Document:

Exhibit
10.28

Confidential

Execution Version

CERTAIN
CONFIDENTIAL INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND REPLACED WITH “[...***...]” BECAUSE IT IS NOT
MATERIAL AND WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

 

LICENSE AGREEMENT

 

BETWEEN

 

GCE
HOLDINGS ACQUISTIONS, LLC.

BAKERSFIELD, CALIFORNIA

 

AND

 

HALDOR TOPSØE A/S

LYNGBY, DENMARK

 

 

    	 

    	 

    

TABLE OF CONTENTS

	PREAMBLE	1
	1.0   DEFINITIONS	2
	2.0   LICENSE RIGHTS	2
	3.0   LICENSE FEE AND PAYMENT TERMS	3
	4.0   IMPROVEMENTS, TECHNICAL INFORMATION, AND PLANT VISITS	4
	5.0   HTAS OBLIGATIONS	5
	6.0   RESTRICTION ON USE AND CONFIDENTIALITY	5
	7.0   PATENT INFRINGEMENT AND HOLD HARMLESS	7
	8.0   PERFORMANCE GUARANTEES	8
	9.0   LIMITATION OF LIABILITY	11
	10.0   MISCELLANEOUS	12
	11.0   LAW AND ARBITRATION	13
	12.0   EFFECTIVE TERM AND TERMINATION	14
	13.0   ADDRESSES OF THE PARTIES	15
	APPENDIX I DEFINITIONS	16
	APPENDIX II INCREMENTAL LICENSE FEE	20
	APPENDIX III GUARANTEES, TEST RUN, AND LIQUIDATED DAMAGES	21
	APPENDIX IV SPECIFICATIONS FOR GUARANTEE FEED	22

 

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PREAMBLE

THIS AGREEMENT effective as of the 24th
day of October, 2018 (hereinafter referred to as the “EFFECTIVE DATE”), between HALDOR TOPSØE A/S, a company
organized and existing under the laws of Denmark, having its principal office at Haldor Topsøes Allé 1, DK-2800 Lyngby,
Denmark (hereinafter referred to as “HTAS”), and GCE HOLDINGS ACQUISITIONS, LLC., a company organized and existing
under the laws of Delaware, having an office at 2790 Skypark Drive, Suite 105, Torrance, California 90505 (hereinafter referred
to as “LICENSEE”) (each of HTAS and LICENSEE being a “PARTY” and
collectively being the “PARTIES”).

WITNESSETH THAT:

		WHEREAS	HTAS is the owner of certain proprietary rights relating to processes, catalysts, and equipment
designs for the hydroprocessing of natural and synthesized hydrocarbons (including, without limitation, products from Fischer-Tropsch
synthesis) to produce transportation fuels and specialty products and has the right to grant rights of use under said proprietary
rights;

		WHEREAS	LICENSEE has selected said processes, catalysts, and equipment designs of HTAS for a renewables
project to produce renewable diesel from organically derived feedstocks at the refinery facilities located in Bakersfield, California,
to be purchased by LICENSEE (the “Bakersfield Refinery”) with an initial
design capacity for hydroprocessing 15,000 barrels per stream day of such organically derived feedstocks and therefore desires
to obtain from HTAS the right to use such processes, equipment, and catalysts within this facility (as further defined in Appendix
I to this AGREEMENT and hereinafter referred to as the “LICENSED UNIT”);

		WHEREAS	HTAS is willing to grant to LICENSEE such a right;

		WHEREAS	LICENSEE and HTAS’ U.S. subsidiary company, Haldor Topsoe, Inc. located in Houston, Texas
(hereinafter referred to as “HTI”), have entered into an engineering agreement covering the supply of a DESIGN PACKAGE
and related engineering services as more fully defined in such agreement (as defined in Appendix I to this AGREEMENT and hereinafter
referred to as “ENGINEERING AGREEMENT”);

		WHEREAS	LICENSEE will have the detailed design and/or construction of the LICENSED UNIT carried out under
a contract with an engineering contractor skilled in detailed engineering, procurement and construction of refining facilities
in the United States (as defined in Appendix I to this AGREEMENT and hereinafter referred to as “CONTRACTOR”);

		WHEREAS	LICENSEE intends to enter into a SUPPLY AGREEMENT FOR HTAS CATALYSTS with HTI for the LICENSED
UNIT; and

		WHEREAS	LICENSEE intends to enter into a SUPPLY AGREEMENT FOR HTAS EQUIPMENT with HTI for the LICENSED
UNIT.

    
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NOW, THEREFORE, for and in consideration
of the premises and the mutual covenants herein contained, the PARTIES agree as follows:

		1.0	DEFINITIONS

		1.1	The terms defined in Appendix I to this AGREEMENT shall, when used in this AGREEMENT and for all
purposes of this AGREEMENT, have the meanings as specified in said Appendix I.

		2.0	LICENSE RIGHTS

		2.1	Subject to the terms and conditions of this AGREEMENT, HTAS hereby grants to LICENSEE non-exclusive,
non-transferable rights (subject to sub-clauses 2.4 and 10.3 of this AGREEMENT) as follows:

		(a)	To have the LICENSED UNIT designed or have designed, construct or have constructed, operate or
have operated, maintain or have maintained, repair or have repaired, and commission or have commissioned, using HTAS TECHNICAL
INFORMATION and HTAS improvements (pursuant to clause 5.0 of this AGREEMENT) and engineering services to be supplied by HTI under
the ENGINEERING AGREEMENT.

		(b)	To use HTAS CATALYSTS in the LICENSED UNIT.

		(c)	To use HTAS EQUIPMENT in the LICENSED UNIT.

		(d)	To practice HTAS PROCESSES in the LICENSED UNIT.

		(e)	To sell, export to, or use in any country the products of HTAS PROCESSES in the LICENSED UNIT.

		2.2	For the purposes of paragraph (b) of sub-clause 2.1 of this AGREEMENT, LICENSEE shall purchase
or shall cause CONTRACTOR to purchase from HTI, HTAS CATALYSTS as the first full charge for the LICENSED UNIT under the SUPPLY
AGREEMENT FOR HTAS CATALYSTS.

		2.3	For the purposes of paragraph (c) of sub-clause 2.1 of this AGREEMENT, LICENSEE shall purchase
or shall cause CONTRACTOR to purchase from HTI, the HTAS EQUIPMENT required by the design of the LICENSED UNIT under the SUPPLY
AGREEMENT FOR HTAS EQUIPMENT.

		2.4	Subject to clause 6.0 of this AGREEMENT, LICENSEE shall be permitted to sublicense its rights
under sub-clauses 2.1(a), (b), (c), and (d) to an operator or other contractor (including the CONTRACTOR) that is designing,
engineering, procuring, constructing, commissioning, testing, operating, or maintaining the LICENSED UNIT for the limited purpose
of providing the services in connection with foregoing activities; provided however, that no such sublicense may be granted
to a competitor of HTAS in the field of refining or renewable fuel products.

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		2.5	HTAS shall not assert against LICENSEE or any customer of LICENSEE or of LICENSEE’s AFFILIATES
or permitted sub-licensees or any of their respective customers, in any country, which is lawfully purchasing, using or processing
the product manufactured in the LICENSED UNIT, any PATENT RIGHTS (or any other intellectual property rights it may have in relation
to the HTAS TECHNICAL INFORMATION, HTAS improvements or the HTAS PROCESS) owned or controlled by HTAS which the LICENSEE may require
in connection with any activity of LICENSEE pertaining to exercising the rights granted by HTAS under this AGREEMENT, provided
that LICENSEE is in compliance in all material respects with the terms of this AGREEMENT.

		3.0	LICENSE FEE AND PAYMENT TERMS

		3.1	[...***...]

		3.2	The license fee specified in sub-clause 3.1 of this AGREEMENT shall be invoiced by HTAS and paid
by wire transfer to the account designated in sub-clause 3.8 of this AGREEMENT within 30 (thirty) days of receipt of invoice in
amounts according to the following schedule:

		(a)	[...***...] upon this AGREEMENT becoming effective in accordance with sub-clause 12.1 of
this AGREEMENT;

		(b)	[...***...] upon FINANCIAL CLOSE;

		(c)	[...***...] upon MECHANICAL COMPLETION; and

		(d)	[...***...] from HTAS’ release from its process performance guarantee obligations
as specified in sub-clause 0 of this AGREEMENT.

