Document:

Warrant to purchase shares of Common Stock issued to CDP Gevo, LLC

 Exhibit 4.4 

*** Text Omitted and Filed Separately 

Confidential Treatment Requested 

Under 17 C.F.R. §§ 200.80(b)(4) 

and 203.406 
 THIS
WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION OR QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL IN
FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED PURSUANT TO AN EXEMPTION UNDER SUCH ACT AND SECURITIES LAWS. 

 

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

GEVO, INC. 

COMMON STOCK WARRANT 

THIS IS TO CERTIFY that, for value received, CDP
GEVO, LLC, a Texas limited liability company (“CDP”), is entitled to subscribe for and purchase from GEVO, INC., a Delaware corporation (the
“Company”), up to 858,000 shares (as adjusted from time to time pursuant to the terms hereof, the “Warrant Shares”) of the common stock, par value $0.01 per share, of the Company (the
“Common Stock”) at an exercise price equal to $2.70 per share (as adjusted from time to time pursuant to the terms hereof, the “Exercise Price”), payable as provided herein, subject to the provisions
and adjustments and on the terms and conditions hereinafter set forth. This Common Stock Warrant (this “Warrant”) is being issued in connection with that certain Commercialization Agreement, dated as of the date hereof, by
and among the Company, CDP and Gevo Development, LLC, a Delaware limited liability company (“Development”) (as it may be amended or restated from time to time, the “Commercialization Agreement”).
Capitalized terms used in this Warrant, but not otherwise defined, will have the meanings set forth in the Commercialization Agreement. 

1. Definitions. In addition to the terms defined elsewhere in this Warrant or the Commercialization Agreement, the following terms
have the following respective meanings: 
 (a) “Business Day” shall mean any day other than a
Saturday, Sunday or other day when banking institutions in Englewood, Colorado are authorized or required by law or executive order to be closed. 

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

 

 1 

 Company Shares, (ii) a sale or transfer of all or substantially all of the assets of the Company or
(iii) a dividend or distribution to the stockholders of the Company the proceeds of which were obtained at least in part from a recapitalization of the Company or its Subsidiaries; provided, however, that a Change of Control Event shall not
include (A) any consolidation or merger effected exclusively to change the domicile of the Company or (B) any transaction or series of transactions for bona fide equity financing purposes in which cash is received by the Company or any
successor or indebtedness of the Company is cancelled or converted or a combination thereof. 
 (c) “Fully Diluted
Company Shares” shall mean, as of any particular determination date, all outstanding shares of Common Stock, together with all shares of Common Stock that are issuable pursuant to (i) rights, options or warrants to subscribe for,
purchase, or otherwise acquire shares of Common Stock, and (ii) securities convertible into, or exchangeable for, shares of Common Stock. 

(d) “Gevo Termination Event” means the termination of the Commercialization Agreement by the Company pursuant to
Section 5.2(b) or Section 5.2(d) thereof. 
 (e) “Termination Date” shall mean the earlier to
occur of: (i) the twentieth (20th) Business Day following the occurrence of a Gevo Termination Event, (ii) an act of fraud by CDP, Michael A. Slaney or David N. Black pursuant to Section 3(d), and (iii) the date that
is seven years from the date of this Warrant. 
 2. Exercise of Warrant. 

(a) Mechanics. The purchase rights represented by this Warrant are exercisable by CDP, in whole or in part, at
any time on or before the Termination Date, or from time to time, by delivery of the following to the Company at the address set forth in Section 15 below (or at such other address as it may designate by notice in writing to CDP):
(a) this Warrant; (b) the Notice of Exercise attached as EXHIBIT A hereto (the “Notice of Exercise”), completed and executed on behalf of CDP; and (c) payment of the applicable Exercise
Price for the Warrant Shares being purchased in cash or by check; provided, however, that CDP shall only be entitled to exercise the purchase rights represented by this Warrant with respect to those Warrant Shares that are vested and exercisable as
of the exercise date pursuant to Section 3 below. 
 (b) Certificates; Partial Exercise.

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

  

 2 

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

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

(a) Vesting. The Warrant Shares issued and issuable upon exercise of this Warrant shall vest in accordance with the
following schedule: 
  

	 	    	[...***...] 

  

	 	(b)	[...***...] 

