11.11
Remedies Cumulative; Injunctive Relief. Any and all remedies expressly conferred on a Party by this Agreement will be deemed cumulative with and not exclusive of any other remedy or remedies conferred hereby or available to such Party at
law or in equity, and the exercise by a Party of any one remedy (or forbearance with respect to one or more available remedies) will not preclude the exercise of any other remedy. Each Party acknowledges and agrees that any violation or threatened
violation of this Agreement may cause irreparable injury to the other Party, for which money damages are an insufficient remedy. Thus, the Parties shall be entitled to seek injunctive relief in addition to all other remedies available at law in such
event. 
 11.12 Further Assurances. Each Party shall execute and deliver to the other Party such further
documents, instruments and assurances, and take such further actions, as may be reasonably requested by such other Party to fulfill the intent of the Parties hereto. 
 11.13 Construction. The words “this Agreement,” “herein,” “hereby,” “hereunder,” and “hereof,” and words of similar import, refer to this
Agreement as a whole (including all Annexes, Exhibits and Schedules) and not to any particular subdivision unless expressly so limited. The words “this Section,” “this subsection,” and words of similar import, refer only to the
Sections or subsections hereof in which such words occur. The word “or” is not exclusive, and the word “including” (in its various forms) means “including without limitation.” Pronouns in masculine,

  
 -25-

 
feminine, or neuter genders shall be construed to state and include any other gender, and words, terms, and titles (including terms defined herein) in the singular form shall be construed to
include the plural and vice versa, unless the context otherwise expressly requires. Unless the context otherwise requires, all defined terms contained herein shall include the singular and plural and the conjunctive and disjunctive forms of such
defined terms, and the term “Annex,” “Exhibit” or “Schedule” shall refer to an Annex, Exhibit or Schedule attached to this Agreement. 
 [Signature page follows] 

  
 -26-

 IN WITNESS WHEREOF, the undersigned have executed this Agreement effective as of the
Effective Date. 
  

									
	ADA-ES, Inc.	 		  	Clean Coal Solutions, LLC
					
	By:	 	  
	 		  	By:	  	  

	Name:	 	  
	 		  	Name:	  	  

	Title:	 	  
	 		  	Title:	  	  

 [Signature Page to Technology License Agreement] 

 EXHIBIT A 

M-45 Technology 

The Patents: 
 See the information
contained in U.S. Patent Application No 13/471,015, entitled “Process to reduce emissions of nitrogen oxides and mercury from coal-fired boilers,” filed May 14, 2012, which Application claims the benefits of U.S. Provisional
Application Serial No. 61/486,217, filed May 13, 2011, and Serial No. 61/543,196, filed October 4, 2011, of the same title, each of which was incorporated into the Application by reference. 

The Process: 
 The
M-45 Technology process involves the use of * (the “Chemical Reagents”) which are applied to the coal at the * as described below. The first Chemical Reagent, referred to as M-45 A, is a *. M-45 A mixes * with the coal
*.
 The second Chemical Reagent, referred to as M-45 B, is an * which reacts with the mercury in coal, resulting in *. As
a result, more of the mercury is *. 
 As further described below, the * transports M-45 A and M-45 B to a *, where they are
applied * to the coal. The Chemical Reagents are combined with the coal at a rate *. The application of each Chemical Reagent (M-45 A and M-45 B) is * and the rate of application is based on the *. After the coal is *, the resulting
Refined Coal is transported to the power plant’s boiler(s) where it will be burned to produce steam for electricity production. 

The System: 
 The
M-45 Chemical Reagents can be delivered via a * or a *. The * consists of a * M-45 A NOx system and a * M-45 B Hg system. The * consists of a * M-45 A NOx system and the * M45 B Hg system described above. 

For the *, the M-45 A NOx Chemical Reagent is delivered and placed in a * until it is transported to the delivery system, which adds the
Chemical Reagent in a specified amount to the coal. The M-45 B Hg system stores the * Chemical Reagent in a *. The M-45 B Hg feed rate is added to the coal at a specified amount 

For the *, the M-45 A NOx system stores the * Chemical Reagent in a * until it is transported to the delivery system. The M-45 A Chemical
Reagent feed rate set point is determined by the * and the *. 

 Schedule 3.1(a) 

 

																							
	 Determination of Refined Coal Royalty Payment Calculation
	   
	  	
	 Example
	  				  				  				  				  				  	
	 For the Calendar Quarter ended             
	  				  				  				  				  				  	
							
	 Facility
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	Total	  	  	
	 Tons produced
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
							
	 Tax Credit per ton
	  	$	6.46	  	  	$	6.46	  	  	$	6.46	  	  				  				  	
	 Self Operated
	  	 	*	  	  	 	*	  	  	 	*	  	  				  				  	
							
	 Revenues:
	  				  				  				  				  				  	
	 Fixed and Contingent Lease Payments
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
	 Amortization of Prepaid Rents
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
	 Tax Credits Earned
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Total Revenues
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Operating Costs:
	  				  				  				  				  				  	
	 Payments to CCSS for direct costs
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	$* per ton Chemical and Op cost
							
	 Site License
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	$* per ton site fee
	 Depreciation of Equipment
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	Assumes 60 month depreciation of *Cap Ex
	 Other Direct Costs incurred by CCS
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	Perhaps insurance and other misc.
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	
	 Total Costs
	  	 	*	  	  	 	*	  	  	 	*	  	  	 	*	  	  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	
	 Pre-Tax Margin
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Royalty Rate
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 * M-45 Royalty Amount
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Royalty earned per ton
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	

 Schedule 3.1(c) 

 

																							
	 Determination of Mercury Control Royalty Payment Calculation
	   
	  	
	 Example
	  				  				  				  				  				  	
	 For the Calendar Quarter ended             
	  				  				  				  				  				  	
							
	 Facility
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	Total	  	  	
	 Tons produced
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
	 Per Ton Rate for Mercury Only Control
	  	 	*	  	  	 	*	  	  	 	*	  	  				  				  	
							
	 Revenues:
	  				  				  				  				  				  	
	 Earnings from Hg Control
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Total Revenues
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Operating Costs:
	  				  				  				  				  				  	
	 Payments to CCSS for direct costs
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	* per ton chem and Op cost assumed
	 Depreciation of Equipment
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	Fully depreciated
	 Other Direct Costs incurred by CCS
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	Perhaps insurance and other misc.
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	
	 Total Costs
	  	 	*	  	  	 	*	  	  	 	*	  	  	 	*	  	  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	
	 Pre-Tax Margin
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Royalty Rate
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 * Mercury Control Royalty Amount
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*	  	  	
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 	  	
	 Royalty earned per ton
	  	 	*	  	  	 	*	  	  	 	*	  	  				  	 	*

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]