		3.3	Notwithstanding the provisions of sub-clause 3.1 of this AGREEMENT, all amounts shall have been
paid within 90 (ninety) days after START-UP, except such amounts which at that time might be pending for reasons attributable to
HTAS.

		3.4	On or before the last day of February following each calendar year, LICENSEE shall deliver to HTAS
a written report of [...***...]. Such license fees are due and payable at the time the report is due.

		3.5	LICENSEE will keep, or cause to be kept, detailed and accurate records and books of account in
accordance with generally accepted accounting principles, consistently applied, showing the information which LICENSEE is required
to include in its reports of operations under this AGREEMENT and all other information necessary for the accurate determination
of license fees payable under this AGREEMENT. LICENSEE agrees, upon not less than 7 (seven) days prior notice, to permit HTAS to
inspect (at reasonable intervals and during regular business hours) all or any part of LICENSEE's operations of the LICENSED UNIT
and of such records and books of account relating thereto, to the extent necessary to verify the license fees paid and payable
under this AGREEMENT. HTAS' costs for the audit are to be paid by HTAS. However, if any report or payment furnished by LICENSEE
is incorrect and results in an underpayment to HTAS in excess of [...***...]

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(U.S. DOLLARS [...***...]),
or if an audit is deemed by HTAS to be necessary in view of LICENSEE's repeated failure to submit timely reports of its operations
under this AGREEMENT, LICENSEE shall reimburse HTAS for HTAS' costs for the audit within 30 (thirty) days after receipt of HTAS'
invoice therefor. Any overpayment of license fees discovered by such audit shall be reimbursed by HTAS to LICENSEE.

		3.6	Additional license fee, if any, payable to HTAS pursuant to sub-clause 3.5 of this AGREEMENT shall
be calculated according to the formula specified in sub-clause 3.6 of Appendix II to this AGREEMENT.

		3.7	All amounts specified to be paid to HTAS under this AGREEMENT shall be understood to be net amounts
after deduction of any taxes (including but not limited to income tax, business tax, value added tax and turnover tax), customs,
and other import taxes, duties, charges, or fees required to be withheld or paid in the United States or any other jurisdiction
from which LICENSEE makes payments to HTAS pursuant to this AGREEMENT, which taxes shall be paid by LICENSEE. The LICENSEE shall
within 30 (thirty) days after payment of any taxes and/or duties referred to in this sub-clause 3.7 furnish HTAS with the tax certificates
related to such payments. All Danish taxes related to payments under this AGREEMENT shall be paid by HTAS.

LICENSEE shall assist HTAS and
vice versa in any required proceedings or dealings with the tax authorities in United States. HTAS shall assist LICENSEE for the
application of tax deduction or exemption, if possible. LICENSEE shall provide the relevant documents for such application.

		3.8	HTAS shall issue invoices to LICENSEE for all amounts due under this AGREEMENT. All payments to
HTAS under this AGREEMENT shall be made within 30 (thirty) days of the date of invoices issued to LICENSEE by HTAS. The payments
shall be transferred in [...***...] or other telecommunication and without charges or fees to be paid by HTAS.

		3.9	In case of delay of payment of any amount which has fallen due as specified in this AGREEMENT,
LICENSEE shall pay to HTAS interest calculated at the lesser of (a) [...***...] or (b) [...***...], on the overdue
amount for the period from the date the amount became due until the date the amount has been paid into the account specified in
sub-clause 3.8 of this AGREEMENT.

		4.0	IMPROVEMENTS, TECHNICAL INFORMATION, AND PLANT VISITS

		4.1	If prior to the termination of this AGREEMENT HTAS should make or should acquire from a third party
(with the right to grant sub-licenses for using them without having to account therefor to such third party) any improvements,
whether patentable or not, relating to and commercially ready for practicing HTAS PROCESSES and applicable in the LICENSED UNIT
as designed and constructed in accordance with the DESIGN PACKAGE supplied by HTI to LICENSEE pursuant to sub-clause 5.1 of this
AGREEMENT, then HTAS shall make available to LICENSEE the details of such improvements.

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		4.2	If prior to the termination of this AGREEMENT HTAS should develop improved catalysts or should
acquire from a third party (with the right to grant sub-licenses for using them without having to account therefor to such third
party) improved catalysts suitable for and commercially ready for use in the LICENSED UNIT, then HTAS shall promptly inform LICENSEE
thereof.

		4.3	The right to utilize in the operation of the LICENSED UNIT the improvements referred to in sub-clause
4.1 of this AGREEMENT and the improved catalysts referred to in sub-clause 4.2 of this AGREEMENT is included in the rights granted
by HTAS under this AGREEMENT and is royalty-free provided that LICENSEE has paid the
license fees specified in sub-clauses 3.1, 3.4, and 3.6 of this AGREEMENT.

		4.4	If prior to the termination of this AGREEMENT LICENSEE should make any improvements, whether patentable
or not, relating to practicing HTAS PROCESSES, then LICENSEE shall inform HTAS of the details of such improvements. LICENSEE agrees
to grant and hereby grants to HTAS a non-exclusive, royalty-free license to practice such improvements with the right to grant
to third parties sub-licenses to practice such improvements without having to account therefor to LICENSEE, provided HTAS shall
use commercially reasonable efforts to ensure sub-licensees have granted the same rights to HTAS and such improvements are provided
to LICENSEE pursuant to sub-clause 4.1 of this AGREEMENT.

		4.5	LICENSEE shall make agreed upon technical and operating data from the LICENSED UNIT available in
writing to HTAS or HTI on a regular basis and LICENSEE hereby grants to HTAS, together with a right to [...***...].

		4.6	During the effective term of this AGREEMENT, LICENSEE shall to a reasonable extent allow HTAS and/or
HTI to visit the LICENSED UNIT to study the performance of the LICENSED UNIT. During such visits, HTAS and/or HTI shall duly observe
all rules and regulations applicable to visitors at the site of the LICENSED UNIT, including the execution of a confidentiality
and/or non-disclosure agreement applicable to visitors to the site.

		5.0	HTAS OBLIGATIONS

		5.1	To the extent and on the conditions as specified in the ENGINEERING AGREEMENT, HTAS shall cause
HTI to make available to LICENSEE and/or, at LICENSEE's request, CONTRACTOR, HTAS TECHNICAL INFORMATION (including the DESIGN PACKAGE)
as may be required for the design, construction, and operation of the LICENSED UNIT.

		6.0	RESTRICTION ON USE AND CONFIDENTIALITY

		6.1	Unless otherwise agreed in writing between LICENSEE and HTAS, subject to sub-clause 6.3(b) of this
AGREEMENT, LICENSEE shall not use HTAS CATALYSTS, HTAS EQUIPMENT, or HTAS PROCESSES, or any future improvements thereof made or
acquired by HTAS and communicated to LICENSEE under clause 4.0 of this AGREEMENT, for any other purposes than those pertaining
to exercising the rights

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granted by HTAS pursuant to clause
2.0 of this AGREEMENT. Further, LICENSEE shall refrain from making chemical or other analyses of HTAS CATALYSTS, and LICENSEE shall
not provide samples or analyses of HTAS CATALYSTS to any third party without the prior written permission of HTAS.

		6.2	Subject to sub-clause 6.3(b) of this AGREEMENT, LICENSEE shall not use HTAS TECHNICAL INFORMATION
supplied to LICENSEE, directly or indirectly, in writing or otherwise under this AGREEMENT for any other purposes than those pertaining
to exercising the rights granted by HTAS pursuant to clause 2.0 of this AGREEMENT, subject to the exceptions specified in sub-clause
6.4 of this AGREEMENT.