*Confidential Treatment Requested 
  

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 (c) Termination of Vesting. Notwithstanding the provisions of
Sections 3(a) and 3(b), no unvested Warrant Shares shall vest on or after the date of a Gevo Termination Event. 

(d) Forfeiture of Vested Shares. Notwithstanding the provisions of Sections 3(a) and 3(b), in the
event of fraud by CDP, Michael A. Slaney or David N. Black, as a consequence of which the Company or Development suffers damages, this Warrant shall be null and void ab initio and all Warrant Shares, whether vested or unvested, shall be
immediately forfeited, without consideration, to the Company. 
 4. Reservation of Stock. The Company covenants and
agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized, and in reserve, a sufficient number of shares of its Common Stock to provide for the exercise of the
Warrant Shares represented by this Warrant. 
 5. Compliance with Securities Act. 

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

(b) Securities are not Registered.  

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

*Confidential Treatment Requested 
  

 4 

 (i) The Company shall have received a letter secured by CDP from the Securities and
Exchange Commission stating that no action will be recommended to the Commission with respect to the proposed disposition; 

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

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

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

6. Protection Against Dilution. In the event of changes in the outstanding Common Stock by reason of stock dividends, split-ups,
recapitalizations, reclassifications, combinations or exchanges of shares, separations, merger, consolidation, reorganizations, liquidations, or the like, the number and class of Warrant Shares available under the Warrant in the aggregate and the
Exercise Price shall be correspondingly adjusted to give CDP, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as CDP would have owned had the Warrant been exercised prior to the event and had CDP
continued to hold 
  

 5 

 such shares until after the event requiring adjustment. The form of this Warrant need not be changed because
of any adjustment in the number of Warrant Shares subject to this Warrant or to the Exercise Price specified in this Warrant. 

7. Fractional Shares. Fractional shares shall not be issued upon the exercise of this Warrant but in any case where CDP would,
except for the provisions of this Section 7, be entitled under the terms hereof to receive a fractional share upon the complete exercise of this Warrant, the Company shall, upon the exercise of this Warrant for the largest number of
whole shares then called for, pay a sum in cash equal to the excess of the value of such fractional share (as determined by the Company’s Board of Directors in good faith) over the proportional part of the Exercise Price represented by such
fractional share. 
 8. Fully Paid Stock; Taxes. The Company covenants and agrees that the shares of Common Stock issued
upon exercise of this Warrant in accordance with its terms shall, at the time of such delivery, be validly issued and outstanding and be fully paid and nonassessable. CDP covenants and agrees that it shall pay when due and payable any and all
federal and state taxes (other than income taxes) that may be payable in respect of this Warrant or any Common Stock or certificates therefor upon the exercise of this Warrant in accordance with its terms. 

9. Market Stand-Off Agreement. CDP shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase
of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other securities) held by CDP, for a period of time specified by the managing underwriter(s) (not to exceed one hundred eighty
(180) days) following the effective date of a registration statement of the Company filed under the Securities Act, but in no event on terms less favorable than the terms applicable to the Chief Executive Officer of the Company. CDP agrees to
execute and deliver such other agreements as may be reasonably requested by the Company and/or the managing underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto. In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with respect to such Common Stock (or other securities) until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this
Section 9 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

10. Restriction on Transferability of Warrant and Unvested Warrant Shares. In addition to any other limitation on transfer created
by applicable securities laws: (a) this Warrant shall not be transferable; and (b) CDP shall not sell, assign, transfer, hypothecate, donate, encumber or otherwise dispose of any interest in any Warrant Shares that are deemed unvested
pursuant to the terms of this Warrant. 
 11. Representations of the Company. The Company represents and warrants to CDP
that: (a) the Company is duly organized, validly existing, and in good standing under the laws of the State of Delaware and has the requisite power and authority to execute, deliver, and perform this Warrant and the other certificates,
documents and instruments to be executed by it pursuant to this Warrant; (b) the Company has taken all corporate action necessary to permit it to execute and deliver this Warrant and the other certificates, documents, and instruments to be
executed by it pursuant to this Warrant and to carry out the terms hereof and thereof; (c) this 
  

 6 

 Warrant and each such certificate, document, and instrument related hereto have been or will be duly
executed and delivered by the Company and, when duly executed and delivered by the Company, will constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent limited by
(i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general application related to the enforcement of creditor’s rights generally, and (ii) general principles of equity, and (d) the Company is
not required to obtain any order, consent, approval or authorization of, or to make any declaration or filing with, any third party or governmental authority in connection with the execution and delivery of this Warrant and the other documents and
instruments to be executed by it pursuant hereto or the consummation of the transactions contemplated hereby and thereby, except for such order, consent, approval, authorization, declaration or filing as has been obtained. 