		6.3	LICENSEE shall hold in confidence and not disclose to any third party any part of HTAS TECHNICAL
INFORMATION supplied to LICENSEE, directly or indirectly, in writing or otherwise, subject to the exceptions specified in sub-clause
6.4 of this AGREEMENT. Notwithstanding the foregoing,

		(a)	if any part of HTAS TECHNICAL INFORMATION is subpoenaed or otherwise required to be disclosed to
a third party by order of a court or other regulatory order, LICENSEE shall promptly notify HTAS in writing and in consultation
with HTAS seek to obtain suitable protective order to maintain the confidentiality of HTAS TECHNICAL INFORMATION, provided, however,
in the event such protective order or other remedy is not obtained, LICENSEE agrees to furnish only that portion of HTAS TECHNICAL
INFORMATION which LICENSEE is advised by written opinion of counsel is legally required and to exercise best efforts to obtain
assurance that confidential treatment will be afforded such portion of HTAS TECHNICAL INFORMATION disclosed; and

		(b)	LICENSEE may disclose, with prior notice to and approval by HTAS, HTAS TECHNICAL INFORMATION to
third parties (including contractors, CONTRACTOR, equipment manufacturers, advisers, consultants and customers) and to its AFFILIATES
in the exercise of its rights under this AGREEMENT, including without limitation for the detailed engineering, procurement, supply,
construction, expansion, operation, maintenance, repair or replace of and financing, partnering or sale of the LICENSED UNIT, provided
that those third parties or AFFILIATES prior to receiving such HTAS TECHNICAL INFORMATION undertake to be bound to HTAS by terms
of secrecy and non-use substantially similar and no less restrictive to the terms of this AGREEMENT.

		6.4	LICENSEE's obligations under sub-clauses 6.2 and 6.3 of this AGREEMENT shall not apply to such
parts of HTAS TECHNICAL INFORMATION, which:

		(a)	at the time of the disclosure by HTAS to LICENSEE are in the public domain, or which later on become
part of the public domain through no fault of LICENSEE,

		(b)	LICENSEE can show were in its possession, free of obligations of confidentiality, prior to the
disclosure by HTAS to LICENSEE and were not previously obtained by LICENSEE, directly or indirectly, from HTAS, or

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		(c)	LICENSEE can show were obtained free of obligations of confidentiality from a third party which
had a lawful right to disclose the same to LICENSEE and which did not obtain such information, directly or indirectly, from HTAS.

		6.5	It is understood that specific HTAS TECHNICAL INFORMATION disclosed to LICENSEE shall not be deemed
to be within any of the three exceptions, (a), (b), and (c) of sub-clause 6.4 of this AGREEMENT, merely because it is embraced
by more general information within any one or more of these exceptions. Furthermore, any combination of features shall not be deemed
to be within these exceptions, unless the combination itself is within any one or more of these exceptions.

		6.6	Without limiting sub-clause 6.3(b) of this AGREEMENT, LICENSEE shall limit the dissemination of
the HTAS TECHNICAL INFORMATION to those of its executives and employees who are necessary to undertake the activities associated
with LICENSEE’s use of the HTAS TECHNICAL INFORMATION under this AGREEMENT. LICENSEE shall ensure that its executives and
employees who will have access to HTAS TECHNICAL INFORMATION shall be under obligation to abide by the confidentiality obligations
imposed on LICENSEE pursuant to this clause 6.0.

		6.7	Not used.

		6.8	LICENSEE shall not copy or reproduce in whole or in part any HTAS TECHNICAL INFORMATION provided
hereunder other than as necessary for exercising the rights granted by HTAS pursuant to clauses 2.0, 4.0 and 6.0 of this AGREEMENT,
subject to the exceptions specified in sub-clause 6.4 of this AGREEMENT. LICENSEE shall reproduce and include all proprietary,
confidentiality, trade secret, and other notices on all copies of HTAS TECHNICAL INFORMATION and will not remove, alter, cover,
or obfuscate any such notices from any HTAS TECHNICAL INFORMATION.

		6.9	LICENSEE's obligations under this clause 6.0 shall continue after termination, if any, pursuant
to sub-clauses 12.2, 12.6, or 12.7 of this AGREEMENT, and after assignment, if any, by LICENSEE pursuant to sub-clause 10.3 of
this AGREEMENT.

		6.10	HTAS shall have the right to disclose the technical and operating data received from LICENSEE pursuant
to sub-clause 4.5 of this AGREEMENT to third parties who have agreed to keep same in confidence, provided that HTAS shall not identify
LICENSEE in connection with such data.

		7.0	PATENT INFRINGEMENT AND HOLD HARMLESS

		7.1	HTAS declares that to the best of its knowledge and belief the use of HTAS TECHNICAL INFORMATION
and HTAS PROCESSES in the LICENSED UNIT will not infringe any valid patent rights of a third party in effect as of the EFFECTIVE
DATE.

		7.2	LICENSEE shall promptly advise HTAS in writing upon becoming aware of any written claim of infringement
or any action for infringement of patent rights of a third party in effect as of the EFFECTIVE DATE brought against LICENSEE by
a third party and based upon the use of HTAS CATALYSTS or HTAS EQUIPMENT in the LICENSED UNIT or

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the practice of HTAS PROCESSES
in the LICENSED UNIT (an “INFRINGEMENT CLAIM”). HTAS shall undertake the defense of such claim or suit to final judgment
or settlement provided that HTAS shall not be obligated to undertake such defense of any INFRINGEMENT CLAIM if a basis of such
INFRINGEMENT CLAIM is that LICENSEE’s use or practice varies from the requirements of the DESIGN BASIS, the DESIGN PACKAGE,
instructions given by HTAS, CONTRACTOR, or equipment vendors in writing, operating manuals, or the PARTIES’ AGREEMENTS

		7.3	If HTAS undertakes the defense of an INFRINGEMENT CLAIM pursuant to sub-clause 7.2 of this AGREEMENT,
HTAS shall have sole charge and direction of the defense. HTAS shall pay all costs related to such defense of any INFRINGEMENT
CLAIM. HTAS may settle or compromise any INFRINGEMENT CLAIM; provided that HTAS may not settle or compromise any INFRINGEMENT CLAIM:
(i) without the prior written consent of LICENSEE if LICENSEE shall be obligated to pay any amount of settlement which is not reimbursed
by HTAS or (ii) without the prior written consent of LICENSEE (not to be unreasonably withheld, conditioned or delayed), if
such settlement could adversely affect the design, engineering, procurement, construction, commissioning, testing, operation, or
maintenance of the LICENSED UNIT or the production, export, sale, use or delivery of the products of HTAS PROCESSES, or results
in or increases costs or expenses of LICENSEE, or adversely affects LICENSEE’S rights under this AGREEMENT, in each case,
in any material respect (collectively, “ADVERSE EFFECT”). HTAS shall further indemnify and hold LICENSEE harmless from
any damages or other sums that may become payable by LICENSEE under a final judgment or settlement or compromise up to a maximum
amount specified in sub-clause 9.3 of this AGREEMENT. LICENSEE shall render to HTAS all reasonable assistance that may be required
by HTAS in the defense of an INFRINGEMENT CLAIM and shall have the right to be represented therein by advisory counsel of its own
selection and at its own expense.

		7.4	In addition to the measures specified in sub-clause 7.2 of this AGREEMENT, HTAS may further, at
its option, however, in reasonable consultation with LICENSEE, seek to abate the alleged infringement by modification of HTAS CATALYSTS,
HTAS EQUIPMENT, HTAS PROCESSES, or the LICENSED UNIT and/or secure for LICENSEE an immunity from suit for infringement; provided,
that such abatement or immunity does not have any ADVERSE EFFECT unless HTAS has received the prior written consent of LICENSEE
(not to be unreasonably withheld, conditioned or delayed). In such case, HTAS shall reimburse LICENSEE for all costs related to
said modifications and to said immunity.

		7.5	The exclusive liability for IP infringement claims related to the use of HTAS CATALYSTS and HTAS
EQUIPMENT in the LICENSED UNIT and the practice of HTAS PROCESSES in the LICENSED UNIT shall be as specified in this AGREEMENT.

		8.0	PERFORMANCE GUARANTEES

		8.1	HTAS guarantees that the LICENSED UNIT shall achieve the process performance guarantees (“PERFORMANCE
GUARANTEES”) for the LICENSED UNIT as specified in Appendix 0 to this AGREEMENT on the condition that:

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		(a)	the LICENSED UNIT is designed and constructed materially in accordance with specifications of the
DESIGN PACKAGE supplied by HTI to LICENSEE pursuant to sub-clause 5.1 of this AGREEMENT,

		(b)	the LICENSED UNIT is loaded with HTAS CATALYSTS in accordance with instructions given by HTI or
HTAS,

		(c)	HTAS EQUIPMENT is supplied by HTI and is installed in the LICENSED UNIT materially in accordance
with instructions given by HTI or HTAS,

		(d)	the LICENSED UNIT is started up and operated at all material times under APPROVED CONDITIONS and
in accordance with instructions given by HTI and/or HTAS,

		(e)	the LICENSED UNIT is operated at all material times on GUARANTEE FEED within the feed rate and
processing severity limitations specified in Appendix IV to this AGREEMENT,

		(f)	raw materials and utilities are available in necessary quantities and conform to the specifications
supplied to HTI as DESIGN BASIS for the LICENSED UNIT,

		(g)	commissioning, START-UP, installation of HTAS CATALYSTS and HTAS EQUIPMENT, and the performance
test run of the LICENSED UNIT shall be witnessed by engineers of HTI and/or HTAS against payment by LICENSEE as specified in the
ENGINEERING AGREEMENT (provided that the engineers attend the test),

		(h)	the inspections and the technical advisory services to the extent specified in the ENGINEERING
AGREEMENT have taken place, and the instructions given by HTAS’ and/or HTI’s inspectors and technical advisors for
compliance with HTAS’ and/or HTI’s design during manufacture of equipment and during erection of the LICENSED UNIT
have been implemented,

		(i)	the equipment which is not designed or supplied by HTAS and/or HTI within the LICENSED UNIT operates
materially in accordance with the specifications supplied to HTAS and/or HTI as DESIGN BASIS for the LICENSED UNIT, and

		(j)	the equipment specified by HTAS and/or HTI within the LICENSED UNIT (excluding HTAS EQUIPMENT)
is selected and operates in accordance with the specifications supplied by HTAS and/or HTI pursuant to the ENGINEERING AGREEMENT.

		8.2	In order to determine whether the process performance guarantees referred to in sub-clause 8.1
of this AGREEMENT have been fulfilled, LICENSEE or CONTRACTOR shall (without any cost to HTAS) conduct a test run of the LICENSED
UNIT as specified in Appendix 0 to this AGREEMENT under participation of trained LICENSEE and/or CONTRACTOR personnel. The test
run shall be conducted as soon as reasonably possible after MECHANICAL COMPLETION and START-UP, [...***...] after START-UP,
and in

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the presence of engineers of HTI
and/or HTAS (which may be extended by mutual agreement) (“TEST DEADLINE”), unless the delay is due to HTAS’ (or
its AFFILIATES or subsidiaries) fault (whether under this AGREEMENT or one of the PARTIES’ AGREEMENTS), in which case the
TEST DEADLINE shall be extended for a day for each day of delay associated therewith. It is intended that the test run be performed
with the LICENSED UNIT in operation at conditions approximating the DESIGN BASIS, however, provisions will, to the extent practical,
be included in the protocols for the test run to allow for testing of the LICENSED UNIT in the event that LICENSEE is unable to
provide operating conditions approximating the DESIGN BASIS.

If the LICENSED
UNIT fails to achieve any process performance guarantees, and such failure is due to any defects in the design or engineering performed
under the ENGINEERING AGREEMENT, HTAS shall ensure that the work under the ENGINEERING AGREEMENT is reperformed at no cost to LICENSEE
in accordance with sub-clause 2.5 of Appendix III to this AGREEMENT.

		8.3	HTAS shall be released from all obligations in respect of process performance guarantees under
this AGREEMENT upon the occurrence of any of the following events:

		(a)	when the LICENSED UNIT has successfully passed all performance test runs in accordance with this
AGREEMENT,

		(b)	if for reasons outside the control of HTAS or its AFFILIATES or subsidiaries (including under any
of the PARTIES’ AGREEMENTS), the LICENSED UNIT has not passed a successful test run [...***...] after START-UP or
[...***...] MECHANICAL COMPLETION, or [...***...] EFFECTIVE DATE, whichever is earliest (“COMPLETION DEADLINE”),
unless the delay is due to HTAS’ (or its AFFILIATES or subsidiaries) fault (whether under this AGREEMENT or one of the PARTIES’
AGREEMENTS), in which case the COMPLETION DEADLINE shall be extended for a day for each day of delay associated therewith,

		(c)	if LICENSEE elects not to carry out modifications of the LICENSED UNIT as may be suggested by HTAS
(as long as such modifications are not due to the fault of HTAS or its AFFILIATES or subsidiaries, including under the PARTIES’
AGREEMENTS) or if LICENSEE fails to reperform a test run within [...***...] after completion of modifications pursuant
to the provisions of this AGREEMENT (unless the delay in reperforming the test run is due to HTAS’ (or its AFFILIATES or
subsidiaries) fault (whether under this AGREEMENT or one of the PARTIES’ AGREEMENTS) in which case such date shall be extended
for a day for each day of delay associated therewith, or

		(d)	when the liquidated damages, if any, referred to in Appendix 0 to this AGREEMENT have been paid
in full to LICENSEE.

		8.4	Any liquidated damages which, pursuant to Appendix 0 to this AGREEMENT, may become payable as compensation
for non-fulfillment of process performance guarantees during the test run will be calculated as specified in Appendix 0 to this
AGREEMENT.

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		8.5	In the event that HTAS should be released from its obligations in respect of process performance
guarantees under the provisions of paragraphs (b) or (d) of sub-clause 8.4 of this AGREEMENT, HTAS shall, at the request of LICENSEE
and on terms and conditions to be agreed upon in writing, assist LICENSEE in bringing the LICENSED UNIT to operate in accordance
with the process performance guarantees referred to in sub-clause 8.1 of this AGREEMENT. All engineering services of HTAS in connection
with such assistance shall be paid by LICENSEE on the basis of HTAS' usual rates applicable at the time such services are supplied.

		8.6	It is understood that the total financial liability of HTAS under this clause 8.0 shall be subject
to the limitations specified in clause 9.0 of this AGREEMENT.

		9.0	LIMITATION OF LIABILITY

		9.1	IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY UNDER THIS AGREEMENT FOR ANY CONSEQUENTIAL,
SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT OR INCIDENTAL DAMAGES (INCLUDING BUT NOT LIMITED TO LOSS OF CONTRACT OR PRODUCTION, LOSS
OF ANTICIPATED PROFITS, LOSS OF USE, LOSS OF TIME, OR LOSS OF PRODUCT), WHETHER OR NOT FORESEEABLE, AND IRRESPECTIVE OF THE THEORY
OR CAUSE OF ACTION UPON WHICH SUCH DAMAGES MIGHT BE BASED, INCLUDING BUT NOT LIMITED TO NEGLIGENCE OR OTHER TORT, CONTRACT, STRICT
LIABILITY, INDEMNITY, BREACH OF WARRANTY, OR OTHERWISE, PROVIDED THAT THE LIMITATION OF LIABILITY IN THIS SUB-CLAUSE 9.1 SHALL
NOT APPLY TO LIQUIDATED DAMAGES SET FORTH HEREIN, CLAIMS FOR BREACH OF THE CONFIDENTIALITY OBLIGATIONS PURSUANT TO CLAUSE 6.0 OF
THIS AGREEMENT, OR AMOUNTS FOR WHICH AN INDEMNIFYING PARTY HAS AN INDEMNIFICATION OBLIGATION PURSUANT TO THE TERMS OF THIS AGREEMENT.

		9.2	TO THE MAXIMUM EXTENT PERMITTED BY LAW: (I) TO THE EXTENT THAT REMEDIES (BY WAY OF REIMBURSEMENT
OF COSTS, LIQUIDATED DAMAGES, OR OTHERWISE) ARE SPECIFIED IN THIS AGREEMENT FOR DEFAULT BY HTAS UNDER THIS AGREEMENT, SUCH REMEDIES
SHALL CONSTITUTE FULL AND FINAL SETTLEMENT OF HTAS' LIABILITIES WITH RESPECT TO THE RELATED DEFAULT (BUT IN NO EVENT SHALL SUCH
LIMITATION OF REMEDY CLAUSE LIMIT (A) LICENSEE’S RIGHTS TO TERMINATE THIS AGREEMENT PURSUANT TO CLAUSE 12.0 OR (B) HTAS’
OBLIGATIONS WITH RESPECT TO INDEMNITIES, PERFORMANCE GUARANTEES OR LIQUIDATED DAMAGES SPECIFIED IN THIS AGREEMENT); AND (II) LICENSEE'S
RIGHTS AND REMEDIES ARE LIMITED TO THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND ARE IN LIEU OF ALL OTHER REMEDIES (AT LAW OR
IN EQUITY OR OTHERWISE.)