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

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

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

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

	 	(a)	if to the Company: 

  

	 	    	GEVO, INC. 

	 	    	345 INVERNESS DRIVE SOUTH, BUILDING C, SUITE 310 

	 	    	ENGLEWOOD, CO 80112 

	 	    	[...***...] 

*Confidential Treatment Requested 
  

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	 	    	with a copy to (which shall not constitute notice): 

  

	 	    	PAUL, HASTINGS, JANOFSKY & WALKER LLP 

	 	    	4747 EXECUTIVE DRIVE, 12TH FLOOR 

	 	    	SAN DIEGO, CA 92121 

	 	    	[...***...] 

  

	 	(b)	if to CDP: 

  

	 	    	CDP GEVO, LLC. 

	 	    	[...***...] 

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

17. Governing Law. This Warrant shall be governed by and construed and enforced in accordance with the laws of the State of
Delaware, without giving effect to any choice of law or conflict of law provisions. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 
 *Confidential
Treatment Requested 
  

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 IN WITNESS WHEREOF, GEVO,
INC. has caused this Common Stock Warrant to be signed by a duly authorized officer as of September 21, 2009. 
  

			
	GEVO, INC.
		
	By:	 	 /s/ Patrick Gruber

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

	Name:	 	Michael A. Slaney
	Its:	 	Managing Partner

 *Confidential
Treatment Requested 
  

 9Warrant to purchase shares of Series A-3 Preferred Stock

 Exhibit 4.5 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS IS
AVAILABLE WITH RESPECT THERETO. 
 PREFERRED STOCK PURCHASE WARRANT 

 

			
	Warrant No.                     	  	 Number of Shares: a maximum of 15,000

Series A-3 Preferred Stock

Subject to determination as set for the below

GEVO, INC. 

Effective as of December 18, 2006 

Void after December 18, 2013 

1. Issuance. This Preferred Stock Purchase Warrant (the “Warrant”) is issued to LIGHTHOUSE CAPITAL
PARTNERS V, L.P. by GEVO, INC., a Delaware corporation (hereinafter with its successors called the “Company”). 

2. Purchase Price; Number of Shares. 

(a) The registered holder of this Warrant (the “Holder”), is entitled upon surrender of this Warrant with the
subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company, at a price per share of $1.75 (the “Purchase Price”), up to a maximum of 15,000 fully paid and nonassessable
shares of the Company’s Series A-3 Preferred Stock, $0.01 par value (the “Preferred Stock”). Commencing on the date hereof, 8,571 (the “Exercise Quantity”) of shares of Preferred Stock are immediately available
for purchase hereunder. 
 (b) On the Commitment Termination Date or such earlier termination of this Warrant in
accordance with the terms hereof, the Exercise Quantity shall automatically be increased by such additional number of shares as is equal to (A) 1.5% of the amount of Aggregate Advances funded under the Loan Agreement, if any, divided by
(B) the Purchase Price. 
 In addition to other terms which may be defined herein, the following terms, as used in this Warrant, shall have
the following meanings: 
  

	 	(i)	“Aggregate Advances” means the aggregate original dollar amount of Advances made under the Loan Agreement, whether such Advances are outstanding or
prepaid, at the time of any scheduled adjustment to the Exercise Quantity. 

  

	 	(ii)	“Loan Agreement” means that certain Loan and Security Agreement No. 5441 dated December 18, 2006 between the Company and Lighthouse Capital
Partners V, L.P. 

 Any term not defined herein shall have the meaning as set forth in the Loan Agreement.

  

 1. 

 
Until such time as this Warrant is exercised in full or expires, the Purchase Price and the securities issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided.
The person or persons in whose name or names any certificate representing shares of Preferred Stock is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby as at the close of business on the date
this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed. 