    11

    

    

		9.3	EXCEPT FOR (I) BREACH OF THE CONFIDENTIALITY OBLIGATIONS PURSUANT TO CLAUSE 6.0 OF THIS AGREEMENT,
(II) THE DEFENSE COSTS, EXPENSES OR FEES INCURRED IN CONNECTION WITH THE HTAS INFRINGEMENT CLAIM DEFENSE OBLIGATIONS PURSUANT TO
SUB-CLAUSE 7.3 OF THIS AGREEMENT, OR (III) ANY WILLFUL MISCONDUCT OR GROSS NEGLIGENCE BY HTAS, TO THE MAXIMUM EXTENT PERMITTED
BY LAW, THE TOTAL LIABILITY OF HTAS IN RESPECT OF ALL LIABILITIES UNDER THIS AGREEMENT SHALL BE LIMITED TO THE HTAS LIABILITY CAP.
WITH RESPECT TO HTAS INFRINGEMENT CLAIM DEFENSE OBLIGATIONS PURSUANT TO SUB-CLAUSE 7.3 OF THIS AGREEMENT, HTAS’ LIABILITY
SHALL NOT BE LIMITED BY THIS SUB-CLAUSE 9.3.

		10.0	MISCELLANEOUS

		10.1	This AGREEMENT (including its Appendices I, II, 0, and IV as attached to and made part of this
AGREEMENT) and the PARTIES’ AGREEMENTS, as applicable, set forth the entire and sole understanding between LICENSEE and HTAS
with respect to the subject matter hereof, unless otherwise expressly specified in this AGREEMENT. No change in, addition to, or
waiver of the provisions of this AGREEMENT shall be binding upon LICENSEE or HTAS unless approved in writing by authorized representatives
of both PARTIES and with express reference to this AGREEMENT. Acknowledgement or acceptance by HTAS or HTI of a purchase order
form or agreement for HTAS CATALYSTS or HTAS EQUIPMENT shall not constitute approval of any change in, addition to, or waiver of
the provisions of this AGREEMENT.

		10.2	LICENSEE shall be responsible for performing registrations and for obtaining approvals and clearances
required in connection with this AGREEMENT or any activity under this AGREEMENT by any local or national authority having jurisdiction
over LICENSEE. LICENSEE shall pay all charges and fees related thereto.

		10.3	Neither PARTY may assign this AGREEMENT without the prior written consent of the other PARTY, except
that LICENSEE may assign this AGREEMENT to a purchaser of substantially all of its assets or the LICENSED UNIT, CONTRACTOR or its
AFFILIATES, or the entire part thereof related to the field of this AGREEMENT, or to a successor by merger or consolidation, provided
that in case of any proposed assignment by LICENSEE, the assignee shall be approved by HTAS, which approval shall not be unreasonably
withheld or delayed if the assignee is not a competitor of HTAS in the field of refining or renewable fuel products and is financially
capable of paying any amounts due under this AGREEMENT. No assignment of this AGREEMENT shall be valid until and unless all provisions
of this AGREEMENT have been assumed in writing by the assignee and the non-assigning PARTY has been duly notified of this assignment.
When duly assigned in accordance with the foregoing, this AGREEMENT shall be binding upon and shall inure to the benefit of the
assignee. No assignment by LICENSEE of this AGREEMENT shall relieve LICENSEE of its obligations under clause 6.0 of this AGREEMENT.
If this AGREEMENT is assigned by LICENSEE pursuant to this sub-clause 10.3, LICENSEE shall within 30 (thirty) days after the designated
assignment date

    12

    

    

report to HTAS any previously
unreported technical and operating data of the LICENSED UNIT. Notwithstanding the foregoing, LICENSEE may assign, pledge and/or
grant a security interest in this AGREEMENT that LICENSEE has or which shall hereafter arise in and to LICENSEE to any of its lenders
by providing HTAS advance written notice but without requiring HTAS’ consent. HTAS agrees to comply with reasonable requests
of LICENSEE for supporting documentation required by its lenders at LICENSEE’s expense.

		10.4	Neither PARTY shall be considered in default in the performance of its obligations under this AGREEMENT,
if such performance is prevented or delayed by FORCE MAJEURE. FORCE MAJEURE shall be understood to be any cause which is beyond
the reasonable control of the PARTY affected and which is not due to the fault or negligence of the PARTY affected and which is
forthwith by notice from the PARTY affected brought to the attention of the other PARTY, including but not limited to war, hostilities,
revolution, civil commotion, strike, lock-out, epidemic, accident, fire, wind, flood, hurricane, earth quake, or because of any
law, order proclamation, regulation or ordinance of any government or of any sub-division thereof, or because of any act of God.

		10.5	If one or both of the PARTIES should be prevented from fulfilling their obligations under this
AGREEMENT by a state of FORCE MAJEURE (as defined in sub-clause 10.4 of this AGREEMENT) lasting continuously for a period
of 6 (six) months or longer, the PARTIES shall consult with each other regarding the future implementation of this AGREEMENT.

		11.0	LAW AND ARBITRATION

		11.1	This AGREEMENT, including the interpretation and enforcement hereof, and the resolution of all
disputes between the PARTIES arising out of or resulting from this AGREEMENT, shall be governed by, interpreted and construed in
accordance with the laws of the State of Delaware, without regard to any conflicts of law principles that would require or permit
the application of the law of any other jurisdiction.

		11.2	Any dispute arising out of or in connection with the provisions of this Agreement, their construction,
or the breach thereof, which cannot be settled amicably, shall be finally settled under the Rules of Arbitration of the International
Chamber of Commerce in effect at the time of applying for arbitration by one or more arbitrators appointed in accordance with said
rules. Unless otherwise agreed, the venue of such arbitration shall be in Delaware, and the applicable procedural laws shall be
Delaware laws. All documentation and oral proceedings shall be in the English language. The foregoing provisions shall not affect
the right of either Party to apply to any court of competent jurisdiction for preliminary injunctive relief to safeguard the confidentiality
provisions as well as other provisions under this Agreement.

		11.3	During any arbitration pursuant to sub-clause 11.2 of this AGREEMENT, LICENSEE and HTAS shall continue
to fulfill their respective obligations under this AGREEMENT, unless the subject matter of the dispute is of such a nature that
this is by no means possible until the dispute has been finally settled.

    13

    

    

		12.0	EFFECTIVE TERM AND TERMINATION

		12.1	This AGREEMENT shall become effective from the EFFECTIVE DATE, when it has been executed by authorized
representatives of LICENSEE and HTAS, and one duly executed copy has been supplied to each PARTY.

		12.2	Unless sooner terminated as provided for under sub-clause 12.6 or 12.7 of this AGREEMENT, this
AGREEMENT can be terminated by either PARTY at any time following the tenth anniversary of the EFFECTIVE DATE by giving not less
than 90 (ninety) days' prior written notice to the other PARTY.

		12.3	If this AGREEMENT is terminated by LICENSEE pursuant to sub-clause 12.2, LICENSEE shall within
30 (thirty) days after the designated termination date report to HTAS any previously unreported technical and operating data of
the LICENSED UNIT.

		12.4	After termination pursuant to sub-clause 12.2 or sub-clause 12.6 of this AGREEMENT and provided
the license fees payable under the terms of this AGREEMENT are fully paid, LICENSEE shall retain in perpetuity the right to continue
operation of the LICENSED UNIT and practice of HTAS PROCESSES and use the HTAS TECHNICAL INFORMATION under the rights granted to
LICENSEE pursuant to clause 2.0 of this AGREEMENT with right to improvements thereof which at the time have been or should have
been communicated to LICENSEE under the provisions of clause 4.0 of this AGREEMENT.

		12.5	After termination (for whichever reason) of this AGREEMENT, HTAS shall retain the rights granted
to HTAS pursuant to clause 4.0 of this AGREEMENT.

		12.6	If either Party should be in default in any material obligation under this Agreement (provided
that LICENSEE’s only material default for which this sub-clause 12.6 applies shall be the obligation to pay the license fee
pursuant to clause 3.0 of this Agreement), the other Party may give written notice of termination to the Party in default, calling
attention to details of the default and specifying a termination date not earlier than 2 (two) months after the date of the notice.
Unless the Party in default, prior to the termination date specified in the notice, shall have remedied the default or made other
dispositions to the satisfaction of the other Party, this Agreement shall automatically terminate on the specified termination
date. Any indulgence on the part of either Party in respect of a default by the other Party shall not be construed as a waiver
with respect to such default or to similar subsequent default.

		12.7	LICENSEE may terminate this AGREEMENT by written notice to HTAS if the FINANCIAL CLOSE does not
occur by [...***...]. HTAS may terminate this AGREEMENT by written notice to LICENSEE if the FINANCIAL CLOSE does not occur
by [...***...] or when someone other than LICENSEE, an AFFILIATE of LICENSEE, or an assignee of LICENSEE or one of its
AFFILIATES purchases the Bakersfield Refinery. In the event of termination of this
AGREEMENT pursuant to this sub-clause 12.7, HTAS may retain any portion of the license fee that has been paid. In the event of

    14

    

    

termination pursuant to this sub-clause
12.7 of this AGREEMENT, the rights granted to LICENSEE under clauses 2.0 and 4.0 of this AGREEMENT shall terminate automatically.

		12.8	Upon termination (for whichever reason) of this AGREEMENT, the PARTIES' rights and obligations
under clauses 6.0, 9.0, and 11.0 of this AGREEMENT, as well as the PARTIES' rights and obligations related to any claim of the
other PARTY accrued hereunder prior to the effective date of such termination of this AGREEMENT shall survive such termination
and shall continue.

		13.0	ADDRESSES OF THE PARTIES

		13.1	The addresses of the PARTIES hereto for communications and notices are as follows:

	 	For HTAS:	 	HALDOR TOPSØE A/S
	 	 	 	Haldor Topsøes Allé 1
	 	 	 	DK-2800 Lyngby
	 	 	 	Denmark
	 	 	 	Attn: Chief Executive Officer
	 	 	 	 
	 	For LICENSEE:	 	GCE HOLDINGS ACQUISITIONS, LLC.
	 	 	 	2790 Skypark Drive, Suite 105
	 	 	 	Torrance, California 90505
	 	 	 	Attn: President

 

IN WITNESS WHEREOF, the PARTIES hereto
have caused their representatives, duly authorized for that purpose, to execute this AGREEMENT on the dates written below.

 

	HALDOR TOPSØE A/S:	 	GCE HOLDINGS ACQUISITIONS, LLC.:
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ JOHAN MCGENSEN	 	By:	/s/ RICHARD PALMER
	 	 	 	 	 
	Name:	Johan McGensen	 	Name:	Richard Palmer
	 	 	 	 	 
	Title: 	Vice President	 	Title: 	President
	 	 	 	 	 
	Date: 	August 12, 2019	 	Date: 	August 4, 2019

 

 

 

    15

    

    

APPENDIX I

DEFINITIONS

ADVERSE EFFECT shall have the meaning
given in sub-clause 7.3.

AFFILIATE shall mean (i) any person
that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with a
PARTY, and (ii) any Person that, directly or indirectly, is the beneficial owner of 50% (fifty percent) or more of any class of
equity securities of, or other ownership interests in, a PARTY or of which the PARTY is directly or indirectly the owner of 50%
(fifty percent) or more of any class of equity securities or other ownership interests. For purposes of this definition, “control”
(including, with correlative meanings, the terms “controlled by” and “under common control with”) means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities or otherwise.

AGREEMENT shall have the meaning given
in the preamble.

APPROVED CONDITIONS shall mean that
the equipment within the LICENSED UNIT are operating as specified, and the LICENSED UNIT shall be suitably instrumented, properly
responsive to controls, and sufficiently stable in operation to avoid objectionable fluctuations in operating temperatures, pressures,
rates of flow, qualities of CHARGE STOCK, hydrogen feed gas and the like; and that the conditions of operations, such as temperatures,
pressures, flow rates, hydrogen quality, fractionation performance, and other operating variables meet the requirements specified
in clauses 2.0 and 3.0 of Appendix IV to this AGREEMENT or otherwise agreed by HTAS in writing for the operation in question and
are within the design capabilities of the LICENSED UNIT.

BAKERSFIELD REFINERY shall have the
meaning given in the recitals.

BARREL shall mean 42 (forty two) United
States gallons of 231 (two hundred thirty one) cubic inches each, measured at 60oF
(sixty degrees Fahrenheit).

CHARGE STOCK shall
mean renewable feeds (including any normally incident impurities) charged to the LICENSED
UNIT.

COMPLETION DEADLINE shall have the meaning
set forth in sub-clause 8.4(b).

CONTRACTOR shall mean an engineering
contractor skilled in detailed engineering, procurement and construction of refining
production facilities in the United States.

DESIGN BASIS shall mean the design conditions
agreed between the PARTIES which shall be used as the basis for the preparation of the DESIGN PACKAGE for the LICENSED UNIT specified
in the ENGINEERING AGREEMENT.

DESIGN FEED shall mean the liquid hydrocarbon
stream to be processed in the LICENSED UNIT having specifications supplied to HTI as DESIGN BASIS for the LICENSED UNIT quoted
in the ENGINEERING AGREEMENT.

    16

    

    

DESIGN PACKAGE shall mean the documents
specified in sub-clause 2.1 of the ENGINEERING AGREEMENT.

DIESEL PRODUCT means the hydrocarbon
liquid material exiting the bottoms of the product stripper and/or fractionator provided that the fractionator design review is
ordered by LICENSEE and performed by HTI.

EFFECTIVE DATE shall have the meaning
given in the preamble.

ENGINEERING AGREEMENT shall mean an
engineering agreement for the supply by HTI to LICENSEE of the DESIGN PACKAGE and services for the LICENSED UNIT. The ENGINEERING
AGREEMENT has been executed by and between LICENSEE and HTI.

FINANCIAL CLOSE shall mean the closing
of the purchase by LICENSEE or its AFFILIATE of the Bakersfield Refinery.

FORCE MAJEURE shall have the meaning
set forth in sub-clause 10.4.

GUARANTEE FEED shall mean CHARGE STOCK
fed to the LICENSED UNIT meeting the specifications set forth in clause 1.0 of Appendix IV to this AGREEMENT.

HTAS shall have the meaning given in
the preamble.

HTAS CATALYSTS shall mean a catalyst
or catalysts now or hereafter in commercial production by HTAS or HTI and selected by HTAS for use in the LICENSED UNIT.

HTAS EQUIPMENT shall mean equipment
of a design developed by HTAS and selected by HTAS for use in the LICENSED UNIT.

HTAS LIABILITY CAP shall mean [...***...].

HTAS PROCESSES shall mean:

		(a)	HTAS HYDROPROCESSING PROCESSES, which shall mean any or all processes for denitrification, desulfurization,
demetalization, dearomatization, deoxydation, de-carboxylation, hydrocracking, hydrogenation, isomerisation, dewaxing, olefins
saturation, and/or silica absorption of hydrocarbon streams, which processes are operated under use of catalysts and/or process
technology developed by HTAS and/or conducted in equipment of HTAS' design; and

		(b)	HTAS RENEWABLE PROCESSES, which shall mean any or all processes for converting hydrocarbonaceous
streams (which may or may not contain significant amount of oxygen) from renewable sources into products in the presence of hydrogen,
including any or all of the HTAS HYDROPROCESSING PROCESSES and non-catalytic processes like separation/distillation of the products,
which processes are operated under use of catalysts and/or process technology developed by HTAS and/or conducted in equipment of
HTAS’ design.

    17

    

    

HTAS TECHNICAL INFORMATION shall mean
data, plans, specifications, techniques, flow sheets, drawings, instructions, and similar information relating to the LICENSED
UNIT, to the DESIGN PACKAGE, the HTAS CATALYSTS, the HTAS EQUIPMENT, and/or the practicing of HTAS PROCESSES.

HTI shall have the meaning given in
the recitals.

INFRINGEMENT CLAIM shall have the meaning
given in sub-clause 7.2.

IP shall mean patents, patent applications,
trademarks (whether registered or common law), service marks, trade names, copyrights which have been filed with the federal copyright
authorities, trade secrets, know-how, trade dress and other rights and property commonly referred to as intellectual property,
and rights or licenses to use the same.

LICENSEE shall have the meaning given
in the preamble.