3. Payment of Purchase Price. The Purchase Price may be paid (i) in cash or by check, (ii) by the surrender by the
Holder to the Company of any promissory notes or other obligations issued by the Company, with all such notes and obligations so surrendered being credited against the Purchase Price in an amount equal to the principal amount thereof plus accrued
interest to the date of surrender, or (iii) by any combination of the foregoing. 
 4. Net Issue Election. The
Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Preferred Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with
the net issue election notice annexed hereto duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Stock as is computed using the
following formula: 
 X = Y(A-B)  

    A 
  

					
	where:	  	X =	  	the number of shares of Preferred Stock to be issued to the Holder pursuant to this Section 4.
			
		  	Y =	  	the number of shares of Preferred Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4.
			
		  	A =	  	the Fair Market Value (defined below) of one share of Preferred Stock, as determined at the time the net issue election is made pursuant to this Section
4.
			
		  	B =	  	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4.

“Fair Market Value” of a share of Preferred Stock (or fully paid and nonasessable shares of the Company’s common
stock, $0.01 par value (the “Common Stock”) if the Preferred Stock has been automatically converted into Common Stock) as of the date that the net issue election is made (the “Determination Date”) shall mean:

 (i) If the net issue election is made in connection with and contingent upon the closing of the sale of the
Company’s Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a “Public Offering”), and if the Company’s Registration Statement relating to such Public Offering
(“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect to such offering multiplied by the number
of shares of Common Stock into which each share of Preferred Stock is then convertible. 
 (ii) If the net issue election
is not made in connection with and contingent upon a Public Offering, then as follows: 
 (a) If traded on a securities
exchange or the Nasdaq National Market, the fair market value of the Common Stock shall be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five day period ending five
trading days prior to the Determination Date, and the fair market value of the Preferred Stock shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Preferred
Stock is then convertible; 
  

 2. 

 (b) If otherwise traded in an over-the-counter market, the fair market value of the
Common Stock shall be deemed to be the average of the closing ask prices of the Common Stock over the five day period ending five trading days prior to the Determination Date, and the fair market value of the Preferred Stock shall be deemed to be
such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Preferred Stock is then convertible; and 

(c) If there is no public market for the Common Stock, then fair market value shall be determined in good faith by the
Company’s Board of Directors. 
 5. Partial Exercise. This Warrant may be exercised in part, and the Holder shall be
entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised. 

6. Fractional Shares. In no event shall any fractional share of Preferred Stock be issued upon any exercise of this Warrant. If,
upon exercise of this Warrant in its entirety, the Holder would, except as provided in this Section 6, be entitled to receive a fractional share of Preferred Stock, then the Company shall issue the next higher number of full shares of
Preferred Stock, issuing a full share with respect to such fractional share. 
 7. Expiration Date; Automatic Exercise.
This Warrant shall expire at the earliest to occur of (the “Expiration Date”) (i) at the close of business on December 18, 2013; (ii) three years after the closing of the initial Public Offering; of the Company on the
NASDAQ or other stock exchange in the United States, and shall be void thereafter. 
 Notwithstanding the term of this Warrant
fixed pursuant to this Section 7, and provided Holder has received advance written notice of at least twenty (20) days and has not earlier exercised this Warrant, and provided this Warrant has not been assumed by the successor
entity (or parent thereof), upon the consummation of a Merger (as defined below), this Warrant shall automatically be exercised pursuant to Section 4 hereof, without any action by Holder. “Merger” means: (1) a sale
of all or substantially all of the Company’s assets to an Unaffiliated Entity (as defined below), or (ii) the merger, consolidation or acquisition of the Company with, into or by an Unaffiliated Entity (other than a merger or consolidation
for the principle purpose of changing the domicile of the Company or a bona fide round of preferred stock equity financing), that results in the transfer of fifty percent (50%) or more of the outstanding voting power of the Company.
“Unaffiliated Entity” means any entity that is owned or controlled by parties who own less than twenty percent (20%) of the combined voting power of the voting securities of the Company immediately prior to such merger,
consolidation or acquisition. Notwithstanding the foregoing, in the event that any outstanding warrants to purchase equity securities of the Company are assumed by the successor entity of a Merger (or parent thereof), this Warrant shall also be
similarly assumed. The Company agrees to promptly give the Holder written notice of any proposed Merger and written notice of termination of any proposed Merger. Notwithstanding anything to the contrary in this Warrant, the Holder may rescind any
exercise of its purchase rights after a notice of termination of the proposed Merger if the exercise of this Warrant occurred after the Company notified the Holder that the Merger was proposed or if the exercise was otherwise precipitated by such
proposed Merger, provided, however that such rescission right must be exercised within thirty (30) days of receipt of such written notice of termination of the proposed Merger. In the event of such rescission, this Warrant will continue to be
exercisable on the same terms and conditions. 
 8. Reserved Shares; Valid Issuance. The Company covenants that it will
at all times from and after the date hereof reserve and keep available such number of its authorized shares of Preferred Stock and Common Stock free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the
exercise of this Warrant in full and the conversion into shares of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or
conversion will, upon issuance, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof. 