LICENSED UNIT shall mean the renewable
diesel production unit within Battery Limits as specified in the ENGINEERING AGREEMENT to be installed in the BAKERSFIELD REFINERY.

MECHANICAL COMPLETION shall mean the
date, when the LICENSED UNIT is completed to a state of being ready to receive DESIGN FEED.

PAID-UP ANNUAL BARRELS shall mean the
number of BARRELS of CHARGE STOCK per calendar year for which a license fee has been paid as specified in sub-clauses 3.1, 3.4,
and 3.6, if applicable, of this AGREEMENT, i.e. the number of BARRELS of CHARGE STOCK which LICENSEE may hydroprocess in the LICENSED
UNIT each calendar year without further payment of license fees and for which LICENSEE obtains an irrevocable, perpetual fully-paid
up LICENSEE to operate the LICENSED UNIT under the PAID-UP ANNUAL BARRELS.

PARTY or PARTIES shall have the meaning
given in the preamble.

PARTIES' AGREEMENTS shall mean this
AGREEMENT, the SUPPLY AGREEMENT FOR HTAS CATALYSTS, the SUPPLY AGREEMENT FOR HTAS EQUIPMENT, and the ENGINEERING AGREEMENT.

PATENT RIGHTS shall mean the rights
under claims of any and all existing and future patents and patent applications, domestic and foreign, which HTAS owns or can license
to third parties and which are covering the practice of the HTAS PROCESS, including any catalyst, and/or the production, processing,
use or sale of the products produced by the HTAS PROCESS and/or the use of any HTAS TECHNICAL INFORMATION and/or HTAS improvements.

PERFORMANCE GUARANTEES shall mean as
set forth in sub-clause 8.1.

START-UP shall mean the first introduction
of CHARGE STOCK into the LICENSED UNIT.

    18

    

    

SUPPLY AGREEMENT FOR HTAS CATALYSTS
shall mean an agreement for the supply by HTI to LICENSEE of the first charge of HTAS CATALYSTS for installation in the LICENSED
UNIT.

SUPPLY AGREEMENT FOR HTAS EQUIPMENT
shall mean an agreement for the supply by HTI to LICENSEE of the HTAS EQUIPMENT for installation in the LICENSED UNIT.

TEST DEADLINE has the meaning set forth
in sub-clause 8.2.

U.S. DOLLARS shall mean the legal tender
of the United States of America.

 

 

    19

    

    

APPENDIX II

INCREMENTAL LICENSE
FEE

		1.0	INCREMENTAL LICENSE FEE CALCULATION

 

[...***...]

 

    20

    

    

APPENDIX III

GUARANTEES, TEST
RUN, AND LIQUIDATED DAMAGES

[...***...]

 

 

    21

    

    

APPENDIX IV

SPECIFICATIONS FOR
GUARANTEE FEED

[...***...]

 

    22Exhibit
10.1

 

optimumBank
Holdings, Inc.

PURCHASE
AGREEMENT

 

THIS
PURCHASE AGREEMENT (this “Agreement”) is entered into effective as of September 29, 2020 by and between
OPTIMUMBANK HOLDINGS, INC., a Florida corporation (the “Company”), and MICHAEL BLISKO (the “Investor”).

 

RECITALS

 

A.
The Company has agreed to sell to the Investor, and the Investor has agreed to purchase from the Company, 180 shares (the “Shares”)
of the Company’s Series B preferred stock, no par value (the “Series B Preferred Stock”), at a price
of $25,000.00 per Share (the “Per Share Price”), or a total of $ 4,500,000.00 (the “Purchase Price”).

 

B.
The parties have agreed to enter into this Agreement in order to set forth the terms and conditions under which the Company will
sell, and the Investor will purchase, the Shares.

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

1.
Sale and Purchase of Shares.

 

(a)
Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the respective
parties contained herein, the Company agrees to sell to the Investor, and the Investor irrevocably agree to purchase from the
Company, 180 shares of the Series B Preferred of the Company (the “Shares”) at the Per Share Price of $25,000
(the “Transaction”).

 

2.
Closing.

 

(a)
Closing.

 

(i)
The closing of the sale to the Investor, and the purchase by the Investor, of the Shares (the “Closing”) shall
occur as soon as practical following the execution of this Agreement. The date of the Closing is referred to as the “Initial
Closing Date.”

 

(ii)
At the Closing,

 

(1)
the Company will deliver to the Investor a certificate representing the number of Shares to be issued; and

 

(2)
The Investor will pay the Purchase Price of $ 4,500,000.00 for the Shares to the Company. The Company acknowledges that it has
received the purchase price for the Shares.

 

3.
Representations and Warranties of the Company.

 

(a)
Representations and Warranties. The Company represents and warrants that:

 

(i)
Formation and Good Standing. The Company is duly organized and validly existing as a corporation under the laws of the
State of Florida and, subject to applicable law, has all requisite power and authority to carry on its business as now conducted.

 

    	Page 1 of 6

     

    

 

(ii)
Authorization of Agreement, etc. The execution and delivery of this Agreement has been authorized by all necessary action
on behalf of the Company and this Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms.

 

(iii)
Compliance with Laws and Other Instruments. The execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby will not conflict with or result in any violation of or default under any material agreement or other instrument
to which the Company is a party or by which it or any of its properties is bound, or any permit, franchise, judgment, decree,
statute, order, rule or regulation applicable to the Company or its business or properties.

 

(iv)
Offer of Shares. Neither the Company nor anyone acting on its behalf has taken or will take any action that would subject
the issuance and sale of the Shares to the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act”).

 

(b)
Survival of Representations and Warranties. All representations and warranties made by the Company in Section 3.1 shall
survive the execution and delivery of this Agreement, any investigation at any time made by the Investor or on the Investor’s
behalf and the issue and sale of Shares.

 

4.
Representations and Warranties of the Purchaser.

 

(a)
Representations and Warranties. The Investor represents and warrants to the Company that each of the following statements
is true and correct as of the Closing Date:

 

(i)
Accuracy of Information. All of the information provided by the Investor pursuant to this Agreement, including the information
set forth in Exhibit A to this Agreement, is true, correct and complete in all respects. Any other information the Investor has
provided to the Company is correct and complete as of the date of this Agreement.

 

(ii)
Access to Information. The Investor acknowledges that the has had the opportunity to receive and review the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2019, the Company’s Quarterly Report on Form 10-Q for
the fiscal quarter ended June 30, 2020, and the Company’s Proxy Statement for its 2020 Annual Meeting, and has had an opportunity
to ask questions of, and receive answers from, the Company or any of its management concerning the Company, and to obtain any
other information which the Investor requested with respect to the Company and the Investor’s investment in the Company.

 

(iii)
Investment Representation and Warranty. The Investor is acquiring the Shares for the Investor’s own account. The
Investor hereby agrees that the Investor will not, directly or indirectly, assign, transfer, offer, sell, pledge, hypothecate
or otherwise dispose of all or any part of such Shares (or solicit any offers to buy, purchase or otherwise acquire or take a
pledge of all or any part of the Shares) except in accordance with the registration provisions of the Securities Act or an exemption
from such registration provisions, and any applicable state or other securities laws.

 

(iv)
Representation of Investment Experience and Ability to Bear Risk. The Investor (i) is knowledgeable and experienced with
respect to the financial, tax and business aspects of the ownership of the Shares and of the business contemplated by the Company
and is capable of evaluating the risks and merits of purchasing Shares and, in making a decision to proceed with this investment,
has not relied upon any representations, warranties or agreements, other than those set forth in this Agreement, and (ii) can
bear the economic risk of an investment in the Company for an indefinite period of time, and can afford to suffer the complete
loss thereof.

 

    	Page 2 of 6

     

    

 

(v)
Accredited Investor. The Investor is an accredited investor within the meaning of Rule 501(a) of Regulation D promulgated
under the Securities Act by reason of the fact that the Investor has a net worth, together with his spouse, in excess of $1,000,000,
excluding the value of his primary residence.

 

(vi)
Suitability. The Investor has evaluated the risks involved in investing in the Shares and has determined that the Shares
are a suitable investment for the Investor. Specifically, the aggregate amount of the investments made by the Investor, and the
Investor’s commitments to invest, in all similar investments that are illiquid is reasonable in relation to the Investor’s
net worth, both before and after the purchase of the Shares pursuant to this Agreement.