9. Stock Splits and Dividends. If after the date hereof the Company shall subdivide the Preferred Stock, by split-up or otherwise,
or combine the Preferred Stock, or issue additional shares of Preferred Stock in 
  

 3. 

 
payment of a stock dividend on the Preferred Stock, the number of shares of Preferred Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a
subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend, or proportionately increased in the case of
a combination. 
 10. Adjustments for Diluting Issuances. The other antidilution rights applicable to the Preferred Stock
and the Common Stock of the Company are set forth in the Amended and Restated Certificate of Incorporation, as amended from time to time (the “Articles”), a true and complete copy in its current form which is attached hereto
as Exhibit A. Such rights shall not be restated, amended or modified in any manner which affects the Holder differently than the holders of Preferred Stock without such Holder’s prior written consent. The Company shall promptly
provide the Holder hereof with any restatement, amendment or modification to the Articles promptly after the same has been made. 

11. Mergers and Reclassifications. If after the date hereof the Company shall enter into any Reorganization (as hereinafter
defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the
right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of
shares of Preferred Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the
provisions hereof (including without limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder and the provisions relating to the net issue election) shall thereafter be applicable in relation to any
shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 11, the term “Reorganization” shall include without limitation any reclassification, capital
reorganization or change of the. Preferred Stock (other than as a result of a subdivision, combination or stock dividend provided for in Section 9 hereof), or any consolidation of the Company with, or merger of the Company into, another
corporation or other business organization (other than a merger in which the Company is the surviving corporation and which does not result in any reclassification or change of the outstanding Preferred Stock), or any sale or conveyance to another
corporation or other business organization of all or substantially all of the assets of the Company. 
 12. Certificate of
Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly deliver to the Holder a certificate of the Company’s chief financial officer setting forth the Purchase Price after such adjustment and
setting forth a brief statement of the facts requiring such adjustment. 
 13. Notices of Record Date, Etc. In the event
of: 
 (a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property, or to receive
any other right; 
 (b) any reclassification of the capital stock of the Company, capital reorganization of the Company,
consolidation or merger involving the Company, or sale or conveyance of all or substantially all of its assets; or 
 (c)
any voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
 then in each such event the Company will provide or
cause to be provided to the Holder a written notice thereof. Such notice shall be provided at least twenty (20) business days prior to the date specified in such notice on which any such action is to be taken. 

 

 4. 

 14. Representations, Warranties and Covenants. This Warrant is issued and delivered
by the Company and accepted by each Holder on the basis of the following representations, warranties and covenants made by the Company: 

(a) The Company has all necessary authority to issue, execute and deliver this Warrant and to perform its obligations hereunder.
This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable in accordance with its terms. 

(b) The shares of Preferred Stock issuable upon the exercise of this Warrant have been duly authorized and reserved for issuance
by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. 

(c) The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Preferred Stock upon the
exercise of this Warrant in accordance with the terms hereof will not, (i) violate or contravene the Company’s Articles or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company, (ii) violate,
contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (iii) require the consent or approval of or the filing of any
notice or registration with any person or entity. 
 (d) As long as this Warrant is, or any shares of Preferred Stock
issued upon exercise of this Warrant or any shares of Common Stock issued upon conversion of such shares of Preferred Stock are, issued and outstanding, the Company will provide to the Holder the financial and other information described in the Loan
Agreement. 
 (e) So long as this Warrant has not terminated, Holder shall be entitled to receive such financial and
other information as the Holder would be entitled to receive under the Stock Purchase Agreement applicable to the Preferred Stock if Holder were a holder of that number of shares issuable upon full exercise of this Warrant. 

(f) As of the date hereof, the authorized capital stock of the Company consists of (i) 10,015,000 shares of Common Stock, of
which 950,000 shares are issued and outstanding and 15,000 shares are reserved for issuance upon the exercise of this Warrant with respect to Common Stock and the conversion of the Preferred Stock into Common Stock if this Warrant is exercised with
respect to Preferred Stock, (ii) 1,000,000 shares of Series A-1 Preferred Stock, all of which are issued and outstanding shares, (iii) 1,084,000 shares of Series A-2 Preferred Stock, all of which are issued and outstanding shares, and
(iv) 930,000 shares of Series A-3 Preferred Stock, of which 915,000 are issued and outstanding shares and 15,000 shares are reserved for issuance upon exercise of this Warrant with respect to Series A-3 Preferred Stock in this Warrant. Attached
hereto as Exhibit B is a capitalization table summarizing the capitalization of the Company. Once per calendar quarter, the Company will provide Holder with a current capitalization table indicating changes, if any, to the number of
outstanding shares of common stock and preferred stock. 
 15. Registration Rights. The Company grants to the Holder all
the rights of a “Holder” and an “Investor” under the Company’s Investors’ Rights Agreement dated as of August 5, 2005 (the “Rights Agreement”), including, without limitation, the registration
rights contained therein, and agrees to amend the Rights Agreement so that (i) the shares of Common Stock issuable upon conversion of the shares of Preferred Stock issuable upon exercise of this Warrant shall be “Registrable
Securities,” and (ii) the Holder shall be a “Holder” and an “Investor” for all purposes of such Rights Agreement. 

16. Amendment. The terms of this Warrant may be amended, modified or waived only with the written consent of the Holder.

 17. Representations and Covenants of the Holder. This Warrant has been entered into by the Company in reliance upon
the following representations and covenants of the Holder, which by its execution hereof the Holder hereby confirms: 
  

 5. 

 (a) Investment Purpose. The right to acquire Preferred Stock or the Preferred
Stock issuable upon exercise of the Holder’s rights contained herein will be acquired for investment and not with a view to the sale or distribution of any part thereof, and the Holder has no present intention of selling or engaging in any
public distribution of the same except pursuant to a registration or exemption. 
 (b) Accredited Investor. Holder
is an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 

(c) Private Issue. The Holder understands (i) that the Preferred Stock issuable upon exercise of the Holder’s
rights contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 17. 

(d) Financial Risk. The Holder has such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment and has the ability to bear the economic risks of its investment. 
 18.
Notices, Transfers, Etc. 
 (a) Any notice or written communication required or permitted to be given to the Holder
may be given by certified mail or delivered to the Holder at the address most recently provided by the Holder to the Company. 

(b) Subject to compliance with applicable federal and state securities laws, this Warrant may be transferred by the Holder with
respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the assignment notice annexed hereto duly executed, for transfer of this Warrant as an entirety by the Holder, the Company shall
issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to the Company, together with the assignment hereof properly endorsed, by the Holder for transfer with respect to a portion of the shares of Preferred Stock
purchasable hereunder, the Company shall issue a new warrant to the assignee, in such denomination as shall be requested by the Holder hereof, and shall issue to such Holder a new warrant covering the number of shares in respect of which this
Warrant shall not have been transferred. 
 (c) In case this Warrant shall be mutilated, lost, stolen or destroyed, the
Company shall issue a new warrant of like tenor and denomination and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost, stolen or
destroyed, upon receipt of an affidavit of the Holder or other evidence reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant 

19. No Impairment. The Company will not, by amendment of its Articles or through any reclassification, capital reorganization,
consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance of performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder. 

20. Governing Law. The provisions and terms of this Warrant shall be governed by and construed in accordance with the internal
laws of the State of California without giving effect to its principles regarding conflicts of laws. 
 21. Successors and
Assigns. This Warrant shall be binding upon the Company’s successors and assigns and shall inure to the benefit of the Holder’s successors, legal representatives and permitted assigns. 

 

 6. 