 

(vii)
Transfers and Transferability.

 

(1)
The Investor understands and acknowledges that the Shares have not been registered under the Securities Act or any state securities
laws and are being offered and sold in reliance upon exemptions provided in the Securities Act and state securities laws for transactions
not involving any public offering and, therefore, cannot be resold or transferred unless they are subsequently registered under
the Securities Act and such applicable state securities laws or unless an exemption from such registration is available. The Investor
also understands that the Company does not have any obligation or intention to register the Shares for sale under the Securities
Act, any state securities laws or of supplying the information which may be necessary to enable the Investor to sell Shares; and
that the Investor has no right to require the registration of the Shares under the Securities Act, any state securities laws or
other applicable securities regulations.

 

(2)
The Investor has no contract, understanding, agreement or arrangement with any person to sell or transfer or pledge to such person
or anyone else any of the Shares for which the Investor hereby subscribes (in whole or in part); and the Investor have no present
plans to enter into any such contract, undertaking, agreement or arrangement.

 

(viii)
Residence. The Investor’s residence is the address shown in the signature page of this Agreement and the Investor
is not merely transient or temporarily resident there.

 

(ix)
Awareness of Risks. The Investor represents and warrants that the Investor is aware that an investment in the Shares involves
a substantial degree of risk of loss.

 

(x)
Power, Authority; Valid Agreement. (i) The Investor has all requisite power and authority to execute, deliver and perform
the Investor’s obligations under this Agreement and to purchase the Investor’s Shares; (ii) the Investor’s execution
of this Agreement has been authorized by all necessary action on the Investor’s behalf; and (iii) this Agreement is valid,
binding and enforceable against the Investor in accordance with its terms.

 

(xi)
No Conflict; No Violation. The execution and delivery of this Agreement by the Investor and the performance of the Investor’s
duties and obligations hereunder and thereunder (i) do not and will not result in a breach of any of the terms, conditions or
provisions of, or constitute a default under (A) (1) any indenture, mortgage, deed of trust, credit agreement, note or other evidence
of indebtedness, or any lease or other agreement or understanding, or (2) any license, permit, franchise or certificate, in either
case to which the Investor or any of the Investor’s affiliates is a party or by which the Investor or any of them is bound
or to which the Investor’s or any of their properties are subject; (ii) do not require any authorization or approval under
or pursuant to any of the foregoing; or (iii) do not violate any statute, regulation, law, order, writ, injunction or decree to
which the Investor or any of the Investor’s affiliates is subject.

 

    	Page 3 of 6

     

    

 

(xii)
No Default. The Investor is not (i) in default (nor has any event occurred which with notice, lapse of time, or both, would
constitute a default) in the performance of any obligation, agreement or condition contained in (A) this Agreement, (B) any provision
of any charter, by-laws, trust agreement, partnership agreement or other governing instrument applicable to the Investor, (C)(1)
any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement
or understanding, or (2) any license, permit, franchise or certificate, in either case to which the Investor or any of the Investor’s
affiliates is a party or by which the Investor or any of them is bound or to which the Investor’s or any of their properties
are subject, or (ii) in violation of any statute, regulation, law, order, writ, injunction, judgment or decree applicable to the
Investor or any of the Investor’s affiliates.

 

(xiii)
No Litigation. There is no litigation, investigation or other proceeding pending or, to the Investor’s knowledge,
threatened against the Investor or any of the Investor’s affiliates which, if adversely determined, would adversely affect
the Investor’s business or financial condition or the Investor’s ability to perform the Investor’s obligations
under this Agreement.

 

(xiv)
Consents. No consent, approval or authorization of, or filing, registration or qualification with, any court or Governmental
Authority on the Investor’s part is required for the execution and delivery of this Agreement by the Investor or the performance
of the Investor’s obligations and duties hereunder or thereunder.

 

(b)
Survival of Representations and Warranties. All representations and warranties made by the Investor in Section 4.1 of this
Agreement shall survive the execution and delivery of this Agreement, as well as any investigation at any time made by or on behalf
of the Company and the issue and sale of Shares.

 

5.
Certain Agreements and Acknowledgments of the Purchaser.

 

(a)
Agreements. The Investor understands, agrees and acknowledges that:

 

(i)
No foreign, federal, or state authority has made a finding or determination as to the fairness for investment of the Shares and
no foreign, federal or state authority has recommended or endorsed or will recommend or endorse the purchase of the Shares.

 

(ii)
The Investor will not, directly or indirectly, assign, transfer, offer, sell, pledge, hypothecate or otherwise dispose of all
or any part of the Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any part of
the Shares) except in accordance with the registration provisions of the Securities Act or an exemption from such registration
provisions and any applicable state or other securities laws.

 

(iii)
The Investor acknowledges that: (i) the Shares are not a savings or deposit account or an obligation of any of the subsidiaries
of the Company; and (ii) an investment in the Shares is not insured by the Federal Deposit Insurance Corporation or any other
government agency.

 

    	Page 4 of 6

     

    

 

(iv)
The Investor acknowledges that, under Section 517.061(11) of the Florida Securities and Investor Protection Act, the Investor
has the right to void and rescind the Investor’s purchase of the Shares provided that the Investor must exercise this right,
if at all, within three days after the Investor first pays the purchase price of the Shares or within three days after the date
on which the Investor executes this Agreement, whichever is later.

 

(v)
If there should be any change in the information provided by the Investor to the Company (whether pursuant to this Agreement or
otherwise) prior to the Investor’s purchase of the Shares, the Investor will immediately furnish such revised or corrected
information to the Company.

 

6.
General Contractual Matters.

 

(a)
Amendments and Waivers. This Agreement may be amended and the observance of any provision hereof may be waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Investor
and the Company.

 

(b)
Assignment. The Investor agrees that neither this Agreement nor any rights which may accrue to the Investor hereunder may
be transferred or assigned.

 

(c)
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have
been duly given to any party when delivered by hand, when delivered by telecopier, or when mailed, first-class postage prepaid,
(a) if to the Investor, to the Investor at the address or telecopy number set forth on the signature page to this Agreement, or
to such other address or telecopy number as the Investor shall have furnished to the Company in writing, and (b) if to the Company,
to 2929 East Commercial Blvd., Suite 101, Fort Lauderdale, FL 33308, or to such other address or addresses, as the Company shall
have furnished to the Investor in writing, provided that any notice to the Company shall be effective only if and when
received by the Company.

 

(d)
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF FLORIDA WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS (EXCEPT INSOFAR AS AFFECTED BY THE SECURITIES OR “BLUE SKY”
LAWS OF THE STATE OR SIMILAR JURISDICTION IN WHICH THE OFFERING DESCRIBED HEREIN HAS BEEN MADE TO YOU).

 

(e)
Arbitration. Any dispute or controversy arising out of or in relation to this Stock Purchase Agreement shall be determined
by binding arbitration in Ft. Lauderdale, Florida, in accordance with the commercial rules of the American Arbitration Association
then in effect, and judgment upon the award rendered by the arbitrators may be entered in any court of competent jurisdiction.
The expenses of the arbitration shall be borne equally by the parties to the arbitration, provided that each party shall pay for
and bear the cost of its own experts, evidence, legal counsel and travel expense.

 

    	Page 5 of 6

     

    

 

(f)
Waiver of Jury Trial. Each Party knowingly, voluntarily and intentionally waives its right to trial by jury in lawsuits
or any other actions, proceedings or counterclaims based in law or equity in connection with or arising out of this Agreement.

 

(g)
Descriptive Headings. The descriptive headings in this Agreement are for convenience of reference only and shall not be
deemed to alter or affect the meaning or interpretation of any provision of this Agreement.

 

(h)
Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter of this
Agreement, and there are no representations, covenants or other agreements except as stated or referred to herein.

 

(i)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and
all of which taken together shall constitute one and the same instrument.

 

IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto
as of the date first herein above written.

 

	 	COMPANY:
	 	 
	 	OPTIMUMBANK
    HOLDINGS, INC.
	 	 
	 	By:	/s/
    Moishe Gubin
	 	Title:	Chairman
	 	 	 
	 	INVESTOR:
	 	 	 
	 	/s/
    Michael Blisko
	 	MICHAEL
    BLISKO

 

    	Page 6 of 6

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