 22. Business Days. If the last or appointed day for the taking of any action required
or the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in California, then such action may be taken or right may be exercised on the next succeeding day which is not a Saturday or Sunday or such a legal
holiday. 
 23. Qualifying Public Offering. If the Company shall effect a firm commitment underwritten public offering of
shares of Common Stock which results in the conversion of the Preferred Stock into Common Stock pursuant to the Company’s Articles in effect immediately prior to such offering, then, effective upon such conversion, this Warrant shall change
from the right to purchase shares of Preferred Stock to the right to purchase shares of Common Stock, and the Holder shall thereupon have the right to purchase, at a total price equal to that payable upon the exercise of this Warrant in full, the
number of shares of Common Stock which would have been receivable by the Holder upon the exercise of this Warrant for shares of Preferred Stock immediately prior to such conversion of such shares of Preferred Stock into shares of Common Stock, and
in such event appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including, without limitation, the provisions for the adjustment of the Purchase Price and of the number
of shares purchasable upon exercise of this Warrant and the provisions relating to the net issue election) shall thereafter be applicable to any shares of Common Stock deliverable upon the exercise hereof. 

24. Value. The Company and the Holder agree that the value of this Warrant on the date of grant is $100. 

 

			
	GEVO, INC.
		
	By:	 	 /s/ Matthew W. Peters

	Name:	 	 Matthew W. Peters

	Title:	 	 President

 

 7. 

 AMENDMENT NO. 01 

Dated April 30, 2007 

TO 
 that certain
Series A-3 Preferred Stock Warrant Agreement dated as of December 18, 2006, (“Warrant”) 
 by and between
LIGHTHOUSE CAPITAL PARTNERS V, L.P. (“Holder”) 
 and GEVO, INC., (“Company”).

 (All capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Warrant) 

Without limiting or amending any other provisions of the Warrant, Holder and Company agree to the following: 

a) Section 2 shall be deleted and replaced with the following: 

2. Purchase Price; Number of Shares. 

(a) The registered holder of this Warrant (the “Holder”), is entitled upon surrender of this Warrant with the
subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company, at a price per share of $1.75 (the “Purchase Price”), up to a maximum of 15,000 fully paid and nonassessable
shares of the Company’s Series A-3 Preferred Stock, $0.01 par value (the “Preferred Stock”). Commencing on the date hereof, 8,571 (the “Exercise Quantity”) of shares of Preferred Stock are immediately available
for purchase hereunder. 
 (b) On the Commitment Termination Date or such earlier termination of this Warrant in
accordance with the terms hereof, the Exercise Quantity shall automatically be increased by such additional number of shares as is equal to (A) 1.5% of the amount of Aggregate Advances funded under Commitment One of the Loan Agreement, if any,
divided by (B) the Purchase Price. 
 In addition to other terms which may be defined herein, the following terms, as used in this Warrant,
shall have the following meanings: 
  

	 	(i)	“Aggregate Advances” means the aggregate original dollar amount of Advances made under Commitment One of the Loan Agreement, whether such Advances are
outstanding or prepaid, at the time of any scheduled adjustment to the Exercise Quantity. 

  

	 	(ii)	“Loan Agreement” means that certain Loan and Security Agreement No. 5441 dated December 18, 2006 between the Company and Lighthouse Capital
Partners V, L.P., as amended. 

 Any term not defined herein shall have the meaning as set forth in the Loan
Agreement. 
 Until such time as this Warrant is exercised in full or expires, the Purchase Price and the securities issuable upon exercise of
this Warrant are subject to adjustment as hereinafter provided. The person or persons in whose name or names any certificate representing shares of Preferred Stock is issued hereunder shall be deemed to have become the holder of record of the shares
represented thereby as at the close of business on the date this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed. 

 Except as amended hereby, the Warrant remains unmodified and unchanged. 

 

									
	COMPANY:	  		  	HOLDER:
			
	GEVO, INC.	  		  	LIGHTHOUSE CAPITAL PARTNERS V, L.P.
					
	By:	  	 /s/ Matthew W. Peters 
	  		  	By:	  	LIGHTHOUSE MANAGEMENT
		  		  		  		  	PARTNERS V, L.L.C., its general partner
	Name:	  	 Matthew W. Peters
	  		  		  	
		  		  		  	By:	  	 /s/ Thomas Conneely

	Title:	  	 President
	  		  	Name:	  	 Thomas Conneely

		  		  		  	Title:	  	 Vice President

		  		  		  		  	

  

 9.

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